40-100 pips per day LIVE TRADING

[Tess]

Notice now that price has arrived at this (prev) s&r zone up here @ 2.0265-70 region, it's testing out the supply?

Take a looky across on your large hourly chart & you'll see a trench between 2.1080 & 2.0270 going back to late July where prices got jostled around a ways.

These prev levels often contain bits & bobs of stop, limit & protective activity from the various participants (depending on their agenda's & trade plans).

You often get a whole bunch of mish mash action all building up at these crossroads on the price map. Once price bats it's way thru these zones (or gets pushed back on strong supply), it quite often sprints away with a good lick of speed.

Lets see how this second attempt stacks up here abouts.

If it gets repelled, we got the lower initial line @ 2.0180 to maybe shoulder the surge back. If not, I guess prices will break thru & maybe re-test this area to check on the demand before taking a run @ 2.0390-400.

We'll see huh?

We might have to wait till tomorrow now that London is shutting it's doors for the day. Plus we got the NFP circus to contend with tomorrow too.

Hopefully we might have ourselves a party up here should events go our way!!

Or maybe......

[daydreamer65]

Awesome that was like watching all the planets line up for a huge
solar eclipse. G/Y, E/Y etc, with G/U, then as quickly it had gone.

Hopefully we might have ourselves a party up here should events go our way!!

What sort of time frame would you put on it trying again?

[Tess]

Originally Posted by daydreamer65

What sort of time frame would you put on it trying again?

If you're asking how long I think it will be before prices mount another concerted attack that level again?

Well, put yourself in the hotseat of a high roller betting heavy on these babies week in & week out.

Maybe he's had a pop at these instruments today off their respective support lines & he's got bets invested from further back as part of a compound opp to test demand thru these upper tier supply lines, yeah?

So, today he's ridden the uptick into the London close & he's pared out, banking his intraday profits.

He's now thinking that we got the big circus tomorrow (NFP's) & it's likely the high rollers will refrain from laying big bets ahead of that unpredictable number.

GEPPY is resting at it's intermediate s&r clip (which I highlighted on a prev chart this week) after pressing to attack intra-day highs, & EURJPY is pulling back from intraday highs too.

My guess is they'll all settle back to catch their breath a while. We might get a buzz or two into Tokyo or early London traffic, but there won't be any (fresh) heavy bets placed now ahead of the Payroll numbers.

Whenever you're trying to unravel a potential quandary or get your head around a tricky level or zone, try stepping back & thinking more in terms of risk?

Prices have bolted back up the ladder today & are now consolidating the moves? So, we got an important number out tomorrow, yeah?

Would you want to step in & sling a bet down ahead of an unpredictable eco release with prices shuffling & jostling at their daily high's??

Does it represent good r/r to punt under these circumstances??

[daydreamer65]

Yep that was the question, thanks for the heads up.

We will wait & see. Muhaha!

[tonymand]

Originally Posted by Tess

If you're asking how long I think it will be before prices mount another concerted attack that level again?

Well, put yourself in the hotseat of a high roller betting heavy on these babies week in & week out.

Maybe he's had a pop at these instruments today off their respective support lines & he's got bets invested from further back as part of a compound opp to test demand thru these upper tier supply lines, yeah?

So, today he's ridden the uptick into the London close & he's pared out, banking his intraday profits.

He's now thinking that we got the big circus tomorrow (NFP's) & it's likely the high rollers will refrain from laying big bets ahead of that unpredictable number.

GEPPY is resting at it's intermediate s&r clip (which I highlighted on a prev chart this week) after pressing to attack intra-day highs, & EURJPY is pulling back from intraday highs too.

My guess is they'll all settle back to catch their breath a while. We might get a buzz or two into Tokyo or early London traffic, but there won't be any (fresh) heavy bets placed now ahead of the Payroll numbers.

Whenever you're trying to unravel a potential quandary or get your head around a tricky level or zone, try stepping back & thinking more in terms of risk?

Prices have bolted back up the ladder today & are now consolidating the moves? So, we got an important number out tomorrow, yeah?

Would you want to step in & sling a bet down ahead of an unpredictable eco release with prices shuffling & jostling at their daily high's??

Does it represent good r/r to punt under these circumstances??

yes thanks Tess, smart assessment of the situation as usual just as I was wondering whether to do anything about the potential break above 234 this morning

[tonymand]

I was asked before I think by masterplan what I meant when I said you should have a plan for your trade. This morning was a good example. At the outside bar I have marked I was considering a long trade to trade the breakout above the round number. Tess' post made sense to me and suggested an increased likelihood of continued ranging action so I ignored the breakout (and so did the professionals). The evening star occurring at the round number with OB and stochs falling provided the perfect set up for a short trade consistent with my overall view of the market (thanks Tess!). First proft target was at the last low marked with a green line (2:1 R). Looking to exit now on the next ib since we are developing further divergence. Current stop is above the last bear candle and the round number. Final target will be at 232.10 just above the very strong support. Interim exit would be the formation and break of an ib/ob against the position and given the divergence the trade needs a constant watch at this point

[tonymand]

Divergence and upside break of the ib signals the trade exit. This is now a legitimate long signal off the round number but I wont take this as we are flapping around midway between major support and resistance. Seems to me we are as likely to continue down as go up therefore I will stand aside

[daydreamer65]

Hi Tony well done nice trade.

A question, we are also trading the OD as well as the ID?

Would you explain the rule or point me in the right direction
for it please.

TIA.

[tonymand]

Originally Posted by daydreamer65

Hi Tony well done nice trade.

A question, we are also trading the OD as well as the ID?

Would you explain the rule or point me in the right direction
for it please.

TIA.

Hi Daydreamer. James uses both the classic definition of an OB ie extremes outside the extremes of the previous bar and his own additional variant where the body is outside the previous body. In this latter case if the open is the same as the close of the previous candle but the close is still outside the high/low then this also counts if that makes sense. James does stress this is a weaker signal than an ib but gives you more opportunities. Entry and stop remain the same ie in this instance a pip or 2 either side of the extremes of the ob

[MasterPlan]

Anyone see any good set-ups tonight?

Master