I can see the 1H / 4h OTe, But I usually look for a 5m confirmation. Was there 1 that I’m just not seeing? or do you not use that as an entry confirmation?
Its the main point of Michaels teachings, wait for price to reach S&R then wait for retracement into OTE and Go
I was stalking a Long.
Came within 5 pips of being stopped out, although now, so far, looks like genius LOL
I did see some divergent, and was imagining it to come back down to me a ote to go long. So I decided to stay out and made an order. Guess what, got smacked in my face twice, instead of making some pips, I got stopped out.
As I look at it now, I once again made a mistake and should have taken into account the “too clean” areas and the bigger range from 16 January up to today. In addition it looks a like a Z-day where both ends have been taken out.
Now looking at cable and fibre, cable failed to make lower low, therefore I think we are ready to go back up north for the week.
Just my opinion, feel free to ignore it :57:
There was an ote (79%) on H1 (Fri high / low) just out of Asia session. However, I supct the big move was more down to rumours that Weidmann was going to resign from the Bundesbank and some vague talk of the Bank asing a couple of other German banks to look at what would happen in the event of a split in the Euro zone. Resignation now refuted as “utter garbage” by Bundesbank!.
Likewise, but I went long @ 1.3280, 15 pip SL, came close too, but 50% off at 30 pips… I think I’ll probably be stopped out, as im now at BE, but I’ll be watching NYO for another chance for a Long.
Some divergence too, lower highs in the USDX, lower lows in the Fiber, higher lows in the Cable (only just)…
Here are my reasons - 2013 Jan 22 Volume Spike
Sorry I can’t maintain my site and post a full analysis and on here at the same time.
I’ll be posting on Twitter, or do you Tweet on Twitter?
Hi PP, are you using the MT4 Volume indicator?
Perfect analysis although i dont use Volume
Yes on IBFX, except I use my own colourful take on it, just to highlight the trading zones easier.
Yes - in retrospect a Short at the beginning of LOKZ on a TS was a “no brainer”, except my brain was stalking a Long, so missed that big pip haul.
Have taken first TP 30 pips
Final TP 13380
PP, I just can’t see this, the volume increase always seems after the event to me, could you explain a bit more please.
I’m still thinking of the T-Rex during the AS.
Suspect that Fiber may go a lot higher, although I’ll be all out at 13380 due to my other suspicion of a Z Day
It’s the amount of change, a spike, it will always be subjective as everything else, but it’s anything that stands out really.
i would say that you are not far wrong - compare the 2 Asain Sessions - the fibre and Us 10YR price - remember they usually act inverted.
notice the sharp rise in the 10yr WHILE fibre also was rising - this divergence very often indicates a false move, often I’ve seen that the bond market is right.
Also notice the doji on the 10yr up at the asian high later on, guess what time that is - 9.00 -9.15 gmt,
Now check the 9.15 candle on mt4 on fibre - checking my feed in my live a/c - that fibre action was 15mins later.
There were 2 heads up this morning from the 10 yr divergence - the first after AS that the fibre rise was judas and the second was at 9.00 LO that the fall had reached an end.
Yes Sir
OK. Thanks I will keep watching.
Well, this was decent, closed out remaining position @ 75 pips.
Its days like these that really illustrate the importance of using a tight SL to achieve big reward to risk.
Trading today:
15 pip SL @ 2% risk.
50% closed @ 30 pips, giving me 2% return.
50% closed @ 75 pips, giving me a further 5% return.
I think we’re going to continue up, but Im sure we’ll get another opportunity to get Long
Is it just me took Cable long?