Yeah, I guess that’s best. I’ve just done so well during the Power Hour I think I can get my 100 pip minimum to start the week. Surely your average on Monday is higher than the average 80-100 pips you usually get, due to the movement? Robert it is. 
Hmmm… don’t think we should be saying anything about the power hour on this forum. Not because it doesn’t exist (those orders over the weekend have to be filled) but because its risky… bit like NFP… you can get burned.
'nuff said, and yes, badly burned 
Morning everyone,
wake up early today to see if fortune can smile on me.:).Any direction for the trade today from anyone will be appreciated.
John.
Floating around inbetween the lower bollinger on the 1 and 4 Hour. Long at 1.633ish. If not a bounce off of the Hour bottom Bollinger, SHOULD bounce off of the 4 Hour bottom Bollinger because it’s past the the bottom Bollinger on the Day chart. Bulls look to be filling up buy orders already. 20+ pips in the good from my long position. Stop set to break even in case of a descent all the way to the 4 Hour bottom Bollinger in the 1.6316ish area.
i am in this trade already. just looking for better options today since i wake up early than normal.
I wasn’t offering advice, I was looking for help in the form of tossing my trade step for step out to the wolves.
oh i see .what help are u looking for since you have already in the trade?
I personally think it’s a decently solid trade, but any criticism is welcome from anyone. I think I analyzed the charts properly, got in at a decent time, got my stop at break even ASAP, and set myself up for a a decent little gain, a 50 pip gain(had I taken the profit) before the downturn. Not so much a situation where I’m looking for help, but looking for holes in my method.
Where did you enter?
I have a 10min chart up but I presume it’s similar to the 15m. The middle bollinger was still headed down even though the 1hr was flattish. Usually means a small scalpable bounce down before price then heads up again when the short TF middle bollinger flattens out.
Overall though the Daily trend is down so this is kind of a counter trend trade.
I’m waiting for the news to settle and may enter a long at that point if the support at 1.6330ish isn’t broken.
I entered a long at 1.6332, it bounced up to just above 1.6380. Being a demo I just let it ride out. Yes, it’s against the grain, and it just bounced up from 1.633 to 1.637.
Well, I suppose it depends why you entered then?
- was it PA was re-entering the 1hr bollinger;
- or was it because of a support and resistance bounce?
However, with real money, might have been a bit more careful
It was in a strong downtrend at the time, there are no long wicked candles, therefore no indication it was going to bounce up at that point apart from the flat bollinger indicating the momentum was not strong enough for it to keep pushing down.
Was a good price though…
Well, it was a matter of me being willing to risk the bounce based on all the lower bollinger’s involved. Just about every bollinger I had up was being tested, but I mainly went on the Day and Hour charts, the only thing left was the 4 Hour, and I noticed what I thought looked like the buys piling in due to the Day 's bottom Bollinger being tested. Yes, with real money I’d have locked in my 20 pip minimum and let it ride.
Looking like there should be a breakthrough down to the bottom bollinger on the the 4 hour, at least. Testing that support in the 1.6335ish area constantly and wont rise above the middle bollinger on the 5m.
1.6331 was the indicator for a bounce because 1.6331 is a support line from calculations pit traders use. Calculations based on retail charts data don’t give you these support lines. You need to calculate them yourself from pure price data expressed in numbers and/or ticks. 1.6331 got tested once and price bounced.
GU flow is down visible by 3 consecutive 1D chart lower lows since weekly open past Sunday, 5pm EST.
News caused the GU fall south starting 2am EST. Please google for it.
Very interesting on the pits having different support lines than the retail. Thank you.
How is 1.6331 calculated from price data?
I am not sure this is the case.Presently at Daily TF,PA is above 63 SMA which means PA is more likely to go up for a long time,not down as you stated above.
Correct me if i am wrong!
John.
RC gave a t op bit of advice a number of posts back…something along the lines of “if there isn’t a wicked candle, don’t enter”. I usually stick with that as the bollinger is just an indication.
However, as you say, PA, is below all 3 bollingers - percentage/probability wise it’s a good trade…the wick just helps to confirm it albeit at a slightly worse price.
Hi John
The Daily trend is down regardless of whether price is above the 63MA or not. It has been running down since 17th October at least. The 60/63MA is just an indicator.
I do agree that GU is oversold but there’s no sign of a strong bounce up yet. The next support is in the 1.6270 region (S2 pivot at 6220). I didn’t say PA was likely to go down further or how far, just that it is in a current downtrend and any counter trend trades need to have extra confirmation.
The analyst in me says:
The $index has double topped for the day and is in an overall downtrend.
The FTSE, although dropping like a rock this morning, has probably bottomed out for the day as well, so everything else should start to go up soon.
I’m still waiting for a wicked candle on the 1hr though!