TP1 has been hit for GBPUSD (+113 pips)
Strangely enough, the latest fractal that you have there on your 30 min chart is absent on mine… However I tend to use the 4H chart, because I think it has less noise, to me.
It disappeared when it made a new high.
Trades Closed
EUR/USD - BE HIT
GBP/USD - CLOSED +90
AUD/JPY - CLOSED +45
GBP/JPY - CLOSED + 71
EUR/JPY -STOPPED -45
AUD/USD - CLOSED +73
Good Morning Everyone,
Nice trading yesterday. Off to work now. Have a great trading day!
Bank, I’m surprised any of these triggered for you. I set mine up for each of these but on almost all the cases (minus EUR/JPY), the market went up. None of the trades triggered. Perhaps I got in too late.
Now I’m waiting for reversals on all of these pairs. Good PVSLs were made and then higher lows. Will update what I’m watching here shortly.
Actually, I’m a bit surprised as to how favorably the buy levels are reacting to the all the PVSH low’s on the previous downtrends. I’ve only charted the low’s swing the bottom swing on 08/19 and am finding buy opportunities for cable at
1.5783 and 1.598. Both are lows for previous PVSHs from the week prior. Considering the market tested the 12 month rolling low recently and came up empty, my sentiment is that it’s on the uptrend.
Just a couple levels I’m watching this morning.
I’m short the GBP/USD @ 1.5704
Waiting on a retrace to .7950 on the kiwi to short.
And I missed a great support level on the EJ by just a couple pips yesterday…hope some of you caught that one!
What a beautiful setup on the EURJPY PipDoctor! I missed that one though, was very busy yesterday…but the risk/reward on that one was just beautiful
Hi All,
a BUY seems to be developing on GBPAUD @ 1.5507:
Also, AUDUSD is on my radar for the next couple of hours:
On the GBPUSD, I missed the short opportunity at the low of the PVSH…hoping it retraces to the 11% level of the PVSH @ 1.5769 for another opportunity to short
Nice! Keep those pips coming
I’m not sure where there’s a short opportunity here Swallow. The trend for the GBP/USD is going long and though the unemployment data in london was released this morning that caused a consolidation at the 1.5785 level, I’m not seeing anything in the charts that would indicate the pattern is reversing to short. There is a bearish PVSH but no PVSL just yet to indicate a clear reversal.
Perhaps I’m being too conservative but I’m waiting for the 1.5745 High bearish candle to turn to a PVSL. It’s bouncing around in that region.
Is this erroneous thinking?
Ambtn, I’m not really sure, maybe Bank can shed some insights on this, but here’s the setup I was looking at:
I saw the same thing but I’ve been “burned” on this setup quite a few times in these past weeks. On my end, the setup needs more fine tuning. Though there are instances, and I readily agree with Bank, where in an uptrend after a fractal high, and then a lower fractal high we sell the low of the lower fractal high, I’m missing something when I decide to sell these.
The good news is on this setup that the 11% level keeps getting hit on the H1 chart and breached but there isn’t a close above it. So perhaps you’re right.
To answer ambtn723 I don’t think this pattern ever materialized, but I was able to grab about 25 pips off it before it turned the other direction.
I’m not sure, I use FXCM tradestation and honestly my charts never look like anyone else’s especially the AUD/USD that someone posted a bit ago.