Follow the yellow brick road
For those who are interested, I got back in at the 1.2962 level. Why?
Retest of the old high after we broke out, my bias was Long, based on all the charts I posted last night. The breakout didnt rocket seriously high (I like to see 30-40 pips of movement before assuming price will go in the opposite direction, ie, inefficient rally). We did take out the asian lows before we started moving.
Analysis based on inside the range concepts
Daily 3 bar swing high in monthly OTE
My daily bias is short until I see a daily swing low(which could be tomorrow if today’s low is maintained)
1 Hour retraced into OTE during LOKZ, I was anticipating a high to sell to get in sync with the HTF
Judas above asia range high with reflection taking out stops at 106.56 near my implied resistance
High near open
30 pip stop shooting for the low/close.
Pre flight gave a go, so I went.
Agreed… Knowledge gained and all for the price of 22 double cheese burgers from Mc D’s
Took the same. Seemed right.
I just pulled up a stochastic to see if the judas showed any divergence, Type 1 and type 2 are both there for this retracement on a 1 hour. I cant recall the name for this dual occurrence, going back to the video to confirm I am seeing this correctly and get the pattern name.
So, my isp decided that i dont need internet connection today… Lucky my fiber long from yesterday was already at be and scaled off a third at + 30… Has no clue whats going on in the market throughout the whole day… But now that its evening and i still didnt have connection i got a bit worried about my limit sell order at 1.3020… So now i am sitting on the roof of my house with my phone… The only way i receive at least a little bit of a terribly slow edge connection (i choose to live far out in the end of the world…). Its quite a sight: me on the roof trying to catch a signal;). Oanda app shows me +100 pips which makes me happy and i closed another third of the position… Have set a limit sell order (=tp) at 1.3010 to close the remaining position, before my short is triggered at the 20 level… Unfortunately my phone app doest show me any charts, so im a bit lost;). Do my limit orders sound still about right after todays priceaction (which is an unknown for me currently)? Or maybe someone could kindly post a chart (h1 or m15 would be great)
Cheers
Well we are at a key point here right now at 1.2990.
Either this will hold it or we are off to 1.3025/30 today
I’ve taken my 10 pips from the market today and enough for the week, so I will sit and watch from the sidelines!
purplepatch to the rescue;) thanks for posting a chart even before i had the chance to ask for it;)
decided to cancel my TP at 1.3010 and close my remaining small position of my fiber long manually also at +100… happy to leave some on the table after my first nice trade in 2 months;)
but Ill keep my limit sell order at the 20 fig (1.3018 to be exact)… not sure when I get connection again, and Im getting hungry now… time to get off the roof;)
haha cheers
thanks you so much mate! I appreciate it a lot!
what is your lesson? mine is that i finally set up an mt4 demo with usdx und eurx and that they are awesome! i used usdx before, but just from barcharts.com which is lagging and ofcourse you don’t have all the tools and indies like in mt4. the divergence on eurusd und eurx around the high is very striking in hindsight (set up the new mt4 demo just yesterday)
Great work damagecontrol.
How did you set your target price?
USDX soon at support, all bond prices falls are stalling/ eur-gbp now at resistance 8113 / cable has got most the stops / now fibre - were all waiting, do you want those stops at 3010 and 3025 or not?
gogo banks, hunt the stops! these juicy juicy stops. i know you want them.
We’ve got the important US prelim GDP and Unemployment claims coming up in just over an hour so it’ll be interesting to see how the market reacts to those events.
Triple Tweezer Short on the rocks?
That’s my exit, done for the week, 100 PIPS, haven’t seen that since 2008, but at that time time is was much more luck than judgment.
Previous wave length extended from high