I’ll be posting my weekly analysis at the end of london, but well done to Perry on this one.
Yes, the triple top was a signal by itself, and the level I’ve been talking about to look for short (1.3050) was tagged to the pip, going 1 pip higher, then selling off. I’ve been talking about this channel top for a while along with this level, so hopefully you profited from it as traders from the course did as well - so congrats to perry and the others for nailing this one.
Just noticed that this thread getting closer to 50,000+ views. Congratulations and expecting your continuous valuable contribution to this thread. Hopefully members like Apex will stay with this thread forever.
Hey Perry, Im fine mate! Had a great weekend. Great trade on the triple top. I still need to figure out how to trade levels before I do it on a live… Im very good with trading patterns, but I need to figure out how to trade trendlines and static levels consistently before I implement it on a live account.
I knew the market was reversing, but I didnt have a methodology in place to trade it yet. But yeah, great trade mate!
Thanks for the kind words mate, as we all know, trading can be a lonely endeavor, so its nice to surround myself with like minded people, I dont usually use forums because theres too much BS unqualified information out there, Chris Capre on the other hand, is someone I consider to be very well qualified and therefore I have no problem contributing to this thread.
Thanks very much. It’s very early days for me, so hoping to progress and learn, so thanks for the offer to ask anything. Look forward to conversing with you all
Today the Euro pretty much got bloodied across the board, along with European stocks on the Cyprus ‘fix’, which is actually just a communication to wealthy people across Europe your uninsured deposits above €100K are no longer safe. Can you see an exodus of money leaving Europe? I think so, but regardless, Dutch Fin.Min Dieselblom’s comments about banks needing to save themselves did not help.
Two charts for today. The first one is the EURUSD which I’ve been talking about a lot lately. Remember that downward sloping channel I talked about - and the sell recommendation at 1.3050? Today’s high was 1.30509 which the pair kissed, then sold off about 200+ pips from, so hopefully you got some of that as many of my students did well on - so congrats to them.
You will notice the pin bar + engulfing bar which also marked the selling at that level.
Considering today’s bloodbath, I’m guessing nobody is excited to buy Euros atm, so i’ll look to sell into rotations around 1.2900 and 1.2950 for an eventual 1.2700 target, and perhaps a much deeper move lower towards 1.2200.
EuroStoxx 50
This index did not fair well, with Italian, French and Spanish stocks getting smashed on the day (sign of things to come in Europe?).
You will also notice in the chart below the slow structural breakdown and false break at pt A’ on the chart. I’ll look towards 2675 and 2709 for price action signals to sell, aiming for 2600 and a possible move towards 2400 or lower, but I think the pressure will be on near term.
Also - best quote today from a Institutional Derivative trader I talk to daily; “Brussels Fools - they have obviously never heard of the infamous Russian Boomerang - which is certain to come flying through the European skies sooner rather than later”
Brussels fools? Tell me about it… And great trade mate, you pretty much got the top of the move, so props to you!
And thanks for your article on key levels, I think now I now have a tradeable strategy… If theres a key level to trade heres how I plan on taking it:
Trade the level with the trend.
reduce your stop if you get a PA signal.
For example, on the EURUSD yesterday, my stop would have been on the 1.3000 swing high level, but then after I see the outside bar, I would move my stop to BE.
Just one way to trade the triple top. As always, thanks Chris for the article, means a lot to me that your willing to help.
Haha, I know what you meant by Brussels Fools, when I said “tell me about it” I meant it as in I agree because I think their fools too, the quicker were out of the EU (The UK), the better IMO - Which is also the mainstream British opinion incase your wondering.
And the article im refering to is the one titled: Trading Support and Resistance Key Levels, posted yesterday. I found it very helpful.
And yeah, Outside bars are tricky, I find its best to trade them at the tops and bottoms of moves only. So the EURUSD outside bar was perfect.
well resisted on the falling channel upper end. Had a signal mixup on it yesterday morning but got it with a lower
lot size. Now the E/U is still in the consolidation hoping for some volumes…
Today the EU consolidated at the channel bottom we’ve been discussing. This ‘re-distribution’ or re-balancing at the lower levels here is to be expected after such a strong sell off.
The outside bar on the 4hr chart below shows the strong 2 way order flows here, but also gives us a good intraday range to work with.
I’ll look to sell into rallies, perhaps into the near term 1.2887 daily high (aggressive), or perhaps a deeper pullback around 1.2954 to rejoin the down trend and add to my already existing shorts.
Downside targets for me are 1.2700 short term and 1.2375 medium term.
Very thin market after fireworks on Monady. 1.27 is the one I am aiming for the moment. Missed the retracement once to reload the shorts @ 1.2887 . Waiting for another chance. :54:
