I went long Cable at 1.5671. Closed half at 1.5703 (30 pips with some slippage). Sl at breakeven.
For the same reasons as you. ADR not filled. NYO OTE right at retest of Asian range high. Nice 40 pip swing.
Basically had to make a call if this was a reversal profile day, or buy day. Generally, the high or low is put in by 10am gmt. I did not see any smt divergence on the 15m chart. There was some bearish divergence earlier. But the pairs went up and both were making higher highs.
I didn’t watch any videos or read the board because I didn’t want my bias to be influenced.
Basically, my anticipation is a lot of people jumped in short on Friday with the downgrades. Particularly retail. So I anticipate a stop run to above 1.5711 to start clearing stops. I didn’t think the smart money would let retail sit there with stops less than 100 pips away and let them stay in the market. My bias was long to increase liquidity.
This is exactly my thought. But will wait for LO to wait for it to unfold. This level is also the 61.8% retrace of last weeks range. And gets to the sell zone of the TT. Also (don’t have the chart I front of me. Doing this from memory). I think this puts us at r1 on weekly pivot (maybe mr1)
It could start at LC. But I’d expect aquiet rest of the day. A little LC pullback because 1.5711 is the ADR.
Thinking a LO setup tomorrow with a judas reaching this level 1.5420) and dropping.
Hmmm, so quite a few guys went long today… Interesting! My bias is short, so I shorted fiber around 1.2790. I would’ve thought that with two days of progressive upwards movement, all of the street money would be buying, and so a downwards move is imminent.
But despite that, I think this week will be an up week, especially since the last candle on the weekly chart was a bullish hammer.
Edit: What a miss… tried with live account today typically it was a loss… and now i feel something inside of me which screams to chase the price, but trying to fight this dumb feeling
yes the way it looks now, I doubt it will reach new highs today… but I will still keep half an eye on the charts until 1800gmt… LO tomorrow could finally bring what i’ve been looking for;)
today I will note as a Money management lesson;) got stopped out but only lost 50 bucks…
Really hope to ride the weekly train this week, after i missed it last week (while starring at it, in order not to miss it;))
Id also like to be added to the skype group if someone would be kind enough to do so. thx skype: prochargedmopar (Chris lori/ProTradersClub Student for last 2.5yrs.)
Still looking for a little clarification on SMT divergence.
What I understand so far is that if two closely correlated pairs such as the cable and fiber diverge in price action you should anticipate a correction. Is that correct?
How do you anticipate which one will correct? Is it just a confirmation of your analysis? For example: if you
Expect the cable to move down at price x.xxxx and the fiber moves down while te cable is still moving up, is
That your confirmation?
