I HAD A PREVIOUS SELL IDEA AND IT WORKED OUT REALLY WELL. 200 PIPS BANKED IN FOR THOSE WHO FOLLOWS ME.
THIS MORNING, MY BUY LIMIT WAS TRIGGERED DUE TO THE GAP. BOUGHT @ 130.00 ROUND NUMBER. IT IS A HABIT OF MINE TO OBSERVE NEAR PYSCH NUMBER AND PLACED AN ORDER AROUND IT AS IT IS KNOWN TO "BOUNCE OFF IT". WELL IT REACHED 130.00 EARLIER THAN EXPECTED AND IM 100 PIPS IN ALREADY. SL @ BE. TARGETING 131.90. I WONT TARGET MORE AS W1 IS A BEARISH ENGULFING PATTERN @ A NICE FIB LEVEL. REFER TO MY PREVIOUS IDEA IF YOU WISH TO KNOW MORE.
THIS IS A VERY TECHNICAL TRADE INVOLVING PYSCH ROUND NUMBER. NO FUNDAMENTALS INVOLVED.
LIKE MY IDEAS IF YOU, WELL, LIKE IT. OR WISH TO RECEIVE UPDATES. NO UPDATES IF LESS THAN 20 LIKES.
WAITING FOR 2618 TO SELL
Comments
PriceActionTrading
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I WOULD JUST LIKE TO MENTION THAT THE ONLY REASON IM IN THIS TRADE IS BECAUSE MY BUY LIMIT WAS TRIGGERED WHILE I WAS ASLEEP. OVERALL OUTLOOK IS BEARISH AND IM LOOKING TO SHORT AT COMPLETION OF 2618. IF TAKEN OUT AT BE, SO BE IT.
ITS A NO LOSS TRADE.
moneymaking
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Hey price, would you also consider long on the EUR/USD pair after getting that hug gap. Does the market always fills in the gap before moving back in the direction of the gap?
PriceActionTrading
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Hi there, personally i do not trade huge gaps so as to reduce uncertain risk from my end. But IMO, eur is fundamentally weak (tomorrow's the greece bailout expiry). Buying eur despite such a gap would be taking on a huge uncertain risk my friend. One has to consider the fundamental situation of eur as a whole.
I wont buy.
moneymaking
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Thank you for the explanation. Makes it more clear. Better to stay away from eur this whole week, allow it to settle down before risking any capital on it :)
PriceActionTrading
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Stay out at least until the close of today's D1. Its too soon to tell although it looks like theres a huge pin bar and such, the big players have not even woken up, lest show their hand.
moneymaking
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Sounds good :)
PriceActionTrading
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And yes, gaps are always filled. Just that it may fill your SL first :)
moneymaking
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So we do know when they are going to be filled, but we just don't know when and how, correct?
moneymaking
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Sorry, I meant to say that we do know that they are going to get filled, but we don't know when and how.
ITS A NO LOSS TRADE.