dojitrader
Short

Ending Diagonal Without The 3-3-3-3-3 Subdivide ???

FX:GBPUSD   Pound Sterling/U.S. Dollar
368 5 1
This has "the look" but not really the technical requirements
of an ending diagonal that subdivides into waves of 3-3-3-3-3
Yet, it is happening at what could be the top of a huge move.
Cable likes to hit and retreat with the big figures, so I'm thinking
that a very low risk short might occur around 1.6900.
This would also produce the common Trend Line Overthrow of an ED.
Much above that and this is not a valid idea.
Good divergence on the macd but the rsi does not really diverge
until you drill up to the daily chart .
I'm not a fan of ~~ bending ~~ the rules but this has just enough
right, And Wrong, I have to give it a try.
Especially with the well defined - I know immediately if I'm wrong -
low risk. Not taking this trade would leave my butt sore from
kicking myself for not taking the short IF I get the price I want:
I'd rather be wrong and move on to the next trade.
Really need the candlesticks for this one ~~~~~~ To
provide a more exact entry trigger and stops.
Don't you just HATE IT
when you're basically right - or lucky -
and, somehow, talk yourself out of the trade ?
(worried about coiling and that gave me exactly what was needed)
Harmonics are easy ! Psychology is tough !!!!!!!!
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I'm less inclined to take this trade.
The last Gasping thrust an ED needs has turned into
more additional coiling for --- I don't know what !!!
I'll be watching, but, the idea of an ED is gone.
Especially with sentiment still pointing towards the upside.
This could turn into a long entry trend continuation trade
I'm trying to find my crystal ball
Reply
A little bit of an update already:
Sentiment does not seem to support any kind of a top.
It's a bit mixed but mostly the crowd is looking to be short.
I'm going to be EXTRA picky about my price and risk.
Reply
nikop PRO dojitrader
what kind of sentiment data are you watching?
Reply
this is the main page I watch:
http://www.forexfactory.com/trades.php#tradesPositions
This is another round up:
http://www.forexrazor.com/en-us/school/tabid/426/ID/437478/open-position-ratios-of-fx-brokerages
I use this one also:
http://www.mt5.com/
Scroll down a few and click on the right hand tab
that says position traders - next to world markets.
Best of luck and lots of pips in 2014 !!!!!
Reply
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