cryptoyoda

Short GBPUSD on debt ceiling resolution rumour

FX:GBPUSD   British Pound/U.S. Dollar
160 17 0
This has driven an impulsive AB downleg in GBPUSD:
http://www.zerohedge.com/news/2013-10-16/liftoff-debt-ceiling-resolution-rumor-sends-russell-new-record-highs-es-soaring

There should be followthrough, perhaps after an additional slight bounce. Target 1.59ish (depending on the bounce).
I marked this 'closed profit'; if someone had got in it could have been worth about 60 pips (for ~15 pips stop loss). But in fact I expected more of a bounce, and unless I'd set a limit order just right I think it would have been very difficult to get a fill. I'm going to suggest two more options for 'trade marking': 'closed flat' (ie no entry) and 'stopped out at entry'.
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ForceFollower cryptoyoda
Now, this time you got me interested in it. Your story reads like one of those Tim Morge's articles. I can see the system has been working nicely from the first chart to the last one. Amazing!
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cryptoyoda ForceFollower
I think I would have missed the entry; this is why RA mainly looks for entries at P & D; it was full steam ahead by the time it hit 'X'. In fact, expecting another bounce, I probably wouldn't have had a limit order set at X for fear of entering too early and getting stopped out.

Watching the tape was helpful too. I realised my broker had given me access to feed after this started. It's going to take a while to learn to do it well, but I *think* it might help with those problematic C pivots.
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snapshot

Missed it! :p
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cryptoyoda cryptoyoda
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'Inside' D target hit
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cryptoyoda cryptoyoda
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Another possible entry if it rebounds to faint green line.
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cryptoyoda cryptoyoda
=1.59451, stop 1.5953 for RRR=3
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cryptoyoda cryptoyoda
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Maybe a 1.59114's possible if it breaks the little green CD midpoint convincingly.
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cryptoyoda cryptoyoda
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Heavy selling on the tape, going down i think.
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cryptoyoda cryptoyoda
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Yup. Lol
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