The latest release of non farm payrolls has got me looking at US ten year notes. I had previously managed to catch good wave 3 action on this one and have since been waiting for a wave 4 bottom to look for a set up to go long again. Last sessions price action may have provided that. I say may as this is all pretty subjective when we talk about waves, but the picture is starting to fit. If the lows of last session hold (123*06 to 123*08), then that makes a nice (just shy of) 50% pullback from the top of wave 3 and the theory goes that we can now look for a break out and a potential wave up to the top area I have highlighted on the chart.
I won't be taking any trade till we can break out of the little sideways pattern we are experiencing which means a break of 123*28. I am also closely watching the growing momentum in the market for signs that it's going to properly break the top side
At this point, I will be looking for an impulse wave to break the top, but I want to see that break coupled with some sort of fundamental news to confirm to me that I am on the right track with the trade. I won't be as convinced if it breaks the top with no news attached to the move. So, wait and watch mode, and be prepared with a plan.
From Jesse Livermore:
“ONLY ENTER A TRADE AFTER THE ACTION OF THE MARKET CONFIRMS YOUR OPINION AND THEN ENTER PROMPTLY”
“BIG MOVEMENTS TAKE TIME TO DEVELOP”
“THE HUMAN SIDE OF EVERY PERSON IS THE GREATEST ENEMY OF THE AVERAGE INVESTOR OR SPECULATOR”
I won't be taking any trade till we can break out of the little sideways pattern we are experiencing which means a break of 123*28. I am also closely watching the growing momentum in the market for signs that it's going to properly break the top side
At this point, I will be looking for an impulse wave to break the top, but I want to see that break coupled with some sort of fundamental news to confirm to me that I am on the right track with the trade. I won't be as convinced if it breaks the top with no news attached to the move. So, wait and watch mode, and be prepared with a plan.
From Jesse Livermore:
“ONLY ENTER A TRADE AFTER THE ACTION OF THE MARKET CONFIRMS YOUR OPINION AND THEN ENTER PROMPTLY”
“BIG MOVEMENTS TAKE TIME TO DEVELOP”
“THE HUMAN SIDE OF EVERY PERSON IS THE GREATEST ENEMY OF THE AVERAGE INVESTOR OR SPECULATOR”
Comment:
Still no clear signal on this one. Keep watching and waiting for the right moment to strike
Order cancelled:
This latest move has broken into wave 1 territory, so it's negated my count. I will have to have a rethink and see if we can pick up the waves of this new move