Trade active: Stay this... keep running it... pound looking lower... I am pulling stop in advance of Yellen's speech in Jackson. pull to 1.2750. September is almost here, guys. Happy trading.
Trade active: Ok .. added at the pink line. stop is pulled up above the pink for the weekend at break even with 200 off. WE GOT THIS!!!!!!!!!! XO
Trade active: Look for 131 as a first target. Running from 12775 and 12867. Rock and Roll. Bad Ass Trading Guys. Thanks for everyone who blogged in to show both perspectives. Daily charts are the bomb if you can lower leverage and let them run. https://play.spotify.com/search/karaoke%2520theme%2520from%2520shaft
Trade active: OK guys, we are coming into target on this one.. start pulling profit. I am coming off the majority of it at 131.
Trade closed manually: Taking the rest off of this for a total pip capture of 425 pips. It's a great fall so far!
I studied under the Martinezes and am a professional CMT trader. Channel changes are common knowledge. You will find discrepancies are found across online education and the best practice is to accept and trade what you see. The mark of an educated trader is to accept varying opinions, so I appreciate all who blog on my ideas, whether they agree or see the trade differently. The thing about a channel change is to observe the candlestick formation on the daily timeframe, which may have been bearish on the lower four hour or one hour timeframe, but never appeared bearish on the daily. Typically trendlines can break on the four hour and the one hour, but unless they form the proper candlestick patterns on the daily, you can count on a marginal move. Otherwise, the price pattern simply decides to "switch lanes" and follow its trend. What price is actually doing is following another order block where there is higher demand. Often this may the 786 or the 1.27 fib area. . There are many different impulses that cause trades to run one way or the other, for example the Yellen speech this morning. However, technically the dollar is long, and oil is down, which sent this price action lower to the bounce at prior resistance becoming support this morning. Since we aren't looking for shorts anyway, this really should not be difficult to understand. Price sought a higher demand area and is now continuing.