After entry we had a lot of chop. It wasn't clear to me that we were headed further down. I read this as chop with an overall positive outlook. Then we printed the candle at point a where we wicked into the 0.618 level and were rejected. I thought this was sufficient to identify as 3 drives to a low. So I moved my stop from the original position to the low of this...
We've blown past my level of interest and almost had an SFP of the lower Daily level at 1.11096. It was close, but no cigar. However this level still remains a level of interest as we can SFP it on the Daily TF. My next level of interest for price action on the hourly chart is 1.11638. It'd be ideal if we could SFP the hourly level, build a lengthy wick back...
Going long here. We had a 2-hour swing failure of the Inside Day low (I missed the entry on the close, but the market gave me another opportunity to enter in the next candle). Bullish Confluence: Sellers of the Inside Day engaged Hidden Bull Div post Bear Div 2H SFP 0.5 Hourly Fib and we've just tapped the 0.618 level. Bearish warnings: Bearish engulfing...
I have not backtested on this pair. That said, we've currently got the 0.618 Fib level lining up with our Daily level at 109.317 (also close to the ATR High). This area is definitely of interest to me. I'll be watching the Inside Day we've got printed on the Daily chart where the retail strategy is to buy the top or sell the bottom. Looking for the failure of...
ATR levels updated per 10/16 candle closure, only idea I can see here is a possible SFP in confluence with the 0.618 Weekly Fib. We could have 3 drives to a high here and fall back into the ATR. But I'm not seeing anything that would make me want to trade this. I'd be much more confident shorting an SFP at the 0.618 Fib.
Looks like that shooting star I mentioned in the last post was indeed a good starting point at pre-empting the upwards movement to 1.10628. We've closed above this point, so the SFP I was looking for is no longer valid. I've updated my Daily level to 1.11096, which lines up nicely with the 0.618 Fib level. Since we are past today's ATR, I'll not be looking for...
The 10/15 candle closure printed a completed IDF, so I've no bias on this timeframe. Mapping out the Weekly Fib levels from a swing high that I view as the most significant. Partly because it is the most immediate swing high with an obvious (and violent) swing low preceding it. The 0.5 Weekly Fib lines up nicely with the Daily level at 1.10628. For this reason,...
Price immediately printed a Bearish Engulfing, but I chose to hold. Right after the engulfing, price violently surged. Since this move was so impulsive, I chose to close the trade manually prior to reaching target so as to not give up the gains. 1.458R on this trade. Management time: about 3 to 5 minutes cumulative (just checking price near candle closing times).
Price printed a Hammer with the tail breaking through the Daily level, 0.5 Fib, and tapping the closest High Pre-break of the Daily level, Also an hourly Bullish SFP. I jumped the gun on entry in this trade as it was market executed a minute or so prior to the candle close. The next step in management was to watch for exit signs at candle closures, opportunities...
I did not see a daily bias here, we just have an Inside Day candle. Mapping out the ATR levels and Fib levels for the last move up, we can see that the ATR Low level has confluence with the 0.618 Fib. I decided to be vigilant on the Hourly timeframe to look for a decent level to trade, or trade off the close of price action. Note this chart is currently in replay...