Just a quick addition to the previous post on the GBPJPY long...
Entered then went to bed awoke and there went the impulse. Let's see if we can get the gap closed today - completing out the buy model.
As mentioned in the video, it is important to have a quick look at the weekly chart as it often gives clues on the potential direction for the up and coming week. At least this is how I see it. I discuss the concept of compression and how it offers some nice clues as well. Credit to influences: ICT and RTM.
Just a recap of the previous trade and a re-entry attempt. As mentioned in the last post I journaled the following "The h4 shows a price inefficiency, which could be rectified prior to upside movement. Makes me a bit cautious." Thus far, the price inefficiency (Gap) has been closed.
A bit later to the party It could be high resistance in nature but there is a good change those green rectangles could be breached.
After a simultaneous run on yesterday's and last week's highs, will GME now run for sell side liquidity and close the weekly gap? We shall see.
I had closed out in profit on this EU trade just prior to Friday's close. I am of the opinion it is best not to put yourself at a psychological disadvantage going into weekend. Let's see if we can sweep those lows and consolidate perhaps.
To be honest I am not too keen on taking this trade. That is why I only went with half a percent on the risk. Yes, the last cot data report indicates a heavy amount of shorts added, but I think it would have been better to let the price pull back into the previous resistance area and wait for rejection. Going simply by the previous day's close below the...
Wasn't really looking to go short until I saw the close on the daily chart last night just before London by a few hrs. Interesting, though to see how one feed from Oanda shows something entirely different than another feed. Not a bad idea to use two different feeds to get some confirmation. Trade well!
As the video outlines. Thanks. Have a great weekend.
Just a quick look at the AUDNZD 'possible' short scenario and some COT data. Recap on the current GBPCHF long - so far so good. A good start of the month. Have a great rest of the week.
The daily uptrend is pretty well established and price broke above a pretty clean resistance area and then tested the trend line with good rejection. Price broke the prev daily high and closed above the last down candles EQ (50% rea) with what appears to be possible buying Risk is 1%
Target hit from last trade short from last posted vid. Now let's see if we can get more downside action.
In this vid I point out that we could see a breach of the most relevant low at some point, which is quite near the 62% retracement area of the larger timeframe parent structure. It's interesting that the low and the 62% area are about 20 pips apart, which seem to meet the pip grade concept that ICT so eloquently fleshed out.
Daily trend is down price came up and triggered my alert early on the 17th to go short, didn't see any clear rejection. Price sold off eventually and came down and cleared the daily gap, retraced then showed very clear direction toward the end of the trading session. After what appeared to be a stop hunt of the initial alert retest, price seems to be showing signs...
Daily trend is down price came up and triggered my alert early on the 17th to go short, didn't see any clear rejection. Price sold off eventually and came down to and cleared the daily gap, retraced then showed very clear direction toward the end of the trading session. After what appeared to be a stop hunt of the initial alert retest, price seems to be showing...
Took trade off daily chart as price came down below the inside bar cluster with clear rejection and a curvy bottom. The H4 also produced a second retest with a higher low and clean rejection. Aiming for internal high and a partial take profit at next highs - risk a little over 1%. Stop below newest inside bar low.
As I like to trade from the daily and h4, getting a decent long and short all in the same week isn't always the case. The price action has been interesting on GA this week