GU signal #3 formed after a double top hit right before 12pm EST Monday.
I watched the 1 minute chart for entry.
Short at 1.6793 (entry was a break below 1.6792 - I jumped early)
Target 1.6786
Stop 1.6800
New hourly candle starting now.
Update: The last hour candle gave a #3 short signal to confirm the 15min setup.
This is not my typical time to trade, with London closing and NY, I usually stay away during this period.
EU - GU - GJ TRO SETUP TRADES
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Even though I had exited that GU Short, I am now glad after seeing the movement on most pairs since the top of the 12pm EST hour.
I could have easily made more pips, but on the other hand I could have been hit hard.
Another reason I usually won't trade this period, the dow moves the market many times with London closing and NY in the market alone.
I prefer Asia, or even Sydney open, and Frankfurt with some London, but I usually like sleeping more then trading these days.
Cheers, Monarch
I could have easily made more pips, but on the other hand I could have been hit hard.
Another reason I usually won't trade this period, the dow moves the market many times with London closing and NY in the market alone.
I prefer Asia, or even Sydney open, and Frankfurt with some London, but I usually like sleeping more then trading these days.
Cheers, Monarch
Okay, I could not resist the EU temptation.
After seeing the 30 minutes of dropping price, I watched the 15 min Buy/Sell zone and put a line at the 1.4938 area, which was also a 61.8% retrace of the big move down this hour.
I then flipped to a 1 minute chart and when I see price hit that area at the 12:36 pm EST bar, I just shorted.
I closed in 30 seconds for +5 pips.
This trade did not confirm on the 15 min or Hourly with trading setup.
That is all of the shoot from the hip trades I will do today.
Cheers, Monarch
After seeing the 30 minutes of dropping price, I watched the 15 min Buy/Sell zone and put a line at the 1.4938 area, which was also a 61.8% retrace of the big move down this hour.
I then flipped to a 1 minute chart and when I see price hit that area at the 12:36 pm EST bar, I just shorted.
I closed in 30 seconds for +5 pips.
This trade did not confirm on the 15 min or Hourly with trading setup.
That is all of the shoot from the hip trades I will do today.
Cheers, Monarch
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EU is at a 50% retrace from the low to high in NY session.
I have 1 min resistance at 1.4956 and support at 1.4945.
Now let's see if we will bounce this small range and get a higher low, if so, we will get us a long entry for the 15 min #3 setup
I have 1 min resistance at 1.4956 and support at 1.4945.
Now let's see if we will bounce this small range and get a higher low, if so, we will get us a long entry for the 15 min #3 setup
Last edited by monarch on Tue Nov 17, 2009 2:43 am, edited 1 time in total.
- Patch
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monarch
I am just wondering if you could post screen shots along with your posts?
Because I am a guy and therefore I am 70-80% visual and 20% verbal. I like pictures a lot more than I like reading and I can't spell with a wooden nickel anyway.
Thanks a bushel of wooden Nickels,
Patch
In VA
I am just wondering if you could post screen shots along with your posts?
Because I am a guy and therefore I am 70-80% visual and 20% verbal. I like pictures a lot more than I like reading and I can't spell with a wooden nickel anyway.
Thanks a bushel of wooden Nickels,
Patch
In VA
ENOUGH being a Yalie for me Back to the Sea. "What i can lose, i can win" "YES YOU CAN" - dragon33 -"Pick one method and one pair and stick with them until you master it. "The choice is yours - success or failure." TRO
Patch
Patch wrote:monarch
I am just wondering if you could post screen shots along with your posts?
Because I am a guy and therefore I am 70-80% visual and 20% verbal. I like pictures a lot more than I like reading and I can't spell with a wooden nickel anyway.
Thanks a bushel of wooden Nickels,
Patch
In VA
I apologize for my lack of pictures, I only post them when I am at my desktop, and I am usually on my laptop, but I do plan on posting many charts soon, that will help explain what I am looking at.
I know that I say several things, but if a trader does not have the setups I have, it is hard to see the trade I am looking at. I also know I have several indicators for picking trade areas, but I have added a 1 minute chart for entry, and this comes from years of just watching price action, so it is hard to explain why I take some trade, please have patience with me and I will do my best to setup the charts to show the same thing consistently for all to follow.
Cheers, and thanks for reminding me of charts.
Monarch
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