Jalarupa wrote:Haven't posted in forever and I genuinely miss the traders here... so I just want to share what still works for me in terms of what I have been exposed to in this wonderful community.
I did this analysis on Sunday evening pre market open...
GBPUSD - basically 'could' have relied completely on the horizontal Zline, but I favor trying to figure areas where price will run into trouble prior to the move and trade that volatility into and out of the 'main' move... / Long term Bias is above or below the red triangles
First trade long into the highs... basically a scalp for 20 pips
Next I took a short off return to the Zline EURNZD (had been keen to short this pair for a while now, but had been waiting for MOMO - which eventually came last week)
Wasn't keen to hold it for the NZ rates event this morning...
Yesterday it was back to the GU for me and I got my entry as planned pre market open... always nice to see a '*censored - swear word*' candle in thin liquidity... stopped on the zline and reverted with haste...
Holding out for a move lower into red 'buyzone'
Had some fun with this one (also did analysis pre-market open)
and much to my surprise... THAT mess... became this... which I posted to my slack trading channel while I pondered the merits of a long off this level (it was a grueling internal conversation to be honest, because its not in my trading plan to take such risky trades without MOMO)
I caved went long and got lucky trading the spike up yesterday with the move up in USDCHF following the sell off in risk assets during EUR session... Got out when I thought USDCHF had peaked, cause Cable was selling off in my mind...
I continue to watch this pair for a way to play a long term trade on an appreciating GBP with positive carry... will wait for my definitive MOMO and Zline return before I get overly excited about the prospect... There is still the daunting prospect that the market will call the FED's bluff and they do not cut rates by 50bps in July and the CHF will appreciate brutally off of that event and looking at the USDCHF, there is still a lot of room to fall if the that happens... so I'm super cautious whilst keeping a longer term constructive view on GBPCHF
Besides this... I'm currently watching NZDUSD which is looking likt it may be topping...
I know I don't post much anymore, but I appreciate the fact that there are traders here, who have been here before I showed up and are still as active as ever... Taking the next generation of dreamers along with them by inspiring and mentoring as they have been inspired... You guys are the real deal and I salute you!
Jala! How are you? Nice to see you around!
I like angles but I’ve always skipped them.. are you saying that you draw cones before the market open and price respect them?