Quote:
Originally Posted by mpower
Hey, Simba
I was watching your trades today. Very nice execution. I would've probably closed the usd/jpy trade right after the time you closed your other two trades. "Dead cat bounce" LOL, funny name, good pattern though. I think the reason why the USD/JPY trade did not not go well was the selling pressure on the USD across the board all day long. Nonetheless it held up against the yen pretty well.
Enjoying this thread a lot:-) Thanks again!!!!
P.S. Did you notice that the g/j trade found resistance right around 61.8 fibo expansion?
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Hey Mpower,
Thanks,and congratulations for your entry on m30 2B pattern,hope you enjoyed the ride
Yes,I noticed about Fibos,and I closed the GBPJPY trade at around the 61.8%retracement of the previous downmove...too many fib confluences...anyway it still went up around 45 more pips before reversing(probably temporarily).
The usdjpy still has around 4 hours to go...the one that gave me the creeps was EURGBP,seeing how it didn`t even test the 62 area of previous low,while I expected it to test and either be rejected or see a downside acceleration,made me check the short term cycles,stlm2 m5 mainly and decided to exit..well,it was a lucky exit,sometimes you get them,other times you leave lots of profits on the table.
I expect the USD to go up this week,as I already posted,anyway ,unless price action supports that view,I won`t trade it...BTW..did you notice that the usdjpy has formed a Diamond pattern on M30?
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Tomorrow I will post the Trader`s Vic 1-2-3 pattern,letīs see if we can catch some nice move with it...or with some Fibo retracement,which are exceptional to catch continuation moves with good reward to risk ratio,self fulfilling prophecy or not..Fibos are extremely useful when used with momentum and price action.
Regards
Simba