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New entry,pattern used :MSH..modified,if you see the attached you will see at the left side ,red candle with a spike that created a potential support for prices,I entered at breakout of that support instead of entering at breakout of third MSH bar low..
Euraud short has been closed for a +93 pips gain as shown in the statement(last trade),reasons for closing,see attached,price at short term support plus change in stlm2.
Descending Triangle,clear by just looking at the pics..formed by an horizontal(support) line plus a descending trendline...In theory ,it is a pattern to go short.
How to trade it as per the book:
1-Short 1 tick/pip below the low of the breakdown bar.
2-stop above the descending trendline.
3-Target :measure triangle depth at the lowest and highest points(up to the breakdown bar )..set targets at 50% and 100% range.
My comments:1-The targets are not very clear..I would look for nearby support points or just a fibo expansion(downwards) of the highest height of the triangle(anything from 1.382 to 2)..and estimate if the reward to risk makes it a worthy trade.
2-It is not necessarily a short setup,you can use the descending triangle for long setups too,I just look for 2/3 conditions..1-fake/rejected support breakdown..2-close above the descending trendline..3-confirmation by some trendfiltering method,like stlm2 ,etc..so,in the 3 pics that I attach ,you see 3 long entries just executed.
New Entries:We are long Crude Oil,Gold(spot) and Silver..correlated,and today is NFP day,so,I have reduced the size of the positions..if the trades go well I expect them to last for around 3 to 5 days,and will look to add more contracts to them..if they don`t I will use stops at BAR CLOSE to close them.
New Trade:MSH variation with resistance penetration and rejection(previous high marked by red horizontal line)..conceptually very similar to 2B pattern..We are Short GBPAUD.
We closed the Gold spot tradeXAU(+1.05 figures) ,the silver SI(+9 ticks),with a very small profit and we closed the crude oil trade CL with a nice 123 ticks profit,reason why,the gold and silver trades were correlated and didn`t move much in the expected direction,crude oil nearing resistance,and it is Friday.
My feeling is that they will keep going up net week,specially XAU nd CL,will wait for low risk setups next week to trade them again...please see attached detailed statement,3 trades before the last(detailed statement trades are posted by Opening date and time,not by closing time ).
All trades are closed,as per previous statement with the exception of short GBPJPY @203.33..actual close is 202.25/31..so,we have +102 pips open profit,for the moment...
)..set targets at 50% and 100% range.
Linear Mode
