I will change my daily rundowns to a more ‘to-the-point’ style so it will be less time consuming to write (and read).
Bar1: short entry at the R1 level just below the previous session’s high Bar2: profit taking 22.50 pts
Bar3: short entry on a bearish engulfing line at the EMA20
Bar4: profit taking 12.30 pts at the bullish trendline and daily pivot level Bar5: missed inside bar entry after a break below the pivot level Bar6: long entry on a bullish 1-2-3 reversal
Bar7: stop-loss -15.00 pts
Bar8: long entry on a bullish pin which turned out to be a breakdown of a small correction
Bar9: stop-loss: -15.00 pts
I stopped trading for the day after the second loss. Closed the day with 4.80 pts profit. I still close my winners too early. I was quite satisfied with the first too trades but missed most of the day’s potential. All in all not a bad day for a Friday.
dax 20110520 5m
dax 20110520 5m2
The channel support of what seems to be a potential bullish flag is coming across the rising trendline. The EURGBP should find some support here while I have to admit that the 4h chart still shows room for further corrective downside. I’m looking for a 1-2-3 reversal on the 15m timeframe.
eurgbp 20110321 1h
eurgbp 20110321 4h
We have a meaningful trendline on the EURUSD 15-minutes chart now with possible break lower for a 1-2-3 reversal. We need a bearish candlestick signal now…
The long setup on the EURCHF did work out but I have to admit that the pullback was deeper than expected. Nonetheless with a conservative entry tactics the trap was avoided. On the first chart I marked the early break of the pullback’s trendline. The price hit a new low and neither the bullish pin bar nor the high wave candle that followed have triggered a long entry even though both have suggested downside failure.
The second chart shows the real break of the trendline with a nice reversal bar testing the level of the breakout. The risk/reward was easily better than 1:1 but up to this point has not reached 1:2.
Potential 1-2-3 bullish reversal failed with breaching the
low of the first thrust. If key support at 1.2972 breaks the
EURUSD will end it’s recent uptrend
and the downside shall be favored.
The GBPNOK reversal did not go too far. In fact it barely scratched the 1:1 R/R failing at its previous high above 9.8000 and now seems having enough bearish momentum to hit the stop level of the reversal pattern.