TODAY: 6E
click to enlarge
We started the day before the US open. The Euro had spent most of the Euro Zone trading market in a decline. Long and short BOT's were set at 1.4211/12 and 1.4192 respectively, and the plan today was to start with breakeven and run, i.e. try to let the orders run the trend. Members were using longer holds, and we alluded to that yesterday.
The short BOT hit first, and allowed to run. Albeit, not very far. The EMA failure (MAXT) was there, but was skipped. On the next short, we took some off . The next two trades discussed were at the long BOT. The first back to resistance (4225) just prior to our BOT's, and the next after the BOT+, the bullish TL, and the EMA+ were seen as support. A stop was set below the current price, and our target was added.
B25 was a bull control bar. Price consolidated just above, and moved back inside that control bar. When price had engulfed b25, a short (be/run) was in profit, but settled at BE. A second order was entered, but closed early due to an interruption. Not sure of the rule number, but it's "don't trade when your focus is diverted".
The next setup is very interesting. There are three plausible entries for longs and three for shorts.
LONGS: 1- failed BO of lower TL 2- BO of EMA+ 3- BO of upper TL.
SHORTS: 3- BO of upper TL 2- BO of EMA- 1- BO of lower TL
We took the latter. Day done....
TODAY: ES
ES sold off in the Euro Zone trading session, and looks confusingly similar to the 6E. Again, we started before the US open and established the BOT's at 1327 and 1324.5. The long hit for a profit. When the market opened, the rth charters saw a large sell off bar. We saw a short BOT failure, and began looking for long trades. The bullish TL was clear by b8, we just saw it sooner.
The next focus point was the ascending triangle near the important 1335 level.
These tend to break with trend, being a continuation pattern.
We are now in the 1335-1350 trading zone. Important for bulls.
Join us soon for live discussions and trading.
No comments:
Post a Comment