Magpie Trader
Wednesday, September 21, 2005
Euro 21/09/05
I haven't seen a decent 1-2-3 top for a while on the 15 min chart, but today provided a classic. Price is at the projected daily high, a round number and resistance form the gap down from monday. There's also been a TDTL break with a projected target of the 1.2135 area. All in all there are 4 things (a fairly major confluence of events) all pointing south.
Shorted at 1.2199 and will take some profit at 1.2175 and leave the rest to run to the projected low of 1.2137. I'll look again as price nears the projected low as that's the ADR, but price could easily seek out the 1.2115.
My new toy is the ACD system, so confirmation by that for the euro trade would be nice. Cable is putting in a 'rubber band' trade south, which also bodes well for the euro trade. Any trades that appear over the next couple of weeks will probably be on the demo acct.
Just had an 'A up' on the looney, so will wait for a retrace and/or next bar to see what to do next.
edit: FXOE system, although the Shi channel is pointing north is putting in a short trade signal, with a bottom channel tartget of 1.2135. That's 5 signals for south. ACD system is looking to agree ina bar's time hopefully.
edit2: What can you say other than it was dead wrong.... Thought the gap resistance would have been stronger? oh well, trading the chart and not 'what you think' is mostly better financially.
Either way long now from 1.2221 - not sure where it's going north though as the 1 hour bolly is looming in about 15 pips, so half profits will be taken around the 1.2235 area and the rest moved to break even.
-22
edit 3: took all profits at 1.2231, there's just too much resistance there - as the bias is long now I'll wait for a retrace before re-entry.
+10
// posted by Magpie @ 7:33 pm 
