This was a pretty cool setup that one of the traders in the live room brought to my attention yesterday. This was one of those trades where the market simply left the money on the table and walked away daring us to grab it. In the chart above we have a 3 drives pattern along with 5 points of Fib confluence. Add to that the fact that the market stalled and traded sideways right at this area for a good 15 candles, I don't think there is any question weather this was a good trade or not.
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Another post so soon? YES! This setup looks even better than the last one I just posted. On the EURGBP pair there is a potential 3 Drives pattern that will complete at Fibonacci confluence and some structure if you look left. The Fibs I have marked are the 1.272 of the original ABCD move and the 1.618 is an inversion of the retracement that comes after the original ABCD. There is also a 0.618 retracement that comes from a bigger overall move. I just measures it for giggles and it winds up lining up right with the other two hmmmm. Add that to a possible equal move of AB and CD and I've got enough reasons to get in aggressively. Of course you should use your own rules and not follow me. Just something that seems as if it could be good.
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Akil L. Stokes*My intentions are not to provide you with entries, exits, or targets, only to give a closer view at what I'm looking at when i'm involved in the market. Please understand that I am not a certified market technician, simply a self-employed professional trader in the Forex market.* ArchivesAugust 2012 CategoriesAll |
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