Well London turned out to be a nice plan. EUR/GBP did just what I had anticipated and GBP/USD followed suite for a total of 69 pips. I basically scalped the entries and was happy with what the market gave me. Tonight I have scalped the GBP/USD for 41 pips and my plan for the GBP/USD is a retrace to the triangle we broke out of and a push to the 1.6110,1.6130 zone. Once price hits this area I have this as a wave C of my wave 4. I will better know early next week if this wave 4 will play out in another 3 waves or break into a new wave 1 of 5. I probably won't trade London just because I had a satisfying Asian and I need some sleep. Have a Good Weekend see you Sunday evening! PS, I also posted my terminal account history as proof of my scalps.
Hi Kevin,
ReplyDeleteGood call on London. If GBP/USD bounces off the top of the triangle,
will volume make any difference for the trade?
Hey Jeff,
ReplyDeleteNice to see you made it! Volume in Forex is measured in ticks on a chart and is then traslated into bars as volume. The volume is not based on actual order flow due to the fact that currency is traded thru interbanks all around the world and it would be impossible to track each order. Volume would have worked if you know how to trade it. I like to use horizontal support and resistance levels (red lines on my chart). I wait until I get a base forming and draw my lines off a 4hr, 1hr,and 15min charts. then I will drop down to the 5 min and even sometimes the 1 min to get what I call my double candle conformation. Once I get a break out or break in of my channels I wait for the next candle to close above the high or below the low (depending on direction)of the breakout candle. It has to be the very next candle and if I don't get close conformation my count starts all over. GBP/USD did not bounce like I thought. When I posted last night the dollar was weak and the pound was strong. During London the dollar gained strength and the pound fell respectively. I would have blistered it on the down side. I wasn't trading and I was not even in front of my computer. Looking back I had several signals if I had been sitting there.
Glad to hear from you and stick with me here, I post every Sunday thru Thursday night. I will try and answer any of your questions and keep you posted on any new tricks I find out about. Take care and I will talk to you soon.