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see the 2 charts where i point out on the 1508 where the potential for the setup was. On the 377 there were 2 chances to get in except for 1 thing you missed
I spoke intensively about this Friday - trading into a known whole # area 1.4600 is not advised - there are always standing orders at these levels and your trade can go against you very quickly at these levels
mark horizontal lines on the 1508 at whole #'s so you don't forget where they are
Charles-
Does the HH at 6:13A negate setup on 377 as per rule 6 on short trades or is that considered a double top? Understand and have marked whole numbers.
Have you ever tried trading this on lower time frames like 356tick / 89tick charts using smaller risk/target in order to get more signals? Ever traded this system with range bars?
Today is almost impossible to trade or at least the way I do . 2 reasons come to mind as to why we are seeing this or nothing I call it
1. The market is consolidating after an extreme up day Friday
2. It's Monday which usually brings no major news events with it to spur activity
For the day the Euro's range is a meager 61 ticks. the average daily range of the Euro is 150+ ticks, so as you can see with less than half of its daily range there is no wonder that I have not took any trades
Sometimes its best to have a system that keeps you from losing money so you can live for another day.
Personally no I dont, I know a lot of traders that do but I like to just focus on 1 market. When I have tried to watch several in the past I tend to lose focus and make mistakes, so I just stick to the one that takes of me by the end of the week
i am posting a picture of my 1508 chart for those getting too eager to trade.
You see all the congestion we have been having all day - just sideways back & forth
Notice the shaded area, if you were watching twice the 377 showed a trade signal to go long as each time the price came back to the MA and bottom edge of the cloud.
Also notice that the top of the cloud rejected both moves - Just dont trade until the market breaks into a strong trend if it ever does today. this is just way too messy
