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Yesterday a Hi/Lo range of 232 points..
No friday trade.
Price stays now at bottom of hourly cloud - attracted by opposite line.
Might push through quickly and gets back to previous ATH levels.
Or could fail today exactly at cloud.
The previous discussed touch of KijunSen (now at 11547) has not been
reached yet - to finish the down correction.
Next week is a short one - including last of month - which could head
for higher prices on Monday and Tuesday as 1st quarter of yera numbers
need to shine
could you please explain me, on what criteria you base your decision to go long or short during the morning hours?
I understand that today for example the morning opening was strong and promising (momentum was there), but rsi in both hour and 10min time intervals was totally overbought.
You often mention something of a Kumo/cloud (an instrument which I don't know). Can you please explain it to me?
On conclusion, do you take your long/short decision on technical/instruments, feeling or both? (apart from your standard rules which must apply anyway)
My entry and exit times come from a pattern system: Every weekday has a different approach.
No gut feeling, no indicators though. Only looking back to previous day(s), today's highly important announcements
as well as holidays influence the trading habits given on that special WEEK-day.
These patterns were chosen out of many and do have some positive track record.
If you read the whole thread (pppphhhh..) you will see in short:
Monday: money flows into the markets: IB makes the direction - rules do the entry exit times
Wednesday: normally after two green days on this day the price is falling - rule defines again when to enter and exit
Friday: normally money goes back to secure cash - so: IB shows the "false direction" - and system is programming the
opposite of that IB 30 minutes.
Easy as that..
with some exceptions of course.
Hope this helps
GFIs1
PS: if you read my thread here you can see my entry time and exit time are announced BEFORE taking the trade...
I put it only in ONE post as it would make this thread otherwise unreadable.
The indicator with "Kumo" or cloud is the japanese Ichomoku Kinko Hyo.
It shows past, moment and future in one chart. As well as support, resistance
and this on any timeframe.
It is very helpful understand longer periods or some shaky moments (when price
is in Kumo - means a flight in the cloud where you do not see the direction to take).
This special Ichimoku is part of my rules and had prevented me many times to
take a big loss.
You will find quite a lot of background to Ichimoku here in futures.io (formerly BMT) or on specialized
sites. Within this thread I will not explain the details as it is still a journal.