And whatever you do don't forget what those little triangles and round dots are for on the chart or you'll get blasted by the DimSim03
Today's trading: around 7AM CST entered long off bullish EMA cross - RSI was unable to cross 50 - got a little chopped here costing me about 8 pips...entered long at 1.4623 off bullish divergence between RSI and price....EUR spiked up and we got bullish confirmation with EMA cross and RSI finally crossing its 50 center line....exited the long at the 50% level and then the 61.8% fib level. End result: +20 pips. Calling it a day.
Got short around 7AM CST off an inside bar breakout - never got the expected follow through and was forced out of this trade. Later got short off bearish EMA cross - this trade worked out and I took profits early. Finally, took a small position off the bullish EMA cross and was able to catch a couple of pips. Net result: +2 pips
Started positioning myself long this morning off support levels on the longer term charts - RSI was also oversold there...stayed out for the CPI release but got back in shortly after...got bullish confirmation from the EMA cross and RSI and tentatively was looking for price to reach the 50 on the 15 minute chart, took a while but it reached there and blew through it...I was lucky enough to have been long from a good price so staying in it wasn't that hard. Net result: +40 pips.
Got long this morning off anticipation of the 5 and 10 EMA cross, got confirmation from RSI crossing 50. Scaled out and was flat for Initial Claims at 7:30. Net reslut: +14 pips. Wrapping it up early today, headed to meet Jack Broz of the Marlin Letter down at the CBOT.
I think today was the toughest day for me in the last two weeks, but there was also a boatload of opportunity. Today I relied on momentum reversals more than the EMA crosses for entries. The upmoves were extremely violent - not surprising considering we are near record highs. Did one last trade looking for a little bounce off the intraday 50 level and it was good for a couple of pips. Net Result: +14 pips. A great weekend to everyone
Started getting long the EUR a little after 6AM CST off bullish momentum and anticipated EMA cross. Received confirmation from the 5 and 10 period EMA cross and RSI crossing 50. Nice clean upmove for about 40 pips - exited while RSI hit 70 almost going into overbought territory. Tried to re-enter the long at 50% of the upmove, but this level failed - continued to position myself long and exited at the end of the European/US overlap session. Net Result: +31 pips.
Tried taking a dip in the EUR/CHF today - curious about this pair as the spread is even tighter than the EUR/USD - not quite as volatile as the EUR/USD but it has a decent average range. This pair may work well for the EMA Cross/RSI system I have been focusing on. Net Result: +16 pips.
I'm watching the ascending triangle form on the daily chart of EUR/USD - the pressure is bottling up - the Eurozone data coming out this week may be sufficient to trigger a breakout one way or the other -
Looks like we have an imminent death cross (50 period EMA crossing below the 200 period EMA) occuring on the hourly USD/CHF: However, we are up against some pretty good support off the trendline shown on the daily at around 0.99955: Looking for bearish follow through below the trend line on the daily.