Looks like we may take a bit of intraday heat (bounce) here on our positions. This must be embraced and is necessary to withstand when trading--it may be false-- Note: I would like to get back into the Canadian short, but it has the beginnings of an upside reversal pattern going on the 15 minute chart and since I am already short Aussie and Euro Futures, we'll keep it where we are for now.
I don't believe that the 1.2789 target will be difficult to hit, the 1.2726 is questionable, but the 60 and 240 are synced up together today and so I must hold for that lower target.
Sorry I did not post in real time, I shorted the Pound at an average price of 1.8995. Both 5min and Hourly charts showed short entry. Of course I took my profit at 1.8981 and when I came back to the computer after lunch, it was at 1.8935 lol.. oh well I can imagine I took those extra 50 pips lol....
I've been craning my neck from every angle, trying to pull out something from the 240 chart, but keep drawing a blank (this wouldn't be the first time Can you elaborate any, B1S2, on what this chart says to you, provided it's not purely intuitive, or based in the proprietary realm. I do see the RSI coiling into a triangle, which suggests to me an imminent b/o, but I can't find enough clues to favor one direction over the other. The only other thing I notice is that price appears to be loosely confined within a consolidation range of 1.2880 - 1.2660. Would your current short trade be playing off an anticipated movement down toward the lower level again? Thanks for any thoughts - congrats on the CD ...
To be honest, I don't have a lot left here to go on the 240 either. I am attaching a chart for perusal. Yes it is my thought that with the MACD above zero that we stand a chance of oscillating downwards to the lower end of the range. The 60 minute chart is telling me to bail though and look for a better entry. I am taking my 18 pip profit here at 1.28320 and will reevaluate.
The Aussie has some interesting 60 and 240 charts which suggest some downside. The problem is that we had a long RSI grail with the 09/01 close and so the short that I have is running against that. I will be watching this one closely.
Thanks for your comments, B1S2, and for the view of the chart. Not sure of the reason, but my rsi (14) unfortunately does not duplicate what your chart shows - that leaves me wondering ... hmm. If I may ask, the lowest line on your scale which is approached twice by the index plot line - is that your "30" line, and then increments of ten going up? I don't follow the Aussie, but the setup on that chart would have me busily searching for my entry if I did Good luck ...
I mainly trade the Euro, Pound and Yen and dabble in the Swiss Franc when I am feeling reckless. Hopefully I can pop in now and again with trades and indicator discussions. This morning I lost money going long the Swiss Franc and Euro but made money shorting the Pound and Yen for net profit overall. I do not trade everyday but when I do I will try and post what I am doing and hopefully a chart for discussion if you do not mind.