Do you ever sleep? here is a chart of dxy so far 61.80% retrace of the candle, bearish for equities short term.
Well said. There are folks on here far more familiar with the ACD methodology than I so I'm taking bits and pieces of the conversation to improve my methods. I currently don't use ACD on longer term trades so I'm looking at how (or if) I should add it. As a side note, I never chase momentum. Just doesn't fit my mentality. If I can't have a trade my way at my price, I just take my toys (capital) and go home.
not sure if any one of you read this, it is an article from dailyfx on using ACD for sport forex. http://www.dailyfx.com/forex/techni.../2011/11/23/forex_opening_range_strategy.html
Waiting for the sleeping pill to kick in. LOL. I'm an ACD purist. I don't use any of that Fibonacci crap! Way too many lines on that chart King.
I am no apologist for fib lines, just showing the reversal up. I think this is important as the mkt is grinding down the gains from last week. Let's me know where we are in the move.
My levels are different, and I use slightly different times for my OR, but essentially a good article.
Here are the levels from overnight in the currencies. Perfect failed A up in the Aussie almost to the pip and right into the daily pivot range at 1.0245 and a failed A up in the Euro right into the daily pivot at the 1.3414 level. These are the perfect setups when you get the daily pivot range right at the A levels.
Nat Gas traded down to and bounced off the monthly A down level at 3.40 over night. We talked about that trade yesterday. Gold broke through the weekly A down and Coco is sitting right at the monthly A down at 2182.
Hello RCG, can you share a bit more how different is yours from the article and what time do you used? thank you