04/03

12:51 pm

On the way to 1427?

1417.5 is resistance of Yesterday High has to be convincingly taken by 4 or 5 handles so that it can become support … maybe on the back of FOMC comments later today …

For today’s open – a pullback to 1402/1403 may happen, based on recent days pulling back at the open. Alternatively if this thing wants to go up then 1407.5-1410 may hold. It is 10 handles from 1417.5 and that may mean that is as low as it wants to go (also 1409.5 was noted as S/R yesterday as price respected it, 1410.25 was yesterday PP) – (updated) 1410 is also todays PP.

I find mrtopstep’s daily email is useful to understand what is happening on a daily basis – seems the ramp up after the European close trade is popular at the moment (I have seen other traders and a certain conspiracy site mention it) – it may be becoming a self-fulfilling prophecy.

http://www.mrtopstep.com/2012/04/one-way-trading-and-greener-pastures

http://www.mrtopstep.com/2012/04/changing-the-rules

Advertisements

One thought on “04/03

  1. How was the plan? – In theory the entries were both in a good area, and in the correct order also – they should potentially have been worth 4-7 pts each

    I posted the plan at 12.51 pm which is BST when the price was nearing the 1407.5-1410 area – it made a 1 tick low above that level

    The 2nd trade worked well also however also brought more heat than the first one if it was just entered at the level without waiting – the higher lows with delta improvement at 1400/1401.75 should have been the signal to get long and that would have been the best trade of the day from the long side.

    From the short side the pivot point failure at 1411.5 may have been a signal to get short, and the inability to get back inside initial balance low (1409.25) around 2 hours after the opening – having said that trading the news on Fed day is not easy, just look at what happened to Gold when they said QE was off again.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s