Tuesday, January 6, 2009


Not one I took (required some 22 ticks risk...way too much for me) as I caught it a little too late. So I paper traded it anyway just to kind of mark the trade in my mind. Made 56 ticks...

This one is a bit difficult to decipher in that the first downside wave is made up 3 waves in itself. I've drawn a little doodle on the right of the 1min chart, with price action in yellow. The blue line is the pattern when you cut through the noise and transect the waves of price action. The blue lines on the way in the rally that followed were the resistance points that I had calculated beforehand, 1.3400 being the first major resistance. The trend plcement was spot on in this one as we were hitting 5min equal move support as well as hourly, indicated on the 60min chart with some congestion from the 11th and 12th of December to boot.

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