Simple short position taken on JP225 Wednesday. Full breakdown in recap, thoughts behind the trade, why I took it and also my review of the position afterwards.
I outline why on this 2H time frame the greater probability for the Nikkei is for the south. How far south is another issue. No predictions - as usual.
In the screencast I show the evidence of a setup that is approaching, for a nice controlled loss. Loss? Nobody want's to hear about that - but it is exactly what we do!
Key points:
1. Alternate ABCD pattern with a C-point at 50% (Scott Carney criteria).
2. Zone of congestion.
3. Probabilities for the south based on ATR-based indicator and GMMA.
4. Time...
