DocWonmug

DocWonmug Updated 

Good break in RSI, although it is still not over 50 – waiting would negatively affect the RtR ratio due to my preferred TP location. Expect to enter trade upon market open but want to wait until then. Good alignment of TP at 61.8 of retracement with that Fib level being a bit under an SRZ. Note also that we had an upward channel on the 4H since 1 Feb 19, but we...

DocWonmug Updated 

Assuming: PA breaks and closes above HH retest @1.84232 PA respects rising trendline. RSI respects rising trendline. Then: Long trade – entry 8 pips recent high (and 9 pips above SR double touch 23 May and 24 May). I plan to make the trade real time, not with a stop since the market is closed and we all have gotten screwed by that before. SL 4 pips below recent...

DocWonmug Updated 

Above our current PA we had a very long time frame flat bottom triangle (in green) with a bottom break out 5 May 19 and retest as resistance 7 June 19. And below our current PA we have a SR that was last tested 18 Jan 2016. And the last actual cross of that SR was Oct 2008 through Mar 2009 – in other words a long long time ago. I’m not sure of the significance of...

DocWonmug Updated 

Assuming: PA retests SR and LH @1.27632 and then reverses short. PA breaks and closes below rising trendline. RSI breaks and closes below rising trendline. Then: Short entry 10 pips below SRZ. I plan to make the trade real time, not with a limit since the market is closed and we all have gotten screwed by that before. Plus the actual price after open may not...

DocWonmug Updated 

I didn’t see where anyone else had identified this triangle yet. I not sure what strategy to look for yet since it is a downtrend since 23 April 19. Possible long breakout would be expected, although that would reverse the downtrend. That would be consistent with the HL on 18 June 19 if that pans out.

DocWonmug Updated 

Trade entry 6/19/19 5:23 pm: RSI close below 50, W%R close below 80. SL 61.8 @0.89156, above recent SRZ. TP 161.8 @0.88178, also at SRZ. Not 100% confirmed UT has new HH. And even if so, could go for retest. However, this RSI and W%R movement is the most extreme since last HL 3 May 19 so trade was executed.

DocWonmug

Trade entry 6/18/19 5:21 pm: Reversal from HH. Break short past rising trendline. Good RSI break and close below 50, W%R break and close below 80. SL at 61.8 @1.72064 just above recent HH. TP at 161.8 @1.70428. at a recent SR.

DocWonmug Updated 

Ongoing uptrend since 8 May 19. Two support levels, 108.400 and 108.646 - possible levels for next higher low. Then looking for a long entry, e.g. RSI break upwards across trendline.

DocWonmug Updated 

Potential setup for a short trade in the Euro, but we need a breakthrough at support at 1.12648. And keep an eye on the RSI trend.

DocWonmug Updated 

Existing UT since 26 Mar 19, with likely HH and engulfing bear candle 12 June 19. Looking for RSI short cross of 50 as price action breaks out of regression channel towards the bottom. SL above recent confirmed HH, TP @ SR @ 1.71079. Short stop trade entered.

DocWonmug Updated 

Long breakout of large trendline. Possible long breakout of channel. 100% Fib set above recent SR. Good cross of 5 & 10 EMA. Cross of 50% RSI. Ignore the Williams %R for now. Entered long stop entry.

DocWonmug Updated 

Previous ongoing analysis: 1D DT since 21 Sept 18, but possible HL at 8 May 19. 5/30/19 7:29 am Eastern: IN-SYSTEM short stop trade due to short reflection of RSI 50. *Also TP @ 161.8 at retest of previous HL 8 May 19. *Also 3-touch falling SR trendline. =>Set stop short entry at 100% Fib at 3-touch SR 108.400. Trade invalid if RSI reflection fails.

DocWonmug Updated 

In a downtrend on the 1D chart since 29 Aug 2018 as marked in red SR levels. Probable reversal to uptrend on 6 May 2019. Looking for a retest and reversal to short at 0.88402. Also note the very tight regression channel from 6 May 2019 to current.

DocWonmug Updated 

Broken downtrend via a higher low. In a symmetrical triangle. Possible retracement to previous low at 82.174, which would break out of triangle bottom.

DocWonmug

Looking for a downward reversal somewhere at 74.642 (50.0%) – which is near the multiple AB=CD pattern ending at 50.0%. Or at 75.177 (61.8%) - which is also near a resistance at 75.248. Said reversal would continue the long downtrend on the 1W that started back on 24 July 2017, with 5 LH’s and 5 LL’s. Longer term there is a long downtrend on the 1W which could...

DocWonmug

I was looking for a retracement starting at 22 Aug 9 am EDT, and entered a short trade as marked. The “don’t be stupid” part comes in after seeing the third test of a support line. It would have been better to abandon the trade right then for a small loss instead of the 32 pip loss shown. As wiser traders here on this site have said be objective and don’t ignore...

DocWonmug Updated 

This is interesting. You can see a couple short trades I took on 12 Aug and 13 Aug, both failed. I was looking for a continuation of the downtrend that started on 19 July. However, a new resistance level developed 14 Aug at exactly the 0.618 retracement. I added a channel to track the downward price movement as it heads to the bottom of the AB=CD pattern about...

DocWonmug Updated 

Being a new guy, I am not sure of the validity or terminology of this observation. But comparing the trends on the 4H and 1D charts, and looking for AB=CD patterns, I can see two of them converging down at the 0.92700 level. The 4H downtrend is well confirmed with 3 lower highs and 2 lower lows (two of the lower highs look close on the 1D chart, but are correct...