Intraday FX Player

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Quote from magicdust:

Can anyone say "whiplash"?

The direction from here is unclear right now.
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The whiplash or spike doesn't change the gameplan, so how you trade it is a matter of technique. If you have mastered the lowest TF you can trade the fastest move. If you are on the 5 min TF you usually can do very well too... however sometimes there's a wiggle after the big move that stops you out but you should still end up in profit.

When you look back at the 1 hr chart the whipsaw looks insignificant most times and rarely alters the earlier prediction of the gameplan direction.

I posted that the gameplan was for an move UP and was bottom fishing a good hour before the news. The real reversal often sets up 60-90 mins before the news IF a reversal is due in the gameplan. This can be a great position to capitalise on the ATM if you want a secure position to defend. I was going out for dinner so I wanted a position to "sit in" as I posted.

So it was more than a bit of luck that I got the very bottom of the market before I went out to dinner with a close stop under. Hence I missed all the action and the whipsaw but it failed to make a new low and was a decent ATM trade but not the rocket I hoped for.

So what's the lesson? Watch the gameplan and when a reversal is due expect it to show 60-90 mins before news. If you are not good at trading fast markets this is a high probability ATM to sit in.

I picked the direction of the breakout just using the simple techniques I have shown here. Then I looked at the VWAP and it was calling up too. This is an example of a PTV trade where I knew the Time was right, the PA was perfect and the Volume was calling up (indicator leading the market)...See attached chart.
 

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someone posted and just as I was about to reply you pulled the post with what I thought were two good questions.

It's 4 touches on the TL but the 2nd is not a push i.e. there is no length to the move so it's just a double tap.

It's classic 3 pushes and not Gartley as Gartley for me is not suitable for scanning multiple TF's because i would be looking for fib numbers to confirm the patterns.

My s/w does that automatically and it's fine for just a few charts but not for what I like to scan with my eye. Also the chart gets overloaded with lines and numbers.
 
Sorry Yoohoo, i was going to change it and include a chart from the futures 50tick set up (i change tick values as more volume comes into the market, 25, 50, 90), but i got caught up (kids, they got priority), thank you for the reply, yes you're right, there wouldn't be enough time even, to set up the fibs...
 
Three choices...one min
<a href="http://s288.photobucket.com/albums/ll190/baron193/?action=view&current=EUR1MIN.jpg" target="_blank"><img src="http://i288.photobucket.com/albums/ll190/baron193/EUR1MIN.jpg" border="0" alt="Photobucket"></a>
5 range candles
<a href="http://s288.photobucket.com/albums/ll190/baron193/?action=view&current=EUR5RANGE.jpg" target="_blank"><img src="http://i288.photobucket.com/albums/ll190/baron193/EUR5RANGE.jpg" border="0" alt="Photobucket"></a>
90 tick
<a href="http://s288.photobucket.com/albums/ll190/baron193/?action=view&current=EUR90TICK.jpg" target="_blank"><img src="http://i288.photobucket.com/albums/ll190/baron193/EUR90TICK.jpg" border="0" alt="Photobucket"></a>
Don't get confused by the price
 
Quote from pipal:

Morning all.

PIB on HSI Will? :D
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not yet, just got across the border this morningand got home around 10;10, didn't take the 10:14 bottom :)

Would be good OBR, just wouldn't do it as Hog's bracket trade on 5min bar (ask CF for more details :D )


Here is my review on Friday's HSI, wasn't by the computer then, but it would be a gold mine.

Notice the negative divengence and that retracement channel, it happens a lot of HSI when it hit a major trendline, usually in the morning session during those big swing day. :)

The market indeeded got sold on Friday afternoon (CV, haha, i was hoping that would happened on the Friday before last, you can see that from the tread)

OK, double top on HSI (10:34), let's see how we go this morning.
 

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