Hey jsmooth, how did that trade work out? Curious how you managed that trade.
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The ACD Method
- Thread starter sbrowne126
- Start date
Hey jsmooth, how did that trade work out? Curious how you managed that trade.
6E trading around 4130-4140 level....
using some of those same weekly opening OR values and WK high prints, we can really use those values to start looking for some longs now....i think we can extend the time frame out too, look at the daily chart, we are setting up for a nice breakout from a triangle pattern, and a downside drop was already rejected Monday morning on bad news from the EU, so we start moving back up we can have a up breakout bias.
AUD open was around 4080 and a PP from the CME settlement prices is 4063 +/-4 (tight PP), so....so we got levels to use, trade above 4130 is bullish (also WK High prints), plus we above 4100 handle (being that level was minor Res the past few days and round number).
Time to start getting long IMO, we are breaking out of that triangle on the daily. I would then be watching the 4130 level as real tight stop to get long on a longer time frame move...
I'd also be putting some big size Short sell stop limits below 4078, and add more into breaks below new lows....i'd see that as a C down type trade through a tight PP....we would def make some new WK lows (and we should close on the lows of a weekly chart) if that trade develops IMO.
Just my opinion, whats everyone else think, or you just watching American Idol???
using some of those same weekly opening OR values and WK high prints, we can really use those values to start looking for some longs now....i think we can extend the time frame out too, look at the daily chart, we are setting up for a nice breakout from a triangle pattern, and a downside drop was already rejected Monday morning on bad news from the EU, so we start moving back up we can have a up breakout bias.
AUD open was around 4080 and a PP from the CME settlement prices is 4063 +/-4 (tight PP), so....so we got levels to use, trade above 4130 is bullish (also WK High prints), plus we above 4100 handle (being that level was minor Res the past few days and round number).
Time to start getting long IMO, we are breaking out of that triangle on the daily. I would then be watching the 4130 level as real tight stop to get long on a longer time frame move...
I'd also be putting some big size Short sell stop limits below 4078, and add more into breaks below new lows....i'd see that as a C down type trade through a tight PP....we would def make some new WK lows (and we should close on the lows of a weekly chart) if that trade develops IMO.
Just my opinion, whats everyone else think, or you just watching American Idol???
Quote from jsmooth:
6E trading around 4130-4140 level....
using some of those same weekly opening OR values and WK high prints, we can really use those values to start looking for some longs now....i think we can extend the time frame out too, look at the daily chart, we are setting up for a nice breakout from a triangle pattern, and a downside drop was already rejected Monday morning on bad news from the EU, so we start moving back up we can have a up breakout bias.
AUD open was around 4080 and a PP from the CME settlement prices is 4063 +/-4 (tight PP), so....so we got levels to use, trade above 4130 is bullish (also WK High prints), plus we above 4100 handle (being that level was minor Res the past few days and round number).
Time to start getting long IMO, we are breaking out of that triangle on the daily. I would then be watching the 4130 level as real tight stop to get long on a longer time frame move...
I'd also be putting some big size Short sell stop limits below 4078, and add more into breaks below new lows....i'd see that as a C down type trade through a tight PP....we would def make some new WK lows (and we should close on the lows of a weekly chart) if that trade develops IMO.
Just my opinion, whats everyone else think, or you just watching American Idol???
My weekly A up is at 1.4133. However, we have a confirmed monthly A down. So I would not be looking for any longs here. Rather I think this is a great short if we fail at this level. Also, we are going into month end so I don't like to initiate new trades at month end as there tends to be no follow through.
Quote from Maverick74:
Hey jsmooth, how did that trade work out? Curious how you managed that trade.
I used the levels the past few days, long now, just watching the 4130, 4100 for support and Day high as Res....dont like that the HOD was a round number, usually in the overnight session/slow session, you can really sell into that, if we cant break that (now, it will be a nice move till EU opens), if no break we'll trade back down and take out all the early longs (like me buying now), it wont be time to buy till early tom. morning....thats what im watching right now
Quote from jsmooth:
Mav, you getting a tight PP Range for today/tomorow? you think we'll see a volitile session? I am.
Yeah, it's pretty tight. The one thing you have going for you on the long side is the confirmed weekly A up in crude. However the spoos failed today. I'm not terribly bullish on risk assets right now as they all have confirmed monthly A downs. I'm not terribly bullish on volatility right now. We do have month end window dressing in equities though the next few days, might give risk assets a boost.
Quote from Maverick74:
My weekly A up is at 1.4133. However, we have a confirmed monthly A down. So I would not be looking for any longs here. Rather I think this is a great short if we fail at this level. Also, we are going into month end so I don't like to initiate new trades at month end as there tends to be no follow through.
GREAT POST, seriously! you just opened my eyes to another way to look at the mkts with ACD