Longed this pair when I noticed a Bullish Engulfing print on the Hourly level at 0.63430, I noticed it a bit late, but what really compelled me to take this trade was the collection of swing highs that formed a nice liquidity pool. My play here was to pre-empt a run on the liquidity. I set my target and let it run. The back to back shooting stars definitely tested...
I moved my stop to a price that was a 24 period ATR above the widest shooting star (dotted red line) last night before going to sleep and added the risk back into the trade. Note the smaller Bearish Engulfing that printed first. I did not think it was wide ranging enough to really be significant, so I did not place my stop above it. I've gone and moved my stop...
Two trades: The first was executed after price printed a Bullish Engulfing (arrow) near a level that had a collection of swing highs just beneath it. I decided to use this pattern to pre-empt a run on the liquidity that was building up in that area. Also a run on the Inside Day High. The second is running. We've printed a 2hr Swing Failure on the second time...
Shooting Star whose tail broke the hourly level, tapped the last low pre-break, and has confluence with Hourly Fibs on the last impulse move down. Shorting here but keeping an eye out for early exit signs. Lets see if we can take this down to the level of interest mentioned in the pre-market post. Note we've got Bull Div followed by hidden Bear Div on the MACD .
I've gone through and updated my levels. The Daily level at 1.10628 lines up nicely with the ATR low for the Monday candle, and the 0.382 Daily Fib level. I will be watching for price action here.
Weekly levels remain the same (depicted in UJ DEMO Pre-Market 10/19/2019). We printed an Inside Week on the Friday Close. I'll be looking to incorporate this pattern into confluence with any biases I identify on the lower timeframes. I've gone ahead and updated my Daily and Hourly levels.
Bearish SFP at the second time back with MACD Divergence across the highs. Aiming for the Daily level but I've got an alert at the hourly and will close if price action shows up.
Revisiting this failed trade idea. I was so focused on the failure of the smaller H&S that I failed to notice the confluence on the chart suggesting that the inverse H&S would fail first. Identification of this pattern is discretionary, so it makes it a little less clear what actually validates/invalidates them. The candle denoted by the arrow could have been...
Watching for the formation of a Hammer at the close of the day. I had an order to enter the market long at the ATR low seeing as it was in confluence with the 0.382 fib and my daily level, but I was too focused on UJ to notice that this was a considerable distance away from the fib and Daily level. Entry on the Fib would have brought me in.
Watching for the formation of a bullish engulfing by end of day. This will be in line with the failure of the head and shoulders on the Hourly chart mentioned in previous posts (UJ DEMO 10/22/2019 (3)).
We broke through and closed above the level I was using to denote the neckline of the smaller H&S, establishing the right shoulder. I've placed a buy order and will now sit and watch for a fill. While entry at the base of the right shoulder would yield a higher R, it is a lower probability trade. If we break that right shoulder high, I think we will head to the...
I think we've got a large inverse H&S (purple arcs) with the right shoulder in development. Within this inverse H&S I also see a regular H&S with its right shoulder in development. I had a buy stop at the swing high with the red arc, looking to trade the failure of this pattern; but I pulled the order. I'm going to stick with a rule that the shoulders must touch...
With this falling wedge, UJ managed to trade all the way down to the extreme last high pre-break of the hourly level, pop up and out of the wedge, and has already come back for a rounded retest of the wedge resistance. I almost longed the close of the opening candle for the day but it did not satisfy Hammer criteria. Also had my eye on this pair during the EU...
This trade ran all the way to target and is now turning around. I closed out manually for 1.47R at the level denoted in the dashed green line. There was an opportunity to move the stop and add to this trade after the bearish engulfing (trade above the high and close below the low) printed on the Daily level, but I work a full time job and must attend to my tasks....
We've got a shooting star whose tail pierced through the last high pre-break of my Daily level/ATR High. Gonna send it. The first target is the immediate hourly level. Stops above the trust candle for this level.
Falling wedge printing on the updated Daily level headed toward that last high pre-break. It makes the last high pre-break level much more interesting.
I've gone through and updated my Weekly and Daily levels. This week I will be watching for an SFP of the Weekly level at 109.317. If price continues the current correction on the Daily, I'm interested in 108.001. This price is the 0.382 Daily Fib which lines up with the last high pre-break of the hourly level at 108.031 and is a little under 10% below the ATR...
Levels didn't need much updated, only minor fine-tuning. No Daily bias from the candles here. However, we are at a level I consider important. For that reason, I will be watching price action here. The market has been in a downward trend for a while and the last time we had 3 consecutive up weeks, we saw indecision and then a sharp move down. I've been looking...