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Trading notes 09/19/11
Summer is winding down finally and the Summer-long range in the
EURUSD is being tested from below for the first time. After drifting back up
last week to test the lower range barrier; the EURUSD gapped down last
night from its Friday close and continued that push down early this morning.
The move opened up several opportunities on the sell side but the only
one I was awake for was the first sell after price had made a lower-low and
pulled back to test the 1.3674 crunchy from below. I was working my setups
off of the 15-minute chart so it took a little while to form on the entry time
frame but once it did it moved pretty well in the setup direction and allowed
for a decent stop outside of the recent trading activity. With the stop above
the recent highs it also defined the counter play that would have been
played had the stop been hit. In this case the trade went to target before
firming up on the next crunchy below. This is one of my favorite trend type
setups. There were later opportunities after the first signal but the risk
would have had to have been higher and the target less. Always try and
focus on those first signals if you can help it. This was my only trade today.
Be sure to ask for help when you need it. If you focus on one or two of the
setups and use some of the focus techniques while improving your stop
and target placement then you should see steady progress. If you are
running into stags then we need to make time to meet in the trading room
and go over things step by step to see where you are having trouble so we
can fix it. The first step is asking for help. Refer to the trading room bulletin
for a video on how to draw and use the crunchies and for more examples
of the setups for the various market types.
God bless you ~
Here is the prior post.
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Watts Trading Group
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