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Trading notes 12/20/11
Today the upward pressure from the daily EURUSD being stretched out
beyond its supply lines continued to play out in the form of a pullback.
During these periods where a driving higher time frame is orphaned
outside its channel there are usually a lot of opportunities for fades against
the dominant trend for a brief period as that higher time frame
consolidates. That played out tonight with my only trade.
It was a play off the 25x MC so one I have to take and thankfully it formed
early in the evening so I didn't have to watch things very long. When I
arrived the EURUSD was below its crunchy at 1.3083 and working to get
through it. At 18:25 it popped clean above it and formed a pullback testing
it from above and forming the first signal, which is the one I always try and
take. The stop of course had to go below the recent lows and that
happened to line up with being outside the channel on the 25x which is a
bonus. The target on this one was the same as the risk so that I would not
have to fight through the highs. This allowed for the market to stall out at a
lower-high if wanted to. There must have been some news or something
not long after the entry because it shot up to target pretty quick and ended
my day.
I wish you all a Merry Christ-mas and a Happy New Year! I will try and be in
the room as much as I can over my holiday vacation but if I don't see you
then I will see you next year. Lets plan on getting off to a strong start to
2012. Take the time over the holiday to establish your trading goals and try
and identify areas that you need help with so we can work on them right
away. Be sure to use email or the yahoo group for support if you need help
over the holiday. If you are just getting started you can use the Bulletin of
the trading room to get a head start on the setups I use as well as a video
on how to trade the crunchies.
God bless you ~
Here is the prior post.
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Watts Trading Group
A smarter way to trade
