|
Quote: |
|
 |
|
|
Ok folks- LIVE TRADE SET-UP:
GBP/USD On the 1 hr charts you see 2 wide spread up bars today- very nice sign of weakness. Before the NY close you saw selling on the "upthrust" bar, you then saw a "test" on the next followed by the next few hours of jockeying.
You then see no demand bars to confirm downside potential (Marked with X's)
I'm setting up for a Short tonight on the GBP, a slug of weakness came
in today and rapidly overbought the market, should be a nice buckle under
the weight of all of that coming in:
Sell Stop at 1.9872
Target-1.9830
The Sell Stop is 10 pips below the low of the last "test" As well as--If it is a true breakout, the 1.9830 with the time lapse will be above the trendline off the down trend we are coming out of so that trendline can act as support now.
See you in the AM!
Sledge
Attachment 6085 |
|
|
|
|
Sledge, wether FX volume is accurate or not lets look at your example. You saw your high volume bars as bearish. Here's why I see them as bullish (temporarily anyway). Check out the bar marked. That high volume was tested immediatly. That was not weakness. Tom Williams says high volume will be tested within the next couple bars if it's bullish. This passed!
I see what you were pointing to and it would have been a good call if you weren't looking at polar bears in Hawaii
Background is important bro!