iterating towards truth
TRADE SUMMARY: since I have had day of during second part of the week, I could not trade and I have missed this great OPPORTUNITY. Similar to USDJPY, I have had a CONVICTION for this trade. GBPUSD, USDJPY and NZDUSD were my conviction trades. This trade first presented a zone on D1. Then on H1 presented an entry type of precision. Unfortunately I was not at the computer to trade it
TRADE SUMMARY: I have had a strong conviction for this trade. I liked the setup, the zone and rising trendline. When zone came into play, I have entered the trade on 1PB retrace (1st probe back) on the H1 TF. Market then moved into sideways for several days, when I have patiently waited. The market after two days moved my direction, reaching as far as 3.3R. Then droped lower. Since the D1 resistance was strong and I was aiming for 5R – 6R, I have reconsidered the target based on the new circumstances and setup a new TP at around +3R. It has reached that target on the overnight news from Japan.
TRADE SUMMARY: nice daily pinbar at the previous DAILY HIGH + NICE SUPPLY ZONE. This was suppose to be a trade of the week. But! There is always a but. That nice pin bar at the right area had something before it broke. A tight range, that faked in one direction and then took everyone including me on the other direction. The anticipated retrace came simply too late and my level did not hold. Well that happens. Although at the M15 and H1 looking, I knew, this is not gonna work and I should close it. Intuition screemed at me. I did not follow, since the rules were clear. One has to know when is the right time to break the rules. This was potentially that time.
TRADE SUMMARY: the trade was triggered by an SFP of the last resistance high. Was it the strongest S/R? No, but it has presented a good QUASIMODO pattern and potential retrace back to origination point. I have believed the potential and two days of drive, nice flush to the upside.
Comment: Higher Timeframe Players (HTP) entering the market today after 8 days of consolidation breaking up the trend and killing the initial spike getting into the demand zone at 1140-1150’s. With nearest swing daily low @1124, we can expect new players to step up. Thx to the void I either expect pop back to 1200 from 1140’s or 1110’s. Lets see how this rolls up
TRADE SUMMARY: supply zone at nice pin bar, limit sell. USDCAD just wanted to drive higher.
TRADE SUMMARY: NZDUSD stopping of the DEMAND ZONE + confluence with daily trendline was a good reason to buy the drop on limit even after the type of retracement that came.
TRADE SUMMARY: NZDUSD dropped to far from its top after a strong run through daily resistances. The drop was deeper than expected and paused at the good DEMAND ZONE area.
TRADE SUMMARY: USDCAD has run a long way up without pull back. It has breached already one supply zone, and one resistance daily zone without stopping. With rejection and SFP like style, I have expected that this run might be over and we would have to drop lower. I was wrong and positive news took this pair higher, taking my stop by 1pip :). Next.
TRADE SUMMARY: ex demand zone hit, with ignition of the fake range breakout on h1