Cable Hourly Scalp
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Feb Week 1: +223
Feb Week 2: +20 + 59 = +79
The day started without anywhere to place a 40+ range and there was a bunch of upward spiking so I waited until something cleared up. An upward move came and eventually I could straddle from 1.9490 to 1.9555 (there was more than 40 pips range and although all highs were higher highs, there was a big retracement so a top could be chosen) so I took a short from 1.9490.
After falling straight down around 1.9445 there was half an hour of consolidation which was a series of ascending lows and a hammering on a horizontal resistance, so I figured it was going stale and likely to either resume its down path or take out the upper resistance and fail, so I set the stop there and ended up stopped. It proceeded to form a new consolidation above this and then break even higher above that new range so it was a good exit.
After the short the hourly chart seemed to be moving in a controlled swinging way, taking its time to retrace back up over several candles without ranging around. A new candle closed with a lower high so a new fib was drawn from 1.9444 to 1.9537. Although this was the range I pulled and was large, another supporting factor was that by looking at smaller time frames, there was a retracement down from the range high of 1.9537 down to 1.9492 and then the long break occurred - so the trade range can be thought of as only 45 pips, not almost 100.
Looking at the M1 activity there also wasn't any wild behaviour, there was an upward spiraling consolidation heading toward break out long. Normally with a wide range like this I would worry about taking a break, especially the second of the day because sometimes the momentum begins way down behind the break out point within the wide range so it's exhausted by the time it breaks out. But with this controlled M1 consolidation below the break out point it was worth it because the price action was more stable plus there's lots of places to put a tight stop behind many levels of support leading to the break.
The break out shot straight up for 5 minutes and then started forming support levels in a clean stair step pattern until a top was chosen and the trade was exited at 1.9603. There were three attempts at exactly the same horizontal support of 1.9593 on my chart in half an hour and a lower high had formed in the middle of this, so the trade is going stale.
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Feb Week 1: +223
Feb Week 2: +20 + 59 = +79
The day started without anywhere to place a 40+ range and there was a bunch of upward spiking so I waited until something cleared up. An upward move came and eventually I could straddle from 1.9490 to 1.9555 (there was more than 40 pips range and although all highs were higher highs, there was a big retracement so a top could be chosen) so I took a short from 1.9490.
After falling straight down around 1.9445 there was half an hour of consolidation which was a series of ascending lows and a hammering on a horizontal resistance, so I figured it was going stale and likely to either resume its down path or take out the upper resistance and fail, so I set the stop there and ended up stopped. It proceeded to form a new consolidation above this and then break even higher above that new range so it was a good exit.
After the short the hourly chart seemed to be moving in a controlled swinging way, taking its time to retrace back up over several candles without ranging around. A new candle closed with a lower high so a new fib was drawn from 1.9444 to 1.9537. Although this was the range I pulled and was large, another supporting factor was that by looking at smaller time frames, there was a retracement down from the range high of 1.9537 down to 1.9492 and then the long break occurred - so the trade range can be thought of as only 45 pips, not almost 100.
Looking at the M1 activity there also wasn't any wild behaviour, there was an upward spiraling consolidation heading toward break out long. Normally with a wide range like this I would worry about taking a break, especially the second of the day because sometimes the momentum begins way down behind the break out point within the wide range so it's exhausted by the time it breaks out. But with this controlled M1 consolidation below the break out point it was worth it because the price action was more stable plus there's lots of places to put a tight stop behind many levels of support leading to the break.
The break out shot straight up for 5 minutes and then started forming support levels in a clean stair step pattern until a top was chosen and the trade was exited at 1.9603. There were three attempts at exactly the same horizontal support of 1.9593 on my chart in half an hour and a lower high had formed in the middle of this, so the trade is going stale.
"Support and Resistance either holds or it doesn't."
-Anonymous hillbilly