For anybody interested, here's a trading plan template I like:
And a chart from another thread:
I have thus far been ignoring the flag pole setups you guys discuss while I've been fine tuning my understanding of the basic SS method S/R areas.
From this chart there has obviously been a break out from the downward channel however what are your entry criteria for this setup? Do you wait for a retrace to the level of the previous pin bar (circa 0.83) that was negated or was the break of the pin bar the entry?
I certainly share the longer term view that this is heading down however if the EURUSD has its sights on the next fib level around 1.35-1.36 like it seems to, the idea of this pair chasing 0.87 before heading lower dows make sense.
Now a quick topic change,
I am liking Gold for a potential short off the 1220 area in the coming week or two (mid-late Aug as a first estimate).
My logic pertains to the daily price action with relation to the 2nd deviation bollinger band position as an upper resistance limit along with the now bearish ichimoku outlook on the daily TF. Not sure this will be a plummet earthward to 800 or anything however given the recent lower daily low in my opinion this should offer approximately $120 in range down to the 1100 with possible extension into the 1060 area.
I won't go into explaining the workings any further given the focus of this fine thread, however just wanting to contribute a potential decent sell opp to you guys given you provide me with so much on a daily basis
Cheers and enjoy the weekend.
4x.
*Nice trading plan by the way and please start posting any of Chuck Norris' trade suggestions
