Back in UJ again following 4HR BUOB - was an opportunity to go long based on 2hr buob breakout off 78 level and retest of the RN as support.
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DislikedThe SNB did the 'logical' thing given the Eurozone woes...been a profitable pair for me off late and am back in again - see tweets for reasoning.
Also shorted UCHF - technical reasoning and of course with a short bias due to the logical outcome of the SNB announcement. I also have a slight bullish risk sentiment bias today too which of course is supportive of a fall in UCHF.Ignored
DislikedTrading books have been shut for the year now, so no more trades for me until the New Year (unless I see some longer term positional trades I want to get into). Erratic price action and low liquidity (periods of low momentum followed by sharp impulsive moves are classic signs of low liquidity) means it's time for me to enjoy the Xmas festivities.
The following were the technical setups on my immediate watchlist.
Silver - FTB around 31.00.
CJ - FTB around 75.75
CHFJPY - FTB around 83.45.
Gold - FTB around 1677.
UCHF - Technical Confluence...Ignored
DislikedTrading books have been shut for the year now, so no more trades for me until the New Year (unless I see some longer term positional trades I want to get into). Erratic price action and low liquidity (periods of low momentum followed by sharp impulsive moves are classic signs of low liquidity) means it's time for me to enjoy the Xmas festivities.
The following were the technical setups on my immediate watchlist.
Silver - FTB around 31.00.
CJ - FTB around 75.75
CHFJPY - FTB around 83.45.
Gold - FTB around 1677.
UCHF - Technical Confluence...Ignored
DislikedTook the UCHF trade (as I think a lot of supply/demand traders would have done) as it's more of a positional trade for me and am still in it, though erratic price action must be expected going forward now and CHF is certainly not immune from this at the best of times.
From a technical perspective if you're not in this trade still or had a SL hit then you really need to look at how you assess your SL placement and your trade management - all the information you need is on the chart (we had a detailed discussion about this over the weekend on the...Ignored
DislikedThanks LJ for the charts and ongoing contributions to FF.
Have a Merry Christmas and a Happy New Year.Ignored
DislikedTook the UCHF trade (as I think a lot of supply/demand traders would have done) as it's more of a positional trade for me and am still in it, though erratic price action must be expected going forward now and CHF is certainly not immune from this at the best of times.
From a technical perspective if you're not in this trade still or had a SL hit then you really need to look at how you assess your SL placement and your trade management - all the information you need is on the chart (we had a detailed discussion about this over the weekend on the...Ignored
DislikedGot stopped out in the end. I missed something crucial when evaluating the trade last night - technically moving the SL to below the daily low when price closed above the RN+S/R was prudent, but I forgot about the LTRO auction this morning and the likely volatility this would produce. Price indeed held the area I placed my original SL below (the 4hr S/R + 61% fib). 0.7R lost.
Also decided it's pointless sitting here not trading when there are some tradable setups still around...so still trading, mostly to demonstrate some points to go with the...Ignored
Disliked3. AU - took 70% profit, leaving the rest to see if 1.0150-55 area can hold as resistance.Ignored
Disliked4. GCHF - 50% profit taken at area shown, SL moved up to below the bar that successfully retested the former TL and S/R as support. TP set at previous daily high area.Ignored