This has been a very boring week, no volatility. Here my results, on the left, closed trades, on the right, open trades for next week. I think I have made a mistake with EURCAD, and EURJPY, so I won't be surprised if my stops are triggered, next week. {image}
Here is how I see EC:
On MN, we see that the price made a BUEB, which tells us this month we should be looking to long. Where was the rejection of the first bar in the BUEB pattern? It was at previous S/R area. Not to mention that I did not added in the picture that there was a hammer two bars back, which made a DB with the first candle in the BUEB formation. So the monthly was screaming for buys, and if we also add the breakout of the MC (the big green bar that broke it), we can see that the price came back to retest the high of that MC in the form of DB. So MN was clearly wanting to go up. I know Emm would say that was not an MC3, because of the pin of the second candle, but it is an MC3 to me, as long as price fails to close under or above it.
Now on W1, we can see that the price made a BUEB (hammer plus big green candle, I did not mark that on the picture) last week, and where was it formed? At S/R area. And the same story again, with MC break and retest of the high, this time in the form of a hammer. The MC was also a WCC, and the definition of it can be found in Strat's thread.
So I would only be looking for buy signals on the D1, and there was a spinning top on Wednesday. After that, I would go to H4 and enter on the break of the MC on Thursday, or with a buy stop order above the spinning top. Sadly, I missed EC entry, but I got in EU, and if price retraces to the previous resistance which it broke, I am expecting it to become support and move EU higher to my TP. Once it retraces to that area and I get a buy signal, I can move my initial SL to BE and add another buy trade.
The reasons for entry on EU are that MN returned to test the previous resistance and I was expecting it to become support. Then W1 seemed up after it formed an inverted hammer in a downtrend (bullish sign), the next week was bullish, so I expected the move up to go on. The risk was that W1 made a WCC, and if we want to buy, we should buy at the low of it, and the perfect entry would have been on the 10th of November, when there was an IB break, so all three timeframes aligned. But I took that risk on the 23rd because, as Strat says, the higher timeframes pull lower timeframes, so that was my edge for this trade.
P.S.: This is why I post seldom now, cause I tend to write A LOT.
