Mrs V and I saw 6587 as a support area from Asian session. Coming into Frankies Hour the bounces from here were lower and lower suggesting it was going to fail and go lower following the previous 2 hourly candles down. Lower highs in line with hourly direction.
The hourly candles were right on the 21 ema. We sold 6587 and exited at the 1st target of 6550 the psych level, D P, 38% fib confluence. See psych levels pivots and TL's thread where this analysis had been done. If you are saying to yourself they're crazy selling there I'll stress that this is strictly due to the lower bounces from a support level and I cannot say when this set up last failed me.
We took a re-entry selling below 6575, that got stopped out for -12. It was perhaps silly not to have waited for a 5 min decent candle, some of these work some don't.
The hourly candle then closed as a large hammer/doji right on 21 ema suggesting up. We bought the higher low 6580 exited at 6620 W M 3 and bought again after the small hammer above 6600 exiting at M M3 6658. We had moved stop to BE and were lucky to have stayed in by a pip or 2.
I was posting elsewhere and missed the pop up from 6650 so out now till US session. Its retreating from 6675 so the damage is not too bad, for now at least.
The fozzy rsi indi is 1 of my old fave's, I'm playing with divergence again so pls don't worry too much about it.
The hourly candles were right on the 21 ema. We sold 6587 and exited at the 1st target of 6550 the psych level, D P, 38% fib confluence. See psych levels pivots and TL's thread where this analysis had been done. If you are saying to yourself they're crazy selling there I'll stress that this is strictly due to the lower bounces from a support level and I cannot say when this set up last failed me.
We took a re-entry selling below 6575, that got stopped out for -12. It was perhaps silly not to have waited for a 5 min decent candle, some of these work some don't.
The hourly candle then closed as a large hammer/doji right on 21 ema suggesting up. We bought the higher low 6580 exited at 6620 W M 3 and bought again after the small hammer above 6600 exiting at M M3 6658. We had moved stop to BE and were lucky to have stayed in by a pip or 2.
I was posting elsewhere and missed the pop up from 6650 so out now till US session. Its retreating from 6675 so the damage is not too bad, for now at least.
The fozzy rsi indi is 1 of my old fave's, I'm playing with divergence again so pls don't worry too much about it.
Attached Image (click to enlarge)
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well.
..i hang in there and and now i am up + 12 .Let's see where we go from here.