Here is what I consider a countertrend move that I've taken simply because there was slight bearish divergence...a close below moving average with moving averages crossed as I like with a trend line break on both stochastics and a trend line break with price but I saw the 200 sma creeping up by the 61.8 fib of yesterdays high to low so I targeted the 200 sma...and when price reached that level I took half my position and closed the other half at the fib level...and I left off the important factor for this trade that the 15,30,5 and hour stochastics were pointed down at this time and the stoch rope was as I would like as well...and the price broke below the fib level as a support turned resistance now...I'm not sure if anyone has noticed or not but I like a confluence of reasons to take a trade that way it than becomes a higher probability trade with a higher edge...as spud has broken down quite a few times the way that adding extra time frames increases the percentage price may go in your favor well in my eyes it is the same concept...the h4 has risen up like I thought it would with the daily stochastic looking to close below 80 as I thought and so I think next week may be quite bearish as the h4 meets the daily and they both fall together...but thats just speculation...either way attached is the pic...today was full of a lot of pips...hope everyone caught plenty...I know the mtf stochastics caught a lot of those moves today...and the past few fridays have been great for catching a lot of pips so hopefully tomorrow is the same...take care...
Paul
Paul
No man is free who is not a master of himself. -P.M.-