Higher low, lower high system
Your 15 min circled candle is a great engulfing close. In the bigger pic its counter trend and the 1hr had just closed negative for resumption of downtrend, the entry was 160 pips from low (against trend). Its also in that time slot before US open that can be tricky. Its no longer at extreme of range i.e. 160 pips from low.
Out at +53 when the pivot held. Most likely going lower.
Will post charts later, not a classic set up from 1hr, dojis/inside bars. It didn't want to go up and was a get in near extreme of upper range trade, which is fine on ranging days.
Yeeks Dave - I just noticed that you're now trading €J too.....I must drop in more often
My last post in a €J thread: €s high volume 5m spike below its 3100 handle pulled €J down to its DP at 120.59. UJ held 10 pips above its currently well supported 92 handle, so I was happy to hit my TP and take partials as Europe heads for lunch and I'm with them
PS my earlier post explains:[i] Looking at that 15m chart, I made the high to the rising support line ~76 pips, so going from its break at 121.19 would give a target at 120.43 with...
Hi Dave - here's my current 15m set up.
At turns I look for an increase in volume, TVI divergence and price around "a level" - at 01:00 the first two were present and price had failed to make the 50% retrace of the big fall, so by the London Open it was just a matter of choosing an entry.
The pink area is an old S&R zone - there are 9 currently on this chart and they are moved automatically on each bars close with the colour changed if necessary.
The DP / 50% / prior high was an obvious area in which to bank and my signals were present...
