ATP - The Regurgitation to Wave Riding

I have to be careful of weekly trend kicking back in at some point in time. However, I like how price stopped dead on the other side of the highway. This happens a lot when price quickly turns around and heads back that other direction.

Plus, we are over-bought. Because we took our trade on a lower tf, the 1w has not changed direction yet, but if it did after opening a trade on a 4hr bar.....we should be able to add positions all month long! ... except I don't have anymore lots available at the moment. But I can simulate. That would be the best for this first run anyway.

I definitely have to keep my eyes open, and be ready for anything.. just not too ready.



This has nicely given me the big picture of this pair at the moment. It looks really good for a nice reversal of a minimum 300+ pips and maybe lots more.

The range held last night. I wish I was a psychic and could predict that this will for sure break to the upside in the direction of my trade. Right now I am only watching this current 4hr bar to see how it is going to close, and if support is going to hold yet again. My trade is up against a strong bear run on the 1w chart. Had I saw that prior to entering my trades, I might have thought twice about this one.

I just noticed that if the 4hr bar closes as it is right now, not only would it be a good indication that support held, but we would also have divergence with the stochastic.

Time will tell.. no sense in sitting and watching my charts all day today, and I have no more lots to play with at the moment, so adios.... I will check back with this trade in a few hours and see how this 4hr bar closes.

Here is a chart from Sept. 2014 which shows strong resistance, now support at that price which gave us that very nice 4hr BEOB a few days ago. This is another reason that it may be a good idea for me to be holding this trade, as that area from Sept. 2014 that was resistance and is not support held. I would not be surprised to see another test of support before it heads of on what is hopefully an exceptional bull run!

The white horizontal line is the current support line and right about where price is currently at.



The second chart is from June 2015 where the actual resistance was broken and support was retested and held.



Last Friday, and into this week than is the first time since June 2015 that price has come back to this area, and so far, support has held. But, we may see a test lower, and if it holds that it will quickly rebound higher for a nice bull run.

Based on all this information, I need to really set that support level accurately, that all indicators suggest a bounce back up, and that I should study on where to set my s/l.

There are 2 philosophies for setting the sl:

1 - I can set it tight, and if it triggers, I can easily get back in (if I am around), and might even be able to do so at a better price

2- I can give it a lot of room. Negative is if the break out is to the south. I am 99% sure it will be to the north, but I have been wrong when I have been 99% sure of something before.

So, that is what I need to do right now as this is a important trade I'm in. More important than I thought it was when I entered it!

Staying with the same pair for now, as I have no lots available to trade another. Had I not had any open positions, we had a closed long signal on the eurnzd 1hr, and just had a NLD signal on the 4rh bar, which may or may not repaint. Based on the range, 4hr divergence, and all the other info I uncovered. I would take this 4hr long signal without worrying about the fact that it may repaint.

It just so happens that I do already have an open position right about this area anyway. I will worry about more pairs later after I have more lots available at my disposal. Enjoy!

Still holding and trying to determine if it is going to break resistance or come back down to support. If it gets to the point where I am sure it will come back down to support, I might as well close this trade and try to pick up a few trades going short, while trying to get an earlier entry, closer to the bottom of the range channel.

Not deciding to do anything at this point. This wave is much different in many waves than the wave that formed yesterday, such as the 50 EMA not support and yesterday was resistance on the 1hr.

You can see for yourself. Enjoy!

Here is the 1d chart which to me only shows more short term validation in the short term, that the direction to be right now is long. BTW... we do have a NLD color change which at this point could repaint. However, we also have divergence, and we are in the over-sold position. It all depends on your own risk-aversion whether you would decided to get in now, or wait until a daily bar closes with the NLD green.

Enjoy the chart!

That was a nice trade. I lost a few pips, as I should have exited when 1d hit the 9 EMA, but I wanted more, and got emotional and did not read the signs. As such, I did not exit until price came back at me around 100 pips. Just over +250 pips with my 3 open positions, and then I finally got smart and opened a short trade for +300 pips in 3 open positions.

I should have done so much better, and gotten so many more pips than what I did. But, I think I spent too much time future tripping on that 1w chart, that I forgot about the here and now. It is all good however as it kept me in the trade as price went long.

I am going to stay away from EN for now on the basis of the 1d close. I don't like it when bars close like this and so I am just going to find another pair to trade.

There are a few good looking possibilities on the daily based on candlestick patters. There is EA, ECd, GJ, GN, UCd, UJ all on the 1d tf.

As for the wave trading, I believe that GCd has a nice trade showing on the 4hr, and the 1Hr chart would have already shown us divergence and given us a trigger. I think I will take this trade long as well as enter a GN long trade as well.

Enjoy your wave trading

Hello:

Moving forward, I have finally gotten things really pinned down for this system, and how to trade it. I have recently put easy to follow, trading rules on the front page, along with the templates that go with them. I have also made other corrections and updates to the front page as well that were necessary to accurately describe how to trade the system. So, those who had any interest should check out the front page, as now there are rules to follow. This is one of the simplest, funnest, easiest, and accurate to trades systems out there.

I know that I have not been around lately, but there were just some things that I need to experience, and to experience them, I needed to set this down for a bit. But, I will hopefully be back able to upload charts as we go along. My schedule has completely changed leaving me lots more free time to be able to be at my computer during NY session. I think this will be a huge plus for me. As that is what I need to get ready for. Full time trading when I will be here during the day!

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