I was mildly bearish
with ICT being bullish. London open had
a Judas up on the cable, SMT divergence and USDx divergence. Type I reversal stochastic divergence. Running out last Friday's high for stops.
Went short at 1.6103. First TP at a Asian high and yesterdays
high. Price hits it and goes to an OTE
level to go long from Asian low and ends up stopping me out at break even.
Screen
clipping taken: 10/16/2012 7:53 AM
Unfortunately banked
profits on this trade were wiped out by a loss on the fiber. When I checked charts at 5:00AM my cable
trade was nicely in profit and appeared to have given an OTE to go short again. Checked the fiber and it had ran up to the
daily high looking like it was running stops out to go short and also giving
SMT divergence.
I went short at 1.3006 and stopped it out at 1.3019. After Ainslie woke me up during New York I
checked again and cable had continued to fall and fiber stayed put. I thought of entering short again but luckily
stayed out because I would have immediately been crushed by the sharp move
up.
Thought about going
short again when it got near the monthly high but if there is one thing I have
learned is to get out of the way on days like these. Maybe try a London close but don't try to
counter trend trade even with massive USDx divergence and SMT divergence. The tools always will tell you to go the
other way on sharp moves like these but you need a rock hard level to work off
of. Monthly high may be it but I'll just
wait for tomorrow to confirm.
Screen
clipping taken: 10/16/2012 7:58 AM
Screen
clipping taken: 10/16/2012 8:25 AM
