DislikedAs of this writing, the first bar of the week on Alpari looks like a setup bar. I closes at 7 pm PST and so I believe our first trade of the week will be to go long 5 pips plus spread above the high, which currently is 1.5877. So unless that high is broken in the next 30 minutes my order will be 1.5886 (long). The low of the current setup bar is 1.5654 so my sell stop and reversal trade will be 1.5649. Of course, that short signal is good only if the long order is filled.
Michael
edit: wow! right after I posted it dropped over 100 pips in less than 10 mins, so the odds of that long trade being filled just went down. Since we are not in a trade, I don't know that there is any official short signal. Sterling, given the 50% rule that got us out of our short last week, would you have a short entry below the recent low?Ignored
-Sterling
Founder of Day Trading Forex Live