A month of GBP/JPY through the eyes of ACD Methodology Mark Fishers ACD Methodology from The Logical Trader
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Friday Jan 11th 2008: 3am - 4pm EST
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Comments for Jan 11th 2008:
Failed A-Down, Good C-UP day barely with just 3 candles trading above the C-Level before resting back in the opening range. Im using the 5 min charts to show more of the push/pull of price action through the day.
Could the system have made you money today?:
1. The Failed A-DOWN was the first good opportunity to trade long off the support line. Which turned out to be the low for the day.
2. Finally achieved an A-UP around the end of the London session but the signal was weak without our confirmation period (15 minutes) until it had breached the C-Level.
3. The C-UP was confirmed but the candle patterns clearly showed a short term reversal. Trading short back through the C-Level is another good trade opportunity.
4. At about 1pm EST a failure to break above A-UP again could have been a decent trade as well, but I would have
4. You could have traded off the opening range barriers but those trades are more risky so caution should prevail, especially on Friday's. If you made your pips earlier, bank it and call it a day!
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