A month of GBP/JPY through the eyes of ACD Methodology Mark Fishers ACD Methodology from The Logical Trader
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Sunday Jan 13th 2008: 1pm - 3am EST
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Comments for Jan 13th 2008:
As a reminder, you should NOT trade just off these ACD lines because they are significant. You should integrate this system into your own. I also use Pivots to watch for significant support and resistance. I use Mark Fisher's Pivot ranges as he also describes in The Logical Trader, but I also use an expanded Pivot system that I learned as a member at Forexmentor.com. Pivots work wonderfully layered with the ACD system.
Starting off a new trading week you can see price failed an attempt to break the A-Down before shooting up through the opening range. The pink line that stopped price action in its tracks is the Central Pivot for the day which is the perfect example that you should be keeping your eyes on other things and not JUST the ACD.
Failing to break the Central Pivot which is usually significant support/resistance, the market tested the opening range and eventually broke through the A-Down, C-Down and continued downwards into the next day of trading.
Could the system have made you money today?:
I'm not going to go through the play by play i think everybody reading thus far has probably caught on to the process. I'll be more terse from here. This daily update is more of a visual record so that I and others can look back at examples of how the system has behaved.
1. Fail off the pivot
2. A-Down, C-Down ACD system trade signals.
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