A month of GBP/JPY through the eyes of ACD Methodology Mark Fishers ACD Methodology from The Logical Trader
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Thursday Jan 17th 2008: 3am - 3am EST
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Comments for Jan 17th 2008:
Being an UP day yesterday for a change, with price generating a C-Up day and rising up into the Pivot range for the rest of the day, we see today the Pivot range perched below our ACD lines for the most part. Quite a sizable opening range started our morning with a solid bid tone first off, price action turned around with a Failed A-UP signal. A nice short so long as price stayed below the C-UP level which is not far. A-Down and C-Down gives us a downward bias despite price action coming back into the opening range later the day.
Could the system have made you money today?:
Great signals on this day, multiple failed A-Up rubber band trades, multiple retests of A-Down and even the C-Level gave some possibilities, especially if you were also using the Pivot range lines and other signals to help you confirm your signals.
1. Failed A-Up, good signal with confirmation. Good short.
2. Good C-Down through the Pivot, great short opportunity. Price came back but that is a strong bearish signal and without opposing signals or news events your more than likely just watching the dumb money bid price up for you to go short again!
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