A month of GBP/JPY through the eyes of ACD Methodology Mark Fishers ACD Methodology from The Logical Trader
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Wednesday Jan 23rd 2008: 3am - 3pm EST
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Comments for Jan 23rd 2008:
Yesterday we had a C-Up day which shifted our bias to the upside, but shortly after the London open today we had a reversal (not really that uncommon) and achieved a C-Down hours before the US open. The most notable feature of the trading day to me is the 123 bottom that formed throughout the US morning, signaling a probable return towards the opening range again.
Could the system have made you money today?:
The A-Down was exactly the Central Pivot point today and after it was first broken a heavy retest eventually failed to bring price down through itself and the C-Point. A good signal to enter short anywhere after the hammer just before 5am on the chart.
1. A-Down signal after the retest that actually touched the opening range. Good entry after the spinning top and the hammer just before 5am.
2. C-Down was quickly had with a spinning top that tested the A-Down level and failed to break back above.
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