A month of GBP/JPY through the eyes of ACD Methodology Mark Fishers ACD Methodology from The Logical Trader
|
| Intro ACD GBP/JPY | << BACK | NEXT >> |
Thursday Jan 24th 2008: 3am - 3pm EST
 |
|
Comments for Jan 24th 2008:
From the low of yesterday to the high of today was quite a large range, near 900 pips. The bulk of the reason for this was the .75% rate cut by the FED in the US. Technical trading is where you get all your signals gut this is a great example to know what's going on fundamentally, else surprises like that blow you and your technical analysis out of the water. Despite the panic in the market, the ACD system worked perfectly today. Before the US open the opening range was defined and broken to the upside after a failed A-Down. A-Up was pierced and after a first failure of C-Up 2 bars later it was breeched as well. Just after 8am a bullish engulphing pattern ended the weak retest to break back down below C-Up, confirming our bullish bias for the day and starting our run up.
Could the system have made you money today?:
The A-Up was only confirmed after a point where the C-Up was breached, ideally you would have missed the signal, but the retest of C-Up was a great place to enter. The ACD system would have done well today, despite all the volatility generated by all the fundamental chaos that is floating around on this day..
1. Missed A-Up due to no confirmation period (15min above the A-Level), signal went to fast.
2. C-Up was achieved and confirmed with a small retest, but just after 8 with a bullish engulphing pattern we had a nicer reversal signal with an optimal entry at the top of the pattern. The bounce of the 89 and 144 EMA's earlier in the London session backs up this pattern in favour of the bounce. All Longs are good here.
Sponsored Links: