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 25th 2008: 3am - 3pm EST
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Comments for Jan 25th 2008:
After yesterdays rather large run up in price, today we failed to break out of the opening range making an A-Down and a C-Down day.
Could the system have made you money today?:
A was pierced on many attempts downward but never really confirmed until after a C-Down was pierced as well. A quick reversal and a failed retest of the top of the opening range through the US open before A and C-Down were hit and C-Down confirmed after a failed final retest in light NY session afternoon.
1. First A-Down signal was too fast, without confirmation it's a no trade..
2. First C-Down was pierced nicely but a set of 'Railroad Tracks' or Bullish Engulphing pattern signaled the probable failure within the confirmation period (15 minutes). No trade.
3. Second A-Down during the last hour of the London session (11am ET) would also have been missed as it was too fast according to the ACD system.
4. The best signal all day using the ACD system is the failed retest of the C-Down in the early afternoon of the NY session. Your missing much of the action on days like today but the whole point of this system is to give you the HIGHEST PROBABILITY trades that you can muster. There is no sure thing but hopefully with this system we can come close.
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