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 27th 2008: 1pm - 3am EST
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Comments for Jan 27th 2008:
After a typical slow start, the market finally got some price action when Asia came online for Tokyo open at 7pm ET. Opening range support broke on the downside and before long we had an A-Down, then C-Down day. Final retrace to C-Down was also repelled as we stepped into the next session.
Could the system have made you money today?:
Previous day was a C-Down so our bias was to the downside. Also above the opening range we had our A-Up and our Central Pivot (in pink) together providing a stronger technical resistance zone. This strengthens the case for our downward bias.
1. The Failure of A-Up and the Pivot was tradable, not strictly and ACD system trade but leaning on the lines with the added support of the Pivot would be a decent opportunity (its always a good idea to search for more reasons as well).
2. A-Down was pierced but once again not enough time passed to confirm the signal before C-Down was broken. A line of doji's for over an hour barely kept price action beneath the C level but as each candle closed beneath the line our bias remained down. It was a good signal.
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