A month of GBP/JPY through the eyes of ACD Methodology Mark Fishers ACD Methodology from The Logical Trader
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Monday Jan 28th 2008: 3am - 3am EST
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Comments for Jan 28th 2008:
Yesterday was C-Down day but despite our downward bias the market decided to break through A-Up and also through the Central Pivot perched nearby overhead. Today is a good example of the technical relevance of these lines. After A-Up was broken price action traded against C-Up and the Central Pivot beautifully. Even at the end of the day when price broke through support, price action found it again at the top of the opening range, then two failures to break back down below A-Up before breaking the resistance of the pivot to sit until the next session.
Could the system have made you money today?:
1. A-Up was finally achieved after a number of failures, with confirmation in time with a failed retest. Good signal.
2. C-Up was also made, however during NY open so with news and a long candle the signal was missed as it blew through the Central Pivot above.
3. There were many good trades throughout the day with failure retests of the C-Level and bounces off the pivot. Despite being good trades these are lower probability and extra caution is advised along with smaller trade sizes to reduce risk.
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