A month of GBP/JPY through the eyes of ACD Methodology Mark Fishers ACD Methodology from The Logical Trader
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Tuesday Jan 29th 2008: 3am - 3am EST
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Comments for Jan 29th 2008:
The larger than usual opening range was broken and an A-Up was confirmed before 7am ET followed by a C-Up which gave us an upward bias for the day. Price didn't continue to climb but failed to break to the downside on a number of occasions.
Could the system have made you money today?:
1. A-Up was achieved with confirmation just before 7am ET. Good entry.
2. C-Up was also made after a quick retest of the C-Level. Price however reversed after about 70 pips so depending on your exit profit would vary (you have a profit taking plan right?!).
3. After 2 good ACD signals trading while leaning against the lines for the rest of the day would have netted you some decent profits, though lesser probability trades with lower trade sizes. There were plenty of opportunities throughout the rest of the 24 hour session to trade off the A-Up and C-Up lines with tight stops; however, please do your best to stick to only the best signals - your bank account will thank you.
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