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 8th 2008: 3am - 3am EST
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Comments for Jan 8th 2008:
Price action fell after making a weak attempt at an A-UP, US open drove price down through the A-Down too fast for a confirmation signal before shooting through the C-Down (similar to yesterdays A-UP). Confirmation of a C-Down came at a collection of doji's and a spinning top. One could view this as a reversal but before 9am anything can happen - I don't trade on candlestick patterns alone so i would sit that one out personally.
Could the system have made you money today?:
1. Successful A-Down signal was great, but we missed the boat as the market had no patience to give us a confirmation signal before it continued on to its C-Down day.
2. Next opportunity in my opinion was leading into the London close (around 11am EST to Noon), you will often see quite a bit of price action at this time with London traders working off their orders for the day. Being a C-Down Day your bias is short now, and the 1, 2, 3 top just after 10 suggests another retrace possibly the C-Level -Which there was.
3. At 2pm mid afternoon NY Session another failure into the opening range is an opportunity to grab a few pips. In this case you would have gotten quite a few, though I would have likely taken most of the profit at the C-Level.
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