EURUSD 1H Mod-Schiff retest
X= last structure support
B= price breaks structure
Once B prints we look for a pullback to create C
C= Is this the pullback?
Add the Mod-Schiff set to see if we get some frequency.
D= A strong test and rejection of the UML.
Place immediate sell order.
This can be at the UML (1.0734) or slightly in front of it depending on your...
Counter Trend Median line trade.
Any tests of the LML needs to show a strong rejection with signs
that buyers are showing up. A grinding sideways movement usually signifies
that price has just paused before continuing. Taking counter trend trades on weak
tests will deplete your trading account quickly.
A red WRB probes the LML after the recent low. Price zooms...
After the false break washes out bottom pickers, sellers step back in to show their hand.
The Schiff ML set, with 'C' based on the width pivot provides a a number of confirmations and tests of the of the upper ML allowing both early, and late entries with stops set above "C".
With the 'zoom' down through the ML line, I probably could have used an aggressive...
Schiff Ml set provides the probable path of price, in this corrective move against the prevailing downtrend, with frequency showing in the overshoots at the UML and LML. The bear flag helps wash out both breakout buyers and sellers until price continues lower.
AVZ had a rally to 0.995, and looked for an opportunity to get long on a pull back.
Price dropped to an area of previous high volume, narrow spread (1st purple box)
There is a confirmed no supply at (1) but I missed the entry.
We have a Ross hook set-up and left a buy order at the (2) break out point, with a s/l under (3).
Easily got filled and price chops around...
ABR had been in a range since early November. Price broke the range, tested the ML, and we now look to see if prior resistance holds as support.
There is a tiny red bar back down to support, but has minimal volume. Not much in the way of sellers showing up. The next green bar probes the old resistance area, and holds above it. A break of this bar or the prior low...
A number of Ross Hooks to get you into a trade after the range break. One particularly nasty shake-out bar, but then it becomes a RH. The last RH worked nicely if you had the patience.
Price coming back into support.
Long entry where buyers last showed up.
Buy 2.96 s/l 2.73
T/P at the ML gives >2.5RR.
Mod-Schiff, looking for a new high gives >5RR
Price made it to the Median line (Andrew’s 101). This is the logical profit target for a 3RR trade.
As the price target was above the prior minor high, I thought to give it some room in case we can see some strength in the break out.
The zoom bar looked good, and had the makings of a High Tight Flag, but failed on a Friday. 2.1 R
The t/p target was maybe a touch too aggressive considering the previous high in the background. The high was tested and holds for now.
Curious how price will react with the LML, and if the ML set is valid.
There are some alternate entries, which show better RR, and less ‘time in the market’ once the ledge had broken. You don't always have to be first. The first...
Price consolidating above 200 ma. Looks like a flag, or marginal tight flag forming. A couple of High volume selling bars, fails to break below pivot. This is significant. Buyers set back in a few bars later. Bought the lowest red volume bar. Sellers are done (fingers crossed)! ML has been zoomed, and now expect a retest of it, and if holds then look for UML.
WES has buyers lurking in the shadows, each one a little higher. However we haven’t really seen any push through supply so far.
Possibly this entry is a week or two too early, like everything else. buy at 59.25 s/l 58.10
No significant highs to impede, except 61.30.
Let’s see what January holds.
We like tight consolidations. The more frustrated traders get, the more potential there can be. If you have patience.
This is just a review for my own education, and to pay attention to the clues staring me in the face. I didn’t get involved with any trades.
1) Nearly a two month consolidation with two significant ultra-high volume days, on down bars, but price...
Price provides a horizontal base which gets tested and holds around 0.77 provides an entry. A few weeks of chop before buyers start to show up. As we haven't been able to break support, then price can only either go up, or go sideways. The zoom of the previous high, and ML should now see them both retested. A new pivot formation would help manage the s/l.
