Price action on the 15 minutes chart looks like a triangle pattern is unfolding in most likely a b of b position, although it can also be a bearish triangle in a lesser degree. Open test is needed to determine its position. Later on I'll post an illustration about this.
13:45 (GMT+1)
I closed my position on my cellphone at 11843. I'm done with trading for today. Have a good weekend everyone!
13:31 (GMT+1)
Break even.
13:28 (GMT+1)
Channel must break for a bigger downside movement. I got leave for a meeting and I won't be able to follow the position. I put a trainling stop on the position.
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| m5 charts |
Break even.
13:11 (GMT+1)
I'm gonna try to play out a short scenario.
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| m5-m15-h1 |
I decided to close the position at 11900.
11:42 (GMT+1)
I think the market will test today's high, but at least the 11930 level.
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| m5-m15-h1 |
Closed the rest of my long at 11885.5. I'm gonna take a break from trading now. The correction from the temporary top has reached the minimal level I expected but I think a more complex pattern on the 5 and 15 minutes chart may unfold, and we might see the price action to break below today's low. We'll see...it's friday :)
11:15 (GMT+1)
Opened a long. I expect at least a wave B to be carried out. SL is already raised to 11870 and I scaled the position at 11890.
Channel drawn on the 5 minutes chart might decide the direction of the next wave. So far the drop is contained by a parallel channel. Upside break out would suggest at least a correction to the level of 11900s. I plan to open a long if the channel gets tested.
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| m5-m15-h1 charts |
Stop out.
10:56 (GMT+1)
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| m5 charts |
10:40 (GMT+1)
I didn't wait for the TP and closed the short at 11817. The position reached 2R.
10:35 (GMT+1)
Back on the short side for one last time. So far my balance is negative for the day, and I don't want to burn anymore of this week's profit. If this position gets closed in a loss, I will go away from the market at least until the U.S. opening. Another mistake would show me that I can't see the market well at moment.
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| m5-m15-h1 charts |
10:31 (GMT+1)
It was a bad decision to open a long position and I got my punishment for that.
10:27 (GMT+1)
Quick try for a long. Price has bounced from the bottom line of the channel. And it got quickly closed too :(
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| m1 chart |
One more try to play out this short setup. Hopefully the correction won't be a flat...
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| m5-m15-h1 |
10:00 (GMT+1)
Position got stop out. I blew this trade, but I'm gonna seek reentry on the short side if there is an opportunity.
9:51 (GMT+1)
Break even. 1 hour candle looks like it's going to be a reversal one.
9:47 (GMT+1)
Even if this is not going to be an impulse wave on the 5 minutes chart, I think the 11850 level is reachable from here. Lowered my SL to 11890.
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| m5-m15-h1 charts |
So far the drop on the1 minute chart looks like a correction. Position got stop out. A new high would suggest a continuation of the rally, while a break of 11880 would make a bearish bias.
9:32 (GMT+1)
Short position opened at 11904. SL already lowered to 11911. Tp modified to 11860. I also put a trailing stop on it.
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| m5-m15-h1 charts |
For a temporary top to be in place the market needs to make a reversal candle on the 5 and 15 minutes chart and then a break of the Elliott channel drawn on the 15 minutes chart. I plan to scalp today and I think my first trade will be a short. Ideal target zone would be the support provided by a triangle (m15) around 11850. Now I'm gonna wait for a setup.
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| m5-m15-h1 charts |
8:45 (GMT+1)
MA10/20 channel on the 15 minutes chart supported the upside movement nicely. Ideal fibonacci expansion levels have been reached. A smaller degree impulse wave may be building a temporary top.
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