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I'm sorry to everyone for being away I lost internet connection - thank you comcast
Anyway - to answer your question Kalalex, you have no lower low on the 1508 before price pulled back to the MA. A candle must CLOSE below the last swing to consider it a lower low
I was looking at the 2am setup but it did not meet the requirements.
1) 1508 retrace Y
2) HH on 1508 N
3) zigzag HH, HL (triple top) N
4) not within 15 points of a "00" (close of 4621 bar) Y
5) close above cloud Y
6) direction of channel (flat)
7) double bottom with divergence N
8) DoJI in 377 retrace Y
As far as I found the trade you talked about in my charts (I am located in Western Europe), I think that yet the lower low on the 1508 has forbidden to go long anywhere in that area. As I understood Charles, Setup must form on 1508 first and then we look at an entry on 377.
1508 has formed a double top first with not remarkable divergence on the Stochastics, then it makes a lower low.
It is not so easy for me to spot at any time when to look for longs or shorts, i mean the intraday trend goes up, down or sometimes nowhere, the cloud is thick or thin, red or blue. It are these changes which I am fighting with a bit. What I clearly understand is not to look for a long trade after a lower low, so possibly one can stop his analyze at that point when looking for an entry.
Of course I want to thank you for your analyze which I used to go through the different rules again and compare them with what happens on the chart. Thanks
There was no trade per rules at 2 am you had the lower low on the 377 after a sideways move so there was nothing to the left to get you interested. the 1508 appeared to might be forming an ABCD but also failed - see my post for measuring them yesterday -
Also I suggest waiting for the U S session, just my suggestion though
We have an ECB rate announcement this morning , which is usually a non event what is important is ECB Trichet's news conference at 7:30, the market usually reacts fast and furious to his comments
I like the way you wrote your comment here. I think it is a very good idea (in the learning phase) to repeat the rules as you did. I would also suggest to write two separated numbered lists for the charts (1508, 377).
