In the second post of mine about loonie's marathon I described potential finish line based on the technical concept of measured objective. I am sure someone who is reading this blog took the advantage of shorting the pair and made 160 pips. What a deal! But I am a very modest and quiet trader and do not like noise. So, let's be quiet and work methodically on our next ambush (a.k.a. a lofty word "setup") using measured objective. Our next victim is usd/jpy. Yes, yes, I know - too choppy and looks messy for the last week or two. But did you know that there is still a harmony, a kind of music that we can hear if we are attentive enough? Let's look at this chart showing
the current price of dollar vs. yen. Alright, I drew 3 lines - A, B and C - which are created by the low of 3 most recent pinbars. I am sure you can see from where they all bounced off - you guessed it right, inside bottom! So, I was short this pair yesterday and exited this morning as there was no aggressive continuation. I did this anticipating the break of line B. It did not happen, so I am out. But what is next? I am neither short, nor long. Because I am waiting for this pattern of successive steps up to be broken to the downside. ABC is like a tune which is performed in front of the whole world perfectly. This harmony of measured objective may mesmerize us - which is the whole premise of the market, bewilder us, force us to lose. So, I am simply waiting for the bear to snap these strings thus invalidating the ABC pattern (I am not talking about zig-zags, I am talking about my chart). 3 times same step is a turning point. Please, wait.
the current price of dollar vs. yen. Alright, I drew 3 lines - A, B and C - which are created by the low of 3 most recent pinbars. I am sure you can see from where they all bounced off - you guessed it right, inside bottom! So, I was short this pair yesterday and exited this morning as there was no aggressive continuation. I did this anticipating the break of line B. It did not happen, so I am out. But what is next? I am neither short, nor long. Because I am waiting for this pattern of successive steps up to be broken to the downside. ABC is like a tune which is performed in front of the whole world perfectly. This harmony of measured objective may mesmerize us - which is the whole premise of the market, bewilder us, force us to lose. So, I am simply waiting for the bear to snap these strings thus invalidating the ABC pattern (I am not talking about zig-zags, I am talking about my chart). 3 times same step is a turning point. Please, wait.
No comments:
Post a Comment