Tuesday 5 November 2013

Failed "W" turns into triple bottom

a clear TC and TL could be drawn this AM and the legs of each move were far easier to see too.

1 was a TLOS which is sign of trend strength so my bias was on shorting.
2.  was a L1 and as my bias was short I would have taken it and swung it into the TC (approx 1 : 1.7 IPT)
3.  was an H1 and marked the end of 3 legs down (so was the exit for the prior trade), which in itself is a REV but is an early entry so would have avoided.
4. broke the DWTL which is a trend REV so my bias would now be on swing long,  although expect a test of bar 3 low.
5. was an L4 , but after a TL break could only be scalped into the prior lows, so avoided this to prepare for the rev.
6. confirmed a "W" bottom and was an H2 so is where I would have liked to enter a swing long. (aprrox -0.7)
7. is an L5 and is where I would have been stoped out
8. marks a second small "W" (even a triple bottom) and is an H3 swing long  (approx 1: 2.3)

Summary : despite 8 not being within my trading session. I hope I would have stayed around for it as the short side was looking very weak.




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