Well finally we are starting to see more of a retracement in line with what the 4 hourly charts foretold. Sometimes its easy to get caught up in the smaller tf´s and you lose sight of the real picture...I guess I certainly did in taking that third quarter off...Daily trend is still well and truely down.. that one I havnt forgotten...
Ok back to what matters, lets look at it like this in USD terms
Daily - UP
4 Hourly - Down
Hourly - Down but nearing a turn.
We are still sitting on considerable unbooked profit from our original entries and the idea is to add to those positions when we hit daily trend. Ideally that would coincide with both hourly and 4 hourly charts turning in the direction of the main daily trend.
Whilst we sit and wait for that to occur, we can watch the hourly charts for quick trades in either direction. Those that have a FIFO platform, you will need to manually record your trades and match them off as your platform will close your original entry with an entry in the opposite direction.
Ok lets have a look at these things.
Wednesday, 10 February 2010
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