Friday 6th
08:43
GZ M5 Sell MAB
Attended the ‘Red-Flag’ event yesterday where Mark Carney was speaking. Interesting few hours, I canna get over we’re the same age 🙂
Had planned to trade but it’s not a good fit as we have to focus on the website plus ANOTHER sell MAB has formed whilst I was away from my desk so I guess my routine is not tuned in this morning!!!
When the updated LL is used it results in the GZ-RR zone shifting down as shown. It resulted in a decent M5 MAB.
The 5 min chart is hugely supportive of this sell also, price reversed perfectly at the top of the keyzone plus a bear channel boundary.
Well done Alex for taking this one and achieving 3R 🙂
Once again – it’s SO easy after the event but I like to think had I been sat and my desk and in the moment I’d have taken at least one of the 3 setups shown below.
08:43
GZ M5 Sell MAB
Attended the ‘Red-Flag’ event yesterday where Mark Carney was speaking. Interesting few hours, I canna get over we’re the same age 🙂
Had planned to trade but it’s not a good fit as we have to focus on the website plus ANOTHER sell MAB has formed whilst I was away from my desk so I guess my routine is not tuned in this morning!!!
When the updated LL is used it results in the GZ-RR zone shifting down as shown. It resulted in a decent M5 MAB.
The 5 min chart is hugely supportive of this sell also, price reversed perfectly at the top of the keyzone plus a bear channel boundary.
Well done Alex for taking this one and achieving 3R 🙂
Once again – it’s SO easy after the event but I like to think had I been sat and my desk and in the moment I’d have taken at least one of the 3 setups shown below.
08:25
GZ M1 Sell MAB
Was not at my desk at the open and have just come to see a decent M1 MAB though it would have meant selling into an area of SUPCON.
The 15 min chart shows how key the 12492.2 mid-line level was in this sell setup when you look-left.
With point A taken from Yes High the GZ-RR zone is excellent!!
07:15
GZ M1 Buy MAB
Just arrived at my desk to see one of the earliest M1 MAB’s for a while. It formed immediately at the 7am open due to the gap up that produced the HH right at the hourly bear channel.
The GZ-RR zone is very clear and is just above the bottom of the 5 min keyzone.
Price has since sold off back down to Yes High but a great setup for those at their desk for the 7am open.
Tuesday 3rd
15:49
GZ M5 Sell MAB
Just been watching the 1st half of Sweden-Switzerland and thought I’d take a look at the price action only to see yet another decent Golden Zone M5 Sell MAB.
This followed on from the earlier one I mentioned at 15:12.
It’s a great example of how a FIBCON or MAB may not look that good in terms of the impulsive A-B leg followed by the corrective B-C leg but so long as you accurately identify point A and use the Lower-Low then see what happens at point C.
We have to ‘Be The Bear’ and wait patiently for price to reach the Golden Zone and resist getting drawn into low probability, low value trade entries.
15:12
GZ M5 Sell MAB
Just came back in to see price continuing to pull back and in doing so form a decent M5 Sell MAB.
Once again the Golden Zone contains the Role-Reversal (RR) zone – Look-Left.
The setup is also shown on the 5 min chart, note how the 5 min channels capture the main price movements from point A to the LL.
13:49
Bulls in Control So Far
I’ve just returned home to see that the bulls have so far been in control. Price is currently pulling back from the session high after reaching an hourly bear channel and a daily bull channel.
08:10
GZ M5 Sell MAB
Was not at my desk at the London open but have just noticed an M5 MAB formed right in the GZ.
My rule is to not trade the first few minutes after the open due to spikes etc. but structurally this was a good setup and conformed to our trading edge.
Look-Left to see where price gapped up at the 7am open before it retraced. Not perfect due to gaps but functioned as a role-reversal zone.
07:26
Support found at Monthly MA
Morning All!
The daily chart shows that price has found support and moved back up off the monthly MA from within the daily key zone over the last few days.
Today has started in bullish mode, will price continue to move back up or will the bears step back in ???
As Price Action traders we must be ready for both 🙂
Monday 2nd
16:20
GZ M1 Sell FIBCON
Just spotted a GZ M1 Sell FIBCON after price failed to hold above the Open.
13:49
GZ M1 Sell FIBCON
Just missed this superb GZ M1 FIBCON 🙁
Once again, ‘Look-Left’ to see the role-reversal zone within the Golden Zone!
Also note the hourly bear channel functioned as a role-reversal level providing further confluence.
We sure do need to ‘Be The Bear’ but it’s worth it!
11:52
Failed GZ M5 Buy MAB
Not trading at present as we’re working on the blog updates but I did notice this M5 MAB that looked a good setup as shown by the Golden Zone.
However, on this occasion it failed though lower down it did form a weak M15 MAB that briefly moved up before also failing.
Price eventually moved down to Yes Low before moving back up strongly to the Open/Yes Close.
08:00
GZ M1 Sell FIBCON
I took an M1 sell FIBCON but closed out for break even. Price was testing both bull and bear daily channels so when the move back down stalled I closed out.
The bull spike at 8am would have taken me out as shown.
The screenshot below shows that price formed a Golden Zone M5 MAB when point A is taken from Yes Low.
Not an easy trade to take as the MAB took place immediately after the London open, however, structurally it is good with a role-reversal zone falling within the Golden Zone (Look-Left 🙂 ).