What are we expecting at the first day of the week.... looking to week 25 we see a first, second and third push down. So following our strategy we can expect on Monday a first push UP.
We can see the Market is in Rhythm that means price is coming from the sma89- tried to test it before continuing. If to far away from the ema8-21 it tends to come back to the ema8-21. We can see this behavior so the market is indeed in Rhythm.
Monday 22 June
So we expecting a First Push UP....
In the morning 08:00 we see during the night the price went above the ema21 (that means be careful price could be move back towards the sma89...) and indeed it went back (this time without a test of the ema21)
Setup 1:
We search for a first push up so we searching for bullish candle formations.
at 09:30 we see then a Piercing Pattern just above the sma89...this could be a possibility....
BUT BE WARNED:
Price is between sma89 and sma200 that means it's a ranging area....
Price can be choppy inhere!
Then we must wait so that the price reversed fur just 25% of the last close and we have an entry!
SL is just below the low of the piercing pattern
TP could be around the sma200 (the and of the ranging area, between sma89 and sma200) or just waiting until the market shows us a bearish candle formation
In this case we could close the trade after the Doji followed by the bearish engulfing pattern
This trade was in potential around the 40pips
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Setup 2:
Market did not manage to go into Rhythm. Instead it went back into the ranging area (sma89-200)
at 15:15 it went out the range...is trying to test it ones more and at 16:00 we have again a Piercing Pattern at the right spot! so this could be a second possibility for today....
Then we must wait for a retrace for at least 25%...and that never happened...
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Setup 3:
at 16:00 we see a Morning Star formation.... is this the next possibility?
The next candle reversed indeed for 25% so this was an entry-point....
Sl is just below the low of the candle (30pips)
TP is around the ema356 (around 30pips) or 161,8Fib around 1,2467 (last high...low move)
Because of the stronger push up I guess I would had token this trade
This trade was in potential around the 18pips
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This day would had given me 58pips profit
Yesterday we had a first push up ....so today we possibly can expect a second push up
Friday 26 Juni
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Tuesday 23 Juni
During the night price came below the sma21...and rallied back... so normally we can expect a cross of the sma89 (Market Rhythm rule)
Setup 4:
At 09:30 price crossed below the sma89 and we see here a morning star formation. That could mean price can start a new rhythm here. But it's not that sure....normally if price comes from the sma89...it want test it ones more before it goes into the Rhythm.
the next candle reversed enough...so we have also an entry here
SL just below the low of the morning star
TP first revers candle or fib161,8 or around ADR
This trade was in potential around the 41 pips
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This day would had given me 41pips profit-------------------------------------------------------------
Wednesday 24 Juni
We can expect a third push up
In the morning we can see price went below the ema8/21 so firstly we can expect a move back between the sma89/200 before direction reveals....
Setup 5 / Setup 6
Price touches the sma200...we see a morning star, we see a piercing pattern...but both without retracing entry candle....so both setups are not valid! Besides that I do not think there is enough room to the sma200 for a good R:R
Setup 7
price went below the sma200 and with that a push up for to day is canceled.
At 16:30 we see an evening star.... followed by a 25% reversal so this is the next trade...
SL just above high of evening start
TP at first reversal formation then around ADR or Pivot r fib 161.8 (1,2420)
This trade was in potential around the 57 pips
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ps: at 14:30 could be interpreted as a valid long...but sma8/21 still were below the sma89 and price went of from sma89 but then it normally test the sma89 before continuing his direction. If taken it would be a risky trade!....if token it was a lost of 15pips (just below formation and in this case even below sma89!)
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This day would had given me 57pips profit-------------------------------------------------------------
Thursday 25 Juni
Yesterday turned out as a first push down so today we expect a second push down
In the morning we saw the price cam above the sma8-21 that would indicate a possible push upwards to the sma89.
Setup 8
at 10:00 we saw a bullish engulfing pattern followed by a good entry candle (> 25% retracement)
SL just below pattern
TP look for reversal formation or just below ema256
This trade was in potential around the 25 to 47 pips (depending on the TP strategy)
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Then price tried to break the sm89 and finally between 15:45 and 16:30 there were some possible setups but they are a bit questionable. Because the sma8-21 are still within the range sma89-200 and price is already below....
Setup 9
the setup for 15:45 is I think to shy because of the above
Setup 10
the setup for 16:30 was I think a good one.... sma8-21 came just below sma89
But the entry candle did not give us a retracement of 25%But I think setup 9 and 10 are both examples where I can make a disaster
-just fire to early....to late and even choose the wrong direction and losing my tradingplan/strategy
-a typical ranging day....
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This day would had given me 25pips OR 47pips profit-------------------------------------------------------------
Friday 26 Juni
The last day turned out in a ranging day... so again we can expect a second push down
In the morning we see price came between the sma89 and sma200 (ranging area) So now we need to watch for bearish formation candles just below the sma89 (if our expectation is correct)
Setup 11
jus before 10:00 we see price crosses the sma89, came back for a short test and at 10:00 we see our bearish engulfing pattern. The entry candle also went back for 25% and so our trade is on.
also sma8-21 were just crossing the sma89
SL: just above engulfing pattern
TP: reversal pattern or ADR or pivot point or 161,8% fib
Unfortunately this trade was retracing direct and we had just 0 or 1 pip
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Setup 12
Price came back tot the sma21, did not break it and at 11:15 reversed with a bearish engulfing pattern. The entry candle did not give us a retracement of 25% so that is why we did not got in this trade
Setup 13
at 12:30 again price went back towards the sma21, did not break it and gave as a bearish engulfing pattern. The entry candle gave us 25% retracement and so we could get into this trade
SL just above the bearish engulfing pattern
TP reversal pattern, ADR or pivot point or 161,8% fib
already 2 candles later we had a reversal pattern end need a force close of this trade
This trade was in potential around the 7 pips
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The above setup and trade is a dangerous one for me.... because the whole day we see a fading GBPUSD..., price below sma89, is always hold at sma21...so we can expect here a stronger downtrend.
just in this sort of moments it is very important(!) to stick to your rules....
look what would happened if we did not closed the trade at 13:15....
price went higher for 19pips, it breaks the sma8 and the sma21...so maybe we can also break the sma89
in those 3 or 4 candles.....we can lose ourselves....and just try to pick the right direction....without a strategy, only with hope.... and before you really now...you can lose in such situations all your collected pips from the week. So please be careful and just stick to your plan!!
Yes indeed...for me it's easy to say but oh so difficult to do in the real life!
Setup 14 and 15
The the last setups of the week..
Price came down...looks in rhythm and at 14:15 and 15:45 we see a evening star an a bearish engulfing pattern.
Both entry candles entry-candle did not gave us a 25% retracement so unfortunately we did not had here a real trade!
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This day would had given me 8pips profit-------------------------------------------------------------
For the week this trading brought us for a total pips of
Monday => 58 pips
Tuesday => 41 pips
Wednesday => 57 pips
Thursday => 25/47pips
Friday => 8 pips
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For the Week that makes a total of 189 pips or 211pips
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