Concentrated on the 5min charts again for today with another successful (albeit paper trade) call using the trigger numbers.
In the centre of the chart you can see the green line indicating a trigger number. When I put this line in, that bar had the highest volume of the day but it doesn't now that subsequent bars have formed. The price moved above this line and came back down to test. My stop was 18 pips and it moved 37pips to the high. Could have quite easily made more than 3% from this. That was the main trade I was following.
The red line is also another trigger number drawn from another high volume bar. The upthrust and no demand on this line could have been used as a short but I believe the other set up was a better example of the use of trigger numbers.
Eddie 5min
The reason i'm posting this blog so early is because of a flurry in volume activity in the past 20mins or so. The chart is likely to be filled with more trigger numbers lines soon so I decided to post before it looked messy. I'll perhaps update later tonight.
Cheers,
KFT
i would not consider that to be a ND because not only does it dip below the close of the previous bar, it also goes below the low. I would consider it: no buying pressure.
ReplyDelete-Apple
I agree to a certain extent, two bars before the one i'm pointing to is a better example, followed by an upthrust certainly makes it weak. I pointed to that one largely because TradeGuider stuck an indicator on it :)
ReplyDeleteI didn't actually trade it, just trying to illustrate a point really.
Thanks for the comment, keep em coming!
Liam