I'm working quite a bit at the moment so I didn't get a chance to blog over the weekend. Last week was slow enough. I entered an EU long on Thursday which I held over night and into Friday. For the most part it was down before a push up around lunch time Friday.
The initial entry was down to another one of those instances where the hourly bar made a new low and a new high. I'll explain more below.
This was how the charts looked when I placed the order;
EUR/USD 1hr PnF
EUR/USD 15min & 1hr HLC
As you can see on the 1hr chart on the right, at the right edge we have that hourly bar which made a new low and this corresponds to the last column on the PnF chart. All was looking well for an entry at this point and I set my order. For a triple top break above the previous two X columns with an entry at 1.3080. Unfortunately it made this new low and then pushed up quickly before the end of the hour and this changed the look of the chart.
The PnF chart changed to the following;
EUR/USD 1hr PnF (ii)
And this is why;
EUR/USD 15min & 1hr HLC (ii)
This is just how the PnF charts are drawn, even though this is the second or third time i've spoken about it, it tends to be a rare occurrence. Just one of those things i've to be aware of.
Anywho, all that aside, I stuck with the long position as I still felt it was strong. It idled along and I eventually closed it manually for a small profit around lunch time on Friday after a big upthrust with high volume at the top of a zone. The next bar actually pushed up but it wouldn't have hit the target anyway.
EUR/USD 1hr HLC
That's it, i'll try get this weeks update up a bit quicker. I've already had one successful trade this week with a short on EU. The first time i've taken a trade on a Monday in a long time!
Cheers,
Liam
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