Still a lot of emotions on the markets and this situation will probably last for some time what doesn’t help our system. This is first time my Price Action meets depreciation on the markets and so far it doesn’t look good. However parameters are so elastic that profits should show up soon. I am only worried about lack of tests of 50% retracements on last few currencies. It is too soon to modify the system but I will write down these cases and try to have some conclusions soon.
Buy limit order is still active but we needed just few pips to realize it. Price didn’t went away far enough to cancel order so we just have to wait for it.
Buy signal in shape of Pin Bar. However yen was gradually getting stronger and order ended with Stop Loss. Maybe some clear buy signal will let us open long position but trend is clearly bearish so for now I will look for short opportunities.
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On this pair Inside Bar was created. Trend is bearish, daily candle closed below support area so we are interested only in shorts. I can see two chances to open it:
- Break below and close below mother candle (range set on green). Then we can set sell limit order on 50% retracement of signal candle and Stop Loss above.
- Break above, come back to mother candle range and open short position with market price and Stop Loss above signal candle.
This pair is testing support. If there will be real clear buy signal we can consider longs, because there will be double bottom pattern with strong support area. If it will be broken I will wait for re-test from below, sell signal and the opening shorts with strong bearish trend.
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I wrote about this signal yesterday and it is unfortunately too small to open position. Buy limit was set on 50% retracement of signal candle and now we have to cancel it, because price gained more than 2.5x Stop Loss.
Sell signal on this pair. On Tuesday price decreased below support (now a resistance), yesterday this level was tested from below and Pin Bar showed up. I set sell limit order on 50% retracement of signal candle with 70 pips of SL and 220 pips of TP.