Complete all the steps – looked at gold, equity markets – 1H and 5M trend, and 7am candle formation.
In summary: AUDUSD, USDCHF and USDJPY are the only ones for me to keep an eye on today. No other pairs to consider until tomorrow.
GU – Still S2B, no bullish PA thus far. Technically speaking there is a corn trade on the 4H chart – but surely this is not a valid set up. I would want to see more convincing action on the D or W chart, and just use the Corn Trade setup for managing the entry – rather than for doing a trade purely on there being something that would, strictly speaking, fit the definition of a corn trade.
GBPJPY – No setup
GBPCHF – not suitable for trending strategy due to the candle formations
GBPAUD – momentum is now looking mixed – stochastic lines are on top of each other. Size of retracement is questionable. There’s no bullish PA. There is no corn trade setup.
EURAUD – (very similar to GBPAUD) – momentum is now looking mixed – stochastic lines are on top of each other. Stopped out on yesterday’s trade for full loss -90.1 pips (-0.75R). Yesterday’s D candle turned into bearish PA. No bullish PA right now. No corn trade setup.
EURGBP – no S1/S2.
EURUSD – nice retracement has occurred. No bullish PA. No corn trade.
EURJPY – no S1/S2.
EURCHF – DNT.
USDCHF – S2S setup. Looking for bearish PA – either candlestick formations on D chart, or maybe the Corn Trade
CHFJPY – no S1/S2.
AUDCHF – this is the pair we traded last week. The two stochastic lines are now touching. No good price action on either D or 4H
AUDUSD – Bearish Weekly engulfing candle – good bearish signal. Definite S1S setup, on weekly chart is trading strength v weakness – on D matrix, both pairs are weak. Noted yesterday, that I am waiting for a significant retracement. This is not yet good enough for a trade. Keep an eye for a corn trade setup
AUDJPY – Now consolidating heavily. No entry setup.
USDJPY – Good retracement has occurred – however both pairs are weak. Good set up for a corn trade later today. If I do trade it, I would have to use lower R, because the pair is giving mixed signals from the matrices.
Questions for the coach:
Should we be adding the scores from the W and D rankings in order to get a score out of 10? I have not been doing that. Instead I mainly look at the W rankings for judging the S1 setups, and mainly the D rankings for judging the S2 setups. Have I been doing this incorrectly?
Should the corn trade only be used as a way to manage the entry? i.e. big retracement and S1 or S2 are prerequisites. However can a corn trade setup replace the need to have bullish PA?