Saturday, February 8, 2014

1.3640 and 80 pips

I got long just before NFP.  Yesterday was a prime example of how news events usually setup an OTE pattern either just before, right after, or even during.  As you can see above, I wasn't in this trade for long.
Yesterday morning's action revealed that the London Open Killzone (currently 2AM-4AM EST) sold the market down to a high probability level of 1.3550 Mid-Figure.  
There it is.  The higher time frame OTE pattern that stopped price dead in its tracks after NFP.  If you missed the long before the event, you could have taken a few pips on the short after the event.  

I drew my fib from the 1.3680 level because that swing lower was the swing that indicated a move lower was coming by breaking the previous fractal low at 1.3628.  I set my target as 1.3640 because of the charts just above and because I've had success with this level in the past.

No comments:

Post a Comment