time to short?, page-5

Here's the pic, and the reasons (apologies for not drawing stuff better on the chart 'tis a platform charting package that doesn't quite have the same stuff as the IGMarkets shizzle I normally use

Hokies
What we have here is a 5 min chart...

now I started off the UK FX session (now 5 hrs old.. sheesh, wot happend to the time?) with a short orientation, Took a coupl of scalps early, the4re was enough wriggle room for me to initially get a break even, n a 20 pip trade but obv. the pair was fairly strong.

the setups that I was looking for that have come to pass went thus...

firstly, that initial drop on the left hand side of the chart, on larger timespans kinda gave me the inkinkg the back had been broken on this pair..

So my frist move in tracking price was to place fibbonacci retracements on this drop n look for reasons to short at appropriate levels...

i took the first scalp at the bottom line, 38.2 but got a break even on that, the second attemp though about an hour later was better n i managed to squeeze 20 pips (taken out by a trailing stop) off of that,


Though direction since this morning (about halfway along the pic) has been up, first heralded by a gap trade, with closure in the up direction, the rest of the action as not ben very Impulsive, no Real major stron moves ecxept in the last hr or so...

Price movement for the last day n a bit has traced out what I discern as a 5 wave structure, Not strictly elliot but 5 never the less, and the last bit of price, an almost impulsive move, has traced out what I call an elongated s pattern something that has caught my eye for the last few months as being a tadeable structure, with good retrace potential...

the peak of that elongated S hit almost to the pip the 61.8 percent retracement, and a littl more cautions, i waited for the 5/8Ma cross over exponential 5 simple 8 after rejection of this level. (and the THIRD cross attempt in the last hr or so run up... which I have found is oft the clincher)

Now cos it is near my bed time, I am just watching this trade as I know we have some strong resistance occuring at the previous tests of the 38.2 level fib I am within a pip or two of being able to pop a stop on break even here and I am looking at a target of 1.574 as a neat confluence of equal measure move down from the previous drop and the 161.8 fib extension downwards.

(fib extension target. 5ema, 8sma cross, breakeven trade and patience all from recent FXBootcamp work)

;)