Comment by Luke Sierpniak on February 21, 2013 at 1:19pm

Yes until 3220/50, then i reload shorts, GL Pete

Comment by Peter jcp on February 21, 2013 at 1:45pm

Hi Luke - yes been checking out the LH's since the 3700 area and you do tend to think that a retrace should stay under 3270 area for another go lower. However - this is were the market is clever - keeping all of its options open. Because 3160-80 was an important dynamic support on a up trendline - there is nothing to say that we cannot retrace back up over 3330 and even 3400+ etc - and then set up a new lot of LH's. 

Similar if we drop in say the mid 3220-70 area - we might only drop to 3200 and then try 3330+

Being a scalper I really try to ignore "trend bias" and have a completely open view - ie next week could be 3500+ or 3000 - and I really don't mind either - as I will be trading with what ever the latest wave is doing ;-)

Have a good day 

Regards 

Peter

Comment by FxBear on February 21, 2013 at 2:05pm

Yes papa totally agree with you! Keep it wise and short :) OUT after you ;)))) Best regards

Comment by Peter jcp on February 21, 2013 at 2:20pm

Hi son ( ;-)) ) 3205 and creeping again - and news on next hr. Would only hold any scalp sells under 3183 and 3165 - otherwise more scalp buy bias still atm 

Comment by Peter jcp on February 21, 2013 at 2:45pm

Ideally - we should turn under 3235 - ie 3225-35 area - if we made over 3235- 40 - then might a different ball game again. Notice 2 red news items in 15 mins - see if they have an effect ??

Comment by Peter jcp on February 21, 2013 at 3:19pm

EU - price now in a tight range with high 3228 - and 3189. Ideal situation to "wrap" with pending orders either side - ie If price goes under 3188 and then 83 - set up pending sells knowing it needs to go under 70 and 64 for lower and to hold. If price goes back over 3228 - set up pending buys with possible targets of 37 or 45 area. 

With pending orders you have to be caution - just 1 or 2 pips above or below may be targeted to fade out as false trades - to then stop hunt. If price makes normally 4 -7 pips above or below - it should carry on to next S or R 

Good luck if you try it - and experiment and play until you feel comfortable to try out at any tight range levels

Comment by Peter jcp on February 21, 2013 at 3:47pm

See chart - daily on a weekly split for bigger picture

Comment by Peter jcp on February 21, 2013 at 4:15pm

9 mins past hr change and EU still trying higher at 3230 - need under 3218 to think about holding any scalp sells -as whilst above still might try higher - finishing now - GL  - Regards Peter

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