I demo traded counter trend trades successfully for 6 months and just recently started taking live counter trend trades. I have been updating my trades in real time on twitter so you can follow them there. Price reached top of ascending channel on daily which also corresponded with the 138.2 Fibonacci extension level. There are bearish divergences in OSMA in Daily and H4 charts and stochastics look set for a bearish cycle. I got plenty of reasons to take this short. Target is 1.4250. I will not be taking any longs any time soon and may look to take another short if price reaches December highs around 1.4460 area. I will keep you posted.
Travis,
ReplyDeleteWhat actually means countertrend ? Smells like we´re in the same side now. Bearish, rising diagonals appears.
http://just-charts.blogspot.com/
Counter trend means that I am taking a trade against the current trend which is up.
ReplyDeleteTravis
Ah, I´ll see. EW theorist are very bad to follow the trends, they more often prefer to see where those ends in all timeframes ;)
ReplyDeleteI think you do great when following trends in fx world. That´s something I am not very good one, at least not with eur-usd.
Hi Travis,
ReplyDeleteLook forward to more postings from you. Counter-Trending has not been successful for me. Going too change strategy to Trend Following instead. Cheers !