Scott, this is amazing – At 12:15PM EST (Tuesday noon) it bottomed at 1.0032 and started retracing. By 1:30am EST, it retraced to a high of 1.0097, which was 786 on the 10 min chart and 618 on the 60 min chart. I entered at 500, 618 and 786 on the way up and on the way back down. It dropped back to 1.0060, .382 on 10 min chart, then bounced back up to a double top 1.0092. The bounce up caught me off guard and I didn’t get out and watched all the profits go away but I was still in it. It started falling for the final time at 5:00am EST. I entered some more on the way down the second time. It bounced off the -.270 back up 30 pips, then down again to -.618, then up to -.270 and finally down to -1.270 extension at 12:45PM noon Wednesday. Some of my bounce entries only captured 10-14 pips but they were positive.
Bottom line, it did most all the things you always tell us they will for a run of 91 pips down in 12 hours after 60 pips up in retracement. But with so many entries I was in it a total of 14 times in the process. It was stressful each time it bounced back up because I thought I was going to give it all back, but I scaled in and scaled out for a total of 220 pips on that one currency. If I was smarter, I could have gotten out when it crossed the trend lines when it bounced up and even might have caught some of the bounce up for a counter-trend. I hope to get smarter so the stress is reduced but a net of 220 pips is twice my target for the week.
Thanks much for your teaching.