Ugly day and ugly charts for most part of the day. Ugly hourly, ugly 10min, and ugly 3min - well, except for the setup below.Took a scalp. Not a perfect setup, but one that I'm familiar with - price going for resistance. Used a stop. Stress-free scalp. But I'm sick of looking at trendless charts with price going everywhere and nowhere. Calling it a day.
Profit: USD 100
Double Bottom & Fib Extention 161.8
Above is the only good setup I've seen on the 3min for today. It appears often enough - you wait for the low of the day, and keep a lookout for "W" shape. Best if the 2nd bottom is a double-bottom MSL. Take the left of the "W" as the seed, and use fib ext to get the exit points. 161.8 is usually attainable. 261.8 is NOT uncommon, but you'll usually have to sit through a retracement.I missed the entry when I was checking out the higher timeframe for confirmation. Part of me just wasn't sure about the trade. It would have helped if either side of the pattern was a hammer or at least a double bottom MSL. Highlighted in green on the chart is the trigger candle. As usual, enter 0.25 point above its high, and place a stop 0.25 point below its low.
This is one of the very few patterns that I'll trade on the long side. So far I've only scalped it and hardly held it til its potential. It's a reliable enough pattern . Hence, should it fail, short it!
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