This is just a continuation of yesterday’s chart into the close and the issue of interest here was the clean alignment of price with the TRAK channel 9:00 – 14:30. The TRAK is one of my basic trading templates and, coupled with the dynamic LR14 (5 minute bars), effectively provides a road map of oncoming traffic on most days.
The trade arrows show a few scalps between 17:00 and 18:00 and these were test trades for another short term setup still in development. Yesterday was a solid trend day into the US market close after the 100+pip pop at 17:00. The difficultly, of course, is predicting consistently when such explosive moves will transpire and I obvioulsy didn’t catch that one because I wasn’t convinced that the TRAK signal . . which strongly argued at 16:40 for a likely pop back up to 1.3140 (the TRAK upper channel band). . was going to work out. This event brings up the much larger and complex issue of trusting your system /setup and, probability testing aside, lack of confidence is one of the wormholes that can seriously derail a trader’s profit sheet . . a matter I will leave to the Doc to explore in more depth.
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