The signal quickly closed the "gap" on the open at 08:00 Ldn Time this morning and as the Daily Pivot Point was only 10 pips above the Friday close I decided to wait to see what positive direction the signal would take.
When the signal closed below the Friday close I went Short to S1 minus 2 pips and TP was soon reached.On reflection I could have entered a short from Daily Pivot Point but it's always easy to be clever afterwards and a profit is always welcome.
The signal opened across yesterday's close having experienced a circa 100 pip drop yesterday, and indeed has been in decline for the last couple of weeks .As the US/GB had been falling overnight I went for a Long to the nearest Pivot Level -the Daily Pivot Point minus 2 pips.
After some hesitation the signal duly managed to creep across the line for 18 pips.
Signal opened this morning below both the Daily Pivot Point and yesterday's close so decided to go Long on the 08:10 candle with Daily Pivot point minus 2 pips as TP.
However after falling below the support level of S1 the trade hit Stop Loss during 09:10 candle.15 minutes later the signal started a rebound so once again I entered a Long and set TP to recover the loss plus 2 pips.Made TP during 10:10 candle .
Generally a frustrating morning as the signal seemed to lack a real direction although GB/US was moving down- so on reflection I would still have made the same decisions I think.
I managed to oversleep this morning until 08:45 and completely missed the London opening of the exchange.
The obvious trade would have been a Long to close the "gap" and the usual 1:1 R/R ratio and that would have resulted in a loss as there was a downward spike that would have hit SL before going on up to hit TP and close the "gap".
In the event I decided to plan for a rebound back down and set up a Short from yesterday's close with TP at the Daily Pivot Point minus 2 pips and the signal duly obliged for a 13 pip gain.Sometimes in trading it would appear you just need to get lucky and today I did.
The signal opened this morning in a small trend down and given the recent EU election results here and ongoing political turmoil I thought that closing the "gap" was the best bet. There was a small surge upward in the signal but the sellers won out and TP was achieved by 09:20 Ldn Time.
Previous correlations between the GB/US movements and the FTSE seem to have gone out of the window recently and I think this latest set of conditions demonstrate that a purely mechanical approach is just not possible and so I will discontinue this post.