We tried a few different things today during our special Live Euro Session this morning, trading a variety of markets, forex and even crude oil.
While we were waiting for the forex markets to ‘wake up,’ we were able to get a quick power of quitting result with the SST Simple’s special Crude Oil Futures tradeplan with the 2 minute chart. And as I pointed out a few times recently, it worked like a charm. It was the GetBob that delivered the perfect 2nd trade and got us to our Power of Quitting Result, too. We were literally done with Crude in about 35 minutes.
See Live Euro Session Crude Oil Trades; + .28 points in 36 minutes
Other highlights of this morning’s session:
We dusted off our old friend, the GBPUSD 233 tick chart. This is one of the oldest running forex tradeplans and to this day, it continues to perform well. Again, it was the GetBob that delivered the final Power of Quitting result we were looking for. It also came in handy for the rare but important ‘long bar/wide channel’ rule.
On the 2nd trade, the long bar/wide channel rule was needed. It wasn’t a long bar, but it was a wide channel with the setup bar splitting both sides of the triggerline. When this occurs, it is best to use the GetBob targeting for a trade that has a better chance of succeeding. In this case, the target was 1.5501. The price got as high as 1.55009! I’ve seen this over and over again and still, to this day, the accuracy of the GetBob targeting never fails to surprise me. Missed by 1/10th of a pip, but needless to say, one shouldn’t make the price have to fight through a big key level like 1.5500, and it is always wise to adjust the target down a pip or two in such a case.
That would have been power of quitting but after the reversal short that stopped out with a 1 pip gain, I couldn’t resist the next GetBob that setup. When you’ve seen the GetBob in action as much as I have, you learn that it is such a winning trade, it just makes sense to take it!
It wound up being a full winner too! In fact, it was the trade of the day on the GBPUSD, getting another +51 pips. All in all, a great session, thanks to Getting Bob — Twice! (As a side note, the GBPUSD 233 tick chart is a chart that gives a lot of GetBob opportunities, mainly because of our aggressive use of the faster trailing indicator that we use. The GetBobs are a very reliable setup on this market and chart.)
See GBPUSD Trades; + 87 Pips
Other highlights include the EURJPY 5 minute chart using the SST Simple. It produced a single trade and as of the time I am writing this post, it is still going. A routine adjustment around the ‘5’ level prevents a losing short trade. Then, when it did trigger short on the next setup, it grabbed +22 pips after spread and currently is still going, with +43 pips locked in — guaranteed!
See EJ SST Simple Trade; +65 pips (or more)
Our regular EJ 233 tick with the full SST actually made us work hard this morning. It finally went cha ching a ling ding on the final trade of the session. Up until that point it was pretty much flat, with a couple wins and a couple losses. The final trade smashed the ball over the fence though. In fact, the SST Simple trade I wrote about above, also benefitted from this move for a huge runner. Now that I have come back to finish this post (afterall, I am on holiday), it is still going, this time though with +78 pips locked in. — See Updated Screen Shot
See EJ 233 Tick (full SST as called Live every day during US Session); Gains +51 pips during today’s Euro Session
EURUSD 5 minute continues to trade through a choppy phase. It gave us some pretty ugly price patterns today with long whipsaw bars, up and down, breaking out falsley both on the long and short side of a very dangerous expanding range. SST did an excellent job of keeping us out of MOST of it. We did our best to avoid it but in the end, we did get triggered into one losing trade on the long side and then a short trade that also was a head fake, and had us stopping out at Break Even. Considering how nasty the price action was on that market, I consider that a nice victory. Avoiding losses is as important as hitting the winners. SST, by keeping us out of the mess, for the most part, has us poised to pick up the next significant moves on the EURUSD.
See the Expanding Range Pattern. This will appear at times on ALL markets and is always dangerous, no matter what style or methodology you trade. Today, the SST did a great job of avoiding MOST of it.