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This site is currently inactive as I have decided to move away from exclusively trading Forex in 2010 and as such will not be taking on new coaching clients in this area.

 



I have resumed my focus on coaching as a stock market mentor where I run a success guaranteed stock trading mentorship program

 



Additionally, you can now get access to what I consider to be the best stock options daily trade alert service.

 



Of course, I am biased and with a success rate fluctuating between 68.2% and 72.4% it is hard not to be biased.

 



If you do want to follow along with what I am doing every day you can get access to my daily stock market report 

 

 

You can read the step-by-step Bollinger Band Trading Strategy Guide - this is my main active trading strategy



Until next time


happy trading 


Mr Phil Newton or on LinkedIn Phil Newton trader

Todays GU Analysis

DangerBoy's picture

Hi Phil

 

I couldn’t quite make it into the training room this morning as I’m working away, I had a quick look at the charts and wondered what you think of my GU where’s price now? What’s it doing? analysis for the day. It’s a bit of a tricky one so thought I would run it by you.

 

So currently on the 240 we had a downside break of the larger 240 consolidation, so bias was down, we were looking to sell the rallies in a downtrend yesterday and price has now made a deep retracement back up passed the last chance fib, an overnight Asian session range has developed near the high of the previous days high/low range. ATR looks good so we still have potential for the day. A break of the upside would coincide with a 240BC long side confirmation and so we would be looking for Break out pullback setup. If it breaks to the downside then 240BC change is not confirmed and we are looking to sell the rallies in a downtrend. Break out pullback set up.

 

I get a bit confused at this point with the new ranging addition though as if we look at the 240 with hindsight one could interpret the 240 earlier downside break as a FBR which would imply we are back in the range and near the 50 zone so would be looking to avoid any trades at all.

 

What do you think?

 

Cheers

Ross