Saturday, October 4, 2008
Just wanted to make another submission. I see slingshots occur on every timeframe including the daily. Targets and stops still apply the same way. I haven't really talked about stops. It's really subjective, I place my stops above or below the pivot swing (i.e. retracement). Enjoy!!!
I have been extremely busy over the last several weeks as you can see from a lack of posts. My only trade that I took this week was a short on the NZD/USD 60 minute chart. It was a slingshot trade that I waited for. As you can see momentum was weighted towards the downside with a close below .6670 area and weekly pivot. The pair then retested the area and gave me my slingshot trade. Slingshot trades occur when a confluence of s/r, fibs, pivots, etc. cluster together. A confluence of events (COE) if you will. As you can see from my entry, price came back to retest an established cluster zone. A bearish candle printed and as you can see from my momentum indicator was "cheering" the trade on. Some people like to call it confirmation, but how many things need to line up before you press the darn button? LOL!!!! I have included another trade for your viewing pleasure. Unfortunately I missed this one. Ugghh!!!!!