6-6-2012 Wednesday - Henry

Wednesday 6/5/2012 21:53
G/U

H2 Chart
Sequence trend: Down
H2 Gold: Up
H2 DMI: Up
H2 range between inner bands: Upper -1.5410 Lower - 1.5327 (83 pips)
H2 TI trend: Down, but looks like it is about to cross Ema for the up
2 hour Romar / Simple spread: Simple - 1.5513 Romar - 1.5405 (108 pips)

H1 CHART
Sequence trend: Down, but Romar appears to be crossing EMA soon to put us into consolidation
H2 Gold: Up
H2 DMI: Up
H2 range between inner bands: Upper -1.5396 Lower - 1.5350 (46 pips)
H2 TI trend: Up

We are still in consolidation on the H2 between TI and Romar. The Romar crossing of Ema on the H1 is showing again after crossing back over in the early session. There has been a hit and spike through the H1 100 simple.

1. Long with an open candle above H2 Romar. This will also correspond with an open candle above H1 Simple and a crossing of the H1 Romar. H2 TI should also show the Ema cross. Target to H2 Simple.
2. Short on a hit to H2 Romar with the H2 TI and H1 Romar failing to cross.

EDIT-

Took the long entry as stated in the plan for +30, but it gave up 80+ pips. The short entry was a hit off the original target of H2 Simple on 6:00 candle, which we all observed but hesitated on and missed.

I had placed a subsequent Sell limit order at 1.5495 in anticipation of a retrace hit to H2 Simple. I cancelled this order due to the Gold crossing and PSAR flip on the H1 to take the Gold trend out of sync. The H2 is now confirming the slider. Following are the entries I see:

1. Long on open candle above H2 100 Simple / H1 200 Simple.
2. Short on re-sync of gold trend for down.

Time- 16:00
Long GU @ 1.5504 on H2 candle open above H2 Simple according to plan.

H1 Gold cross and PSAR flip for the trend reversal, and H2 showing Gold slider with possibility of coming back into trend. H2 Simple has now crossed LR. This may be an early entry as a Simple / Ema cross would have put the sequence trend in full uptrend. Looking for a breakout of the tight wedge formed by H2 Ema / Simple. I am using a 40 pip stop to be protected by both Ema's.