Trend is down. Mark's signal is not out yet, but I would rather look for a short in the area of 4120 / 4150 / 4175. It has pierced the support of July 2011 and at this stage in heavy oversold conditions. On the other hand if one look at the daily chart - there is still plenty of room to 3836.
I be watching the M15/30 Stoch to get in overbought condition. To my mind it's got to retrace a bit for a good probality short trade.
I had to pay a visit to the dentist so I missed a good entry on the short (missed out on at least 40 pips)
short at 4186 sl 20 pips targets 4099 pivot and 4055
closed the trade at 4041 for 145+ as it reached the support of H4
my trading platform is IBFX one click. I was under the impression that one can modify the trade as I would have liked to change the sl to b/e. I soon discovered that it can't be done and after a chat with IBFX they too realized that it's a fault in their program. I would have liked to stay in the market for 2/3 days as this trade provided enough fat to do it, but with the fixed sl this was out of the q?. So until they've confirmed the change I'll trade the old way.
The priced reached the support of 4037 and I will wait for another retracement before going short again
I waited a bit