Syedks,
The EURJPY daily indicated to only take long positions. The 1 hour chart gave the signal on a large range bar. Based on Harold's comments, i recall him or someone saying that when this occurs we need to be careful. This would have been the only indication to not take this long to avoid the loss.
The short was observed prior to the long entry per your pic. This could be a good thing for a long postion as it may have been a pullback. to buy after a period of buying is not as wise as buying after a period of selling. That is what the 1 hour chart with the stoch cycle creates for us. that is my interpretation. do others agree?
I will conitue to watch and see at what approximete range (in same direction as trade direction) of the closed bar that provides the signal to enter that would result in a loss. For example, if a bar is 50 or 65pip (open to close) range and majority of the time that trade produces a looser. Then i may add that as a criteria for entry. Anyone have any input or experience on how big of a range is too large when entering on the next bar. Sure it will very from pair to pair too.
All in all Syedks, your picture does have value showing how to read a trade set up for a long entry while being conservative. I'm always learning.....
Trader4life
The EURJPY daily indicated to only take long positions. The 1 hour chart gave the signal on a large range bar. Based on Harold's comments, i recall him or someone saying that when this occurs we need to be careful. This would have been the only indication to not take this long to avoid the loss.
The short was observed prior to the long entry per your pic. This could be a good thing for a long postion as it may have been a pullback. to buy after a period of buying is not as wise as buying after a period of selling. That is what the 1 hour chart with the stoch cycle creates for us. that is my interpretation. do others agree?
I will conitue to watch and see at what approximete range (in same direction as trade direction) of the closed bar that provides the signal to enter that would result in a loss. For example, if a bar is 50 or 65pip (open to close) range and majority of the time that trade produces a looser. Then i may add that as a criteria for entry. Anyone have any input or experience on how big of a range is too large when entering on the next bar. Sure it will very from pair to pair too.
All in all Syedks, your picture does have value showing how to read a trade set up for a long entry while being conservative. I'm always learning.....
Trader4life