Life is a journey... So is trading.
Adr, psych levels, demand & supply trading 14 replies
Standard Pivots and Fibonnaci Pivots? 9 replies
EUR/USD 5min - Trendlines and Pivots 379 replies
Important psych levels 1 reply
Too many drawn Trendlines all same look: how to draw Trendlines with different look? 2 replies
DislikedGood question, mate, and once again, we enter the realms of "trader discretion". My PivotPoint is at 1.4371, the 38.2% fib is at 1.4364, and, of course, the psych-line is at 1.4350, all forming a confluence 21 pips wide. Folks wiser than me would probably disagree, but IMO, you could place your BL at any one of those lines, then sit back and keep your fingers crossed. What can I say, Ed? It all depends on how you gauge the strength of each line, and every trader will have a different opinion. If the lines were just a few pips apart, forming a really tight confluence, then there wouldn't be a problem, but in this case, 21 pips is just too wide a zone to make a logical choice. The best you can do in a case like this is to make an "educated guess", and that's just not a good method to base one's trades on, as far as I'm concerned.
My opinion only, mate.Ignored
DislikedIf anyone out there wants to learn more regarding Chart Patterns, have a look here:
http://www.chartpatterns.com/
It concentrates more on Stocks and Commodities, but the principles are just the same.
Happy trading!Ignored
DislikedA possible 61.8% retracement of a short term down trend continuation? Let's see what PA shows.Ignored
DislikedDoesn't look like a 61.8% retracement anymore. Price has crossed the previous lower swing high already. It it were a 61.8% retracement, my target would have been 100% expansion.Ignored
Disliked.. Missed the move too EV. Looking at it now, we could say that there was a 76.4% retracement at the lower swing high. A good entry would have been after price crossed the first tweezer bottom. Then it seemed that the bulls were losing interest showed when price respects the descending trend line. Which seems to form a descending triangle. A good entry would be at the break of the 2nd tweezer bottom. Then we could say that this could be a recross of the confluence of MR1-1.8590 and psyche level-1.8600. A good entry would be after price crossed below MR1.
.. Hindsight is trully 20/20.Ignored