Disliked{quote} Fair enough but in this case the 1.4130 area was supported every day from 24th, any moves below quickly rejected. So a solid system signal in such an area is very nice.Ignored
So are you suggesting to use these system entries around higher timeframe levels??? I agree with that philosophy also it is comfirmation that the level is holding and the traders are supporting that level , its a very low risk entry if you're right and costs little if you're wrong and in fact if 100lwma doesn't turn up then the levels got no chance of surviving has it???
I've got an automated version of what I do here which I have always thought could be used as an entry system at higher timeframe levels. \Basically lets say in the example above you like the look of 1.4130 level then whenever price comes down to it drop this EA on and if price turns your way and the 100lwma turns up it takes 2 entries for you and moves to BE asap then if you're right and they hold you're away if however you were wrong and price goes straight through so the 100lwma doesn't turn up , no harm done no entries taken. If it turns up and down again maybe you lose 10 pips???
It can be set on 5 min 100lwma too if you want a more confirmed signal. Very often if you use the 5 min version the 100lwma doesn't ven turn up unless theres good support for your level.
Just a thought, maybe we should work together on that idea as I'm not really a higher timeframe man, you tell me the levels you fancy at start of day and I'll drop the EA on to see what happens. If it works we can use it going forwards, what do you reckon???
Feel the Fear and do it anyway!!!