Hi Pharley.
Thanks for your graphs with explanations.
In your GBP/AUD (1hr graph) It shows the first trade as a sell trade. I can see how you got your minor support, but a bit confused with the sma 50 being in a steep upwards slope, and price is above it.
The second trade also a sell I think I understand it as price at minor support, price below the sma 50 and sloping down, price breaks through support and sell on the retest.
not sure about the third trade which is a buy. price is below the sma and pointing down, the bar before the buy trade opened below, but closed above minor support. Was the buy trade taken at the bottom of the bar where the arrow is or was a buy placed above the support line as the bar opened above support but closed below ?
The fourth, fifth, and sixth trades are all buy. The sma 50 is pointing up, price is above. The buy arrows are all under minor resistance which would be the wicks on a candle chart. Do we wait for price to move above the resistance line before placing a buy or a pending order?
Seventh and eighth trade both buy trades with the sma 50 pointing up and price above, also resistance has turned to support. Would you buy just above the price where the seventh buy trade opened or where the arrow shows ? Same question for the eighth bar but this one opened higher than the seventh buy trade and lower than the previous bar.
The ninth trade opened just above minor resistance would we buy this there or give it time to see if minor resistance turns to support.
Sorry about all the questions, I don't know how to post charts yet but I will have a go later.
Regards
Kevin
Thanks for your graphs with explanations.
In your GBP/AUD (1hr graph) It shows the first trade as a sell trade. I can see how you got your minor support, but a bit confused with the sma 50 being in a steep upwards slope, and price is above it.
The second trade also a sell I think I understand it as price at minor support, price below the sma 50 and sloping down, price breaks through support and sell on the retest.
not sure about the third trade which is a buy. price is below the sma and pointing down, the bar before the buy trade opened below, but closed above minor support. Was the buy trade taken at the bottom of the bar where the arrow is or was a buy placed above the support line as the bar opened above support but closed below ?
The fourth, fifth, and sixth trades are all buy. The sma 50 is pointing up, price is above. The buy arrows are all under minor resistance which would be the wicks on a candle chart. Do we wait for price to move above the resistance line before placing a buy or a pending order?
Seventh and eighth trade both buy trades with the sma 50 pointing up and price above, also resistance has turned to support. Would you buy just above the price where the seventh buy trade opened or where the arrow shows ? Same question for the eighth bar but this one opened higher than the seventh buy trade and lower than the previous bar.
The ninth trade opened just above minor resistance would we buy this there or give it time to see if minor resistance turns to support.
Sorry about all the questions, I don't know how to post charts yet but I will have a go later.
Regards
Kevin