Something more about UJ, this is the scenario we could expect...
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DislikedEURUSD Up next, Fiber. Now Fiber is setting up higher highs/higher lows. We have a MS shift with our LT low @ 1.0340-60 roughly as shown by the arrows. What followed was a failure to go higher high just yet, but after price retraced down and formed a higher low, the next wave up took the high. Pullback ensued, another higher low and up to a higher high. Now I was expecting this gap to fill before more upside, but french elections drove EU high and fast, reaching 1.1014 - our Fib level. Apart from that, nothing is holding it; our previous support-turned-resistance...Ignored
DislikedUSDCAD Cad is a pair I reaaaally like due to its dynamics and respect of technical levels in intraday trade. Now something to keep in mind is that CAD is very related to Oil prices... Which have been in a decline for the past month (attached below is a US oil chart for you to see). This brought cad down relative the US dollar, leaving a lot of liquidity void to be filled in the upcoming trading weeks. What's more, Oil is now moving up. We have a couple of resistance-turned-support levels, the first one holding at 1.3570; followed by 1.3500; followed...Ignored
DislikedHi WDays I like your thread. Just finished reading most of it. Could you clarify how you normally enter a trade. Do place a pending order (e.g. for a long a Buy limit or a Buy Stop)? Or, do you use instant execution?Ignored
Disliked{quote} Hey, well I use both to be honest. Since this strategy implies we'd be waiting for price to reach certain levels, pending orders are great. Just make sure you account for spread when buying. Instant execution will generally give you a not so great price.Ignored
Disliked{quote} Thanks for the fast response. I am still having difficulty in deciding on a directional bias. On a daily chart (of for example USDX) one could observe, say, a down trend. However, 30% of the days will still be counter trend. Does this mean that one should actually reassess the trend on a lower timeframe and take positions in that reassessed direction knowing that they are counter trend?Ignored
Disliked{quote} Hi carling. I think finding a reliable way to assess a directional bias is one of the hardest things to get right. It really depends on the time-frame you are working from. IMO, looking at the Daily and working (entering) on the 30 min is useless. For me, the highest you should go up is a factor of one, if you will. So looking at 30 min, go to H1. For H1, look at H4 etc. A variant on this is the Three Ducks approach, where you look first at, for instance, the Daily and where price is in relation to an ema, then drop to the H4 and do the...Ignored
Disliked{quote} I beg to differ. The whole premise for us to look at Daily as our bias-maker is that sustainable trends are seen there. If you read the thread thoroughly, you will understand what I mean. We look for key elements on a D1 chart, before dropping down to our intraday chart (m15 or m5 for me) with an expectation price is supposed to do something. We position ourselves in certain timeframes throughout the day - mostly along with market opens. If you were to look at the hourly while trading m5, you'd just see it a little bit more smoothed. What's...Ignored
Disliked{quote} Oh yeah, I have no problems understanding this. It serves me right for thread-surfing while bored and sticking my nose in on a whim, lol. Sorry, about that - feel free to delete the post if you feel it just confuses the issue. I think my own methods differ so much from yours here that it's a bit apples-and-oranges. As such, both ways work. Mine for me and yours for you. ''What's more, I already explained how market movers and market makers use D1 and higher for their trading '' Yes, you did and as an ex-Prop Trader, I get that just...Ignored