Trading Levels with WRBs
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DislikedNotice how the simple-minded strategy of simply buying at the open, i.e. 7am, and then hold would have given you a drawdown of 5-6 pips in both babies. No need to analyse the charts beyond "it's an up day".
Which makes me think of a former bank trader I met this week, who said that more important than analysing charts is to have a good information network, i.e. letting your mates tell where the orders are placed rather than trying to figure it out looking at charts...An easy life, eh?Ignored
DislikedI bought after the HL and bounce off the 5m 30 ema...now tight stop in case the earlier high holds....Ignored
Dislikedthis is definitely true, however the hard question is, how do you build this network if you're just a retail trader?Ignored
DislikedThe pull back from the mid Frankies Hour high stopped at the earlier highs ~6242, also the 50% retrace of the FH rally......as LO didnt sell off, it was rude not to buy.....Ignored
Dislikedthis is definitely true, however the hard question is, how do you build this network if you're just a retail trader?Ignored
DislikedThe pull back from the mid Frankies Hour high stopped at the earlier highs ~6242, also the 50% retrace of the FH rally......as LO didnt sell off, it was rude not to buy.....Ignored
DislikedThe next target is the R1 / 6300 area and I'll trail a stop behind the fast EMA....Ignored
DislikedAnd we wouldn't be rude would we. I took that one too. A classic 8am entry. Right after 8am, usually there's a move to pick up orders - this time around 6242.Ignored
DislikedYou take the tube to the City or Canary Wharf and buy somebody a pint, and failing that you don't. Still, these levels can - as far as the open is concerned - usually be easily figured out from confluence of price and time around certain hours, and that's what we are trying to do in this thread.
This morning 4117 was an easy one in the Euro, and cable had a breakout which will almost always be pushed back to the range it broke out of before take-off. Then by being alert at 7am you can pinpoint them with good accuracy.Ignored
DislikedAha !! Finally I have taken the same trade as you guys before I read about it hereIgnored
DislikedClosed by the stop......this is always a dilemma.....close as soon as price stalls, here after the 8:24 moderate sized harami, or put in a stop and allow the action to decide.....the difference here was ~10 pips.....more "work in progress"Ignored
DislikedFYI, for me, the "heads up" that price would probably pull back after that candle was the fact that the dollar - aka Swissy - was strengthening and thus not helping cable's move.....this time I decided to let the trailed stop work....Ignored