Hi Tom,
I just want to make sure of choosing the RIGHT level. Maybe it will helpful to others as well.
I have attached USDCAD and marked two levels on it.
Orange (0.9820) is taken rather from D1 - it has more touches on this timeframe.
Green (0.9794) is derived from H1, it has multiple touches from the inverse side but it is not so clear on D1.
I have chosen the latter because of immediate, multiple inverse touches plus possible bottom of the bucket pattern. Apart from that I think to myself that it is better to place bid on level, which is further from the price.(Provided that two levels are of more or less the same importance)
If I am wrong (I'm bidding green line)and the price will bounce from the first, I won't take simply any position but If I wanted to place bid on orange level and the price would bounce from green line I would have to take loss.
I hope I made myself clear
Is the green level better to place bid in your opinion?
Cheers,
Christopher
I just want to make sure of choosing the RIGHT level. Maybe it will helpful to others as well.
I have attached USDCAD and marked two levels on it.
Orange (0.9820) is taken rather from D1 - it has more touches on this timeframe.
Green (0.9794) is derived from H1, it has multiple touches from the inverse side but it is not so clear on D1.
I have chosen the latter because of immediate, multiple inverse touches plus possible bottom of the bucket pattern. Apart from that I think to myself that it is better to place bid on level, which is further from the price.(Provided that two levels are of more or less the same importance)
If I am wrong (I'm bidding green line)and the price will bounce from the first, I won't take simply any position but If I wanted to place bid on orange level and the price would bounce from green line I would have to take loss.
I hope I made myself clear
Is the green level better to place bid in your opinion?
Cheers,
Christopher
Trade what you see, not what you expect. BE LIKE WATER MY FRIEND.