Price bounced up pretty good from .6875 this time. Looks like the range is narrowing and getting choppy. I'll probably be sitting out for a bit now until things clear up.
- Joined Sep 2013 | Status: Trader | 22,465 Posts
{quote} Hi Aussi, to answer your question...I rarely trade a Sunday gap. Usually don't trades Sunday's in general. Right now I'd like to short after the huge run up in price...but after 4 straight bullish daily candles, I don't want to be on the wrong side of a trade...I can see price possibly going up to .7080-7100 tonight/tomorrow. So I'll just call it a week. Have a good weekend all! P.s. Any feed back on my first week of posts? Is this thread useful or pointless so far?
your thread is just great mate keep it going , more traders will come on in time I am a fan of this thread
thank you for reply I now see why you don't play the gap , here at 8am mondays Brisbane time I just love the open some times I get it some times I don't on monthly chart it had 3 green candles then a retrace red candle which went to a new low I'm just waiting now on the aud to see where it goes my zar and try fell nicely for me keeping me fed for a while people leave, but this thread will go on for ever
- Joined Sep 2013 | Status: Trader | 22,465 Posts
absolutely useful PA please keep it coming my opinion hasn't changed, nice to to see Aussi on here too
people leave, but this thread will go on for ever
This is my first ever post with a pic attachment so I'm experimenting a bit to find what works. Wanted to be useful and contribute my 2 cents as well rather than merely being a taker. I am primarily a PA/Confluence trader, on a live account, for years now. Trading is all I do for a living. I use Supply and Demand, Support & Resistance, and Fibs as my primary tools. Looking for confluence levels. The MA lines on the above chart are a visual reference only. I do not actually use them for making a decision to trade as they're typically late/early and often wrong.
On D1, Price pierced the 38 Fib and then closed below both the 38 and it's open price. Also notice that the 38 fib aligns with a previous (recent) market pause creating a point of extra resistance. While anything can happen, my own bias is now continued bearish and I'm looking to the lower time frames for confirmation. Price could also attempt a spike to the 50% to 61 Fib zone (which happens to align with a S&R level) before negative continuation so my caution flags are on... as always. As a rule, I close all my trades on Friday, so I'm looking to reopen short.
- Joined Jun 2013 | Status: Trader | 2,946 Posts
{quote} This definitely looks like a good strategy. Just your last few posts has really been an eye opener for me. From what I can see that your risk return is roughly 2:1 and your success rate is definitely more than 50%. In your experience how much percent return can you expect for the month on average?
PapaMack, thank you for posting. I don't follow fibs too much, but after nearly 5 straight bullish days last week...we could get a bit of a retracement. Just have to wait and see what the markets wants to do.
Cheers!
- Joined Jun 2013 | Status: Trader | 2,946 Posts
I understand
For the most part, I have started not paying attention to the news. The things you want to watch out for are the Major News releases like Non-Farm Payrolls, Interest rate decisions, Job numbers in Australia, etc... Pretty much if it's Red on ForexFactory, use caution and maybe not trade an hour before/after that news. If it's yellow or orange you should be ok most of the time. However, sometimes the Market Makers use the news to spike prices for no real reason. The main thing is if you have a good entry, the news shouldn't be a problem.
