DislikedSeattlerust, would you mind showing an example of a trade base on this?Ignored
How about this one? Aussie on the daily chart. Go long at D.
SR
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DislikedSeattlerust, would you mind showing an example of a trade base on this?Ignored
DislikedGot stopped out at +2. But that was a nice trade anyway. 78.6? I use 76.4... I wasn't aware that 78.6 is a fib level
Update: Ah, you prolly made a typo. I have 76.4 at 1.2896 so that's prolly what you meantIgnored
DislikedIs anyone watching 1.2740 - 1.2765 and 1.3000 - 1.3015 levels on USDCAD ? They look like pretty strong levels, but I am actually looking for breakouts, as there have been lots of bounces on them, so I was thinking of buying those two on re-tests.Ignored
DislikedI think you'd be unlikely to see a breakout north on this chart right now.Ignored
DislikedOn that chart I think we may break south in the next few days to retest 1.2368Ignored
DislikedSeapip,
How about this one? Aussie on the daily chart. Go long at D.
SRIgnored
DislikedI would keep an eye on commodities if you're watching the USDCAD and bear in mind that fridays can be kind of whacky trading days.
I've slowly been adding pairs to trade as I've moved onto trading the European open recently (as opposed to just trading the Asian session, too few good opportunities), and the USDCAD is one I haven't started trading again yet but am getting ready to.
The 1.2530 area has been hit three times in the past three days, so you've got nice support there on the H1, H4, and daily charts.Ignored
DislikedYes, oil is a good thing to watch when trading the USDCAD. The Bank of Canada cut rates this week too, but they were in line with expectations.
As for retesting S/R on a breakout, multiple timeframes can be used. For example on the EURUSD break this morning, the retest occurred on all bars < 4H. So you could've waited for the H1 bar to close and the next one to retest, or you could've traded the 30M bar, or 15, 5, etc.
The biggest problem about waiting for a retest is that if the move is strong enough, there's a good chance you won't get a...Ignored
DislikedI traded mostly breakouts until I came to this thread. I personally love trading a good one because the moves can be so impulsive and quick, but I've found them to be better used as just another tool in the kit now combined with fading S/R.
For example, on the EURUSD last night I had 1.3092 marked up (a daily level). Had price reached this level, I would've gone short, fading the resistance because my bias is downside. It never did though, so the next trade setup I had marked up was 1.2965 which I went short on the break of. I had a target of...Ignored
DislikedThis is day 3 since I've been trying to use BRV's method and I have made no trades. Am I too picky? What levels do you guys pick? Do you just use H1 or greater, or you look at the M15 chart too?
ThanksIgnored
DislikedIf its too boring, check the past couple of days on the 15 minute chart for support resistance. and see how they work out. Good for scalping 10, 15 20 pips. I've been doing that, works pretty well. And actually, BRV also has a bucket method on 15min/5min.
I only check 2 days for 15 min because Im not sure how older s/r would work on small time frames. But I also use s/r of larger timeframesIgnored
DislikedI traded mostly breakouts until I came to this thread. I personally love trading a good one because the moves can be so impulsive and quick, but I've found them to be better used as just another tool in the kit now combined with fading S/R.
For example, on the EURUSD last night I had 1.3092 marked up (a daily level). Had price reached this level, I would've gone short, fading the resistance because my bias is downside. It never did though, so the next trade setup I had marked up was 1.2965 which I went short on the break of. I had a target of...Ignored
DislikedHow do you know a level is truly broken? I dont have confidence in taking breakouts so I only take bounces in the opposite direction.Ignored