Life is a journey... So is trading.
Adr, psych levels, demand & supply trading 14 replies
Standard Pivots and Fibonnaci Pivots? 9 replies
EUR/USD 5min - Trendlines and Pivots 379 replies
Important psych levels 1 reply
Too many drawn Trendlines all same look: how to draw Trendlines with different look? 2 replies
DislikedSwiss spiked down to its R1 at 1.1380 and bounced back up, so the Pound spiked down to new lows, but the Euro didnt, holding at its 50% retrace. On the 15m chart, the Pound's spike down was with a long tailed green spinning top on high volume - so there was some good buying keeping the price up.
With no news due out I'm thinking that we'll probably chop in the 7500 to 7600 range, waiting to see what the NY traders do.....so far the Dollar has rallied 200 pips since confirmation of the bailout on Friday afternoon and is back at its highs - the 1.1420 level - if this dollar rally continues it will weaken the Pound and Euro....Ignored
DislikedI wanted to enter by the break of the blue TL and below the little correction, but because of the 7550 I didn't . May be I have to enter, if that is the second try to break (this morning was the first). Any advice?Ignored
DislikedHi guys.
I'm late in this morning due to other commitments, but I see there's been quite a bit of activity. I managed to grab this fib opportunity after seeing two sets of tweezer bottoms. I guess I should have stayed in, but not to worry.......it's still a nice trade.Ignored
DislikedNice one EV! How are you doing? I hope you had a nice weekend. Just got back to my screen. This could have been a nice fib trade. Another tweezer bottom at work. Price made a deep retracement. Then price moved up after the tweezer bottom up to psyche level-1.7600.Ignored
DislikedHappy - trying to trade off the 1 min chart is VERY difficult and does need plenty of practice as you have to make your decisions fast.
Here we'd already seen the quick - 13 candles - 50 pip drop from just above the 600 level, followed by the slow grind back up - 59 candles - to the long green candle into the spinng top that failed at the 600 level.
I'm also having input from the dollars action via the Swissy continuing to rally after bouncing off its R1 level, thus indicating downwards pressure on the Pound.
So after the next candle - a red one, confirming no follow through after the long green - there was the opportunity to take a Sell with a tight stop of 20 pips risk....better IMO than waiting for a break of the green TL 12 pips lower...
For me, it was the combination of all of the above that gave a low risk signal....Ignored
DislikedLooks like cable is contracting before NY open. Setting up for a strong move? Let's see what NY session brings. What do you think guys?Ignored
DislikedPrice has also crossed and closed above the psyche level-1.7600. And still rising.Ignored
DislikedI couldn't take the GBP up because I haven't setup, but I took this one, and I like itIgnored
Disliked.. Excellent and quick analysis Happy! That 23.6% retracement supported by the TL break was a good entry.
Edit: If I'm not mistaken, you have a confluence of the 23.6% retracement and psyche level-1.7600.Ignored