ITB - Seeing Orderliness amongst 'Randomness'
Price reaction to major S/R /TLs and entering on LTFs
GBPNZD
No bias.. Hard or early to tell.
In Weekly,
Price is bouncing down from a falling trend line and may test previous Support (Rectangle A).
In daily,
Price fell with a bearish divergence. A break south this neckline (current support) will officially give it the name a proper divergence.
The question is would we have some bullishness temporarily at least at this Daily support? Also, there is a falling trendline very close to the price that is clearer in H4.
In H4,
we see this aforementioned falling Trendline.
In short, although we may bounce from this daily support and may break up the H4 Resistance, the image is not clear for whether it will yield enough pip movement or not.
No bias.. Hard or early to tell.
In Weekly,
Price is bouncing down from a falling trend line and may test previous Support (Rectangle A).
In daily,
Price fell with a bearish divergence. A break south this neckline (current support) will officially give it the name a proper divergence.
The question is would we have some bullishness temporarily at least at this Daily support? Also, there is a falling trendline very close to the price that is clearer in H4.
In H4,
we see this aforementioned falling Trendline.
In short, although we may bounce from this daily support and may break up the H4 Resistance, the image is not clear for whether it will yield enough pip movement or not.
- #206
- Nov 19, 2020 4:48am Nov 19, 2020 4:48am
- Joined Jun 2010 | Status: Trader | 16,699 Posts
ITB - Seeing Orderliness amongst 'Randomness'
- #208
- Nov 23, 2020 1:28am Nov 23, 2020 1:28am
- Joined Jun 2010 | Status: Trader | 16,699 Posts
ITB - Seeing Orderliness amongst 'Randomness'
Quick summary for my trades USDCHF Long: Hit my stop loss at about 35 pips in loss {image} CHFJPY Long: hit my target profit at about 45 pips in profit {image} NZDJPY Long: currently at 25 pips floating profit. {image}
NZDJPY: Long closed the trade at about 55 pips in profit.
Renko gave me a better entry compared to to time charts
CADCHF
Went Long : Continuation to the uptrend.
Daily Chart:
And then went to Renko Boxes:
40 Pip
20Pip
10 Pip
I entered in this Renko box size of 10 pips before the price had retraced back. I was thinking of the stop loss as ideally it should be placed under the PA formation but this means the target level would increase. Anyway, I decided to leave it there as it is still not relatively too close to the breakout.
Went Long : Continuation to the uptrend.
Daily Chart:
And then went to Renko Boxes:
40 Pip
20Pip
10 Pip
I entered in this Renko box size of 10 pips before the price had retraced back. I was thinking of the stop loss as ideally it should be placed under the PA formation but this means the target level would increase. Anyway, I decided to leave it there as it is still not relatively too close to the breakout.
