In trading, you have to be defensive and aggressive at the same time
- #39,785
- Oct 19, 2021 8:38am Oct 19, 2021 8:38am
- Joined Aug 2017 | Status: Trader | 1,609 Posts
USDJPY looks nice for shorts. Its in space!
Have to agree that all JPY pairs are well overdue a decent retrace and UJ looks prime
Weekly Chart
- #39,786
- Oct 19, 2021 10:04am Oct 19, 2021 10:04am
- Joined Feb 2012 | Status: Trader | 21,377 Posts
In trading, you have to be defensive and aggressive at the same time
- #39,787
- Oct 19, 2021 10:12am Oct 19, 2021 10:12am
- Joined Aug 2017 | Status: The Weekly Pivot is the only verdic | 1,088 Posts | Online Now
We obey the structure that results from the market's reaction
- #39,789
- Oct 19, 2021 11:11am Oct 19, 2021 11:11am
- Joined Aug 2017 | Status: Trader | 1,609 Posts
Glad I held back bulk of my lots on EN this sick poppy dropped way deeper then I anticipated. Just waiting now.
I got caught on EA, EN stopped out yesterday and now waiting for re-entry on both
Davit next time dont tell me about the nutter talking about me
Red rag to a bull
- #39,790
- Oct 19, 2021 11:32am Oct 19, 2021 11:32am
as davit said, every strategy has its advantages and works, but there are phases when it just doesn't work. at the moment it is like that. you have to reckon with it and withdraw, i have also had losses for some time, i am careful now, jpy falls and falls, as well as other couples, there is currently no correction, you have to be patient
I took some losses too on EC last week and gave back some profits.
This currently market conditions don't suits my trading style, so I am on sidelines for now, just trading EG because of the low ADR and it is a pair more "predictable".
"In the end you only trade yourself."
- #39,792
- Edited 5:20pm Oct 19, 2021 2:04pm | Edited 5:20pm
- Joined Oct 2013 | Status: Trader | 3,656 Posts
{quote} Hi Tony As Don said above but also, i always look at higher timeframes h4 and above for PA, also USD has basically stalled across the board Loook at my H4 EU chart below as well compined with price movement on M15 i thought it was a good choice The thing is , is to always keep post 1 of this thread in your head as the main entries are catching a retracement from a move aroung 61 and 78 areas confirmed with fundamentals and PA, so yes everything is down and an opportunity is there for a trade {image}
I greatly appreciate it, I believed i had replied to this message earlier thanking you but i think the message didnt go through. Thank you again, i am learning to be a better trader and i appreciate your help in making that happen.
Trading is about earning money while preserving capital.
- #39,796
- Oct 20, 2021 12:42pm Oct 20, 2021 12:42pm
- Joined Nov 2009 | Status: You are what you is | 1,962 Posts | Online Now
as davit said, every strategy has its advantages and works, but there are phases when it just doesn't work. at the moment it is like that. you have to reckon with it and withdraw, i have also had losses for some time, i am careful now, jpy falls and falls, as well as other couples, there is currently no correction, you have to be patient
And now it's one of those periods, especially with respect to Japanese Yen, with commodity currencies like CAD and NZD outperforming the market.
I remember well the first weeks of March 2020 when I was trading successfully this weekly fib pivot system up to a point in which I was caught badly in some trades, particularly remember an EA short when this pair spiked up to 1.98.
Long story short I lost a lot of money passing from a 27K+ account balance to something more than 7K.
The good part is that most of that money, actually more than 12K, came from profits trading Davit's strategy.
Of course it's 100% my responsibility, since I was over exposed and fallen in the wrong mind trick "It has gone so much up now it has to come down", that of course exists only in your mind.
Happy to see many fellow traders here are successful mantaining a better and safer risk control, however beware because current market condition is one of this moments, very strong trends and not mean reverting.
Best regards and Green Pips,
Bubincka
Porta itineris dicitur longissima esse
- #39,797
- Oct 20, 2021 2:04pm Oct 20, 2021 2:04pm
I think EURAUD will go up from now, look at the monthly chart trendline support.
AUDUSD is also very close to a ABCD top in the daily chart.
AUDJPY for example at the other side will most probably go then down and maybe also other currencys which have JPY.
USDJPY also have reach some long termn resistance levels and shows also some technical zone for resistance in bigger timeframes.
USDCAD is also showing support from current price and i see a maximum of 100 pips more down for USDCAD or maybe they move it directly up without another down move. This also often happen that price turns just a few pips before a pivot point or other levels.
I also see that GBPUSD is reaching in the weekly chart a stronger resistance trendline, it did break out to downside first and now he is restest that breakout and i think that means GBP will go down after this retest, the retest levels is just few pips above the yesterday high, that also can mean that EURGBP have chance to go up.
in generaly the markets are following often the same patterns but there is also often this "few pips before" fake game, so the market is often also trying to make fake moves, this fake moves can also mean that market start strong retracements before everywhere levels have been reach at which most people look, but overall on some charts i see already strong levels have been reach against this current strong trends.
So hopefully we get soon some retracements from this hard trends.
AUDUSD is also very close to a ABCD top in the daily chart.
AUDJPY for example at the other side will most probably go then down and maybe also other currencys which have JPY.
USDJPY also have reach some long termn resistance levels and shows also some technical zone for resistance in bigger timeframes.
USDCAD is also showing support from current price and i see a maximum of 100 pips more down for USDCAD or maybe they move it directly up without another down move. This also often happen that price turns just a few pips before a pivot point or other levels.
I also see that GBPUSD is reaching in the weekly chart a stronger resistance trendline, it did break out to downside first and now he is restest that breakout and i think that means GBP will go down after this retest, the retest levels is just few pips above the yesterday high, that also can mean that EURGBP have chance to go up.
in generaly the markets are following often the same patterns but there is also often this "few pips before" fake game, so the market is often also trying to make fake moves, this fake moves can also mean that market start strong retracements before everywhere levels have been reach at which most people look, but overall on some charts i see already strong levels have been reach against this current strong trends.
So hopefully we get soon some retracements from this hard trends.
I think EURAUD will go up from now, look at the monthly chart trendline support. AUDUSD is also very close to a ABCD top in the daily chart. AUDJPY for example at the other side will most probably go then down and maybe also other currencys which have JPY. USDJPY also have reach some long termn resistance levels and shows also some technical zone for resistance in bigger timeframes. USDCAD is also showing support from current price and i see a maximum of 100 pips more down for USDCAD or maybe they move it directly up without another down move. This...
