missed the trade, but wanted to show this beautiful Double top setup.
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Dislikedmissed the trade, but wanted to show this beautiful Double top setup. {image}Ignored
DislikedNIFTY 50 1 mn Centered Moving Averages 16 (red) , 32 (blue) , 128 (ocre) What do you see ? {image}Ignored
Disliked{quote} All i see is that envelope 32 and 128 crashed against the bigger envelope and price came down. This could sound stupid but honestly thats all i seeIgnored
DislikedI understand the dashed brown lines but where do the black dashed lines come from?Ignored
Disliked{quote} In MT4 and MT5 these are called SMA (Simple Moving Average). Regarding the extension, algorithmically it is drawn by continuing the slope where the SMA line left off. On my indicators and @parisboy's charts, the portion of the SMA that represents the extension has dots.Ignored
DislikedAgain thanks to robots4me and Parisboy. I am successfully trading gold. Performance of this week. {image}Ignored
Disliked{quote} Do you mind if I ask how you are trading profitably?? ThanksIgnored
Disliked{quote} Yes so far I am doing good but my trading strategy is not recommended. I use three systems for trading. 1) Trading Focal Points 2) Billy and Jim TMA band 3) Supply and demand. I trade against the trend by adding positions. So without proper knowledge and experience , I won’t recommend. Trading focal point gave me idea of market so my analysis is totally based on this system and TMA bands for entry and exits. I am trading successfully for only last three months so this period is not good enough to have experience but I have some previous...Ignored
Disliked{quote} What is your strategy for trading focal points? I have been reading parisboy posts for awhile now but havent yet found a strategy to trade with. thanksIgnored
My way of trading is not recommended because I trade against trend.
Initially I use Resistance and support levels with limit orders. If price break R3 or S3 level then I add 7 more positions. Here I decide to use other two systems. MA’s ( MA’s of trading focal points) help me to find overbought and oversold level and TMA signal on H4 time frame gives me signal to add positions. My TP is not fix , I change it according to situations.
if you see those red arrows, Red line MA is at the top of all other MA's so price overbought and with blue arrow; red MA is at bottom so price is oversold. Sometimes i keep orange/yellow line as target or opposite band. You can see small squares as signal for adding position.
Hopefully you got your answer.