- #185
- Edited 12:07pm Jan 15, 2023 10:53am | Edited 12:07pm
Setup on UC 15m:
Price makes a run to the monthly psych level, goes above to capture the liquidity and collapses back down, retraces back up to retest the monthly psych and melts back down. Using fib notice how it closes just around 61.8, and just wicks the monthly psych level. When you see this, you can drill down further into 5m or 1m to get a nice precise high r:r entry.
For example, entry on 5m:
Price makes a run to the monthly psych level, goes above to capture the liquidity and collapses back down, retraces back up to retest the monthly psych and melts back down. Using fib notice how it closes just around 61.8, and just wicks the monthly psych level. When you see this, you can drill down further into 5m or 1m to get a nice precise high r:r entry.
For example, entry on 5m:
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- #191
- Jan 15, 2023 12:38pm Jan 15, 2023 12:38pm
{quote} This right? {image}
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- #193
- Jan 15, 2023 1:17pm Jan 15, 2023 1:17pm
{quote} Please have an analysis on eu
Another possibility is like the previous example: it fails to break above Monthly and sustain, comes back down, and then re-tests the same Monthly psych level. In which case you do the same. You wait for it to collapse, re-test, and then you snipe your entry on a lower timeframe using the Fib retracement. Recall my previous UC example it's very similar.
Scenario #1: Breaks above and makes higher highs
Scenario #2: Breaks above but fails to sustain, breaks back down
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{quote} Two things can happen. If EU breaks above the upcoming monthly psych level, then look for a pullback to re-test the psych level using Fibonacci retracement and enter by drilling down on lower timeframes to find the perfect entry. Another possibility is like the previous example: it fails to break above Monthly and sustain, comes back down, and then re-tests the same Monthly psych level. In which case you do the same. You wait for it to collapse, re-test, and then you snipe your entry on a lower timeframe using the Fib retracement. Recall...
- #196
- Jan 15, 2023 1:32pm Jan 15, 2023 1:32pm
{quote}{image}
Here's the markup. This is not very ideal as I said because of the steep retracement that can occur hence the 38.2% being at the monthly is not the strongest signal, but it's still valid and all you can do is wait for price to come there to see what can happen. It can even break below the level, and then retrace to re-test it. That's a possibility as well.
Scenario 1: Re-tests and bounce back up
Scenario 2: Breaks below and reverses
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What I did before was markup every 10 pips level on chart. On 1 minute chart. You might guys notice how price create low or high, restest it and goes away. This was also nice, since you could get 10 pips easily with SL 2 or 3 pips. Entry must be on created high or low. Not after, not before otherwise your SL would be bigger. That's not good.
So guys, this thread really rulez.
There is truth behind it. Much better than sharing some kind of system with 20 indicators & tons of colors.
Those threads are always best. Having some fun. And sorry OP for smaller off-topic maybe. I just wanted to share this though.
So guys, this thread really rulez.
There is truth behind it. Much better than sharing some kind of system with 20 indicators & tons of colors. Those threads are always best. Having some fun. And sorry OP for smaller off-topic maybe. I just wanted to share this though.
- #198
- Jan 15, 2023 1:53pm Jan 15, 2023 1:53pm
What I did before was markup every 10 pips level on chart. On 1 minute chart. You might guys notice how price create low or high, restest it and goes away. This was also nice, since you could get 10 pips easily with SL 2 or 3 pips. Entry must be on created high or low. Not after, not before otherwise your SL would be bigger. That's not good. So guys, this thread really rulez.
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- #199
- Jan 15, 2023 3:32pm Jan 15, 2023 3:32pm
Putting it all together. Price goes up to test Monthly psych level, fails to close above it, then falls down. But the fall is a familiar setup - it's a huge supply zone. Wait for price to come back up to load up on more supply and just melts away. A sweet 6.75:1 setup. Risking 1% would have netted you 6.75%. You don't need to trade anymore for the whole month. Compound earnings like this and you're on your way to trading full time for a living, without doing 1/10th the effort of day trading.
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