There are still 30 minutes left until the Sydney opening. I will update the 1h situation a few minutes before the opening. In any case, my plan for now does not include an entry. So I will come back directly for the European session
The paradox System 2023 (for beginners)
There are still 30 minutes left until the Sydney opening. I will update the 1h situation a few minutes before the opening. In any case, my plan for now does not include an entry. So I will come back directly for the European session
{image}
I opened a trade on the white 1h with half my margin, and a second trade on the smooth which was also close to the 23.6 fibo level. 40 pips SL and 40 pips TP. the TP is below Daily PSAR which is the last resistance in all charts.
{quote} I'm LONG. I opened a trade on the white 1h with half my margin, and a second trade on the smooth which was also close to the 23.6 fibo level. 40 pips SL and 40 pips TP. the TP is below Daily PSAR which is the last resistance in all charts. {image}
- #47
- Edited 4:05am May 18, 2023 2:03am | Edited 4:05am
- | Joined Dec 2015 | Status: Trader | 509 Posts
Market is between MA zone which is very wide today. There have not been many buys above the MA 5 with not a single open above it. This proves that yesterday's was a real TOP. In general we are consolidating because on the Daily EMA there is still resistance. So theoretically we can go both LONG and SHORT. I will take a LONG only after having seen what the market will do when it reaches MA 20. If it will struggle to go below and I will have the right signals in 2h and 1h I will try a LONG with enough space from there to the TOP that it will hardly be exceeded today. For a SHORT 1h is already ready but not 2H so I will wait for at least a smooth purple cross and I will try to enter as close as possible to the opening of Sydney in order to have enough space
Dana says to take into consideration when we are on a TOP or BOTTOM. I actually thought yesterday's high wouldn't be broken but it did. At this point I don't know how long it can still go up. For me it's all new since I've been trading this system for a short time. In any case before any Short I would like to see a SAR flip on 2h. Until then I will only try LONG because All indicators say UPtrend (excluding FIBO). I expect like today there will be a retracement down with at least one swing on 1h. No trade therefore for the opening of Sydney
- #58
- May 19, 2023 12:44pm May 19, 2023 12:44pm
{quote} I'm SHORT. a short was in my plan in case there was a PSAR flip in 2H. In 4h we have smooth crossing purple and in 2h we have open below EMA and Ema crossing Puprle . I opened a trade with half my margin because the right entry was 10 pips above mine. If he comes back I will add another short.
As you know there is only 1 thing that will end this uptrend and that did happen - the parabolic flipped and locked. But why would you short? Look at it in the moment - Romar is being protected by the lower bollinger band and you don't have room down. There is zero chance of a short here on your plan.
So what happened? H2 had a shallow swing down with the DBSAR hitting 38.2 with the lower bollinger band. Your entry should have been on the new 1 hour candle at Romar support which was mid H2 candle (uptrend). You also have the SAR hitting the H4 parabolic with EMA holding like a wall of support and the daily is in a full blown uptrend. Put this all together happening in the moment and the entry was right in front of you. 40 pips before Powell spoke and the rest is history....
I have adjusted the fibo to show you what the chart looked like at the time of the entry so you can see the shallow swing down to 38.2
Admittedly this maybe more advanced than beginner, but again its a scenario. The USDJPY trade was more beginner level