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  • #1,421
  • Aug 25, 2023 12:29am Aug 25, 2023 12:29am
Quoting PatienceFx
Next lesson will be on using ATR to predict support resistance levels
on weekly chart add the atr 14 indicator and read its value

write this value somewhere

on this chart i have made levels from this value

High - 0.618 x atr value

and so on

so we know how much on average price can move in a week
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  • #1,422
  • Aug 25, 2023 12:30am Aug 25, 2023 12:30am
Quoting PatienceFx
{quote} on weekly chart add the atr 14 indicator and read its value write this value somewhere on this chart i have made levels from this value High - 0.618 x atr value and so on so we know how much on average price can move in a week {image}
the D H4 H levels on that chart are 200 sma levels on that time frame

this way i can guess how much price can move
  • #1,423
  • Aug 25, 2023 3:20am Aug 25, 2023 3:20am
Many thanks, Master!
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  • #1,424
  • Aug 25, 2023 4:09am Aug 25, 2023 4:09am
Quoting Gelubrin
Many thanks, Master! {image}
I hope you took this trade
  • #1,425
  • Aug 25, 2023 4:10am Aug 25, 2023 4:10am
Height of confirmations required to take one stupid trade lol
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  • #1,426
  • Aug 25, 2023 4:27am Aug 25, 2023 4:27am
Quoting PatienceFx
Height of confirmations required to take one stupid trade lol {image}
It's good that you have the time to Analyse them, and via phone
Keep trading and learning or keep learning and trading!
  • #1,427
  • Aug 26, 2023 12:19am Aug 26, 2023 12:19am
Going to experiment on a daily chart template next week. They should permit me to take trades on a month scale
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  • #1,428
  • Aug 26, 2023 10:03pm Aug 26, 2023 10:03pm
Next week action will be on Wednesday Thursday Friday only
  • #1,429
  • Aug 27, 2023 7:12pm Aug 27, 2023 7:12pm
why did i take a buy order here, who can tell me first ?

Quoting PatienceFx
why did i take a buy order here, who can tell me first ? {image}

  1. Fund A Mental reason
  2. because i am Mental

why ?

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  • #1,430
  • Aug 27, 2023 9:37pm Aug 27, 2023 9:37pm
Quoting PatienceFx
why did i take a buy order here, who can tell me first ? {quote} Fund A Mental reason because i am Mental why ? {image}
1. The US economy has reached a peak and is now stagnating; 2. The EU made little progress in reducing inflation; 3. EU data will be optimistic; 4. The major indices of the USA show a correction of the USD; 5. BRICS produces momentary uncertainty; 6. The price of oil decreased; 7. On H4, the price shows optimism and shows a change in trend; 8. On H1, the price is optimistic; 9. H4, H1 are in the same direction as M1; 10. USDX shows a change in trend
  • #1,431
  • Aug 27, 2023 10:59pm Aug 27, 2023 10:59pm
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  • #1,432
  • Aug 27, 2023 11:05pm Aug 27, 2023 11:05pm
Quoting Gelubrin
{quote} 1. The US economy has reached a peak and is now stagnating; 2. The EU made little progress in reducing inflation; 3. EU data will be optimistic; 4. The major indices of the USA show a correction of the USD; 5. BRICS produces momentary uncertainty; 6. The price of oil decreased; 7. On H4, the price shows optimism and shows a change in trend; 8. On H1, the price is optimistic; 9. H4, H1 are in the same direction as M1; 10. USDX shows a change in trend
The news today

M3 money supply

What is the effect of money supply on currency rate ?

Nothing else matters
  • #1,433
  • Aug 27, 2023 11:11pm Aug 27, 2023 11:11pm
At the end of an economic cycle, the money supply can produce inflation. So if the money supply is reduced, consumption will decrease and inflation will decrease. The USA did not manage to reduce consumption enough to lower inflation. That is, the demand is still above normal.
  • #1,434
  • Aug 27, 2023 11:12pm Aug 27, 2023 11:12pm
Quoting PatienceFx
{quote} The news today M3 money supply What is the effect of money supply on currency rate ? Nothing else matters
Now my question is what will happen after this news

After 1 hour of this news event
  • #1,435
  • Aug 27, 2023 11:16pm Aug 27, 2023 11:16pm
Quoting Gelubrin
At the end of an economic cycle, the money supply can produce inflation. So if the money supply is reduced, consumption will decrease and inflation will decrease. The USA did not manage to reduce consumption enough to lower inflation. That is, the demand is still above normal.
There was nothing technical about the trade I took

It was purely based on fundamental news

This is the way we should be deciding how to trade and what to trade.
Fundamental and technical both should be taken into consideration
  • #1,436
  • Aug 27, 2023 11:16pm Aug 27, 2023 11:16pm
Quoting PatienceFx
{quote} The news today M3 money supply What is the effect of money supply on currency rate ? Nothing else matters
Reducing the money supply will pull some of the inflationary pressure out of the US$ that was caused when the money supply increased. It will be a slow process!
  • #1,437
  • Aug 27, 2023 11:17pm Aug 27, 2023 11:17pm
EURUSD will rise.
  • #1,438
  • Aug 27, 2023 11:24pm Aug 27, 2023 11:24pm
Quoting Gelubrin
EURUSD will rise.
Not in the short term because of money supply contraction. Something else would have to be at play. Price manipulation to setup for NFP on Friday would be my guess.
  • #1,439
  • Aug 27, 2023 11:35pm Aug 27, 2023 11:35pm
Quoting dantpm
{quote} Reducing the money supply will pull some of the inflationary pressure out of the US$ that was caused when the money supply increased. It will be a slow process!
But in this case the news is for Europe
  • #1,440
  • Aug 27, 2023 11:36pm Aug 27, 2023 11:36pm
Quoting Gelubrin
EURUSD will rise.
So now if the news is greater than expected

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