AJ Short, helped down by poor retail sales.
Your trade order needs to be in the right place at the right time.
- #43
- Nov 28, 2023 12:48am Nov 28, 2023 12:48am
- Joined Jun 2015 | Status: Trader | 1,340 Posts
Your trade order needs to be in the right place at the right time.
- #45
- Nov 28, 2023 2:28am Nov 28, 2023 2:28am
- Joined Jun 2015 | Status: Trader | 1,340 Posts
Your trade order needs to be in the right place at the right time.
- #47
- Edited 4:31pm Nov 28, 2023 4:19pm | Edited 4:31pm
- Joined Jun 2015 | Status: Trader | 1,340 Posts
I am waiting for a decent support rejection candle to go long however, this may not occur as we have AUD CPI out soon and volatility expected.
Update: No trade. Waiting for new set up.
Update: No trade. Waiting for new set up.
Your trade order needs to be in the right place at the right time.
- #50
- Nov 29, 2023 1:22am Nov 29, 2023 1:22am
- Joined Jun 2015 | Status: Trader | 1,340 Posts
{quote} Thank you for your system, it’s a shame you are slammed for trying to help people. Is it possible to get a template of your last chart post, with all the lines in place. Many Thanks Asw
This the template I use to store SR lines on. I am always updating it as I go and adjusting for 30m time frame.
Hope it helps
Your trade order needs to be in the right place at the right time.
- #51
- Nov 29, 2023 1:57am Nov 29, 2023 1:57am
- Joined Jun 2015 | Status: Trader | 1,340 Posts
The basis of the system is wait for an impulse move and pullback leading up to and during market opens.
The rectangle is drawn first on the line chart and then copied across to a candlestick chart adjusting it to the candle close and wick.
This will give you a SR zone. If a zone has been created it is because traders believe that the market price is to high or to low and a sharp reversal takes place.
When I place trade I want to be close to the SR zone with a rejection wick visible.
In the following chart there was a valid setup however the entry was to far away from zone and therefore poor RR.
The rectangle is drawn first on the line chart and then copied across to a candlestick chart adjusting it to the candle close and wick.
This will give you a SR zone. If a zone has been created it is because traders believe that the market price is to high or to low and a sharp reversal takes place.
When I place trade I want to be close to the SR zone with a rejection wick visible.
In the following chart there was a valid setup however the entry was to far away from zone and therefore poor RR.
Your trade order needs to be in the right place at the right time.
- #53
- Nov 29, 2023 2:16am Nov 29, 2023 2:16am
- Joined Jun 2015 | Status: Trader | 1,340 Posts
This is the better type of entry. Price went back into the support zone and bounced back up. That is telling you everything you need to go long.
You don't have to go long at close of the bar I marked (1) (The scared trader does this)
Something else to bear in mind is the ADR. If you are buying on the close of thrust bars like (1) you have less room for your trade to travel to its TP.
You have to use everything you can to improve your odds of success.
More to follow
You don't have to go long at close of the bar I marked (1) (The scared trader does this)
Something else to bear in mind is the ADR. If you are buying on the close of thrust bars like (1) you have less room for your trade to travel to its TP.
You have to use everything you can to improve your odds of success.
More to follow
Your trade order needs to be in the right place at the right time.
- #55
- Nov 29, 2023 2:50am Nov 29, 2023 2:50am
- Joined Jun 2015 | Status: Trader | 1,340 Posts
{quote} Why you didn't trade this zone upward? From where I marked, clearly price was bouncing upward, hence the question. You mark your SR lines and zones → all good but how you choose the direction of your trades is not very clear. {image}
Your red line on the chart is out of the high market activity times that I mentioned in post 43.
From Post 43.
I spend 1hr - 1.5hrs a day trading of which all is needed to trade this system. The Asian session starts for me at 8.00am and goes through to 9.30am after that my trading is finished for the session / sometimes the day. After 9.30am the market activity drops right off. The same occurs at Euro session and the US session. There are 1.5hrs of activity at each market open then it goes quiet unless there is Red news out.
As you can see on the chart price went sideways after the low was taken out. So not valid to go long.
Another reason why you would not trade this is because it is USD based trade.
I only trade the following pairs during the Asian session.
AU, EA, AJ, AC, EJ
You want to be trading the correct pairs for the session.
Also the prior swing low had been taken out.
Your trade order needs to be in the right place at the right time.
- #56
- Nov 29, 2023 3:07am Nov 29, 2023 3:07am
- Joined Jun 2015 | Status: Trader | 1,340 Posts
This is my trade from this morning. I new AUD CPI was due out at 3.30 (8.30am Local time)
I had a valid support zone, price shot down and then back up closing above the support zone so I went long at....
As you can see I moved SL to Break even +1 and was stopped out.
The first chart I posted this morning was...
#Post 47 I am waiting for a decent support rejection candle to go long however, this may not occur as we have AUD CPI out soon and volatility expected.
I had a valid support zone, price shot down and then back up closing above the support zone so I went long at....
As you can see I moved SL to Break even +1 and was stopped out.
The first chart I posted this morning was...
#Post 47 I am waiting for a decent support rejection candle to go long however, this may not occur as we have AUD CPI out soon and volatility expected.
Your trade order needs to be in the right place at the right time.
