Predicting Short-Term Direction and S/R Using Indicators

watching on the 15m chart for entry.
using this as added confirmation. need the oscillator to go below zero for entry.

no entry

Yeah, You did the right thing. The trade didn't materialize as expected. Luckily I was at my computer and saw it bounce off support at the 30min chart, so was able to squeeze a few pips. That's why I only like to trade if I am available to watch the charts.

But, I may get back in at the bottom of the hour.....

I did get back in based on 15min and 30min, but I'm only gonna hold for a few pips.
In at 164.325

That didn't last long...another double bounce off support on the 5min...so I'm out.

In at 164.325
Out at 164.282

A little over 4 pips....

I'm going to wait for my safer trades, I believe. These just aren't worth the effort.

GBP/JPY trade

Well, that didn't take long at all....and I never had to set a stop loss!

In at 193.081
Out at 192.501

58 pips

Pattern recognition and gut feeling/experience comes in pretty handy sometimes....

A trade off the GBP/USD 1hr and 30min charts.

The 5min chart was the powerful on this time, as the 5EMA resistance couldn't be broken hard after a couple of minutes.

Still, a little over 10 pips.

I will probably get back into the same trade based on the 1hr chart if it goes below the previous low on the lower timeframes.

It did and I did.

In at 1.26594

One thing I've noticed as a chart watcher, you are hard pressed to find more than 5 actual down candles (not the hesitation candles like a spinning top) on a 1hr chart, much less six! So that is a good indication price will move up enough to make a profit. Does it move up because of an algorithm or big banks or what? Who cares! I don't fret about WHY the market moves the way it does, I just look for repeatable behavior on the charts.

In this case, the 15min chart resistance level was king. a couple of minutes trying, but it couldn't bust the 5EMA resistance, so that is a flag to get out of the trade.

In at 1.26594
Out at 1.26725

Just over 13 pips. Doesn't sound like much, but if you can consistently make 10+ pips on safe, high-confidence trades, to adjust the money you make you only have to trade bigger lots. Trading 2 full sized lots, these two trades just made roughly $475 profit...I'll take that any day of the week!

EURAUD M15

sold 1.6590

no good, but its now at ADR so will look for another go

Just got on the computer and saw the trade on the EURAUD 1hr chart.

In at 1.66075

Always watch for support/resistance levels. It will help you decide to get out or stay in.

was working off a trendline. ADR has proven good, now at 18 pips

and yes you are correct should have got out..... with a few... but was away from the PC. Hopefully catch up now

Quick trade on EURAUD 1hr chart

In at 1.66075
Out at 1.65885

19 pips