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  • #10,921
  • Nov 19, 2024 11:09pm Nov 19, 2024 11:09pm
Quoting Js3mwtRc
The EURUSD pair briefly touched 1.0607 but couldn't maintain momentum and fell below 1.0600. The short-term bullish correction appears weak, and a sustained move above 1.0610 resistance is needed to target 1.0653. Support at 1.0565 is holding, but a break below could push the price to the lower channel boundary and potentially retest yesterday's low of 1.0523. Good luck and happy trading! Daily volatility (range) 51 pips Option expiries for Wednesday: 1.1160 (EU1.91b), 1.0500 (EU825m), 1.0625 (EU777.4m) Source:...
100% agree, could even fall further to 1.038
  • #10,922
  • Nov 19, 2024 11:15pm Nov 19, 2024 11:15pm
here is gold 15 mins chart. the period separator is showing the days on my chart. the blue line each day is the daily open of gold in Japan at 8am here. you can see this week that at the start of each day gold has gone up.

I would say that the main wave direction of gold this week is up as evidenced by this chart.
another thing I could say is that on Thursday and Friday of last week gold had a change of structure from the main wave going down.

first evidence is the inverse head and shoulders. A place to attempt a long trade and another place to attempt a long trade is the bottom channel line at the very low of the day.
(2nd chart) 2nd evidence is that on Friday. this top area (red line) of this M15 inverse head and shoulders was respected by price as support. Price was then in a range / congestion zone. Monday price breaks to the upside and has continued up.
ANY COMMENTS, CHARTS AND OBSERVATIONS, YOUR WAY TO DISCERN THESE THINGS , MUCH APPRECIATED
I have questions about change of structure and the main wave direction / trend.
No.1. how to discern the main direction with price action.
No.2 how to discern when the main direction has changed with price action.
No.3 how to discern when a change of structure has taken place with price action.
Thank you,
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  • #10,923
  • Nov 20, 2024 12:00am Nov 20, 2024 12:00am
Quoting ianlikesgolf
here is gold 15 mins chart. the period separator is showing the days on my chart. the blue line each day is the daily open of gold in Japan at 8am here. you can see this week that at the start of each day gold has gone up. I would say that the main wave direction of gold this week is up as evidenced by this chart. another thing I could say is that on Thursday and Friday of last week gold had a change of structure from the main wave going down. first evidence is the inverse head and shoulders. A place to attempt a long trade and another place to...
Hi ian!

I'll give you a quick answer. Support and resistance and sustainable breaks with long candles. In all three cases this is the most accurate way to predict a continuation or a shift.

Of-course you should always use risk management when you trade.
Looking for profitable short term trades ...|
  • #10,924
  • Nov 20, 2024 12:30am Nov 20, 2024 12:30am
Quoting Js3mwtRc
{quote} Hi ian! I'll give you a quick answer. Support and resistance and sustainable breaks with long candles. In all three cases this is the most accurate way to predict a continuation or a shift. Of-course you should always use risk management when you trade.
Hi, thank you very much. I see on the m15 like this then, maybe a bigger candle is probably better, but this one is here.
and a new support zone was formed.
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  • #10,925
  • Nov 20, 2024 12:45am Nov 20, 2024 12:45am
Quoting ianlikesgolf
{quote} Hi, thank you very much. I see on the m15 like this then, maybe a bigger candle is probably better, but this one is here. and a new support zone was formed. {image}
Correct. Also we can see that the next candles created long tails meaning that traders took profits and price reversed but now the weak candles show consolidation.
Looking for profitable short term trades ...|
  • #10,926
  • Nov 20, 2024 1:34am Nov 20, 2024 1:34am
ready for some shorts
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...I Bet You Ain't Never Seen A Donkey Fly!
  • #10,927
  • Nov 20, 2024 1:50am Nov 20, 2024 1:50am
Quoting dilidanjaro
ready for some shorts {image}
Hi dilidanjaro

which timeframe are you usually viewing for your trades? like main H4 . Then H1 or M15 entry?
Your progress along with Pedro lesson was awesome. Im on lesson 7 today.

this is my gold chart . I recently decided to monitor H4 as my main timeframe.
and m15 entry. I have started using channels too.
Attached Image(s) (click to enlarge)
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  • #10,928
  • Nov 20, 2024 1:51am Nov 20, 2024 1:51am
Quoting dilidanjaro
ready for some shorts {image}
There is an indecision yet for a stronger move up from gu as core cpi dropped from 4.8% to 4.5%. So it might take a while.

https://think.ing.com/articles/rates...lexes-at-work/

UK October CPI data this morning came in hotter than expected with services inflation at 5% year-on-year and core CPI at 3.3% versus an estimated 3.1%. However, leaving out categories the Bank has told us it cares less about, our economist calculates that this "core-services" measure fell from 4.8% to 4.5%.
Looking for profitable short term trades ...|
  • #10,929
  • Nov 20, 2024 1:57am Nov 20, 2024 1:57am
Pending Long...Gold
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Holy Betting Grail strategy
  • #10,930
  • Nov 20, 2024 2:04am Nov 20, 2024 2:04am
Euro...Short
Attached Image (click to enlarge)
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Holy Betting Grail strategy
  • #10,931
  • Nov 20, 2024 2:10am Nov 20, 2024 2:10am
Quoting ianlikesgolf
{quote} Hi dilidanjaro which timeframe are you usually viewing for your trades? like main H4 . Then H1 or M15 entry? Your progress along with Pedro lesson was awesome. Im on lesson 7 today. this is my gold chart . I recently decided to monitor H4 as my main timeframe. and m15 entry. I have started using channels too. {image} {image}
On EU/GU, i'm watching 4h/1h ( starting from HTF)
On gold sometimes i'm going even on 1 min
...I Bet You Ain't Never Seen A Donkey Fly!
  • #10,932
  • Nov 20, 2024 2:11am Nov 20, 2024 2:11am
Quoting Js3mwtRc
{quote} There is an indecision yet for a stronger move up from gu as core cpi dropped from 4.8% to 4.5%. So it might take a while. https://think.ing.com/articles/rates...lexes-at-work/ UK October CPI data this morning came in hotter than expected with services inflation at 5% year-on-year and core CPI at 3.3% versus an estimated 3.1%. However, leaving out categories the Bank has told us it cares less about, our economist calculates that this "core-services" measure fell from 4.8% to 4.5%.
Who is our economist?
...I Bet You Ain't Never Seen A Donkey Fly!
  • #10,933
  • Nov 20, 2024 2:28am Nov 20, 2024 2:28am
Quoting dilidanjaro
{quote} Who is our economist?
Not Jerome!
Looking for profitable short term trades ...|
  • #10,934
  • Nov 20, 2024 3:05am Nov 20, 2024 3:05am
Quoting ianlikesgolf
here is gold 15 mins chart. the period separator is showing the days on my chart. the blue line each day is the daily open of gold in Japan at 8am here. you can see this week that at the start of each day gold has gone up. I would say that the main wave direction of gold this week is up as evidenced by this chart. another thing I could say is that on Thursday and Friday of last week gold had a change of structure from the main wave going down. first evidence is the inverse head and shoulders. A place to attempt a long trade and another place to...
Hi Ian,

The LOW found support on old daily highs, it was also a 50% level off a daily/weekly level - If the support level is valid, then price will reverse, and you should see higher highs and higher lows both on price bars and swings - and if a new trend is in play then by nature we should see swing highs being broken

Then when the trend changes, you will get the reverse as could be happening now

Trends cannot happen with out the above
  • #10,935
  • Nov 20, 2024 4:36am Nov 20, 2024 4:36am
Pending Buy Euro
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDM15 2011a.png Size: 12 KB
Holy Betting Grail strategy
  • #10,936
  • Nov 20, 2024 6:43am Nov 20, 2024 6:43am
Quoting fxcontest
Pending Buy Euro {image}
TP 0581 and 0589
Holy Betting Grail strategy
  • #10,937
  • Nov 20, 2024 7:05am Nov 20, 2024 7:05am
Quoting fxcontest
{quote} TP 0581 and 0589
Nice entry for 20p+, M15 fib+D1 S,
'In the clearing stands a boxer And a fighter by his trade..'
  • #10,938
  • Nov 20, 2024 7:50am Nov 20, 2024 7:50am
Quoting GOR
{quote} Nice entry for 20p+, M15 fib+D1 S,
Not a fibo fans, just M30
Holy Betting Grail strategy
  • #10,939
  • Nov 20, 2024 8:10am Nov 20, 2024 8:10am
Quoting dilidanjaro
{quote} On EU/GU, i'm watching 4h/1h ( starting from HTF) On gold sometimes i'm going even on 1 min
Yes M1 has all kinds of patterns showing up there to practice with.
  • #10,940
  • Nov 20, 2024 8:19am Nov 20, 2024 8:19am
Quoting Thtpro
{quote} Hi Ian, The LOW found support on old daily highs, it was also a 50% level off a daily/weekly level - If the support level is valid, then price will reverse, and you should see higher highs and higher lows both on price bars and swings - and if a new trend is in play then by nature we should see swing highs being broken Then when the trend changes, you will get the reverse as could be happening now Trends cannot happen with out the above
Hi Thtpro
Thank you very much , excellent and complete description. I learned alot from my previous teacher about higher highs, higher lows and their behaviour. I like to ask questions and confirm in more ways than one.
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