Yes I'm also glad that RSI kept us out of the morning trade on GBPUSD, twas close one indeed, but yes now it would seem to be indicating another opportunity to go long, but as you said lets wait for the news as it might mess the scenario up.
these big candles worry me because they close extemely far from moving averages . moving averages are like magnets when price moves far away it tends to go back to them when i go down and look at 15 and 30 min charts i see stocs overbought in both time frames which i think might be a retrace first before a move up just my 2 cent analysis
Every time we get a thread like this we all try to improve on it. Here's something that I found to be great. I only trade with the daily trend as you suggest, then I put a 5 period RSI on a 4 hour chart with a 12,26,9 macd for conformation. I also have a 1sma/2sma signal. Check out the chart, talk about a key to the mint. 100-200 pips each time. When the RSI goes thru the 50 with the trend take the trade.
Every time we get a thread like this we all try to improve on it. Here's something that I found to be great. I only trade with the daily trend as you suggest, then I put a 5 period RSI on a 4 hour chart with a 12,26,9 macd for conformation. I also have a 1sma/2sma signal. Check out the chart, talk about a key to the mint. 100-200 pips each time. When the RSI goes thru the 50 with the trend take the trade.
Ignored
The two "brown" MAs? on your chart are what? Period, Open/close?
these big candles worry me because they close extemely far from moving averages . moving averages are like magnets when price moves far away it tends to go back to them when i go down and look at 15 and 30 min charts i see stocs overbought in both time frames which i think might be a retrace first before a move up just my 2 cent analysis
Ignored
I agree on that one. I tend to wait for a pullback to the EMAS it reduces the stops nicely and I dont have to watch my position go -20 pips right of the bat after I open it.
from my untrustworthy trend line it seems to be going for 726 bt news coming up plus i usually dont draw trend lines on 1hr charts, only 4hr. well, what the hell
Congrats for those who took the trade it went nicely. I didn't take it as I think it gets tricky to have a reasonable stop after such a big upmove. Thats why I wait for possible bullpack.
understandable but when a candle closes near high or low good chances are the momentum is building to continue and in light of bad news for usd it was my deciding factor
