You can look at this different ways, Looking at just the Intraday from the high and low of today resistance to retrace into that move is holding, but its early and there isnt any momentum yet. To see the ranging where price can bounce around in add the support fib to todays Intraday.
With the market already in a short or down move you want to see this continue so you would sell the rally which is already happening, the support fib placed on todays retracement needs to be broken in order for this to happen. So until the momentum picks up it should just bounce around between these levels.
You can short now and play the odds and just close your trade tonight if support holds on the test thats coming.
If price were to break the resistance levels of the Intraday of just today you treat it as a scalp since this is counter trend to the previous days. looking more for the T1 of the support fib and the higher timeframe (Daily) fib levels as an exit.instead of the Intraday fib just for that reason, It would be counter to the current 3 day trend.
Dont do so much vhands that your not watching live conditions as they unfold, this is where you will gain your best experience, backtesting and vhands are great for practicing, but you need to be trading your demo in live conditions to get the true feel of trading that may take several hours to several days to complete verses a few minutes during backtesting and vhands. Right now it doesnt matter if your wrong or loose you need to be able to pull the trigger at the right time and maintain the trade as it developes in real time. This is how you gain experience, everyone here can tell you the same thing you cant just jump into it and expect to be successful overnight, for most it takes months and even years to find what works for them. Just have patience. There is alot more to it than just the indicators and tools, you need to learn how the market flows and whats making it move to start with. trading during ranging, trading during trending, trading like the past few weeks when its constantly reversing from 1 day to the next, there are just too many variables that make trading difficult and can only be overcome with experience over time.
You need to get to the point that you dont ask yourself what would Bobokus do here or there but what would Jets do here or there. The only way to do that is trade it as you see it with the tools described here and youll start to develope your own skills. There isnt really any way I can describe or train anyone through all the conditions and situations that you will experience. Its all about support and resistance and what is making the market move.
For starters trade with the trend with the Intraday until you see the Intraday levels being tested and broken then start looking to go the other way, keep up with the news events that are coming out the during the week, the pair your trading will most likely already be pricing in the forcasts for that week before they are announced.make that part of your trading plan...make a trading plan every day and include these things, where do i want to go long or short at what will be effecting the pair tonight or today,what will price have to do to change my bias. what are the longer term levels that may be in the way of an Intraday target. You may even come up with some of your own but write out your trading plan for each day and stick to it win or loose, when you let your emotions interfere with your trading plan your making a mistake, youll see once you change your mind about something and deviate from your plan that if you just would have stuck to it you would have been ok, rapid price movement has the tendency to freak peolpe out and they make rash decisions.
Ok i better stop before i get a book going here, just start making a plan each day and start trading it. Once you see it start working youll feel much moe confident about what your doing.
Are there any specific sites you use to keep abreast on news and potential impact on the currencies? Or at this point, do you already have a pretty good idea of potential impact of announcements?
As always, thank you for the trading advice Bo!
"Wishful thinking dies hard." Igor T.
Question Bo. I had placed my stop below the lows of today for this trade. Is there an alternative way to have played it with a closer stop?
