I have to go out afew times today........which will suit the usual UK interest rate tauper. And give some relief to the thread watchers.........ahahahaha!
Price seems to be finding support at 1.9500
DOJI just formed.
MACD is below -45 and forming a nice RB.
Any thoughts? Would this be a good counter-trend trade?
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IMO at the moment my chart doesn't show enough evidence to go long. I see consolidation and that's why MACD turns, although it may work on news, but I'll stay out.
Price seems to be finding support at 1.9500
DOJI just formed.
MACD is below -45 and forming a nice RB.
Any thoughts? Would this be a good counter-trend trade?
Ignored
When i did my research i found that taking CT trades was risky at best. Hardly a new observation, but the trades were possible on a short target, but in the end its hardly worth the risk at all. The question is really, we are sitting pretty with the 4 hr macd method. Its probably the best system/market understanding on the forum so why take any risk at all when you can sit back and wait for the market to come to you.
Daily chart anticipation is a TC long off 89MA level.
The 4hr has returned down to support which has held up to 6 or so tests. Will have to wait and see if support holds again and we get a move up again. 21EMA is out-of-order at the moment in my opinion, so not offering serious support/resistance...
Hmmm - would people consider this a 3 little sisters setup if price moves up again??
Thanks. I appreciate your input. As you can tell, I am still in the learning phase.
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No probs. We all started somewhere. My best advice to people is simple. Read all of the thread. Its not punishment, though it feels like it sometimes,it gets you into the right state of mind to trade with the system. And keep reading, follow the recent posts perhaps as well. Above all take it easy, do your homework. There is no hurry and dont look for trades or push at them, its all there. The market tells you when to trade.
Nothing on EurUsd and GbpUsd. Might have reach a point for some retracement.
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Despite vowing not to trade on interest rate decision days I have taken a CT on GBP/USD. I took this after the Rb was formed on the 4H and the 1H broken the trend line then pulled back to it.
Stop was very tight and have taken 18 pips profit and moved the other lot to BE.
First trade of May and it was a CT. E/U looks to be setting up for something similar but the 1H trend line is yet to be broken and I don't think I would take the trade before that is broken and it may be that this moves us too close to news releases to be considered.
USDJPY; That was a non trade TC on this pairing in my view, because the price ran into the 89 and the trendline.The better trade for those able to take it was the 4-8am candle, down to the trendline. We had a nice pin bar on the 4hr yesterday.The 0-4am candle was an inside bar, breaking the low of that was confirmation of the direction of that trade.( The trade could also have been taken as a 50% retracement trade, touching the 8and 21 ema.)
Thats a close up of the entries, i shall have to learn to use the fancy graphics stuff. I am not trading this pairing at present but will keep an eye on it.
USDJPY; That was a non trade TC on this pairing in my view, because the price ran into the 89 and the trendline.The better trade for those able to take it was the 4-8am candle, down to the trendline. We had a nice pin bar on the 4hr yesterday.The 0-4am candle was an inside bar, breaking the low of that was confirmation of the direction of that trade.( The trade could also have been taken as a 50% retracement trade, touching the 8and 21 ema.)
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i think it breaks the daily TL and have alot of room to go down today.i will catch whatever i can in m5 and will waiting for a tc in H4
Despite vowing not to trade on interest rate decision days I have taken a CT on GBP/USD. I took this after the Rb was formed on the 4H and the 1H broken the trend line then pulled back to it.
Stop was very tight and have taken 18 pips profit and moved the other lot to BE.
First trade of May and it was a CT. E/U looks to be setting up for something similar but the 1H trend line is yet to be broken and I don't think I would take the trade before that is broken and it may be that this moves us too close to news releases to be considered.
Ignored
I have closed most of my trade out now and just hold 20% of the original trade.
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