Made the pre analysis prior to London open. Bag 52 pips then lost 59pips today to turbulence and volatility. This is my confirmation slips, will review them step by step.
This is for order 26911188. Made this stupid move counter trending the big wave and was wash out because of this. Was influence so greatly by PA that I too went mad and chase the dumb money.
Usually counter trend break from PA is short lived due to the fact the overall trend is still bearish. Bag and run don't expect price projection to be hit.
Hi EURUSD, made this really stupid order today. Price projection already tells you price is almost at its end yet I still dive in to assume some pips. Never notice MACD and Stoch is oversold.
Verified with 4hr chart on the price action for EURUSD. It looks like a uptrend continuous pattern. Not sure if I can recuperate my losses yesterday. On the 30min chart it is going up. As explained, hopefully the people at London have the same sentiments when they open for business.
As projected price did range up could go up further but I won't go in if I were you. Price could reverse prior to London open. But looking at MACD price could rise further. It could consolidate again and rise further. I have 3 more pips then I am settle for the day.
Look for the eye by James16 or pinochio nose or doji or spinning top confirm by a common sense trendline break.
Just wish to highlight this classic buy the dips. 3 events to confirm this buy order.
1) There is a resistance/supply trendline break
2) There is a doji at the end of a bear run
3) MACD goes oversold/crossover
There David pls pay attention this one confirm not a fake breakout.
Rough day this morning as I watch the previous post trade rise before me without taking a trade. Today made a trade going up despite Stoch remains overbought. Never learn my lesson above buying value.
Ok Went over to the daily chart saw MACD and Stoch oversold, on the 4hr chart positive divergence on MACD/Stoch to price. Meaning pricing heading south as MACD heading north.
And finally looking at the 30min chart, MACD rising but Stoch overbought. Meaning price could be heading down in the short run prior to London open. Maybe I should bail out now then wait for Londoners and hitch their ride.
Sorry for the late reply. Saw this breakout to the upside and took. Projected price is 1.5566. After I post this price did went up to 1.5566. Will Londoners push the price up or price will tank prior to London open.
Even though Peter Bain projected pivot system say that today is M1/M3 day meaning price could reach M3 which is 1.5580 and tank down to M1 which is 1.5434 but looking at MACD and price action alone today could be an uptrend continuous pattern meaning price could go up further
BTW did anyone bag pips on the way down yesterday after a head and shoulder pattern appeared?
I hope you have benefited from this post. Today look at the 30min chart. MACD just crosses the 0/waterline, Stoch rising not yet overbought on the hourly chart MACD rising but still below waterline/0.
Lets see if price rise any further.
Q1. I have a question if anyone cares to answer? Does price get more affected or influence in the 15min chart then the 1hr chart or vice versa?
It is me again David. Sorry to intrude on your day of trading. Wish to share my insights for the day.
For EURUSD, on the hourly chart price shown very simliar pattern as of 2 days ago. For both the daily and the hourly it shows that price may continous rise up. But I beg to differ as you can see MACD + Stoch overbought meaning today could be a downtrend reversal pattern base on price action alone.
On the 30min chart similar pattern emerge I could be wrong but lets see a confluence of events strike the heart prior to London open or not.
Just wondering to all ppl here. If the good news don't come in at all would the trend ever have the chance to reverse? I meant for the EURUSD/USDCHF & USDJPY.
It seems that it is a uptrend continuous pattern for the EUR and opposite for the USDJPY/USDCHF.
Could history repeat itself. Could today be another uptrend continuous pattern? My chart says it sooo from Daily to 4hours to 1hr could the trend for EUR be finally change?
Well lets see if today is going to be a hot hot day.
This is David again. I have a small gut feeling that today might go for the EUR. But I have found out a stupid system to scalp 5-10pips off the 5min chart.
MACD(12,26,9) entry overbought/oversold/crossover
Stoch1 (7,7,7) for long term trend
Stoch2 (5,3,3) for short term effect on price action
I know the above indicators are all lagging but after backtesting a few hours scalping through the above indicators could generate 20pips just a day if market is sideways like today.
If both MACD/Stoch1/Stoch2 is at oversold or below 0 showing oversold buy strength
If MACD/Stoch1/Stoch 2 is at overbought or above 0 sell strength
Notice the unison action of the indicators circle in red and the green/red arrow showing the path of the price
Not much price action now lets see if New York open any new movement.
This is David again, as I had found out about yesterday stupid idea about scalping the market for a few pips management to scalp this off both the EUR and the USDCHF as you can see 4 green lights with the overbought and oversold signal telling you the buy weakness on the way down and sell weakness on the way up.
I don't see any trendline break nor big moves so cranked down to 5min chart and started scalping again. I don't like scalping because rewards to risk ratio to high after all I am using lagging indicator.
Saw this 2 trades but only manage to take 1 as equity too low to take too many.
In this USDCHF, all three Stoch says overbought even though MACD is below 0 but since I am with the big trend no harm riding the wave. Notice the oval circle.
