What do you guys think of this trade?
I think its going to bounce off 1.0400 and go all the way down to 1.0000.
I think its going to bounce off 1.0400 and go all the way down to 1.0000.
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DislikedWhat do you guys think of this trade?
I think its going to bounce off 1.0400 and go all the way down to 1.0000.Ignored
DislikedAs we are all well aware of, the positions of retail traders comprise an extremely small percentage of the total trading population....
<snip>
...Realize the obvious, react quickly, use your edge, and the rest will follow.Ignored
DislikedWhat do you guys think of this trade?
I think its going to bounce off 1.0400 and go all the way down to 1.0000.Ignored
Disliked.....the historical S/Rs before. Are pivot points something you consider - I have always had them on my charts and am having trouble letting go!............
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DislikedI myself use pivot levels and I think if we put them on our charts for enough time we realize they do have significance as lot of traders put their orders at pivot levels. But I only use daily pivot and not s1,r1 etc. And these work best when they coincide with a recent s/r level, although sometimes they work as standalone too.
eg. On Friday USDCHF bounced from pivot level (1.0353) twice and bounced quite hard and more importantly the pivot was coinciding with Thursday's s/r level.
Also for Monday I will be looking at UJ 107.44 which will be a daily pivot for Monday as well as a known s/r level. These are good for scalps.
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DislikedI think that I will short this pair early next week. I like to use fundamentals in my decision. I think that we will stay in range early in the week depending on data we will see. I am pretty sure that we will break out at the end of the week by the Non Farm payroll number. Big moves are possible next week.Ignored
DislikedSo do you think the Non Farm number will increase or decrease the price?
Thanks for clarification.
Also, could tell me where you get the data that your baseing this analysis on?Ignored
DislikedHi J, usually the more recent waves going in the opposite direction hold the most significance; I always start with those. I use fibs as a guide and then try to nail it down by looking back the last few times the area was hit.
I start with a 4hr, and then confirm with a 1hr.
The reason for this is that different people across the world are looking at different highs and lows on both 4hr and daily charts (depending on the situation, but not all the time), because they have different closes (their charts are set to thier own time zone, of course). But every 1hr, 15min, 5min bar across the world looks the same, with the same values of open, high, low, close.
Consistency is the #1 priority of trading this way in general, so thats why I do it that way. But I mean as far back as it takes, using the most recent data with perhaps more relevance.Ignored
DislikedI don't think this qualifies as a 'No Brainer' but I'm looking for feedback to tell me if I am even beginning to understand the principles.
Looking at the H4 and D1 charts, it seems to me that if the £$ breaks the psychological 1.9999, it is likely to retrace at 2.0075 on the fib76, where there was previous resistance. This is based on a preponderance of fib76 over fib62. Is the retrace more likely to occur at 2.0027 on the fib62 would you say? Am I thinking straight?
Can anyone give me any pointers on how to identify a real 'No Brainer' from the charts?Ignored
DislikedExcellent article Brv but i have one question:
""Point B: Price exceeds the level by more than a comfortable amount (we’re looking for it to hit it exactly and reverse). Additionally, we have an up close on the 1hr bar that is almost right on top of the level. We close our new short position with only a couple pips of profit. Price exceeds the level, and then uses it as support. We open a long right on the level when we see this.""
How would you manage to close this position with couple pips of profits?
There was about 6 pip move downside. How would you know to close this position this early?Ignored