so, does this mean we are going to range now until ISM is released in 1hours time?
- #17,761
- Aug 5, 2008 7:45am Aug 5, 2008 7:45am
- | Joined Jul 2008 | Status: Happiness can only come from within | 1,080 Posts
- #17,764
- Aug 5, 2008 8:44am Aug 5, 2008 8:44am
It is likely to drop all the way to 1.5420 before can bounce up since it has just broke the long time support line.
I'm loving this thread
- #17,775
- Aug 5, 2008 9:36am Aug 5, 2008 9:36am
try this:
4H chart,...fibo weekly, daily, 4H. trendline or ma
find the fibo ratio near ma or trendline, confirm reversal with oscillator.
GL
I always look at the 4H and Daily charts for confirmations and also have pivot and resistance levels on my 1H and Daily charts, but am not sure i presently have enough patinece to trade on a 4H chart. I'll be dead in a week 'cos of excessive tension
Thanks anyway, I'll keep this handy for the future
- #17,777
- Aug 5, 2008 9:43am Aug 5, 2008 9:43am
I think that's what I'm gonna start doing... I've noticed how the RSI has been holding under 50 for quite some time on the 15 minute chart, but yet I've been entering into long trades... when I should have taken heed to what the RSI was saying...
Thanks for that bit of advice...
- #17,778
- Aug 5, 2008 9:44am Aug 5, 2008 9:44am
- | Joined Feb 2008 | Status: Live long and have fun :) | 1,386 Posts
I think that's what I'm gonna start doing... I've noticed how the RSI has been holding under 50 for quite some time on the 15 minute chart, but yet I've been entering into long trades... when I should have taken heed to what the RSI was saying...
The trend is down on all timeframes from Daily to 5m. That's not a situation to take longs in, unless you have serious reason to believe that the price hit a major resistance, right now the next one is at 1.53. "The trend is your friend" as corny as it is effective, you can even take a short right at the bottom and as long as it's not too big (which goes back to proper mm) the trend should fix it for you later.
On the path to Enrichment.
You don't need to heed to what the rsi is saying, just look at the chart.
The trend is down on all time frames from Daily to 5m. That's not a situation to take longs in, unless you have serious reason to believe that the price hit a major resistance, right now the next one is at 1.53. "The trend is your friend" as corny as it is effective, you can even take a short right at the bottom and as long as it's not too big (which goes back to proper mm) the trend should fix it for you later.
I've just lacked the discipline to abide by the indicators and remove my emotions... Lord knows I hope I can get that in check very soon!!Thanks for everyone's advice... some of the terminology has gone over my head, but I will study everything out... the bulk of my knowledge includes working with EMAs, RSI, Stochastics, Fibonacci retracement levels, hammer/inverted hammer indicator... I just haven't been able to consistently identify when to use what, and why... I'm about to watch the pivot point videos that were posted earlier today...
Thanks.
I always look at the 4H and Daily charts for confirmations and also have pivot and resistance levels on my 1H and Daily charts, but am not sure i presently have enough patinece to trade on a 4H chart. I'll be dead in a week 'cos of excessive tension
Thanks anyway, I'll keep this handy for the future
i dont think to use my fibo on 5M chart
thats my powerfull SR
