EURUSD

Anyone seen this trade before?

You can see I got out way to early... foolish trade on my part.

.3700 was pysch level and .3701 was R1. (Pinkish line in pic)

Strong confluence.

Mike

PS - If you're new. Price hits a .20 line on the way down and bounces. The next time it moves through the .20 line it heads to the most power psych level... the 00.

I do believe that in 4H TF the pair building a consolidation between 1.3780 & 1.3450.

any opinion ?

possible A B C-----4 wave

Ooo ooo....I have!! Man I just love me some "20" trade.

There aren't any trades you can count the green pips before you exit but this setup comes as close as you can. Two words....high probability.

Repeatable pattern.

HIGH Probability trades.

That is what this is all about... the rest is noise.

Mike

Please could you elaborate on this concept for us ones in here.
I dont fully understand "20" trading

Short closed @ 1.3660

Good call Mike, I missed it!

just caught this on the $/J.

and the e/j as well

I'm still running with it.

Same here.

..... was not in my Daily trade plan.
Medium Term I favour Longs until 1.3850.
If Today or tomorrow drop below 1.3470.

I love patterns.

short closed at 3638 for 65 pips

the down trend rule the price movement in both cable&euro
is not temporary guys, it will take years to finsh weakness of euro&cable against the dollar .
to me always to be in the safe side ,
i have to trade with the trend
so only shorts i love ....lol
and here we go here is my chart describe my view and my reasons to take such order to leave my shorts .

the down trend already give only in my last position more than 1300 pip untill now .

i posted from weeks ago a forecasting in euro and cable room and as always the down trend never let me down


as you see i always love to be in the safe side , and the safe side her is the down trend, why should i wait for retrace may happen or not, why i chase for 50 pip retrace and leave hundreds with the trend.

i expect more fall down will happen(1000 pips) and my red arrows describe my targets.

When price is falling it will often hit a 20 level.

.3520
.3620

When it does it will bounce of that line.

Go back and look at the price action of any .20 level on the 1 minute chart.

After it bounces... it will often return to the .20 level... when it does it will move immediately to the round number about 80% of the time.

Price hits .3620 then bounces higher... once it moves back to .3620... BAM... right to .3600.

Mike

Hi Mike. Love the system! Still working on my discipline, but that is slowly coming along. In a case like the one that's going on right now, the pull-back from the 80 level has gone too far back now, but would you have traded it if price had gone back up to the 80 even though there was an R1 in between the 80 and the next round 00?
Thanx.

Here we are. This post will a little different. I had determined to start with a new "mental slate" this morning. I erased the board, and now I find that I have no "chalk". That's an old school analogy that may escape the youngers here...

Seriously, I'm drinking my coffee and checking out the news and related things as I always do after a good night's rest to get a grid for the day, something begins to dawn on me. Then I realize my coffee is getting cold and that doesn't bother me. You should know that always bothers me. Alot. I came in all fired up to clear old expectations off the charts, old fibs etc, and start new. Now my coffee is cold and the charts are no longer important.

I'm finding myself in a curious place. Imagine packing for a trip, loading everybody and everything into the truck, topping off the tank, and then when you get ready to pull out onto the road... you realize you have no idea where you're going....

I realize some of us olders here may actually have had that experience for real, and if so, then you understand that moment of disorientation. That's when my wife, or one of my grown kids if they're a'rd remind me what we were doing, and then we're off.

This is a little like that, but there's no one here to tell me where we're headed. Not really. I asked my wife and she just looked at me funny, so no help there. Kids are all gone. So which way? Right, left, or straight ahead?

We've actually gone on 1000 mile road trips before without any destination in mind other than to "just go"... anywhere. Didn't matter. Those were fun , and since "anywhere" was the destination, we never got lost but were always arriving at the place we were headed.

This morning, this all feels a little like that. It's not fun this time however, but disturbing, becuz I'm really talking about the way the world used to work, just as recently as last week.

The world is working differently this week. It's beating to a different beat, and no one has told us the name of the new tune yet... Not me anyway, you guys may have got the memo, but i didn't. Notice I said memo and not email. I'm using old world words like chalk and memo, which are all obsolete to make a subtle point. We are surrounded by the trappings of an obsolete world today and the nickel hasn't dropped yet. How long till nickels are obsolete as well I wonder...

Here's the thing. Trillions injected into the global markets, and more waiting in the wings if we are to believe the rhetoric. Trillions. I mean why did we all use to worry about that nasty "I" word (Intervention) if the MOTHER OF ALL INTERVENTIONS just happened, and who even knows that? I can't hardly find it on any of my charts.... Sure a few dozen pips here and there, maybe M4 got hit instead of just R1, maybe we caught an extra fib line we weren't expecting, but ought not TRILLIONS cause the needle to quiver a little bit more? Trillions into the mix. But not by banks. You do remember banks, don't you?

So. I'm going away for alot of the rest of this week and won't be posting much, maybe not at all. (Some of you are like ) I need to see if anybody knows where we're going, or what the name of this new tune is before I post anything else about what I think about this or that. For the desperate ones out there that must have a soundbyte, here's my best guess at this point... consolidation at or a'rd current levels in a maybe 200 pip range for awhile. Look at the chart. It'll be the last one for awhile.

Ellipses show the hesistation to go higher or lower just now. Lots of flat doji's showing lots of indecision. There it is. Anybody reading this thread could have done the same or better. Took me all of 15 seconds to come up with that, becuz that's all I see right now. Hundreds of points up and down on global markets, double digit % numbers being lost and regained in the markets on a daily basis, and don't forget them TRILLIONS... And we get a few dozen pips, an M4 hit, and lots of doji's at the end of the day....

Besides all that, there have been some very positive and glowing references to the value of my posts here lately, not to mention a couple very kind and gracious PM's. Not to ridicule or diminish any of that, and I am cheered to think that someone has found benefit in all that somehow. Sincerely, I really mean this...Thank you.

All that does is raise expectations tho, which always lead to great disappointment, so I really need to do something about that anyway (this post may accomplish that all by itself). This is a good time to take what Crocodile Dundee called a walkabout. What some of my First Nations friends call a vision quest.

Lot's of fancy names when all I'm really doing is going off to see if I can find some chalk...

I forgot to add... you must always have a chart on the longer time frame open.

I have the one hour open beside my Pivots.

The strength of the support on the hourly chart would have given you a heads up that a bounce was coming.

Well done!

Although my TP was lower, I was really scared.