thanks for the comment. do you know why they move the way they do. it might help me understand what is going on behind the scenes to understand that. thanks again
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Sorry for late reply. We can buy the breakout and always enter on the pullback and in this case, it came down right to the 1.9002 and took off as expected.
thanks for the comment. do you know why they move the way they do. it might help me understand what is going on behind the scenes to understand that. thanks again
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This is my opinion and may be wrong so don't take it to seriously. Some markets trend trade and some markets range trade. For example Eur/Jpy tends to trend trade more than Usd/Jpy. Lately Eur/chf is trend trading more than Usd/chf. For this to take place, moves need to happen in both markets that make up the underlying Eur/chf. Eur/chf= Eur/usd + Usd/chf. In this environment Eur/chf represents risk acceptance or risk aversion. In recent trading the main concern has been risk aversion or risk acceptance. So in effect Usd/chf has taken a back seat to Eur/chf
This is my opinion and may be wrong so don't take it to seriously. Some markets trend trade and some markets range trade. For example Eur/Jpy tends to trend trade more than Usd/Jpy. Lately Eur/chf is trend trading more than Usd/chf. For this to take place, moves need to happen in both markets that make up the underlying Eur/chf. Eur/chf= Eur/usd + Usd/chf. In this environment Eur/chf represents risk acceptance or risk aversion. In recent trading the main concern has been risk aversion or risk acceptance. So in effect Usd/chf has taken a back seat to Eur/chf
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thanks, I now have something to watch re the trending of eurjpy and eurchf. in relation to their counterparts. I find any question that makes me wonder, is one I need an answer to. thanks again
eurusd is braking resistance at 1.2801. I have to refrain from jumping in I guess, and wait for a retrace back to line on next candle to see if it holds. is that right.
Yes I can see it. that takes some time to come back. certainly more professional way of trading that my impatience has led me to do on occasion. I will take a long look at my chart and write some notes. thankyou so much for the lesson. I will be seeking many more.
Gosh, I can see them all over the place, and of course the 15 min candle gives a quicker turnaround for a short trade. you only had to point that one little diagram out and I am in tune. I would give you a big hug if you were closer.
Be careful its just support and resistance. Its been around for over a hundred years. These levels fail all the time. The key is learn to play these levels with low risk.
Be careful its just support and resistance. Its been around for over a hundred years. These levels fail all the time. The key is learn to play these levels with low risk.
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I was always playing the support and resistance. I was however getting in too soon. not waiting for the pullback. that put me at the wrong end of the trade, having to wait for it to come back again. this is so important for me, I cant tell you.
I'm happy for you. I think that was the purpose of this thread, why BRV started it. I think he would be happy. If you are serious about buying the pull-back or selling the re-test. Nearly 100 years ago Richard Wyckoff perfected the principle. And one of his students coined the term jumping the creek and coming back to ice for long entries. And falling through ice and coming back to ice for short entries. Maybe you would benefit from studying some Wyckoff. He is regarded as one of the best technicians ever.
I am new to this thread and reading it with interest. I was wondering what people thought of a small short around 1.2820 per the attached chart?
Thoughts appreciated.
Verno
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Verno, a little late here but that level has been chopped up a bit - drop to a 15 min, doesn't mean it will not work, but are the odds clearly stacked in your favour?
I had shorted it at nearly the exact pip 1.2849. It got as high on my platform as 1.2850. However, that high may not hold. It came in kind of heavy through the 1.2825 level. I think you may have missed it Tori be careful with this move
usdcad has tested 1.1901 several times on the 15 min candle so just practicing, I took a buy and am in profit. my target is 1.1976 as that has been solid resistance. will get a handful of pips at worst, 40 if comes home. finally got in the trade in the right place and it feels so much better.
I'm going to start collecting these and posting them in a separate section of the blog so that you guys can see exactly what I look for here. I'll include all of the analysis and only post trades I actually take. I think this is the best way to fully explain all the different types of trades I take and what to look out for....starting with this one.
In terms of a target, I'm looking at 1.2790 initially then 1.2870.
