wasnt this a good TC?
Attached Image (click to enlarge)
- #18,029
- Nov 27, 2008 10:59am Nov 27, 2008 10:59am
That was a good one to take. 89sma was the main support. 21ema above does not offer any resistance at all. Inverted sHs on the price
Well i thought it was a strong setup even without it so i went for it. We also have a BoZ on the MACD as extra confirmation + very nice R:R.
- #18,030
- Nov 27, 2008 12:18pm Nov 27, 2008 12:18pm
I do meet some cases of failure TC of eu today, which price is apporaching resistant and forms a TC(usually the TC is a potential LH which the siganl green MACD bar is beneth previous ones), it would often be a failure TC and price forms a sHs for the effect of the resistant. Let's not forget the rhythm that when price approaching 8ema or 21ema, it has the rhythm to continue it's way to become a TC, but these failure TCs always the ones that price has leave the MAs already, and there is a distance to MAs, that's means the power of TC has been exasuted already, and the low leave of the green MACD TC signal bar ofthen followed by a red one to become a LH!
I use daily, 4h, 1h and 5min chart to show where the really entry point of TC trade today and if we do enter at 12:00 canlde where the failure of TC at 4h chart, how do we set the sl to cut down the potential loss.
Daily chart, where we see the resistant line
4h chart, where we see the price has left 8ema with a distance alreay, and has the potential to form a nesting doll or sHs
1h chart, where the successful tc entry point today is.
5min, if we do enter at 12:00 of 4h failure TC, how should we set the SL to cut down potential loss
I use daily, 4h, 1h and 5min chart to show where the really entry point of TC trade today and if we do enter at 12:00 canlde where the failure of TC at 4h chart, how do we set the sl to cut down the potential loss.
Daily chart, where we see the resistant line
4h chart, where we see the price has left 8ema with a distance alreay, and has the potential to form a nesting doll or sHs
1h chart, where the successful tc entry point today is.
5min, if we do enter at 12:00 of 4h failure TC, how should we set the SL to cut down potential loss
Plan your trades and trade your plans
- #18,033
- Nov 27, 2008 3:29pm Nov 27, 2008 3:29pm
what do you think about the head n shoulders on gbpusd
- 4hr steadily making higher lows.
- If you drop to 1hr, there is an ascending TL that price is respecting well, with 4 tests so far...my anticipation is still long.
- Also, if you look at daily, there is MACD divergence, and price has closed above 21EMA. Yesterdays 26th candle was a weak bearish retracement back towards 21. All signs to me to be wary of short trades.
...Just my plan of course. But I like to have a plan in advance otherwise I'm more likely to jump in on stupid trades
.
Can't find anything against this trade except that it looked too good to be true
PS Yorik's management was the best
PS Yorik's management was the best
I also got into the trade
Reasons:
04:00 candle has given the TC signal
Last 2 candles a dojis followed by a nice engulfing bullish candle
Also price is close to a trend line
Price has stayed above the 200sma after crossing it and pulled back to it and now a possibility for bouncing off and maybe a breakout above the trend line
Also 21ema close to the 200sma and acting as support as well.
Will close 50% at just below trend line and move remainding to BE and give it a chance to breakout if it does.
Also the 2 charts are the same, one is...
