Hello.
I am new to this thread and did not yet finish reading through. I am not completely new to the S&R thing but I like the weekly perspective with the lines drawn only at 00 and 50. Thanks to clockwork, you seem to be another good soul sharing hard earned knowledge.
Just before when trying out some of the stuff mentioned here I found the CADJPY being at an interesting point from my perspective. PA is currently testing the resistance at 89.00 which is in confluence with a 50% fib retrace of the last big move. The smaller chart shows the H4 at that position and we can see that the resistance was tested 7 times forming several pinbars and is still holding as the PA is lifted up along the LWMA(60).
If I would trade this based on my current knowledge I would put a long order above the weekly R1 or a short order below the weekly pivot. Any comments about false perception about this trade and the entry are appreciated.
Good trading.
I am new to this thread and did not yet finish reading through. I am not completely new to the S&R thing but I like the weekly perspective with the lines drawn only at 00 and 50. Thanks to clockwork, you seem to be another good soul sharing hard earned knowledge.
Just before when trying out some of the stuff mentioned here I found the CADJPY being at an interesting point from my perspective. PA is currently testing the resistance at 89.00 which is in confluence with a 50% fib retrace of the last big move. The smaller chart shows the H4 at that position and we can see that the resistance was tested 7 times forming several pinbars and is still holding as the PA is lifted up along the LWMA(60).
If I would trade this based on my current knowledge I would put a long order above the weekly R1 or a short order below the weekly pivot. Any comments about false perception about this trade and the entry are appreciated.
Good trading.
10 x 100 = 100 x 10, stefx, retired scalper.