Just another perspective: I was reading the financial's before I became interested in trading, and for the most part, fundamental data has become completely disconnected from price, DOW goes up on bad news, DOW goes down on bad news, no rhyme or reason. After the fact, all the talking heads will get together and justify it, but it's pretty senseless right now.
Should the economy ever return to "normal", fundies may be a useful analysis tool, but as long as all the numbers provided by the government and banking institutions remain completely fraudulent,...
It looks ripe.... maybe wait and see if Asia has anything to say.
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i suppose you are looking at the 4H pinbar?
it looks decent, but the fact that the daily is forming a conflicting (C grade) pinbar going long.. and there is a lot of traffic around 1.7730..
personally i will not be taking this
It looks ripe.... maybe wait and see if Asia has anything to say.
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Could you please post a chart of what you are seeing? I think we may have different zones...I have been looking for a signal to go long on this pair. The current pinbar is very week however so I am not looking to go long quite yet. I can see how you can have a line drawn at 1.8000 price seems to have reacted to the zone I have more often then at 8000. On the flip side, price did reject 8000 in the past few days...seems like an iffy situation I don't want to get stuck in.
any money mgmt. tips on NZD/USD trade? My stop is at BE (.6436) and I parked my stop behind .6420 level. Any recommendations on managing this trade?
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Drebin,
This isn't meant to offend you. Just a tip that someone gave me and I want to pass on.
Trade your plan. The best traders have an idea of how they will react when price hits a certain point... will you move your stop up, will you take profit, will you do nothing....
The best traders put this plan in their heads, if not on paper BEFORE placing the trade. Once the trade is on, you are more likely to let emotion in and make [poor] decisions for you. Or even worse, you start asking for advice on a public forum.
Again, please don't be offended. Maybe the first step here would be to tell us what you are thinking... what (in)action are you leaning towards? Once we know what you are leaning towards, the seniors on this thread are better able to provide advice on whether they agree or not on your potential strategy for managing the trade.
Just my 2. Best of luck on the trade and have a great holiday.
Just something that came to mind while thinking...the most important thing that has probably started to turn around my trading life taught by CW is the Whole Numbers theory. Find your S/R Zones and then look at the nice Whole numbers nearby and plot your lines.
I know before, I was always so overwhelmed by exactly what POINT that price SHOULD react to. Now I know you will find them in nice Whole even numbers ending in 00 and 50 and they most often come in zones!
Drebin,
This isn't meant to offend you. Just a tip that someone gave me and I want to pass on.
Trade your plan. The best traders have an idea of how they will react when price hits a certain point... will you move your stop up, will you take profit, will you do nothing....
The best traders put this plan in their heads, if not on paper BEFORE placing the trade. Once the trade is on, you are more likely to let emotion in and make [poor] decisions for you. Or even worse, you start asking for advice on a public forum.
Again, please don't be offended....
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I completely agree and thanks. My plan was to place my first stop above the .6400 level after a break, then after price hit and broke .6250ish I would move my stop behind that level....just wanted some thoughts about that strategy....
Just something that came to mind while thinking...the most important thing that has probably started to turn around my trading life taught by CW is the Whole Numbers theory. Find your S/R Zones and then look at the nice Whole numbers nearby and plot your lines.
I know before, I was always so overwhelmed by exactly what POINT that price SHOULD react to. Now I know you will find them in nice Whole even numbers ending in 00 and 50 and they most often come in zones!
I completely agree and thanks. My plan was to place my first stop above the .6400 level after a break, then after price hit and broke .6250ish I would move my stop behind that level....just wanted some thoughts about that strategy....
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I am not looking at a chart at the moment, but from memory - it sounds like how I do it.
