As an example of my trading idea I'll use chart from 9 OCT 2009.
On 30M chart you can see two yellow lines for S/R, red for daily pivot [day start at 0:00 GMT] blue for weekly pivot.
http://i33.tinypic.com/oholye.png http://i35.tinypic.com/25updmw.png
For entry I would wait for specific setting on 1M chart. [I want both pairs to indicate local price reversal]
As an example I'll use moment when GU touched weekly pivot point [possible reversal].
http://i33.tinypic.com/wsu5qa.jpg http://i35.tinypic.com/fmnkh3.jpg
Three vertical lines mark three dips on GU. On the very same moments there were three dips on EU as well. Those on EU were higher lows [sign of trend reversal].
What make setup even more interesting is fact that on last dip Stoch RSI on both charts felt below 1 and price touched lower BB [strong oversold signal].
As a triger I usually use top value of HAS [what I hope to precise later] as a SL bottom of recent 1M low.
In this example I would hopefully open GU long @ 1.5944 SL 1.5931, half position closed with more or less 12 pip profit and keep other half for around 60 pips profit [however there is resistance line 53 pips above entry, what would made me to close it after 50 pips gain.
Of course this is just historical price action. On historical charts everyone can make money
. So cross your fingers and let's see.
I will highly apricieate your comments and votes if you find my thread valuable, however I will take no responsibility for your performance if you enyhow base your trading decisions on what am I writing.
If you say so in commets I will run my skype to communicate life while trading.
On 30M chart you can see two yellow lines for S/R, red for daily pivot [day start at 0:00 GMT] blue for weekly pivot.
http://i33.tinypic.com/oholye.png http://i35.tinypic.com/25updmw.png
For entry I would wait for specific setting on 1M chart. [I want both pairs to indicate local price reversal]
As an example I'll use moment when GU touched weekly pivot point [possible reversal].
http://i33.tinypic.com/wsu5qa.jpg http://i35.tinypic.com/fmnkh3.jpg
Three vertical lines mark three dips on GU. On the very same moments there were three dips on EU as well. Those on EU were higher lows [sign of trend reversal].
What make setup even more interesting is fact that on last dip Stoch RSI on both charts felt below 1 and price touched lower BB [strong oversold signal].
As a triger I usually use top value of HAS [what I hope to precise later] as a SL bottom of recent 1M low.
In this example I would hopefully open GU long @ 1.5944 SL 1.5931, half position closed with more or less 12 pip profit and keep other half for around 60 pips profit [however there is resistance line 53 pips above entry, what would made me to close it after 50 pips gain.
Of course this is just historical price action. On historical charts everyone can make money
. So cross your fingers and let's see.I will highly apricieate your comments and votes if you find my thread valuable, however I will take no responsibility for your performance if you enyhow base your trading decisions on what am I writing.
If you say so in commets I will run my skype to communicate life while trading.
