AG
Just my opinion but, there is a major resistance level that has held strong several times in the past, it is 7 pips above the DPV and at 1.01924.
You may want to watch out for it.
Starting to see instead of just looking.
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DislikedAG
Just my opinion but, there is a major resistance level that has held strong several times in the past, it is 7 pips above the DPV and at 1.01924.
You may want to watch out for it.Ignored
DislikedThanks Rasta...I also observed it,but after my Buy stops were kicked in....I will monitor it closely to reduce the risk. Anyways, I am trading this with micro lots(10 cent pip risk) and not on full account size.
But a good learning trade. Lets wait and watch.
AGIgnored
DislikedI hear you, hopefully at LO it will have the steam to break out.
EDIT: Typo
I am just wondering how a Lower Low after a Lower High works.
Does it cancel out the setup and the Lower low now become the LOW after which you have a high and we are waiting for the higher Low to come before entry?Ignored
DislikedYes, hopefully Sonic will explain this.
I really can not take a long trade when I see a lower high then a lower low.
It is as if the point of reference changes suddenly, at least my perception of that reference point.
As you said it is a good trade to learn from.
I think you are in, there is a Bullish hammer forming right on the red tunnel line.
Good for you.Ignored
DislikedRastaman, this is not necessarily the case all the time, check out GU during yesterday's Asia session - it was consolidating after an upmove then continued to move up again. I believe that u need to keep the trend in mind all the time. In the example provided 89 is sloping up along with the dragon, this gives us the basic idea of where the trend is going, besides that CCi never droped below zero.
Edit: So basically my idea to reference only the most recent H-L-LH or L-H-HL with the trend in mind.Ignored
DislikedOk, I will try to explain this with this chart.
Does the Lower High and Lower Low nullify the setup so that now, we should still be waiting for the new Higher Low (which it seems we now have) and then the break of the previous high?
Is this chart with the wave on it not how we should have been looking at this entry?Ignored
DislikedWell, as per my understanding they do not nullify the set-up. You allways look at the most current 3-wave formation.Ignored
DislikedHere is another way too look at this checkout the pictures:
In case of USDCHF we had an uptrend - a series of HHs and HLs, but then we made a LH and LL which didn't break the previous low, so in order for us to go short we would need to wait for the break which is depicted in the upper part of pic #2. We never had that, instead price put int a higher high, so the whole 3 wave move down could be considered as a complex retrace.
Hope it helps!Ignored
DislikedTP1 hit for +70, SL on remaining half is at 134.41 (+18), and going to bed. See folks at the NY open.Ignored
Dislikedgot 95 pips and enough for today ........and also looking next opportunityIgnored
DislikedHello, I set my order on EU long EP 1.4860 SL 1.4806 TP 1.4915
+ 55 pips Thx Sonic !
I went to work and when I returned home TP was hit ...Ignored