Hi Ken,
The attached chart shows the range top after yesterdays London close. I have a few questions about that.
The controller pin has a high of 6663.
1. The blue pin closes at 6663. Would the high of this pin define a new range top?
2. The two yellow candles close above. Do they define a new range top as they can be considered a pin on 30min and are from a time of the day with a much lower trading volume?
The pin from this morning (5 GMT) closed at 6664 - PA after that looks like a range break out. Seems some people considered 6663 the range top.
Often we see after a breakout pullbacks of around 10-20 pips. Looks like the stops of the people who traded the breakout level. Right?
Maybe post a chart . A true breakout is a close above or below the area then a pullback to retest that area as long as it doesn't CLOSE back on the otherside it is a true breakout if it does it was a fake out. A failure to break the area . just a attempt that failed. So if your seeing price push through then a 10 or 20 pullback that is just the retest of the line and where I like to enter as long as it holds.
Would you trade a range breakout against major averages - like 15min 50EMA, 1hr 10EMA or the lower 4hr MAs?
I lately have been waiting for the trend to change on the 15 Min charts crossing over the 35/50 area before I change my bias. This seems to help me succeed. But if price reverses on major chart it will have to cross over at some point. But I find that anytime we cross those areas there are plenty of trades to be had the retest we just talked about being a major one to get us in right. But his is my choice it is better and I am trying to learn to read the higher time charts to plot profit taking. But it is just as hard to know when not to and take small gains it is this that is the most difficult.
Longer term traders struggle when their long term plans don't work. So i tend to continus to scalp with my eye on longer trades.
The last couple of days I had a couple of times, that two brokers (IBFX/Saxo) showed a close above/below a range and OANDA don't. Sometimes only one shows a breakout. Nice!
Yes aoll the brokers are a little different . My price is always about 2 pips off from one broker to the other That I use. I also get a spike ong the gbp/usd everyday at 5:00 that isn't on any other broker.. just have to trade the one you like the best..
Cheers
Thomas
Hope this helps ken
The attached chart shows the range top after yesterdays London close. I have a few questions about that.
The controller pin has a high of 6663.
1. The blue pin closes at 6663. Would the high of this pin define a new range top?
2. The two yellow candles close above. Do they define a new range top as they can be considered a pin on 30min and are from a time of the day with a much lower trading volume?
The pin from this morning (5 GMT) closed at 6664 - PA after that looks like a range break out. Seems some people considered 6663 the range top.
Often we see after a breakout pullbacks of around 10-20 pips. Looks like the stops of the people who traded the breakout level. Right?
Maybe post a chart . A true breakout is a close above or below the area then a pullback to retest that area as long as it doesn't CLOSE back on the otherside it is a true breakout if it does it was a fake out. A failure to break the area . just a attempt that failed. So if your seeing price push through then a 10 or 20 pullback that is just the retest of the line and where I like to enter as long as it holds.
Would you trade a range breakout against major averages - like 15min 50EMA, 1hr 10EMA or the lower 4hr MAs?
I lately have been waiting for the trend to change on the 15 Min charts crossing over the 35/50 area before I change my bias. This seems to help me succeed. But if price reverses on major chart it will have to cross over at some point. But I find that anytime we cross those areas there are plenty of trades to be had the retest we just talked about being a major one to get us in right. But his is my choice it is better and I am trying to learn to read the higher time charts to plot profit taking. But it is just as hard to know when not to and take small gains it is this that is the most difficult.
Longer term traders struggle when their long term plans don't work. So i tend to continus to scalp with my eye on longer trades.
The last couple of days I had a couple of times, that two brokers (IBFX/Saxo) showed a close above/below a range and OANDA don't. Sometimes only one shows a breakout. Nice!
Yes aoll the brokers are a little different . My price is always about 2 pips off from one broker to the other That I use. I also get a spike ong the gbp/usd everyday at 5:00 that isn't on any other broker.. just have to trade the one you like the best..
Cheers
Thomas
Hope this helps ken
Good Trading To All ; Ken Lee
