DislikedOften this fight is in the area 13 pips from a level (reaching half of the range i.e between xx13 and xx87, using 5min chart).Ignored
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DislikedOften this fight is in the area 13 pips from a level (reaching half of the range i.e between xx13 and xx87, using 5min chart).Ignored
DislikedWatch out around xx00 levels - there's always some fight. Usually fake-outs and pullbacks, so there's always some opportunity around those levels to watch PA's behavior. Often this fight is in the area 13 pips from a level (reaching half of the range i.e between xx13 and xx87, using 5min chart).
Always try to observe PA for some time before jumping to conclusion. And the best times are in the first few hours after Frankfurt and London open, when there's momentum.Ignored
DislikedNever really looked at this on other currencies but gu definitely also likes 85/15, better half and I always looked at it as stop sweeps. Meaning if gu falling through 15 level it 'COULD' go through to 85 level and vice versa.Ignored
DislikedI avoid jumping on first sign, always after a close of chosen TFs.
I agree with you, x.xx00 and x.xx50 are the best for congestion. Usually I avoid or am very careful around the x.xx00 and in doubt wait next x.xx25 for a return to the level or continuation. And for me fibolevels are very important, they are excellent for targets. Also have S&R on monthly chart. This 1.3006 is one of them, 1.3553 above and 1.2404 below.
[size=3][FONT=Times...Ignored
DislikedThis is not why round numbers "work". They don't magically get some sort of importance from some esoteric numerology. Read Osler.
:edit:
And another big reason for round numbers acting as S/R is options.Ignored
DislikedSo you're saying that they work because there are larger concentrations of orders there and that there is more attention paid to them than other prices?
Are you sure? That's too simple.
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DislikedI hope TE doesn't mind me posting this on his thread, but seeing as I've been trading in a similar fashion to this method, perhaps this would be useful to those amongst us who haven't bothered with psych-lines before.
The chart shows how I use the lines. I look for candlestick reversals, patterns, HL's and LH's, retracements etc.
1) Harami candle.
2) Higher low.
3) Retracement.
4) Railroad Tracks/Higher low.
5) Brief consolidation.
On the Double Top pattern, the second peak is a Shooting Star candle with lots of momentum coming off it across...Ignored