Hi Tw0eleven
Thanks, I appreciate your thinking.
Have a good weekend
Cheers
WFX
Thanks, I appreciate your thinking.
Have a good weekend
Cheers
WFX
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DislikedHi 211, I am using FXDD for the 4 hrs chart, is it ok? Different brokers will have different GMT, it will affect the candle size right? I like this method, simply and pace is not that fast. However, as what u said, we need much patience. Your explanation is great and do con't your posting so I can learn from it. CheersIgnored
DislikedHi 211, I attached the EU chart. My vision is price will retrace down and bounce on the trend line and close above the MA with the confirmation of MACD. Than I will have the buy signal? Is my vision correct? :-0Ignored
DislikedWith regards to my above post...EU just did the same exact thing I was talking about! It pulled back at/near the 20ma(within 15pips) AND it was also a pullback to prior resistance area that seems to have turned into support!!! One very important aspect of these trades is that if you have a trade setup, you want it to be the FIRST or maybe second retest of these areas. After that, your probability of a successfull trade really goes down.Ignored
DislikedBased on your above posted E-U chart, can I say one could have triggered a LONG (buy) entry based upon the candle closing as shown in the circle? Pls. comment.
CheersIgnored
DislikedEntries don't often come at candle closes...they typically happen while the candle is forming( the pullback to the 20ma ). Now if the candle had closed at/near the 20ma...then you might have an entry at candle close if price action looked good enough. Hope that helps.
p.s. if you wait until candle close for entries, you typically miss most of the move!Ignored
Disliked
One other note, the highest probability trades are FIRST TOUCH trades. What I mean by that is the first time price goes back to retest a prior Support or Resistance area. OR whenever price touches the 20 moving average for the first time after a trend change. Each touch after that becomes less and less probable of a successful trade.Ignored
DislikedHi 211, EJ 4 hr slowing diverenge. Price is up but MACD sloping down.. how will you play this setup? ThanksIgnored
DislikedHi 211
Pls. clarify what you meant for "1st touch" trade.
Is it the one bull candle after the doji in the circle?
CheersIgnored