This is not actually a pair I follow so I'm probably not the best person to answer but it certainly seems to be an interesting s/r level... I liked the shooting star just above (off of 65) too!
Regards,
Dan
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DislikedHi Dan and others
Thanks for a great thread which is a great help for a newbie like me who wants to learn to trade properly and not resort to using a robot!
With regard to your AUD/JPY trade on the 5th October, was this trade solely taken as a result of the hammer formation at the key support level of around 80000? I assume the extremely round number reinforces the support level?
Doesn't this hammer formation need to form at a swing low in order for it to be a valid trigger?
You have mentioned previously that you like to enter at a discount...Ignored
DislikedHello Dan and guys,
Can you please have a look at my weekly chart and see if I'm on the right path to drawing the SR levels ? I treat those lines as zones rather than to pip touch (so I will watch what price is doing at the current level as it is at one of the lines).
Kindest Regards,
CamIgnored
DislikedMy first attempt at identifying a possible set up.
EUR/AUD. Shooting Star formed at trend line and at 50% Fib retracement line.
What do you think?
Thanks
MarkIgnored
DislikedHi Dan,
Sorry just a quick one... what time zone are your charts? As in for your dailies what time do they close?
ThanksIgnored
Dislikedhello, my name is fredy
I just wanna thank you for someone like you who bless many traders with your way of teaching
i just wanna ask, i wonder how you set the price alert , do you know the web or application which can be used as price alert ? because it's very hectic when we wait the set up to get in the trade, while price haven't retrace to 50 fib yet
sorry for the newbie question :>
i am learning forex for 6 months and doing real micro account for learning in just 2 months, and i find your way of trading of minimize the risk and expand the profit...Ignored
DislikedHi all
I'm waiting for the EUR/USD on 1.4400 because of :
- Fibo 61.8 for the long swing
- Fibo 78.6 for the short swing
- Down trendline
- Fibo expansion 127.2
So what you think Dan ?
PeaceIgnored
DislikedHi Dan and other guys,
I know that you use S/R, TL, Fibs, RN, etc for the majors as well as the crosses.
It's a common believe that those things work because they are self-fulfilling prophesy.
Now, crosses are derived from the majors, so seems like TL or Fibs shouldn't matter that much on the crosses because PA there is driven by other factors (the majors PA).
So from your experience, does the method work on the crosses with the same efficiency as on the majors?
The only logical explanation I see that maybe sometime it's the crosses driving the...Ignored
DislikedHi guys,
Sorry I haven't been around to post this last week - I was quite unwell and kept away from the computer as much as possible!
I will try and catch up today now that I am back to it... I just wanted to say congratulations to gododdin - I knew that first 1000 pip profit was close, well done my friend!
I hope people take notice of gododdin's success - it really is quite possible for others to do the same.
Regards,
DanIgnored
DislikedHi PipRiderFX,
I use Alpari UK for my charting and they are set to GMT (I think lol!).
Regards,
DanIgnored
DislikedHi Dan,
Good to see you back all better. I am still looking for my first 1000 pip trade, i thought i might be there this week as i had four trades giving me about 800 pips profit but they have retraced and one stopped out. I am sure they will carry on with the trend (lets hope so).
I find that the hardest part of this strategy is not taking profit as i could have closed out last week for 800 but as you say "That’s what separated the men from the boys".
I think once i have my first 1000 pip move in profit it will help with confidence.
Can you...Ignored
DislikedHi Dan,
I demoed with Alpari UK and they were GMT+2 (daily candle opening at 23:00 UK time).
Also, thank you for the observations regarding the chart.
Kindest Regards,
CamIgnored
DislikedSpent more than an hour reading the thread...well worth it
I'd just like to ask why you weren't stopped out on the break of the trendline in the EUR below. Also, I usually wait for consolidation patterns to form on trendlines first and then go short/long on a break of those small congestions. Like for EURCHF - short on a break of 1.3260, EURAUD - short on a break of 1.4042. Initiating the trade on a break is more expensive, but I find it produces higher probability trades. Any comments?
edit: can't seem to attach the jpeg of the picture,...Ignored
DislikedOk Dan; but I guess that area will be the end of the up trend.
Let's see what will happen.
Thanks friend.Ignored
DislikedHi seifo005,
It may be. Then again it may not. Why guess?
The truth is picking tops and bottoms is gambling. No one can pick the end of a trend without just being lucky. You might get it right once or twice but mostly you're just going to get it wrong. I don't mean that in a negative way to you - it's just a general fact. Retail traders tend to pick tops and bottoms. Professional traders trade with the trend. Guess which group is more profitable than the other?
Regards,
DanIgnored