and here is the last minute update..
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DislikedHi Nomask,
Thanks for publishing your method of trading which I think is a very sensible approach.
I have a couple of questions (apologies if I have missed your earlier answers to these)
Roughly, how many entries do you make per week on EUR/USD?
I notice that you only post observations on EUR/USD but do you trade any other markets with this method?
Thanks,
PaulIgnored
DislikedI get 1-2 signal per week on 4hr basis..
But in terms of entry its about 4 entries a week.mostly they die at b.e
I check other pairs weekly but only trade eu these days because I don't have enough time to observe other pairs..
My favorite pair is eu and its been giving me enough opportunities.
Honestly most of the time I don't even bother myself whats happening on other pairs.
Because I'm already watching and trading the most popular pair in the world..Ignored
DislikedThanks for your reply. I only ask about the number of entries because I know you trade with low leverage and I guess you are in it for the long term building your account slowly. You wont be overtaking Warren Buffet's account any time soonIgnored
Dislikedno good momentum..
very choppy 5 min chart.
not trading it unless it gives out something very obvious and low risk.Ignored
DislikedJust one question to ask, how do you see there is a good momentum?
From what I see on the chart, it looks alright and it is in uptrend. It is moving up after testing the fib 38.2% level.
I entered buy when it broke and closed above the high (at 0%) and the position is now closed with 20 pips loss.Ignored
DislikedAm I on the right track that this could be an opportune time to take a counter trend trade? We are after all near weekly supply and weekly trendline. Four hour candle closes in 50 minutes for me and looks to be a convincing down move.
Edit: I'm aware it is currently against our hindsight but it you've got to think their is some downward pressure and who knows this could always be the start of a larger trend. So would it be wise to take a low risk entry and hopefully get my stop to BE and then let the market prove me wrong?
I think I will...Ignored
DislikedWhen the price hesitates breaking a level ,usually there is no good momentum following it.
chart's attached.Ignored
DislikedI can see that you based on the upper lines drawn to determine if you should enter long position or not. If the price break it with strong momentum, then you will enter.
However, I don't quite understand on what basis you draw the two lines on the 4hr chart. Are they fib level or S/R lines?
Apart from that, I hereby attached my chart and I have also included my interpretation on the price action. I will be deeply appreciated if you could take a look and give comment so that I know if I'm on the right track.
Thanks.Ignored
DislikedI can see that you based on the upper lines drawn to determine if you should enter long position or not. If the price break it with strong momentum, then you will enter.
However, I don't quite understand on what basis you draw the two lines on the 4hr chart. Are they fib level or S/R lines?
Apart from that, I hereby attached my chart and I have also included my interpretation on the price action. I will be deeply appreciated if you could take a look and give comment so that I know if I'm on the right track.
Thanks.Ignored
DislikedI can see that you based on the upper lines drawn to determine if you should enter long position or not. If the price break it with strong momentum, then you will enter.
However, I don't quite understand on what basis you draw the two lines on the 4hr chart. Are they fib level or S/R lines?
Apart from that, I hereby attached my chart and I have also included my interpretation on the price action. I will be deeply appreciated if you could take a look and give comment so that I know if I'm on the right track.
Thanks.Ignored
Dislikedhello lian.
on your chart,first breakout candle seemed okay but if it did not move for the next 4hr you should've started thinking to close it early and second one was not a engulfing candle its got very small body and still stayed within the consolidation.
and 20 pips fixed stop sounds big to me.I rarely let market to hit 10 pips of stopIgnored
DislikedThanks for your reply and comment.
Now I understand how you come out with the 2 lines drawn.
Based on your reply to Zusch in few posts earlier, you mentioned that you will move the fib level to new high. Therefore, the lower line is the high of the last week candle and it is now serve as support level. Whereas the upper line is the new high achieved in this week and serve as resistence level. Is it correct?
So my questions are as follows:
1) Why move the fib to new highs? Isn't that we enter long when we see the price broke and closed above...Ignored