There are 2 sell zones coming up at the moment
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- #958
- Sep 5, 2011 12:43pm Sep 5, 2011 12:43pm
- Joined Apr 2008 | Status: Trader | 9,414 Posts
Although I dont trade NFPs, but here is my view on the outcome of NFP today...
PA Hit 4070 since 4h and no sign for bulls INTERESTING
Don't u think so Or maybe that because Time and US Close today?
Well i will b watching my daily and c what i can do
- #959
- Sep 5, 2011 10:30pm Sep 5, 2011 10:30pm
- Joined Dec 2009 | Status: Trader | 2,319 Posts
No, I dont think either that it will go up now, since its at this level. Its going to be minor correction on M5 and then down again. Probably till around 3800 level or so.
After end of august and beginning of september I trade in the direction of the daily time frame which is down at the moment. During Summer months you can do a mistake in the direction of the hourly time frame, but as long as you give yourself enough of a large stoploss, you either come out at break even or make a small profit after a week or so.
From September to End of November, you cant do this.
Once the trend starts in september, Counter trading is very risky. If you note on Friday I said that it might get stuck in a wave 4 of a possible 5th wave extension, but I mentioned Sell opportunity at 4310, not buy.
In these circumstances, even if you think that it will go up 300 pip, its never advicable to go for a buy, because trends that start on September are not the types that will do haphazard retracements and help you to get at break even after 1 week.
They are the types that books talk about, where it does a neat 38.2 or 61.8 retracements and will continue back on track in the same direction again.
So if you are counter trading, and not in the 38.2 / 61.8 range after the retracement starts, then you are going to loose money.
The best way to make money off these trends is not to go on a BUY, when the main trend is a sell. Its to figure the limits of Wave 4 or a Wave 2 and then go on a sell at every new high with a good enough stoploss that will cover a retracement to a fibonacci level or a decent trendline on the h4 time frame.
Will post some charts within couple of hours...
After end of august and beginning of september I trade in the direction of the daily time frame which is down at the moment. During Summer months you can do a mistake in the direction of the hourly time frame, but as long as you give yourself enough of a large stoploss, you either come out at break even or make a small profit after a week or so.
From September to End of November, you cant do this.
Once the trend starts in september, Counter trading is very risky. If you note on Friday I said that it might get stuck in a wave 4 of a possible 5th wave extension, but I mentioned Sell opportunity at 4310, not buy.
In these circumstances, even if you think that it will go up 300 pip, its never advicable to go for a buy, because trends that start on September are not the types that will do haphazard retracements and help you to get at break even after 1 week.
They are the types that books talk about, where it does a neat 38.2 or 61.8 retracements and will continue back on track in the same direction again.
So if you are counter trading, and not in the 38.2 / 61.8 range after the retracement starts, then you are going to loose money.
The best way to make money off these trends is not to go on a BUY, when the main trend is a sell. Its to figure the limits of Wave 4 or a Wave 2 and then go on a sell at every new high with a good enough stoploss that will cover a retracement to a fibonacci level or a decent trendline on the h4 time frame.
Will post some charts within couple of hours...
Hello dear bro
PA Hit 4070 since 4h and no sign for bulls INTERESTING
Don't u think so Or maybe that because Time and US Close today?
Well i will b watching my daily and c what i can do
