That wouldn't happen to be AxiTrader chart would it?
I have the same gap on the hourly.
I had my stop too tight on this one but see the 2nd attachment ... a reminder to not forget the basics.
Attached Image(s) (click to enlarge)
I read one third of this thread and remember Tom's great trade on CHFJPY. There was nice level, where everyone was expecting that price would bounce. But it didn't and that was because there was maybe minor, but still unretested level some pips below. And price bounced off that minor one and not that clean daily level.
Here is something similar i think, but on much smaller scale. EURUSD and at first glance really nice level @ 1.2990 to go long. But just 13 pips below that one we have tiny spider, which had been broken and was never retested. Price stoped sth like 5 pips away and was not able drop lower since it looks like it was consuming orders at that slightly higher level (1.2990) after breaking through and restest.
I know 13 pips is not that big difference, but if i would like to go long here, putting order at 1.2977 looks better. Or am i complicating things and will probably miss good trade if do so?
Any opinions?
Here is something similar i think, but on much smaller scale. EURUSD and at first glance really nice level @ 1.2990 to go long. But just 13 pips below that one we have tiny spider, which had been broken and was never retested. Price stoped sth like 5 pips away and was not able drop lower since it looks like it was consuming orders at that slightly higher level (1.2990) after breaking through and restest.
I know 13 pips is not that big difference, but if i would like to go long here, putting order at 1.2977 looks better. Or am i complicating things and will probably miss good trade if do so?
Any opinions?
- #4,436
- Oct 19, 2012 10:56am Oct 19, 2012 10:56am
I read one third of this thread and remember Tom's great trade on CHFJPY. There was nice level, where everyone was expecting that price would bounce. But it didn't and that was because there was maybe minor, but still unretested level some pips below. And price bounced off that minor one and not that clean daily level.
Here is something similar i think, but on much smaller scale. EURUSD and at first glance really nice level @ 1.2990 to go long. But just 13 pips below that one we have tiny spider, which had been broken and was never retested. Price...
in my view, your analysis is very good! I like that you pay attention to detail. Honestly to the current setup, the important level is 1.2990 (the upper one) and you are just eager to trade, so try to find setup at any cost. And I think that one of the most important things is to trade the most obvious and clear setups. That's one of the places, where patience got to kick in!
I am reading all wizard's posts for a second time now and i can see that there are no so so charts. Going several times through his work to this thread can open your eyes to many little things.
Keep it simple, but don't oversimplify and pay attention to detail! - This is my motto
Hey Audioslave,
in my view, your analysis is very good! I like that you pay attention to detail. Honestly to the current setup, the important level is 1.2990 (the upper one) and you are just eager to trade, so try to find setup at any cost. And I think that one of the most important things is to trade the most obvious and clear setups. That's one of the places, where patience got to kick in!
I am reading all wizard's posts for a second time now and i can see that there are no so so charts. Going several times through his work to this thread can...
It's fun to read older posts in this thread and ask yourself if you would had taken some trades which have been posted here. It takes some time to check how they actually turned out but it is worth it. It's like doing your homework. Searching for those details you mentioned which cause one trade worked out nicely and other one, although similar didn't.
And i think i will also read this thread more than once. Just to be sure that my homework is done properly.
Cheers
