Dont often like fighting price unless I have a good reason and 3rd touch of the underside is a good enough reason for me.
A break above the line would invalidate the trade.
While on the topic of dollar index. I have found it useful to follow. For example, short on Cable and Long on CAD was partly based on the idea of dollar strength. However, entries are always a Wmd entry technique... for the precision and the timing.
Dont often like fighting price unless I have a good reason and 3rd touch of the underside is a good enough reason for me.
A break above the line would invalidate the trade.
This was a nice trade, using the 3rd touch of the underside on the hourly. Classic Wmd. You also had the 1st touch of the underside of the daily as well. Nice confluence.
I do notice we potentially have that mega phone thing happening on the hourly like how eurgbp bottomed and reversed, and a potential for a S/R flip as well. If she wants to rally, another retest of the daily trend line would be worth keeping an eye on (last picture).
This was a nice trade, using the 3rd touch of the underside on the hourly. Classic Wmd. You also had the 1st touch of the underside of the daily as well. Nice confluence.
I do notice we potentially have that mega phone thing happening on the hourly like how eurgbp bottomed and reversed, and a potential for a S/R flip as well. If she wants to rally, another retest of the daily trend line would be worth keeping an eye on (last picture).
d
Ignored
Hey Darren,
Thanks mate I thought you'd like that setup.
I'd really like to see price below the weekly open so will be interesting to see which side of the Mon range price breaks.
As promised some time ago, attached are my notes for this thread in .doc and .pdf formats.
These notes are mainly a combination of posts from WMD and Dazzdude’s threads together with a few points and observations from others. They are not a summary written at the end of the process, rather a collection of points that I thought important or in need of further clarification at the time of reading. As such they are not a substitute to reading the original material, but rather an adjunct and guide to the important points and ideas which can then be investigated through the associated links. Hopefully this will make the material more assessable to those new to the thread who may be somewhat daunted by the prospect of reading several thousand posts. Text in red indicates points at question or supposition on my behalf and although subsequent observations have answered some of the questions I have kept them in as it may help others with similar thoughts and queries after viewing the associated material at that point.
Personally I have no real experience of trading. I have spent some time investigating trend following systems via back-testing which has the advantage of empirical confirmation of relations over long periods of time, but by necessity the approaches that can easily be examined tend to be relatively simplistic. I have observed that optimisation will tend to produce bias towards previous periods of maximum returns which may no longer apply in different market conditions. This manifests itself as high draw-downs in subsequent periods. It was the realisation of the risk that this potential draw-down represented that made me look for a more consistent trading approach and hence my interest in this thread. In terms of manual trading I have only placed a handful of trades and most of them have been testing on demo accounts.
For the record, at this moment at least, I have no connection with either authors of the threads this information was compiled from, any commercial site, or for that matter any other member of Forex Factory (as far as I know given anonymity of users).
Trading with Deadly Accuracy
