DislikedMy train of thought now is to be careful thinking about short trades...instead I will buy dips until the largest cycle sine wave has stalled, tops out and starts to roll over. Until then I will enjoy the easy money on the long side by keeping my time frame tight.
I am learning to enjoy trading in an easier fashion by simply looking at the sine waves and how the confluence of cycle waves influence the price action.
If you pull back to large time frames you will see why the Yen pairs have so much energy...all the waves are moving in the...Ignored
Thanks for sharing this with us CoonDawg. I have to agree with you that although I am short, it is a risky counter-trend trade. Price has stalled but if we do start picking up momentum to the upside I will close positions for a minimal loss. However, if we move higher I will sit on the side lines for the time being as I wouldn't want to go long at this point in time either.
Would you mind posting your heat map indicator? I would love to test this out just to see how it works.
I am more of a swing trader and prefer trading at weekly support / resistance after watching price action at those levels. I couple PASR (price action support resistance) with the Third Screen Strategy of Dr. Alexander Elder which is mostly used for scaling in and out of positions when pair(s) are trending.
Here is my trading strategy in a nutshell:
I use a Trend Strategy which uses a part of the "Third Screen Strategy" of Dr. Alexander Elder. First, I find in a D1 chart the global trend using the MACD indicator. Once the overall trend is clear, I use the H1 time frame to act in the same trend using the Williams Percentage Indicator. When the positions are opened I manage economic news and fundamental analysis to close the position if I think the trend is about to reverse on the D1 chart.
The above mentioned Trend Strategy is used in confluence with Price Action Support Resistance (PASR). Major areas of Support and Resistance are found using the Weekly and Monthly charts. It is important to observe Price Action (candle formation) at these significant S&R levels before placing a trade.