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my system of 20 pips

  • #1,041
  • Oct 29, 2014 2:36am Oct 29, 2014 2:36am
FXAction, I took a similar trade. Price broke local support and retraced a little so I got in. I have to watch it though cause I expect some reaction at the TL. Anyway, I'll be looking for the P to fill at least the pin bar's wick or just grab 20 pips
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  • #1,042
  • Oct 29, 2014 10:59am Oct 29, 2014 10:59am
Quoting Opemipo
{quote} Price has tested the indicated point 4 times and it has not broken it so it is going up! {image}
Check it out, price has got the point predicted on NZDUSD
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Phemmy
I am more afraid of 100 sheep led by a lion than 100 lions led by a sheep!
  • #1,043
  • Oct 29, 2014 11:02am Oct 29, 2014 11:02am
Quoting Opemipo
{quote} I feel the price will get here as indicated expect a resistance shows up. {image} Thanks! Learn more here (http://www.forexfactory.com/showthread.php?t=499704&page=13) Phemmy
EURUSD-Price is climbing up as predicted!

Phemmy
I am more afraid of 100 sheep led by a lion than 100 lions led by a sheep!
  • #1,044
  • Oct 29, 2014 11:19am Oct 29, 2014 11:19am
Quoting FXAction
{image}

Sorry, I am still not quite following this.

Why short at 2.03588? Shouldn't it be a buy as we expect the previous "resistance now turned support" to hold?
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  • #1,045
  • Oct 29, 2014 2:17pm Oct 29, 2014 2:17pm
Excellent performance by the system today. More green pips to your elbow.
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  • #1,046
  • Oct 29, 2014 6:13pm Oct 29, 2014 6:13pm
FXAction, does my setup looks ok for you? the eurusd in H4 reaches to the support 4 times in the past. Please advice.. thanks.
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  • #1,047
  • Oct 30, 2014 1:11am Oct 30, 2014 1:11am
Quoting FXyao
FXAction, does my setup looks ok for you? the eurusd in H4 reaches to the support 4 times in the past. Please advice.. thanks. {image}
The first thing you should always bear in mind is that our mentor teaches that the best s/r level is the untested. The more it is tested the weaker it becomes. This does not mean that I personally do not take trades from such a level. What I do is to resort to chart pattern reading and analysis to see if I will go long. Observe again that price came to this s/r level with tremendous force and yet there was no bounce. Reactions, bounces and formation of yikes are very important factors to consider when studying s/r levels.
  • #1,048
  • Oct 30, 2014 1:24am Oct 30, 2014 1:24am
Hi FxAction,

Also like u said, we should look for a parabola and a strong bullish candle with no upper wick to tell us that the downward move is over...I feel that price will still go further down as both the daily and the weekly is showing downward trend.

Regards
  • #1,049
  • Oct 30, 2014 1:52am Oct 30, 2014 1:52am
Quoting dennis4u15
Hi FxAction, Also like u said, we should look for a parabola and a strong bullish candle with no upper wick to tell us that the downward move is over...I feel that price will still go further down as both the daily and the weekly is showing downward trend. Regards
Yes, especially at a level which has supported price on 4 different instances. It could have grown weak and it is not appropriate to ake a hasty trade at such level. Best levels remain, as I said before, the fresh untested s/r levels.
  • #1,050
  • Oct 30, 2014 3:51am Oct 30, 2014 3:51am
Quoting NewSonicer
{quote} Sorry, I am still not quite following this. Why short at 2.03588? Shouldn't it be a buy as we expect the previous "resistance now turned support" to hold? {image}
Sorry, I ommitted this.I sold because I wae seeing a hook. More importantly there are a lot of chart pattern information I observed.
  • #1,051
  • Oct 30, 2014 4:40am Oct 30, 2014 4:40am
Quoting FXAction
{quote} Sorry, I ommitted this.I sold because I wae seeing a hook. More importantly there are a lot of chart pattern information I observed.
Here goes......I bought 5 lots at 1.2566 on EurUsd.Partial Target to 1.2630.Hold Thumbs....

http://www.forexfactory.com/attachme...1&d=1414661853
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  • #1,052
  • Edited 4:53pm Oct 30, 2014 6:13am | Edited 4:53pm
Hi FxAction,

Can this be termed as a hook???

Regards
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  • #1,053
  • Oct 30, 2014 6:46am Oct 30, 2014 6:46am
Quoting FXAction
{quote} The first thing you should always bear in mind is that our mentor teaches that the best s/r level is the untested. The more it is tested the weaker it becomes. This does not mean that I personally do not take trades from such a level. What I do is to resort to chart pattern reading and analysis to see if I will go long. Observe again that price came to this s/r level with tremendous force and yet there was no bounce. Reactions, bounces and formation of yikes are very important factors to consider when studying s/r levels.
According to your comment, what would be your thoughts about EURUSD at 1.2500 1.2520 since it has been untested, had a strong approach to the area, parabola, and price bounced strong from there after breaking 1.2520. Do we consider the zone a target or do we wait for the price to come down (if it does) and then we enter? Thank you
  • #1,054
  • Oct 30, 2014 10:35am Oct 30, 2014 10:35am
Quoting dennis4u15
Hi FxAction, Can this be terned as a hook??? Regards {image}
Sure man. A lot of pips to be made. I am still reading the chart patterns and when confirmed I will bull
  • #1,055
  • Edited 10:56am Oct 30, 2014 10:40am | Edited 10:56am
Quoting Jeg
{quote} According to your comment, what would be your thoughts about EURUSD at 1.2500 1.2520 since it has been untested, had a strong approach to the area, parabola, and price bounced strong from there after breaking 1.2520. Do we consider the zone a target or do we wait for the price to come down (if it does) and then we enter? Thank you
Yeah EU is now sitting on a strong support forming a parabola. The chart pattern formation is not complete and when it does I will bull
  • #1,056
  • Oct 30, 2014 10:55am Oct 30, 2014 10:55am
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  • #1,057
  • Oct 30, 2014 11:13am Oct 30, 2014 11:13am
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  • #1,058
  • Oct 30, 2014 11:22am Oct 30, 2014 11:22am
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  • #1,059
  • Oct 30, 2014 11:45am Oct 30, 2014 11:45am
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  • #1,060
  • Oct 30, 2014 11:55am Oct 30, 2014 11:55am
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