Disliked{quote} Nice analysis and explanation YoungCroc and an excellent result. Well done.Ignored
Ratios & Harmonics: a Different Way to Trade
- #11,043
- Nov 20, 2014 5:13am Nov 20, 2014 5:13am
Looking at the EU M5. Top blue box is going to be my reversal area. Looking to the left, it has been a pretty good supply and demand area. The bottom blue box, just shows the NSL so I am looking to short. {image}
EDIT: I wonder if I should ignore the fundamentals, as there'll be lots of upcoming news for the dollar. I know Mr. Pip says he doesn't really care about the news but... Hmm.
- #11,047
- Nov 20, 2014 6:43am Nov 20, 2014 6:43am
And i am in. Entry candle was the one with the red arrow above it. Sorry, I know its kind of hard to see. PRZ is going to be at the end of the CD leg and in th e 138.2-161.8 fib area. You can't see it in my pictures but this area also has some pretty good structure. {image}
Please don't take this the wrong way I am aiming to be constructive, and of course could be wrong.
1. shouldn't you be waiting for Rotation around 61.8%?
The NSL was rejected so possibly a false break on news.
Chalky
PS I can talk myself out of most trades
This on qualifies as AB=BC with downtrend orderflow and trapped longs ? What do you think MR. PIP ? {image}
Staying away for now till it calms down.
Update on AUDUSD trade. I still feel price will push higher however I won't get greedy and have taken the profits. The reason I closed the trade was because of a few factors:
1) Price had reached the PRZ of the butterfly pattern.
2) I had to redraw the 3rd leg due to the various pullbacks (most likely cause of choppyness were the news events) however it ended with 3 equadistant legs and the final leg ending in the same area as the butterfly patterns PRZ
3) This was an area of resistance (was once support)
1) Price had reached the PRZ of the butterfly pattern.
2) I had to redraw the 3rd leg due to the various pullbacks (most likely cause of choppyness were the news events) however it ended with 3 equadistant legs and the final leg ending in the same area as the butterfly patterns PRZ
3) This was an area of resistance (was once support)
- #11,059
- Nov 20, 2014 10:17am Nov 20, 2014 10:17am
- | Joined Dec 2013 | Status: Trader | 1,118 Posts
Here is a trade I made on the EJ about six hours ago, during the Asian session. Yep, I'm so persistent with the EJ, and I wanted to milk those pips out as much as possible.First chart shows the setup. Second and third shows how I entered the trade. {image} {image} {image}
{quote} Looks Good To me Clayton I'd be happy with 38 Pips What criteria did you use for Entry, I see you were watching 61.8%, did you wait for Rotation? Chalky
There were a few factors influencing my decision.
- I am a little slow in spotting set ups before they happen so I started by looking at the 60 min charts. I saw a a 3rd equadistant leg finish in conjunction with a previous solid support area. Price then bounced around the 0.8566 level so I switched to the 233 tick chart.
- I was waiting for a signal to tell me price was reversing (even for a short while). Price bounced at the above level and then started to pull back to try and retest 0.8566. I was keeping a close eye on the 61.8 level retracement and saw price stall.
- A large bullish candle followed (it was much larger than the previous 20 candles) which to me confirmed the 61.8 fib level as a solid area and it also confirmed the butterfly and possible deep crab patterns.
- This large candle was the confirmation I was looking for so I entered expecting price to reach the PRZ of the butterfly.
I'm not going to lie I had my doubts especially because of the news however it worked out in my favour so I'm happy. It wouldn't surprise me if price now falls back to the 0.8566 level for a retest (lots of confluent factors at the completion of the butterfly telling me price will move south for a period of time) however 38 pips is enough for one day for a beginner like me