Missed this a/u trade but maybe I can catch the next swing.
- | Joined Apr 2008 | Status: Member | 1,236 Posts
Had to move to the 1hr to show the extension targets. I'm looking for a 150% extension of 7797.
Notice that the 50% level and the previous resistance line match up almost perfectly. This will give me a low risk stop, and an R/R of about 14:1.
Notice that the 50% level and the previous resistance line match up almost perfectly. This will give me a low risk stop, and an R/R of about 14:1.
- | Joined Apr 2008 | Status: Member | 1,236 Posts
Looking at usd/jpy 15min. Closed above swing highs from 119 so lets see if we make higher highs after the retracement.
- | Joined Apr 2008 | Status: Member | 1,236 Posts
Price never retraced down to our level to get the trade, but now price is at this nice resistance zone on the 15min chart. This could be a nice short setup.
- | Joined Apr 2008 | Status: Member | 1,236 Posts
On second thought, it seems too range bound for a retracement-based trade. Trading the support/resistance zones might be a better idea.
- | Joined Apr 2008 | Status: Member | 1,236 Posts
Long A/u at support zone @ 7627. 80 pip stop/ 160 pip target. The median line set forecasts a possible move to the upper channel line, should we break out.
- | Joined Apr 2008 | Status: Member | 1,236 Posts
I swear, trading price action only is the hardest damn thing I ever tried to learn.
The books make it look easy, with their hindsight charts!!.."HEY just buy here and sell here!" they say, as price bounces perfectly and predictably off the trend line example they give.
Give me a trading system with indicators. At least then I have a check list to follow...a system...a set of rules, and NOTHING, if very little is left to question, however trading price action is a completely different animal. It's so god damn subjective!. Is it going up, down, backwards or sideways?!?..who the fuck knows.
It SHOULD be easier, but it's not.
In the past three days (since monday) I've been day trading penny stocks using a indicator based system that I've been working on for some time now, and MADE MONEY each day.
Clearly IT IS POSSIBLE to trade this way, and I'm not giving up yet.
The books make it look easy, with their hindsight charts!!.."HEY just buy here and sell here!" they say, as price bounces perfectly and predictably off the trend line example they give.
Give me a trading system with indicators. At least then I have a check list to follow...a system...a set of rules, and NOTHING, if very little is left to question, however trading price action is a completely different animal. It's so god damn subjective!. Is it going up, down, backwards or sideways?!?..who the fuck knows.
It SHOULD be easier, but it's not.
In the past three days (since monday) I've been day trading penny stocks using a indicator based system that I've been working on for some time now, and MADE MONEY each day.
Clearly IT IS POSSIBLE to trade this way, and I'm not giving up yet.
- | Joined Apr 2008 | Status: Member | 1,236 Posts
Eur/usd analysis. Price looks bullish on the 1hr, but not so great on the daily. I would look for a long off the 1hr but I think it's going lower.
