USDCAD long closed
Man lie, woman lie, numbers don't
$ Millionaire Traders Golden Price Mining
- #324
- Edited 10:50am Apr 15, 2016 10:36am | Edited 10:50am
USDCHF
last order
level works confl. with tl (but tl is broken) - stop hunt ? sec. time
finish for the week
HPT
last order
level works confl. with tl (but tl is broken) - stop hunt ? sec. time finish for the week
HPT
from level to level - you need mental strength to reach the summit
- #326
- Apr 15, 2016 6:57pm Apr 15, 2016 6:57pm
- Joined Mar 2008 | Status: Fooled by randomness | 8,361 Posts
EURGBP is in the zone people ! Weekly trendline {image} Daily {image} check it out on your charts than tell me what you think
When life gives you lemons, make lemonade
- #327
- Apr 16, 2016 3:47am Apr 16, 2016 3:47am
EURGBP is in the zone people ! Weekly trendline {image} Daily {image} check it out on your charts than tell me what you think
On H4 chart daily EMA-21 (orange dotted line) may add more support as it was often in the past.
I see it may bounce back from 0.8045 after bouncing up from the current level. The area 0.7940-0.8050 looks like a favorite for ranging for this pair as it was there for 7 months(!) in 2008, for 5 months in 2014, it was ranging here and a bit above for 6 months in 2012 and it was touching the area in 2010 - see attached weekly chart. Every 2 years we saw it in this area for a long time so this range might be on schedule for 2016 too
- #329
- Edited 6:03am Apr 17, 2016 2:44am | Edited 6:03am
- Joined Sep 2013 | Status: OTM AI IntelliWave™ Trader | 1,107 Posts
{quote} In an absolute perfect scenario this is exactly what would happen. In fact, in the presence of a strong trend, you should absolutely be taking a long from a previous resistance level that has now become support. In general you would let the market retrace deeply after breaking through the resistance level before taking longs from it. This is because the longer price takes to return to this level the more large orders are likely to cluster around it. Note that you might need to readjust a resistance level that becomes support (or vice versa)...
Look what happened with eurusd . To the pip for 123.6 fib extension . IME fib extensions is good levels for targets but more risky for countertrend ( depending on the reason it reach the level, news or just normal movement ++ but almost always good for scalps ) Also if it line up with earlier structure. I think can be used same way as we use fib 50 and 61.8 levels .
Trading in the shadow of SM
- #331
- Edited 2:33pm Apr 17, 2016 11:07am | Edited 2:33pm
{quote} EURUSD: it's close now and looks preparing for the jump up, MA200 is there and some other factors too.
The level that it turned at had golden properties but it was hard to see and not the best priced. Ultimately price decided to bounce off of it with exp. 200 MA support. At this point, according to trend/wave theory the level @ 1.1212 is not as golden as before price bounced off of 1.1236 (even though the simple 200 MA is looking to support it) since it is not as oversold anymore. Accordingly we adjust our long entry targets lower.
That's part of the game. Sometimes we miss a bounce when we hold out for a better priced level.
It's tough when so many levels are this close by. Not easy.
GBPUSD: a nice bounce in blue box from Fib-62 was missed on Monday. Now it's close to a good level at 1.4170 in green box to bounce up: MA200, Fib-50 and might be in sync with EU pair.
GBP/USD
In this kind of ranging environment these levels will sometimes hold and sometimes not. Compare how price reacted around 1.4139 with the long entry at 1.4190.
The longer the market ranges the less likely it is that the orders will be concentrated around a few price points. They will more likely be distributed all around the lows of the ranges. Did 1.4139 serve as a good entry later on? Sure, the fact that it first broke that level makes for a high stress, high maintenance trading environment for much less pips.
Taking that long from 1.4190 gave us a max pip count of almost 350 pips (not that I could recommend holding that long). Totally different ball game when we wait for price to clear the messy range and then position our trade from a level outside of it.
- #336
- Apr 17, 2016 2:30pm Apr 17, 2016 2:30pm
GU daily different view line chart ,, tl and pivot {image}
Excellent long-term view, Hpt. Your line chart also shows why trading this pair is so difficult right now but also that a breakout is likely in the near future. That's when we look to trade from the best golden levels that this range generated. The following level is valid only for a short after a breakout and price pullback to 1.4048 - 1.4057
Q
- #337
- Apr 17, 2016 2:53pm Apr 17, 2016 2:53pm
GBP/AUD
This one was pointed out by a thread reader a few weeks ago. I repositioned the level a bit and let it sink into the range to get a better entry price.
Nice price exhaustion and .50 confl. Perfect hit on Friday. A continuous opening price without a gap means that the technical picture stays intact.
This one was pointed out by a thread reader a few weeks ago. I repositioned the level a bit and let it sink into the range to get a better entry price.
Nice price exhaustion and .50 confl. Perfect hit on Friday. A continuous opening price without a gap means that the technical picture stays intact.
- #338
- Apr 17, 2016 2:55pm Apr 17, 2016 2:55pm
- Joined Feb 2014 | Status: trading bank levels | 8,143 Posts
- #339
- Apr 17, 2016 3:12pm Apr 17, 2016 3:12pm
- Joined Feb 2014 | Status: trading bank levels | 8,143 Posts
- #340
- Apr 17, 2016 3:41pm Apr 17, 2016 3:41pm
GCAD was also a fairly obvious deal, don't trade it just noticed, since it's up 200+ points pre-market post Doha no deal. {image}
Q