DislikedHi Pharley Good stuff Could you please show some set-ups that you wouldnt take and explain why. when do you prefer a more conservative entry vs a more aggressive entry. I am allso curious to know if you have changed the way you trade since youre first thread or if you still trade that way. Kind regardsIgnored
Yes there are quite a few I wouldn't take - I attach a couple of pics below. The first one shows a 1hr G/Y chart.
On this you can see price closed above a S/R area then fell back down rapidly. Now why wouldn't have I take a long trade after it crossed over?
Look at the second pic, which is a daily chart showing the PA leading up to it. Price had recently fallen through a rising trend/support line and could possibly be on the way down again to the lower Support area. (In fact it did, but that's only known with hindsight).
Looking at the daily chart gives me an idea of when to avoid taking a long or short - I'm only interested in going with the flow and trend.
So what to do? Look for opportunities to short the pair, not go long. On the hour chart again, you can see price again crosses that line, then produces a wonderful (small) bear candle, closing both beneath the line and beneath the low of the bull candle that closed above the line. This is a good strong signal to enter short. The target area could be the daily chart low, or on the hourly chart, there is a swing low just to the left of the action - target just above that. It's amazing how many time price will return to the same swing point.
Look for multiple entries too, not just the one. I can several opportunities to short that pair at that point.
Oh I forgot - conservative vs aggressive. For me, the aggressive entry can be taken when everything is spot on. That means a trend in place on the daily, 4 hr and 1 hr chart, a clear consolidation area before a clean break through, then price if coming back to that break area with not too much momentum. If price is really hurrying to get back there, I'd wait to see what happens. If price is meandering it's way back, it shows a lack of commitment from traders to push the price in that direction again.
That's the sort of thing I'm looking at - hope it helps a bit.
Cheers
Pharley
Attached Image(s) (click to enlarge)
hope he will post something here..
