from level to level - you need mental strength to reach the summit
$ Millionaire Traders Golden Price Mining
{quote} Excellent carlostedo! The first level I posted was hit and as expected made a nice scalp. When scanning a chart, my eyes usually fall to those thick price knots even if the levels they create are a bit further away. But your level has nice confl. and price is reacting to it. The trick is now to manage the short in an environment when other golden levels are close by. {image}
- #865
- Jun 8, 2016 2:18am Jun 8, 2016 2:18am
Hi Quinton USD/CAD dropped through your previously outlined GL at the 1.2780 area. I was stopped out on a long here after the sideways drift. Would you have pulled out of this trade during the drift, and would you consider a short below the level here now, with all MAs above the GL? {image} {image}
Close-up of the cup that generated the levels with price knots:
{image} HPT- #868
- Jun 8, 2016 5:29am Jun 8, 2016 5:29am
EUR/CHF
PA on this pair shifted from tight ranges to more fluid, directional price movements around April 20. This more fluid PA is now coming close to levels generated by the those tight ranges. Both the daily simple 200 MA and a TL are acting as potential confl. factors.
Price is coming down a bit fast so the secondary level should be also be considered for any long positions.
PA on this pair shifted from tight ranges to more fluid, directional price movements around April 20. This more fluid PA is now coming close to levels generated by the those tight ranges. Both the daily simple 200 MA and a TL are acting as potential confl. factors.
Price is coming down a bit fast so the secondary level should be also be considered for any long positions.
- #869
- Jun 8, 2016 8:53am Jun 8, 2016 8:53am
{quote} Thanks for taking the time to reply Quinton. I realized that the level at 1.2780 was an old one which had been used once, and I actually traded it successfully in May. I recall that you have advised previously that once a level has been used it is less reliable, especially if the distance between tests is small, and I understand why. The explanation you have given helps me understand how you update your analysis, and how to approach a trade after a level has been used. I see now that going long on this level without confluence was a mistake,...
Price respected the lower level but the more significant move came at 1.2660. This was a tough one and although I didn't take any position I doubt I would have been able to catch the reversal on the first try. Price was already quite oversold. One can always just chose the most conservative levels with a range, but if your stance is too conservative trading opportunities will be sparse. Finding the balance is the key.
Q
- #879
- Jun 9, 2016 12:18am Jun 9, 2016 12:18am
{quote} I'm long from 1.0928. Waited and watched after it reached low, when it looked like this level may have stopped the downward momentum I entered with a tight stop set at 1.0914 {image}
As I mentioned, price momentum was high as it closed in on the level. The H4 candles are very bearish around the level, so definite a candidate for tight stop management.
Q
