Will short NC at 38S at 9290 should it get there but I won't buy NC since I prefer being on correct side to fundamentals {image}
- #1,243
- Jul 15, 2016 10:17am Jul 15, 2016 10:17am
- Joined Feb 2012 | Status: Trader | 21,377 Posts
In trading, you have to be defensive and aggressive at the same time
- #1,245
- Jul 15, 2016 10:46am Jul 15, 2016 10:46am
- Joined Feb 2012 | Status: Trader | 21,377 Posts
In trading, you have to be defensive and aggressive at the same time
- #1,246
- Jul 15, 2016 10:54am Jul 15, 2016 10:54am
{quote} Yes I am still working on my unemployment benefits.So much red tape and nobody answers phones and only 1 office in Boston with 300 people on the line... just bad.Anyway trying to stay positive in light of I am happy accident on this planet out of billions of stars and galaxies. Worth mentioning that I am an artist and still paint and do follow what's going on in ART world. Here is something very interesting. British artist deciding to destroy everything he owned in his life.... http://www.bbc.com/culture/story/201...his-belongings...
)
- #1,247
- Jul 15, 2016 11:37am Jul 15, 2016 11:37am
was patiently waiting for AU breakdown and I hope it continues since there is ton of buyers for this pair after Brexist 75 would be nice previous swing was limited to 38R at 7576 so I anticipate a tough fight there between bulls and bears.Go USD{image}
One of the few pairs that the Indi works fairly well with. (Abiding the rules
)Cheers & Happy Weekends.
MR
Silence your Ego & Your Power will Rise
- #1,250
- Jul 15, 2016 2:55pm Jul 15, 2016 2:55pm
- Joined Feb 2012 | Status: Trader | 21,377 Posts
In trading, you have to be defensive and aggressive at the same time
- #1,252
- Jul 15, 2016 3:02pm Jul 15, 2016 3:02pm
- Joined Oct 2013 | Status: Trader | 3,656 Posts
was patiently waiting for AU breakdown and I hope it continues since there is ton of buyers for this pair after Brexist 75 would be nice previous swing was limited to 38R at 7576 so I anticipate a tough fight there between bulls and bears.Go USD
- #1,254
- Edited Jul 16, 2016 2:41am Jul 15, 2016 6:47pm | Edited Jul 16, 2016 2:41am
- Joined Nov 2015 | Status: Trader | 412 Posts
Please can Someone tell me how to post a chart? Thanks
Hi Ralfy
I hope you can see this post & I like to explain my thought process for trade set up selection using Davit's pivot method.
1) Check the News
2) Draw wave on the chart like 1,2,3,4
3) Identify S/R ( support/Resistance )
4) Check the Pivot area
5) candle formation
6) pattern & fib
As you can see, after big wave1, there are wave2 then wave3 which almost near pivot level.
If you look left, there are two previous resistances at pivot area before it broke out high. Since my buy price is under that, they act as resistances with pivot.
So we have two things ( price is under resistance and under critical pivot level)
In addition to that, wave3 is fib 61.8 % level against wave2 which is critical fib ratio for correction ( you could find Scott Carney's book or babypips site about this )
Now we have three things are in our favour.
Next, Look at last three candles formation, bearish shooting star, bearish inverted hammer & bit of consolidation, Inside bar break out (Price Action) Those are signal to me saying that "I am going down now"
Finally, we have Four things are line up with our favour. So I pulled the trigger.
For the exit, I look left for S/R or fib level to calculate my exit. During the day ( In Asian session ), the liquidity is low, so I aim around 20 pips during this session. With London or New York session, I aim for 40-50 pips.
It's good to have TDI cross but TDI is lagging indicator. So if there is setup on 1HOUR TF, I have look 15min TF to check what is going on. ( MTF )
I hope this can help little bit for your future trading journey.
Again this is only my trading style.
Have a great weekend !!!!!
- #1,256
- Jul 15, 2016 11:22pm Jul 15, 2016 11:22pm
{quote} Be careful going long NC - NZD fundamentals are weak at moment. There may be a pop up to S61 or S38 (and potentially we hit next weeks pivot from where price will retrace?)- but would be thinking about being short NZD at moment based on fundamentals. Look at the daily NC chart. We've just moved past the 38.2 fib retracement from recent low to recent high. There could be more downside in NC - also note that Canada kept rates on hold this week, whilst NZD may well have to cut rates. Have the fundamentals in mind when you think of set-ups...
{quote}
Hi mch1970 and Davit,
Would it be possible for you guys to kindly recommend some websites you are looking at, to check the currency news and its sentiment? I am not a native english speaker so not very familiar with the popular website to look at news.
I think news on FF calendar is far from enough. Take the NZD for example, last 2 weeks I only see <5 yellow news about NZD.
Thank you.
- #1,257
- Edited 5:46am Jul 16, 2016 5:27am | Edited 5:46am
- Joined Feb 2012 | Status: Trader | 21,377 Posts
In trading, you have to be defensive and aggressive at the same time
- #1,258
- Jul 16, 2016 5:33am Jul 16, 2016 5:33am
- Joined Feb 2012 | Status: Trader | 21,377 Posts
In trading, you have to be defensive and aggressive at the same time
- #1,259
- Jul 16, 2016 5:44am Jul 16, 2016 5:44am
- Joined Feb 2012 | Status: Trader | 21,377 Posts
In trading, you have to be defensive and aggressive at the same time
- #1,260
- Jul 16, 2016 6:03am Jul 16, 2016 6:03am
- Joined Feb 2012 | Status: Trader | 21,377 Posts
In trading, you have to be defensive and aggressive at the same time