Let all the living things live blissfully
- #1,745
- Dec 1, 2016 10:24am Dec 1, 2016 10:24am
- | Commercial User | Joined Jan 2016 | 2,682 Posts
Be careful what you think because your thoughts run your life..Solomon
- #1,747
- Dec 1, 2016 10:38am Dec 1, 2016 10:38am
- | Commercial User | Joined Jan 2016 | 2,682 Posts
{quote} Thanks for the video Michael! I understand what you're saying but to be honest a little confused on your valuation on some of the levels. Please see below. Thanks! {image} {image}
here you go...
best wishes
Be careful what you think because your thoughts run your life..Solomon
Hello traders!
I close today a 9 days of trading on EURGBP. I open 3 short positions, the first on 11/23/2016.
I used the Monthly time frame for analize where the price was. You can see that we have had a good reaction in a very high zone where the price was sold several time.
On the Weekly We have a more accurate view of this reaction. After price enter on the Monthly zone, It has 4 Weeks of indecision before start the bearish move.
The green zone was my finaly target. You can see a cotinuation patter around 0.8660 but It wasn't considered: I think this happened because price toke power from a Monthly level, so a continuation patter can't stop that move. This is my personal consideration.
The trend on the Daily is Down and the green zone was my target. Unfortunately I started to trade this pair very tired and I joined this trend very close to the final target. You can see now what the price did when it touched the target.
This is the 4H chart with my 3 entry and a possible 4. I entered at market every time I had a good down move and I closed half of my position at the first profit (where price start the correction of the down move). In this way I arrived at my profit with 3 half positions but I had just take partial profit. I think that if we join the right way of the market is better take some profit and let go the rest of the position if we have space for do it. I don't join the 4 trade because price today touch the target, a Daily Demand and is possible that the 4H level doesen't work.
Conclusion: I close all my 3 positions with 773 pips profit in 9 days. I think this is my best trade session ever.
Thanks AKT and the rest of the crew!
Cheers
Mauro
I close today a 9 days of trading on EURGBP. I open 3 short positions, the first on 11/23/2016.
I used the Monthly time frame for analize where the price was. You can see that we have had a good reaction in a very high zone where the price was sold several time.
On the Weekly We have a more accurate view of this reaction. After price enter on the Monthly zone, It has 4 Weeks of indecision before start the bearish move.
The green zone was my finaly target. You can see a cotinuation patter around 0.8660 but It wasn't considered: I think this happened because price toke power from a Monthly level, so a continuation patter can't stop that move. This is my personal consideration.
The trend on the Daily is Down and the green zone was my target. Unfortunately I started to trade this pair very tired and I joined this trend very close to the final target. You can see now what the price did when it touched the target.
This is the 4H chart with my 3 entry and a possible 4. I entered at market every time I had a good down move and I closed half of my position at the first profit (where price start the correction of the down move). In this way I arrived at my profit with 3 half positions but I had just take partial profit. I think that if we join the right way of the market is better take some profit and let go the rest of the position if we have space for do it. I don't join the 4 trade because price today touch the target, a Daily Demand and is possible that the 4H level doesen't work.
Conclusion: I close all my 3 positions with 773 pips profit in 9 days. I think this is my best trade session ever.
Thanks AKT and the rest of the crew!
Cheers
Mauro
Limit your loss, save partial gain and let the profit run!
- #1,752
- Dec 1, 2016 11:53pm Dec 1, 2016 11:53pm
- | Commercial User | Joined Jan 2016 | 2,682 Posts
Be careful what you think because your thoughts run your life..Solomon
- #1,754
- Dec 1, 2016 11:56pm Dec 1, 2016 11:56pm
- | Commercial User | Joined Jan 2016 | 2,682 Posts
Be careful what you think because your thoughts run your life..Solomon
- #1,758
- Dec 2, 2016 3:57am Dec 2, 2016 3:57am
- | Commercial User | Joined Jan 2016 | 2,682 Posts
{quote} Thanks Michael struggling to get my head around the zones it will take time but I will get there hope you and the rest of the community do not mind my questions
no, i don't mind your questions. Not at all.
Ask and you shall be given, right?
best wishes
Be careful what you think because your thoughts run your life..Solomon
