Quote:
Originally Posted by Jocelyn
If you're attempting to trade this pair from an intraday stance, then you're definitely swimming against the tide.
Marking out your current weeks H-L points, price has printed some very bullish candles down there @ 230.70-90 from 15mins thru to 240mins.
It's also very clearly establishing a higher high/higher low peak-trough pattern off the temporary bottom from yesterdays descent, which surely equates to "buying dips" until the last higher low at this mornings level of 232.40 is breached?
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Hi Jocelyn,
this piece of write up is very informative and you won't believe how it has helped me.
recently, i realised that instead of looking for a ****tail of indicators that will just say wam!! and i buy/sell, it could be easier to pin-point a good entry point and flow with the trend - which is supposed to be my friend, right?
i have tried that already in a demo and it's pretty cool.
but i will like to know, how do you guage if the momentum is weakening, u know, sometimes you see a trough violated only for price to swing back and obey it.
in other times, the market could be consolidating leaving you high and dry...have you pin pointed any other means (suggestions) of guaging momentum without using indicators (am just not good with those)
also, when using peak and trough analysis, what time frame is best to use to guage the trend?
thanks and.... its a good post.