Thanks for the detailed reply. I am interested in learning to trade this pair & I like the simplicity of this approach
Quote:
Originally Posted by Tess
A good short entry would be when prices pullback & fail to take out the previous lower high swing point. Providing the price action sets up according to one of our trigger entries & we can get a decent risk guage, then we’ll add to our shorts.
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Ok .. also from reading the early posts, I think I am getting what you do .. basically just draw trendlines and s/r lines on the 4 hour, then when a trend develops you go to lower timeframes, 60 and 15 min to decide entries based on s/r lines drawn there. You also pay attention to news that might influence direction, right?
In this case, you would look at the last sh which is the same on the 4h and 60 min .. 1.9536, so price needs to retrace and establish another sh that is lower than that one .. and this needs to happen on the 4 hour? Or can it be 1 hour, or is it discretionary?
Do you want to see a min fib retracement before establishing a lower sh?
And for s/r levels do you use weekly, daily, monthly s/r levels as well or only draw your own?
Thanks for the input .. very informative thread!