Hi johnathon)Today i read your post about NZDJPY on your site where you stated that gaps can be a high probability trades.Well i clearly ignore trades on monday open with gaps because the missing price action confuses me.Can you please enlighten me about how such trades are called high probability trades?Did you take that NZDJPY trade?
By the way it looks like the markets are getting normal and few pairs are breaking out from the choppy areas.
I know Johno will address this as well, but please allow me to clear some confusion I'm seeing regarding gaps.
a) We do not trade gaps on their own. That is, we don't see a gap on Monday morning and simply enter a trade looking for the gap to close.
b) It's been said in here before that gaps often act as S/R. For example:
..We look for gaps to act as S/R and that's what has happened here...
I read the NZDJPY article as well, and Johnathon did NOT say that gaps can be high probability trades; he said "gap closing trades can present high probability trades when they line up with support and resistance."
In the NZDJPY trade, the gaps lines up with S/R and then a pinbar was formed. There's nothing new here.
(i) Gap = S/R (key horizontal level)
(ii) Pinbar = PA signal
Hope that explains it. I know when Johno comes back in, he'll tackle it as well.
a question about timezones . My broker timezone is Eastern European Time (EET) Standard Time = UTC+2 (Summer Time = UTC+3)
and I think these candles are not good for this way of trading .
I've opened and account in FXpro ans asked them about the timezone . this is the answer :Please note that the time zone set to the MT4 platform is set to GMT+3 and that is not possible to change
so this is not set to new york either.
which broker I can open a demo account that its timezone set to Ny ?
If I want to trade in live account , Can I analysts on the demo account and trade on my other broker real account ?
Thanks so much
The Broker of my real account is also not supporting New York closing candles.
That´s why i use Axitrader as a demo account for analysing and spotting Setups and then I set the orders on my live account.
I will not take this trade either. Because below there around 1.0400 is another high which I fear may act as a support which makes the R/R ratio unbalanced against my favor. I believe this pattern (or case like this) was discussed here last year on this thread and as I recall it noone seemed to enter that trade.
Now not for this particular one but for our general interest of knowledge on PA here, I'd be glad if experts share their opinions for future trade opportunities of this kind. Thanks in advance!
Yesterday I took a trade on XAUUSD (bullish) between the two levels I marked on the pic attached and closed it today banking 93 pips (coıld be 140 though).
Now there emerges another one (bearish) but I'm gonna stay out of it due to my margin conditions (4 open positions still running) and also it may try to test 1300 (BRN). Seems better than yesterday's trade though.
Now i closed my second position on USOil since it reached the lower resistance level. I really must think about to trade Oil more often.
In 8 days i've now made a profit of +1217 pips on Oil alone using this method with 2 positions on each trade. Incredible!
Since we are in a range we could now look at a new PA at this support level.
Like some of you i also got stopped out on the AUDUSD 4 hour setup since price continued north. Now we could look for a ratrace into earlier resistance, now support and see if we get a nice PA to jump on a long trade.