testing the channel
I took the long from the 50 Fib. Higher volume spinning top on the 15 min and stochastic bottoming was good enough for me. With Euro stock markets up 4% on the day no need to wait around for extra confirmation to go long in my opinion.
Been very patiently waiting for the e/u short setup. Draw an upper trend line/channel on your 4hr
Aint gonna happen lol. I haven’t had a trade since Mondays win. I’ve been waiting for a proper safe entry, nothing agressive, and it’s kept me out. Not surprising with the Euro situation. Well, at least I end the week positive…probably off tomorrow.
+102 pips after the channel test
Didn’t trade myself petefader. However, waiting for the right setup is very important to me, so am happy to wait I’ll just see what happens next week. No trade this week, but that also means no loss
Still picked up a fair bit though
Nice one. I also like the break/test/continuation pattern with a NS/ND on the test. VSA says there were signs of weakness in the background, keeping me from going long.
hmm, g/u catching my eye with that 1hr upthrust.
I will check volume either channel or Fibonacci 50-61.8 for entry… 2 hours until 16:00 gmt
Thank you Pete. Your words really strengthen my confidence.
I didnt check my chart yesterday and before yesterday. What a gift the market offered to us yesterday.
Fibonacci test with NS on hourly. As we can see it was a very strong signal worth 230 pips.
I’m out of that long now too for +120. The Eurozone “baffle them bullsh*t” approach has probably gone as far as it’s going to go for today. Waiting for a pullback now for a new long.
I opened another long
SL has set BE+1 pip
+10 pips has protected already
closed on the hanging man , profit +23 pips
One more channel test, this time I stay out
Im gonna give it a go and try, will upload some screenshots in a weeek
Good luck everybody else.
Interesting approach you got there… :33:
I haven’t thought about this way before, NS test. If I draw a channel/TL I’ve only been looking how it reacts inside the Line and if it breaks I just let it go.
It looks like a reaccumulation phase for me. There is no ‘big bang candle’ with high volume. Price also has returned to the old channel, failed to bounce up.
The beginner's guide to FX trading