Ya thats the candle I’ve been looking at too, but on the 1h. Seems like it nearly always produces a good breakout
Ok, This is an update chart with the new pivots for Friday. The dashed light blue lines are yesterdays high and low. The dashed red lines are the whole numbers such as 1.5 and 1.51. Support pivots are green and resistance pivots are red. The yellow line is the EUR/USD 1h, the lime green is a S/R level hand added, the teal lines are fibs, and the two yellow horizontal lines just divide the screen into the top 1/4th and bottom 1/4th wich helps to show OB OS conditions.
For tomorrow None of the support pivots really show any confluence with another form of S/R so probably not going to buy, as for short positions it looks like 1.53 is still a good place to short with yesterdays high being there and the 1.53 level. Another good short assuming the market was able to break the 1.53 level would be 1.54 wich also has the R2 pivot.
kind of hard to see on the small picture but I can make it out. GU has been ranging about the last 5 or 6 days so I can see how this would work good in those conditions. But what about when it starts trending.
When trending price will usually retrace 25-40 pips, I only take the best of the best when it comes to counter trend trades. So pivots within 2-3 pips or a whole mumber or fib. When it is trending and a signal in the same direction occurs the profit is much larger. Even in ranging conditions you can still grab upwards of 100 pips per trade but I havnt mastered letting my profits run.
The trades since the start of the last major up trend were
-Buy at 1.48, close at +60
-sell at 1.49, close at +35
-sell at 1.5, close at + 25
-sell at 1.51, close at +35
-sell at 1.52, close at +20
-sell at 1.5297 (86 fib retrace + whole number), close at +50
-sell at 1.53, close at +60
-buy at 1.5143, close at +30
-buy at 1.5143, close at +50
-sell at 1.5277, close at +50
and a couple more recent ones, two from today
there was one loss for -30 also.
Its just picking reversals, when trending the retracements will naturally be smaller than the continuations, and when ranging it really depends how big the range is, could be 20 pips, could be 100+. When the markets are trending it will just require more for a counter trend trade, thats all. I actually prefer these because theyre easy to spot and provide a nice gain, they also occur quite frequently.
Thinking about adding R Carters most recent trading system, the one with the 15m and 1h and the MAs. The entries are naturally going to be later than the ones I am getting with my system simply because his are based off of MA crossovers, but I think im gonna use his exit strategy, maybe that will give more clear exits?
Well less is great for the entries, just gotta work on the exits. Id like to maximize the pip gains so when I encounter losses ill have more pips to balance out the ones I lose.
Another thing you can do is for large range days on GBP/USD, like 130+ pips, look for a retrace to the high/low and trade against the breakout. Then, on smaller ranging days look for breakouts.
Look at todays 1h GBP/USD chart, days start at 12am EST. I’ve noticed this before, yesterdays range was 142 pips, today traded a few pips above the high and dropped. Probly gonna start using this now and see how it works
I certainly wouldnt expect them all to turn out like todays but, im sure an easy 30-50 pips could be obtained using this
I’m not sure I understand what you’re saying to do. But today I got about 20 on the small break of yesterday’s high. and for the first time I forced myself to get up at 4am to catch part of early London. missed about half the drop but from the consolidation about midway I got some of the drop from there. It was matching up with pivots nicely too.
do the opposite of trading a breakout. when the previous day has a high range, such as yesterdays, look for price to retest the previous days high within a few hours of the new day, then short. vice versa for longs
TalonD, are you ahead of the game with this method?
Thanks Scoobiedo, I get it.
Viper, ahead yes, but not by a huge amount. Still seems like a good idea though.
Thatll be 3 scoobie snacks
ruh roh raggy
If it wasn’t for you damn kids, I could have gotten away with it! 
well yesterdays range was 140 pips, at 2am est the low was retested and my long triggered.
What price did your long trigger? how much did you get?
Love that Velma, she’s hot! 
i had the long limit set at the previous days low, closed at +40, could have gotten like 80 out of it though
Is there a reason charts are not posted daily in this thread to show the trades?
i’ve never recieved my scoobie snacks