audusd 5min also had bullish divergence
My GU 1hr 100 SMA is at 1.5614 how are we breaking above it? I have 50SMA at 1.55548 and 200SMA at 1.55854
Jeff
Hi jeff,
I am also using the 15min 100 and 200smaās to help with my trading directions when I an not near to the 1hr 100 and 200sma.
I am looking for price to move upwards to my BBzone using the 1hr 200sma along with fib retracements and support and resistance. I have found using the 15min 100sma I am also able to find small time frame change in trend to my BB zone. But I do not trade against the 1hr direction trend. As price just broke the 100sma on the 15min I was expecting it to break the range on the 1hr also, but I would like to see a break test of the 100sma on the 15min chart.
joffie
On my 15 min chart I have the 200/400/800 SMA which is same colour and as 1hrs 50/100/200
Cheers
Jeff
Yes I dont use the 50sma with my trading, just the 100 200smaās, on my 15min I use the 100,200,400 and 800smaās
I use 50 SMA for support and resistance and daily pivot too. I see David uses 50 SMA for minor support and resistance too. If you look at his charts he uses 50/100/200 and it seems he uses same colour codes as me.
Cheers
Jeff
Yes David did say from the start he uses the 50sma for minor support and resistance, but I donāt find it helps me having it on my charts, as I prefer to watch price, as having traded price action more over the past few years. But using the 100 and then 200smaās for finding a shift in the bulls to bears is working nicely for me with my trading, and has opened up new insight to my charts. Iām sure you where at the other forum Jeff so you should have seen how I used to trade just price action, when I had the price action trading in the strategies section. I am following Davids methods here just not using the 50sma and using the 15min like I do the 1hr.
joffie
A note to anyone trading order flow from a scalping perspective. You trade the actual figure, not the prices around it.
I mentioned on my 5 minute order flow examples the other day that when you have a reported bid/offer or barrier, then you will find bids and offers around the number.
So for example, if the reported bids are @ 1.5000, the you will start to encounter bids from 1.5005-10 and also on the other side 1.4990-95. But as a flow scalper, you are only interested in the actual reported number. So you will only trade the 1.5000 level it hit.
Also remember this is flow scalpingā¦ moves will generally be 3 to 20 pips. Not all of the time will it move 20 pips, not all the time will it move 10 or 15 pips, a lot of the time it will move 3-8 pips.
So do execute caution and prepare to exit with a profit over 3 pips or moreā¦ also first touch/test of the level onlyā¦ and ONLY! Donāt go back for second or third of fourth dabs.
Iām going to use BidDiddlers post from this morningā¦ but I will post the main parts of the report as well:
1: A 1.5525 strike is the closest-to-market option expiry for todayās NY cut
2: Offers are touted @ 1.5530-40 (1.5536 was Asia high) & 1.5550
3: Bids may emerge near 1.5500. Sub-figure*bids noted @ 1.5485
This reported was published @ 07:54 UK Time.
So using the details aboveā¦
Some of you may sniff and laugh about the small movements, and wonder what all the fuss is about.
But there is plenty of city traders, dealing desks, prop traders and corporates that have specific order flow desks/stations which trade this way.
Order flow trading/scalping is an extremely profitable trading style, that has an extremely high success rate if applied correctly and smartly.
As I was typing the post aboveā¦ price went on to test the next offers @ 1.5540ā¦ you can see the offers being filled and price reject down by 5-6 pips.
Update: that one eventually went on and was good for 9-10 pips.
I assume Dave you would use that 1.2080 bid level on the euro as we had a fast reversal off that level recently on first touch?
Cheers
Jeff
So that āIāmā not confusedā¦ do you mean offer @ 1.2180 and not bid, or did you get the figure wrong and mean bid @ 1.2080ā¦?
Sorry a typo I made I saw on wires a strong bid at 1.2080 and on first touch as per your explanation below we had a nice bounce off that level.
Jeff
Hi Jeff,
Yes if it was from a respected source that I had trust in, then yes I would have used it.
Who was your source?
I only trust Reuters, Bloomberg and my own contacts.
I posted a thread on a different forum a while back asking if anyone uses order flow, if so how, as I was starting to include it in my trading (more for confluence with trading s/r levels), and I got one reply saying that they did not use it, ha! I thought I would be opening up a massive discussion, no one seemed to want to know, hope it stays that way tbh.
Obviously its likely there arenāt that many actual traders on the forum but there are definitely a few fx traders doing ok.
It was Reuter IFR and Ransquawk. Would you trust if both sources gave you same info?
Jeff
BidDiddler: Lets keep order flow details here only!! Shhhh we donāt want others following us!! LOL
Cheers
Jeff
yes it appears you can see the market bouncing back up as the scalpers I guess are covering their shorts.
I didnāt get filled @550 then. Shame.
Ransquawk just regurgitate other sources materialā¦like IFR. They have contracts/deals in place that allows them to do this, but their not allowed to post everything. I think they use around 15 sources, and just report bits and pieces from each one.
Yes you are correct but Reuters IFR had the detail earlier today this was my main source. I assume it would be a reliable source to trade off those levels?
Jeff