It’s (kind of) cool because I come from a poker background so I’ve got money, risk management and the joys of variance engraved on my brain and can easily suck it up.
Plus given that every time my money even sniffs the market price instantly and solidly flies in the opposite direction than I expected I was considering setting up a subscription only signal service.
It would be called the ‘Just do the opposite of Slip system’ guaranteed profit
Probably the whisky but I couldn’t help but chuckle a bit at this. Hope you haven’t done too much damage (to your nose or the iPad).
Earlier this year I had a live signal guy who gave the trades over a webinar. His failure rate was 90% and I cancelled him. Only after I cancelled him it occured to me to do the opposite. Oh well, lesson learned. Cheers,
I actually entered a long trade based on h4 trendlines, so ignore the buy order.
Bit of details:
Blue: 200sma
Yellow: 100sma
Red: 80ema -I prefer this to 50sma for support and resistance. If someone can tell me why 50 sma would be better I would be grateful.
I am bias Long AUDUSD based on my technical analysis, but will be keeping an eye out at the B/B zone and watching the 15min chart for PA to either close and reverse trade or I will add on to the long trade.
Is the B/B in the correct place? Did I draw the Fib using the most ideal points?
It may work out but I don’t think based upon David’s rules that you would take a long trade when price is below the 200 and 100sma. I see your strategy but bears should be in full control. Best of luck on that trade.
David covered exits in thread already, basically you want to look at your strategy for entering so exit will be based on chart action, fibs support and resistance. j
I beilieve he is talking about for Over Flow trading and he said something like this:
Open 3 different postions
Stops at 10 pips
1 position TP at 3 pips
1 position TP at 6 pips
and the other trail it with 5 pip trail or something like that
Been silently following this thread and would have to say some of the best and easiest to understand information and tips on trading. Only been trading for a few months however really enjoying it and threads like this keep me gOing.
Just a question for Sam, where would I find the PDF on o/f scalping would make for an interesting read while I get better at and have no issues with the 100-200 sam longer time frame trading. Thanks for all the information! Being the only person I know who trades being part of a group as such is a help
CABLE
Bears are in full control at the moment since price is below MA100 and MA200. The 1hr stoch is close to the oversold area and pointing up, also bullish divergence indicating by comparing the recent lows of the stoch. Therefore a rally up at some point is anticipated. The BB Zone falls between the 38%-50% fib levels. I was debating if it should be between the 23%-38% fib levels but thought the confluence of having both MA lines in the zone is probably better. Am waiting for price to get close to BB Zone/MA lines and watch price closely for hints if it will reverse or push through.
… you should be able to click on thumbnail and then click again on it for full size.
FIBRE
Also here bears are in full control. BB Zone resides between the 23%-38% fib levels. Stoch on 1hr also indicating bullish divergence by comparing the lows, so probability is that price will indeed reach the stalked area at some point. Today’s option barriers are also indicated on the chart and I like that the offer falls into my BB Zone as it gives a higher probability for price to reverse which is kind of what I am mostly expecting.
PS: Please do not mind the horizontal grey lines, those are S&R levels which I like to keep an eye on…
I agree with Cable, looks just like mine. However with Fibre, I would have expected the B/B zone to be higher near the convergance of the 100 and 200 sma’s. I have mine between the 0.38 and 0.50 fibs.
Why did you select the lower fibs for the B/B Zone. Still learning so I could be wrong.
Also as mentioned by another poster, the Stochastic is 21,5,3 if you aiming to follow David to a T.
Am still learning so I am probably wrong, but I decided to use the fib 23%-38% on fiber mainly because the top of the BB Zone almost falls in line with the lows of around 13/7. Also the offers 12110 are at the 23% fib level … and also the inclination of the MA’s made me put the zone a bit lower. But like I said, I could be wrong and that is why I posted it so that Dave might give it a look and tell me how next time I could make it better.
Btw, the stoch has the correct settings but that is the way my platform displays it.
Here’s my view of E/U as cable has been well covered. My initial thought was don’t get excited if the BBZ is beyond the ATR (87 pips) of the pair which it is today. 1 minute later at LO a 50 pip move made me reconsider!
My thoughts are:
Bears are in control.
38-50% Fib only includes 100MA but as 200MA is some 140 pips away from PA that is possibly too far just now anyway.
Important Support, now resistence just below 38% Fib @ 1.21433 so have extended my zone to include.
Anyone to clarify, I know about trading the b/b zone if it holds below or above or breaks above and holds or breaks below and holds, but just to make sure you would only trade if it’s near the zone correct? It may have been said before but that’s basically the trading “zone” if it doesn’t reach the zone it’s retail driven and in fresh air? So no pro money is touching it, sorry if it annoys anyone having me ask this
