i had a look at this and my concern was that it was approaching support and resistance levels of 22nd august and 26th august. the 14400 number seems to be a stumbling block.
Couple of things. Very few of us (us=ppl in this forum who are not advanced traders/members of FSO) were shorting it as it is a countertrend trade, not advocated in this forum as Johnathon has advised beginners not to take Countertrend trades while studying the basics of his method. I suggest that it is a great advice that saves your money until you feel confident with his method to start countertrend trading. Other than that your observations are correct. I also urge you to think in dollars and not in pips and that ppl are xtra cautious with CT trades so i feel not many wud hav waited for a 200 pip profit as u say, taking profit much earlier at relevant areas.
Cheers
Raj
Indeed first profits were tooken at a reasonable area(talking about the ct gbp/cad trade).
2nd thing, Itās impractical to talk in dollar terms. For you its bucks for me its quids for someone else euros so on and so forth, not to mention different position sizing.
What I really wanted to point out is the ā Radical Tactical Shift ā approach.
Greetings all, I typically try to avoid entering positions on FRI, especially before a long weekend (American labor day). But, my order for the CADCHF 12HR short was filled this morning around 830AM EST. Was wondering if anyone else took this trade and how they plan to manage. I noticed two retracements of the PB to about the 50% level, but that key level around .88455 appears to be holding. Is that somewhat common? I went back on a few dif. pairs to try and find some PBās and what the next 3/4 candles did, and noticed that a 50% retracement is relatively probable and common.
Anyone else going to be sitting on this position over the weekend? (Pending some major volatility today- which I donāt foresee happeningā¦).
I was filled @ .88168, and itās just been North since then.
Hi Iām starting to use price action for my trading and using this forum to lean (so much good advice , and good to use clean charts and get rid of all those sma/ema lines!) but Iāve noticed my MT4 charts with Markets. com are 6 day not 5 day New York close , is there any way of changing them to NY close ? any help gratefully received .
I switched brokers over to AxiTrader USA. I was with Forex.com, but they use GMT on their servers so my candles were all jacked. If youāre using MT4, it depends on your broker.
Great advice Johnathon! Anybody who has a business or has been apart of a startup knows how important the bottom line is. It isnāt any different in our trading. It is hard to find a good broker in the US to begin with, and I actually thought I had pretty good spreads through FXCM, but as a person who treats my Forex trading like a business, I went searching for better spreads. My current EURUSD spread is around 2.3. I found a US broker that offers a 1.3 spread for EURUSD standard account and .03 for pro accounts! For all of the other pairs the spreads were between 50% to 75% lower for standard and around 90% lower for pro account. The best thing is they are not the market maker. Needless to say, iām switching, haha.
thx for all the quick replies ,saw that first post but was just wondering if I could do it with the MT4 Iām using (Markets .com) and not have to change broker
