well this is just my opinion but there are a few problems:
1 it looks like its the H1 chart, if your struggling just try and trade from H4 and Daily
2 you need to be looking at swing lows to go long from, although its not a high the retracement isn’t very large
3 price actually reached the next sr level but it was very close to the top of the candle
how can you see anything from that chart lol
Thanks for the comments. Here’s what I typically do.
I get SR Levels from daily TF, then once price hits these level I take a position. This fails more often than it works and I cant seem to figure out why. I would wait for hours for price to get to these levels only to have it break them or take my stop and then reverse.
Lemme show you another scenario
'ha yeh you have a point but its dollar swiss H1, i looked at it my mt4
Lol sorry bro. Ill give it a shot one more time. didnt wanna zoom in too much cause I wanted you guys to see how the market was
yeh basically mate your going long when the market is over extended, its where the pros are looking to take a bit of profit at these levels and then wait for price to drop of again and then they will go long again, always remember ‘buy low, sell high’
What is over extended? If you were up to close of my entry candle would have traded that? If yes, how?
i just opened the USDCHF 1H…my first advice is to not trade anything below 4H…also there is no PA action at all that is tradeable…you should not trade just because the priced touched the S/R line…there got to be a PA story that you can trade
So I guess I should wait for those Patterns ie Engulfing, Pinbars, hammer etc on these levels?
its strange i don’t actually have that candle on my chart but anyway i wouldn’t have traded it. like i said price hasn’t pulled back enough to that level. your trying to buy at highs there which is the opposite of what you should be doing
Ah gotcha. Another question if its not too much trouble. Would you trade in the middle of a range that was say 150 pips top to bottom but there was a level of S/R in the middle. Assuming of course a reversal pattern formed at this level. Would you do that trade?
personally no. i only take range trades from the extremes of the range
yes but even then it has to be at a reversal area…like you go long from swing low…and short from swing high
my recommendation is going through the first page of this thread and click every single link…you WILL be happy you did that…it is the best read you might find on the net relating to trading
Thanks for the advice bro. by these standards how often do you guys get trades. Weekly? Daily?
Much appreciated. I can see where I might have gone wrong all these times
6-10 trades a month seem to be the avg around here
imo the less trades you make the more successful you become in the long run…less trades in itself teach you discipline (not to ALWAYS be trading)
Wow. I have to work on my discipline. I always thought trades take like 3 trades or so each day
are u looking for longs? if so be very careful, audusd is in a massive downtrend. and theres no real PA there either
So none of these candles are regarded as strong reversal indicators? Price was at a monthly and weekly resistance.
Yes looking to go long