Is this a reasonable thought?

Beginner Questions
1

Newbie question.

Ok so currently I’m watching price of EURUSD in the 1h chart but noting the 4h and daily. I have plotted daily pivot points for today on my 1h chart.
According to my soft ware, the R2 is approximately 1.3695.

Currently the market is hovering around 1.3685-90

Is it reasonable to get the idea that the price is more likely fall because…

  1. The R2 level is near
  2. Psychological resistance at 1.3700
  3. Last week’s high is ~1.3730

Sorry if this feeble attempt makes the pros facepalm xD

Edit: Typos fixed

2

Decided to short at:) 1.3690 and it paid off!
It went down to 1.3660, the point i set my take profit at because of R1. :slight_smile:
happy

I might make this my trading log =D

3

Nice. I was long earlier and closed it at R2. :smiley:

Also some other resistance around that R2 area…but candles and volume is what told me it wasn’t going to break.

4

How do you know the volume level, pete?
I’m using OANDA’s platform, which I understand is inferior to MT4 in most ways?

btw, thanks for friend request, good to have support from a senior here :slight_smile:

5

It all depends when you calculate the pivots, Try to find the way that most people use because then they will be more reliable. I think calculation them at midnight EST time is the best.

6

I see, I did a manual calculation using 4am EST as the point. It seemed to match OANDA’s calculations. Maybe off a pip or two on R2 for some reason.

7

Whichever you feel works best and aslong as you consistently profitable there’s no need to change a thing :stuck_out_tongue:

Goodluck

8

Placed a buy order at 1.3600 with TP at 1.3650 SL at 1.3570 and trailing loss of 30 pips.

Reasons
PP at 1.3595 offering support
1.3600 a psychological barrier
Fundamentals suggests Euro may be gaining against US soon, so I expect traders will be even less comfortable pushing prices below psycho point?

Lol, I’m talking nonsense?

EDIT: I stopped the order, need to sleep lol

9

I use MT4 for volume. You can just download a demo. Here is my thread, first posts will explain alot.

http://forums.babypips.com/free-forex-trading-systems/21453-1-500-pips-per-month-method-vsa-sr-fibb-etc.html

:stuck_out_tongue: I am the volume pusher around here…to me, it’s greatest thing since peanut butter and jelly in one jar. :smiley:

btw, Alpari pivots are good on Mondays, they dont count pre Aisa as a full day.

10

Nice feeling huh?

11

using mt4 for volume aint too wise dude.

12

An old debate that’s been settled for a while now. Plenty of VSA traders doing very well with MT4 volume, including me. :smiley:

13

I’m not sure about the 1.3600 psychological barrier if you look at previos price action the 1.3600 didnt seem to offer much resistance in the past

14

Well in a way yes true. But I did not price starts getting uncertain around this area. Also it’s not my main reason to get into the trade. It’s just something to support

15

Looks like you were right price seems to be stalling out at 1.3605 I’m gonna watch for your signals in future haha

16

Hmm did I say 4am EST earlier? lol
I meant 4 PM est, New York’s closing time, too little sleep =_=

Currently working with the new pivot points for the day. Price hovering right between PP and S1 and is showing great ambiguity. I’ll refrain from getting into any action

17

I went long at 1.3600 for 25 pips :slight_smile:

18

Nice, i didn’t get into any position myself. Fell asleep at my desk +_+

Currently set a sell limit at 1.3580 with SL and TP 30 pips away.
Price testing S1 (1.3590) and already closed below psycho level of 1.3600.
If it breaks, I can bet there will be a dip coming up.

EDIT: Turns out I was right but my TP was just 1!!! PIP too low, I manually stopped at 1.3555 for a nifty 25 pips.

19

Placed limit buy at 1.3551, TP at 1.3586 and a tight TS of 10 pips.

Merket seem to have hit strong resistance at S2 (1.3549), which happens to roughly coincide with last week’s low on Thursday on Friday.

TP at 1.3586 corresponds with fibonacci retracement level of 0.618(correct me if I’m wrong, first time using fibs) and TP is nive there because it’s juust below psycho support turn resist of 1.3600 and S1 (1.3590) which has now become resistance?

EDIT: Wow, forex is brutal, I’m almost losing this one. I got to admit, this one came up from my boredom…my fault really

20

You’ll find it’s these trades that you take when you probably shouldn’t have that eat you alive. I do the same, know I shouldn’t enter but do, then wham! Why’d I lose? :smiley: