Thank Dennis! I was thinking I was probably being a little too risky and getting into bad habits…lol…I guess as long as one has reasons, then it’s valid.
So here’s the EURJPY again…it’s now at the 20 so looking to enter short. I kinda missed it “At” the 20ma, and it’s lower now, and looks like a rising wedge (continuation pattern) so can either enter at the top of it…which looks like I missed… or once it breaks the lower black line…think I;ll wait and see just a little longer. My stop will be above the high of the wedge. There are a few targets/resistances areas below…the horizontal red resistance line, the 100% fib, the blue 200 ma, the orange bottom daily channel line, the 161.8%, and and the bottom green weekly channel line…hmmm which one(s) ;)…and of course the news could work with or against in 3 hrs time…
On the Daily timeframe (shown here), I use the Linear Regression Channel in MT4, and drew it from the last low to the most recent high (orange channel). Then it pretty much stays in place for a few days or so. I do the same on the weekly timeframe too (lime channel), as well as the hourly (yellow). It’s like ping pong as price bounces from one side to the other while it’s trending up and down overall…
Now I am experiencing some problems with how the channels align when I switch from one timeframe to another…sometimes they don’t seem to be where they should be, which I attribute to Mt4’s bar history and where it’s anchored in the higher t/f but missing in the lower timeframe …hmmm, something to be aware of.
Perfect Analysis SP Spot on! Rising wedge if brake low chan = short , well spotted…, …momentum sucks, patience required. I have CADUSD sitting at between 0 and 7 pips profit for an hour…left it with 2 pip SL going to bed, my patience is streched with that trade. Do not mind waking up to a 2 pip stop loss, but i would hate to close this trade and wake up in the morning and find i closed a potential smiley.
About MT4, Some years ago I had a broker that the Moving averages were at least 5 pips lower on the charts when compared to charts of other brokers. When I reported it to the broker he told me to mind my own business, I was minding my own business and got the hell out of there…be carefull out there
Guys, I will not be trading much this week. Honestly, need a brake as I have been trading full on for the last 3 months. As an experienced trader I know that it is good not to overtrade.
I will moderate thread if nessarsary, but SP, Christine and Shultz have demonstrated a good understanding of how I trade ans can answer all. Now we already put down the rules, and we covered everything . However there is more I want to share and we will cover 3 more types of entries that we have not mentioned so far… Everyone who is following this thread please try and get current during this week. As next week we will move on to additional entries, same theme but different entry point, These trades include using the elastic band effect…up to now we just did the magnet…Will be adding additional MA for this and its all good.
Will keep practising…take a break but first…lol…I don’t recall going much into divergence yet. I know one way to use with price and an oscillator…is that how you use it?
So finally price broke down the rising wedge…again a “high impact” news release… entered at the bar end that broke the lower trendline. Stop was above the wedge high but due to the speed of price, stop was moved to breakeven very quickly, then up +40 with half lot, +20 locked in.
Thanks for that reply Dennis appreciate it,
does that conclude the how to trade the news, is it all covered? buy above 200 sell under 200, only thursday and friday, that covers all news trading?
I am thinking that another RW maybe in the early stage of forming , seems like a clear trend is beginning RW, then down thenanother RW then down…Looks that way right now some hours after your posting. Divergence yes with OC and price.
[B]Throughout all my years of investing I’ve found that the big money was never made in the
buying or the selling. The big money was made in the waiting.[/B]
I didn’t trade that pair again, but I did a BSC on AUDUSD when it broke it’s lower RW trendline, as well as the 20 ma…already closed 1/2 and stop at b/e. Looking to close at the lime channel line just below, which is also the 161.8% of the fib I drew. A bit of an elephant type bar, but no news…just a quickie before work
nice trade, suppoted by outer channel bounce and short term channel brake, and divergence on the 2 highs, mini double top with divergence, also a wedge formed between lower and upper chan, 20 ma break and you entered on the open…nice …excellent trade SP
your wedge lines are perfect your candle open perfect…nothing else feasable to do…sl is the key, maybe widen it to 10 …becuase it may be extended wedge like on your first trade
yes becuase price is below 20 thats good, however its lower properbility trade for a big movement as we are in 200 magnet effect and momentum is going to need to be strong to brake a new barrier. major support on daily 100.592
