Any one long on EU pair, when everyone in the forum looking for short market goes up, and when everyone looking for long market goes down.
Simple formula
That must have been a reaction to tons of news that came out today.
Still looking for a short.
The rule of following yesterdays bias should be taken with a pinch of salt, trading really isnāt that easy. The candles on a daily TF behave in just the same way as candles on any other TFās. You wouldnāt blindly follow a H4 candle so why follow a daily?
If you look, at the weekly TF on EU, you will see that it hit a support level so a bounce is not a surprise. Admittedly, it has jumped rather excessively but that does tend to happen when Draghi opens his mouth.
Yes, lot of interest rate decisions and donāt forget NFP tomorrow.
uumm sorry, Iām still a bit new to this forex,
Iāve also heard Nikita mentioned about NFP a couple of times butā¦ what is NFP?
Well, I agree with you, but if you look at today EU H1 chart, if Iām not mistaken, EU price has been going up since asian session and then at around 10:00 GMT it bounced and started going down, thatās what I mean when I said it followed yesterday bias when suddenly price shoots up. Please, correct me if Iām reading my chart wrongly
And also thx for the tip about that draghy thingy, next time I see him somewhere near I just get out or stay of the market for awhile ^^
Non Farm Payroll.
There is a report that comes out on US Non Farm Payroll 1st Friday of every month. It has a high impact on the market.
Have you gone through the school at babypips? If not, go through it, read it all. You will learn a lot.
Ah, I see, thx, yes I did read about that in baby pips but I didnāt know it was called NFP day
so, I guess it would be best if I stay out of the market during american session tomorrow?
The pink box area was where I went long but It hit SL.
That is why I do t like to take trades against bias.
That is why I maintained it as bearish.
Okay. Maybe I missed something. Still using the rule of yesterday being a buy so today is a buy? Im thinking the method has evolved and the changes that I dont know about are throwing me off. After checking the daily for yesterdayās candle and possible supp/res level, I move to the 4 hour chart to look for the nearest supp/res. line which should to be todayās high if im looking for a sell and todayās low if im looking for a buy. Im a following correctly? If I am then my supp/res lines must be off. Lol.
What do you guys think? Both will be for longs. I know tomorrow is not the best day for trading. Just asking about the concept.
At 10:00 GMT the price did reverse into the same direction as the day before but the H4 chart did not show it as a reversal but more of a continuation.
The daily Bias was changed at 22:00 on the 7 March when it hit a strong Weekly support level at 1.29645 which was established back in the last half of 2006 (Yes, even this far back S/R levels are relevant). Ideally, it would have been nice to have seen a nice reversal pattern on the daily TF but we didnāt.
The H4 chart did give a warning that a reversal was due with a pin-bar testing support (Shown Below).
The retrace (or pullback) that you are referring to was due to Italian Politics as there was a meeting going on. The indecision in Italy after their elections is effecting the whole of the global markets. Why? Well basically itās because Italyās debt makes Greeceās debt look like small change and the Italian people are looking to vote against austerity and thatās panicking everyone.
My belief is that price moves only because of the fundamentals, itās how price moves that traders watch.
Before every trade you place, check the news. There are high impacting events every day, some of it isnāt even expected but changes the market.
[B]H4 Reversal[/B]
[QUOTE=blackhand;466632]What do you guys think? Both will be for longs. I know tomorrow is not the best day for trading. Just asking about the concept.
Stabbing in the dark I would say. Longs when is what I would ask?
If you are meaning off the s/r line you have highlighted then well, possibly.
But on the other side of the coin, there is plenty of evidence to support a call for a short.
4 Higher lows and now the formation of a 5th. It depends what signals you have faith in.
The daily TF with itās bullish engulfing off a weekly S/R does look promising though.
But hey, Iām learning as well. Candles will tell the story in the end.
Hi All I think we are getting bit confused about our entry, not confident enough to decide which way to open a trade, go long or go short.
First rule donāt get confused and do not open position if you are not 100% sure with your method or system.
2nd rule stay out of the market if you are not sure.
This rule are very easy to say but believe me it is really really hard to follow. When you follow the rule you reduce your risk.
3 position close now all together 220 pips gain in a day. This is my first time I get this amount of pips in a day. I feel like flying but still long way to go. 2 position on EU and 1 position on UC. Still 1 NU position is open lets see where itās end.
Well Done there Sharebazar.
Thank you to NFP news 
wow nice, just wondering, how do you know that NFP is going with your position instead of against you?
Ok my NU pair hit my TP made me 79.8 pips.
All together for today 300.3 pips can not believe it.
Nice one! What a fantastic end to the week.