You’re right Niki! But after trading for sometime, you figure out the fact that ‘Resistance becomes Support/Support becomes Resistance’ is pretty much price behavior in a nutshell!
To bad I am at work and we dont have flash player here at work so I cant see charts. Just looking at that chart make me drool. Now I am hungry for some pips. Unfortunately I will have to wait for the Asian session
Or find a job that you can do at night. It will seem worth it when the pips roll in and you can quit in a year!
I took the same trade, nice neat pips to start the week with. I took shorts on EUR/USD and GBP/USD, both off the 0800 (London) bar - a Long on USD/CHF would also have worked out, from memory, but I didn’t take the setup as I had the other two.
This is another very simple trendline that works all the time.
The price should have hit a resistance area for a sell to commence after a strong up, or hit a support area for a buy to start after a strong down move.
Note also how waiting patiently for entry will ensure we get a very good price. Wait for pull back or a good price memory area.
Somewhere in this thread I had posted the same set up for EU. Before EU started its 1000 pip fall.
Works like a charm. This is again something that wont come up often. Maybe one or two trades a month.
Jr is doing good just got over a cold sucks when a new born gets sick. I have been around just have not had much to add lately but I have been fallowing along. Nice to see the thread still alive. Happy piping to all
Yeah that was deffently a good call. Yes yesterday was a buy but a little common sense can go a long way. Price was clearly hitting resistance on a strong downward trend line. Days like that you have to take market bias for what it is or just sit on the sidelines. Now I would say that if price would have broke that trendline I would have sat on the sidelines to see what price would do today but it didnt so it was pretty safe to say price was going south and you hit it about right on that one hour from what I can tell you waited for price to move below that consolidation area on the 1hr. I would have waited for a little more confermation but thats still pretty text book. Good job