You probably know the ECB cut rates today. That’s a rare HUGE event causing wild price action, although it was expected. I’m not looking to trade until Tuesday when there’s a regular background to work off of and we get to see the reaction to this as things stabilize.
Generally though you’re right. Excessive volume on a wide candle compared to other candles of similar size suggests that trading in the opposite direction is also very active. Effort vs result says look at the reaction to that candle. A bullish candle reaction says good probability of a bottom forming. Bearish tells me no trade yet because sellers made progress to the down side as a result, yet buyers are active as well. A close below the low into new ground says sellers are still aggressive and running over those buyers.
I know you feel that you can only access the asian session, but if you were to adapt an “alternate” sleep schedule, you could readily access the lucrative london session. Just have a nap (2-4 hrs) before LO, and then sleep again before working in the morning. It can take a little while to adapt, but the body is capable of this!
Yeah I’m not getting my beauty sleep every night, but it’s what I do to access the vast opportunities that LO provides. If I couldn’t or wasn’t willing to pursue this alternate sleep schedule, there’s no way I’d be experiencing the success that I am now.
Just honest advice here, and good luck on your new live account! :57:
Long NZDCHF (7/3) opened 22hrs ago
Major price testing area at grey zone…7870 - .7800 range …multiple resistance tests of it as resistance that finally broke through up and has a couple of mutiple tests of it now as a support zone.
Stop is below bullish pin bar located at major support. Target alert is .8020
Will price continue to vibrate above support for awhile now?
[QUOTE=“Sweet Pip;488353”]Short GBPUSD (2/6)
2nd bearish engulfing at resistance (orange line).
Stop now at just better than b/e. Target alert lower orange line.
<img src=“301 Moved Permanently”/>
Currrently +100 ish
EURGPB around -20
NZDCHF around +15[/QUOTE]
I haven’t got that far yet…I do have a life and it’s been pretty busy as of late, meanwhile, my demo of a system that I’ve only been using for 3 1/2 months is getting just that much longer of a trial to prove it’s merit. Patience Grasshopper, patience!
I get a denial message too when I used that first link, but there’s another link on it that takes me in…if it works for you then I’ll update my first post.
I tell you what… Since you seems you have plenty of time in your hands and you are soo bored, why don’t you open up your own thread. Show the world how you trade every single day and show your myfxbook therefore you will leave people alone and just mind your own business…
This is probably the best way to teach people ,another way, how to trade…:)[/QUOTE]
No that’s pointless. Who cares how he trades you’ll never be able to replicate it unless it speaks to you. What he’s trying to do is motivate. To get under your skin and make you mad enough to be better. Although I think it’s pointless. Why do you care so much about other people? Or is it to feed your own ego AK? These people will never listen. They don’t have a connection with you they barely know you. How can you get on an intimate enough level to motivate them then?
Opened a short GBPNZD (2/5) trade.
Bearish engulfing at a failed support zone now possibly turned resistance (green horizontal lines).
Oscillators treading oversold area.
All had higher volume hammers after a retrace to a support area, oscillators in oversold areas with bullish divergences. Stops are below the lows, and targets are at least a double top.
I had opened a Long on CADJPY 2 days ago that got stopped out…opened too soon then.
