Tess.
if the euro and the british pound are not going higher for end of year then i can look for these doller resist levels on the charts to see better with euro and pound support level?
it will be same as for your charts on post #524 but this time to draw my level the other side around? i am thinking to sell the rally’s and not to buy the dips.
i am too thinking the more trades will be after the brake of the lows of the last week to take more shorting trades.
i am takeing little short trade this week alredy and will do more soon if prices go below the low of the last week also.
You can use the prior days lows (& highs going up) to get your bearings too when price begins to open out & attract sell interest.
Just keep checking on how far price has moved in relation to the average days range before jumping in if you’re betting intraday.
But yes, if you go thru the same exercise on the long side of the $indx (thru 78.25 resistance) as those charts on post 524 then you can prepare for & get a gauge on the next potential upside s&r.
Obviously it has to fight its way past the next hurdle at 77.80 before attacking that strong 78.25 resistance zone, but it’s overcome the first hurdle this week as it bounced off, & pushed thru 77.40.
If momentum carries it along sufficiently enough to fight thru 78.25 then you simply dial out & locate the next potential s&r zone, which in this case focuses just north of 80.0
The corresponding support levels on eurusd & gbpusd would equate to c1.33 & c1.5650 respectively.
I certainly wouldn’t disagree with that advice.
Unless you’re very aware of what you’re doing you can get mugged pretty badly trying to dodge in & out of the price action on sub hourly charts.
You’ve virtually got no room for error down there & your entries have to be on the nail nearly every time you place your bet.
thank to you tess. i did this right on my charts and just wantd to check for to see i was planing it corectly.
Hello catcher.
euro price move has reached to the bottom of the range to your levels you said before where it would look to find some bids. Ther is many litle swing levels down to the 13300 level that tess talked about yestarday.
Am I corect to thinking that many stops order is in this levels from under this bottom of range towards the 13300 level that tess told us?
Hello Tess!
Thank you for advice and so great contribution.
For the smallest TF do you recommend M5 or M15?
From your previous posts i’ve noticed that you’re mostly using 4H/60m/15m TF.
Do you pay attention to the broker time, if analysing 4H charts? (i mean some brokers use GMT+3, others EST, or GMT+2)
Today i post a trade real -time.
We see solid demand zone on H4. 50%Fib from recent move on H4.
Cons: H4 trend is down.First resistance is Big round number 1,60
These are the types of significant areas on the chart that they’ve been advising us to pay keen attention to for the last 3.5 years hawkmoon, so I would expect these levels to hold a lot of each way interest as the price action moves back & forth around them.
I’m sure their advices, comments & charts can be trusted to deliver the goods by now
If you’re short leading into this range low then it would be an appropriate level to either book a little profit, readjust trailing stops, begin looking for continuation shorts or perhaps watch for the peak trough behavior to see how strong the bids are around here.
Last weeks low around the 1.3860 level is now 100 pips further up, so that area from 1.3830 to 1.3860 would be the next potential resistance zone if you put into practice their usual methods of gauging upper & lower s&r reaction.
Like everyone else who follows this stuff, I’ve had it drummed into me to observe & prepare for when price gets pushed & pulled towards these common levels of significance. Previous day & week high-low zones, clear & visible swing & range levels, big figures & round numbers are all likely technical reaction points which include high levels of market orders including trailing & profit stops.
If the market decides to probe underneath 1.37 it’s highly likely to discover more euro bull trailing stops from the longer range traders + pockets of sell orders looking to piggyback any downside momentum from the various market players.
The small peak trough ledges back down toward 1.33 will also begin to attract each way stops if the price action slips, purely to test the market strength & validity of the current dominant bias.
That’s simply my understanding & view based on the information they’ve provided since 2007. It must be good for something otherwise my progress will have to be chalked down to pure & consistent luck.
If you need a refresher or a brush up on what to look for & how to implement it, just go back & read the stuff across the 3 threads.
Use whichever timeframe you prefer & are more comfortable with Ingvar.
The only function of those micro timeframes is to trigger the entry, occasionally improve or enhance initial risk allocation & manage the start of the move via any clear peak-trough activity on an aggressive shift away from entry.
No I don’t pay any attention to bar times or patterns at all.
It’s purely the level or zone that holds the significance & interest & that will show up whatever broker feed is timed from.
that’s a very nice trade for you Ingvar today. these levels are showing you intresting posibility’s also.
maybe the pound will reach for the 16110 average range top with this nice momentam.
This level is being resisted as you sayed earlier catcher. i am likeing to keep loyal to my shorts on this pair for now.
i like all these helpful coments on levels and zones because it helps for me to faster understand by watching my charts also.
The ranges are holding to their price action very good today on euro doller.
What are some good, publicly available sources, that you use to stay plugged into the worlds financial happenings ?
I am always looking to add/build up my personal “squak box” and would love to know what sources I can add to help understand the implications and current mood and drivers of the global system.
Of course there are the normal forex news calendars like Forex Factory or here, but they seem to be only the tip of the iceberg. I have also found normal news sources like the CNN or Fox news just do not give the indepth analysis I am looking for, especially around implications. I’m sure that some of you folks that work for funds are given this data and constantly discuss implication, but for us retail guys, I find it hard to stay plugged in.
So any suggestions would really be appreciated, and if this has been discussed, I apologize.
If you want to keep it light & succinct then get a flavor from one or two different sources.
If I wanted to stay tuned into current drivers & event news but didn’t have the time to wade thru article after boring article, I’d dial into regular market items of interest from folks such as these: Forex News by Forex Live EverBank: Daily Pfennig Currency News - Bloomberg
If you decided to specialize & want to go deeper then you could subscribe to something like Market News International or one of the other hub outlets. Even one of the squawk facilities like this bunch: RANsquawk - Real-time Analysis & News Ltd
I believe Ranvir still offers an exclusive currency dial in for a couple hundred bucks pm. If not, they may still offer the delayed option covering generic market output.
Thank you Tess, as always you are full of very useful information.
I looked at the sources, and will tune into them on a daily basis to pick out what interest me the best. First impressions are that the Daily Pfennig is just the type of inputs I am looking for.
Right now I cannot justify a paid for services, but I will sign up for the free trial of RanSquak to see if this is something that would be of assistance in planning my trading goals.
As a discussion point on the GBPUSD, I analyzed my charts this morning and actually saw a long swing into the GU at the 1. 6100 level. My reactionary zones for the past month or so on the 8hr time frame show the 1.6 and 1.63 levels being the current reactionary zones. In addition, my bias for this pair is still on the long side.
I also noted the ATR for the day was spent, but found that the ATR for the week was still in 50% range, so the pair still has some room to wiggle. But as I said, its a swing and not a scalp.
Of course my trade did get triggered on PA, and enjoyed a few moments in positive territory. Then the risk aversion set in at the NY open, and saw draw down throughout the morning. Things have reversed a bit, and I am a few pips in the clear, but will be watching this trade with an eagle eye.
I agree with you on that score husky. For longer term viewers it’s still retaining a bullish slant & from a technical perspective the pullback to your noted 1.60 level coincides with an old faithful (last weeks low @ 1.5960) that would definitely alert followers of this threads material.
It simply reinforces the confidence of preparing bets on & around these consistently reactive levels & zones providing you can obtain acceptable risk in line with forward potential.
Ingvar actually noticed & highlighted the multiple support & resistance activity of last weeks low in his earlier post too.
Good luck with the trade, hope it returns a decent profit for you!
One of the trade I took before I left for work in the morning
This week EURJPY is in a bearish mood. Daily offered something I am interested in.
Drop down to one of my working timeframe, I saw price consolidating and decide to go for a blind break trigger of the previous trading day low. Stop is at the green zone marked out. A good R:R of 2:1.
Just to add finality to the GU trade I spoke about earlier, I did hit my first profit target of 1.6150, and then tightened my stop to just below some Thursday morning SR around the 1.6090 level. The stop got hit midday yesterday on the open positions. Overall the net was about 30 pips.
Once again, I love scaling out of trades, it really does give that opportunity to where you don’t have to swing for the fences with only two option either full win or full loss.
