The best way to stay consistent!

[SR_Player]

@2os

Be carefull! Seems like you are trying for the SR zone that can be drawn around the 0.9700 line (red line on first image below).

1. I agree with billko1977’s post #632: this is going to be a second test. Note that the trade I took off of the previous level can also be classified as a second test but I took it because I had other reasons to believe it had the potential to be successful. I can’t say the same about this level as explained below.

2. See my second image below showing the weekly chart. The 0.9700 is a hard rock to go through but I had faith that it will be broken as is evident by trade you can see on my images, taken off of the previous level. But then, note the 0.9400 level below it, coinciding with previous highs. By the time price reach this level it might be out of power to go through it. If you take the trade you suggested and forced to place your TP below the 0.9400 level your chances of hitting TP are diminished in my opinion.

Hi 2os

Just becareful of the oz because on the H4 we have already had a dynamic move followed by a retracement then a move down as a wave 5 which now we have a level of divergence supporting a move up. This generally occurs after a wave 5 completion, in a corrective phase now, hence why AUD/USD is rallying up now…Caution for shorts here…

[desicad]

desicad

Have you tried drawing with your stations tools?

yes…don’t fully understand how to pick up the start and end point of the rectangle(zone)…
what SRP mentions as significant highs and lows…there are so many such levels…

[SR_Player]

I don’t know how to do that. I guess I am asking in General. If each new candle is making a new Low/High then where do we take the trade on the retracement?

right click on the chart, then scroll down to save as picture, this will allow you to take a snap shot, save it then when you post something in this thread go to where it says ‘Go Advanced’ post your comment then attach the snap shot where you saved it from then upload it and cleck done.

Hope this helps

[SR_Player]

@billko1977

This is how i would do it. In my opinion this would be a valid entry because i would wait until the price retraces to the dotted line which is the mid point between the tip of the wick (low on the left) and the body of the candle (hi on the right). The first retracement did not reach this point although it still would have been a good trade if taken. This is all very subjective to each individual traders preferred point of entry.

Spot on billko1977

[SR_Player]

@machal

Hello,

This is my first post here. What u think about this trade zone?
If it’s good where u enter? when price touch the zone or u wait for return?

Hi Machal

Welcome firstly!

I think its a great level to long, alot of support plus dynamic move visible off the daily…

Make sure your risk ratio is sound on this one, I would use a 1to 3 ratio on this one. Thanks

[SR_Player]

@Nigelng

Guys found this. Let me know if i m doing correctly. thanks!

Hi Nigelng

Just be careful with this Swissy as the H4 has already had a dynamic move up, the Daily SR level is fine but the Waves indicator has NOT yet retraced back to zero, it will be a trade less probable.

[SR_Player]

@mooniekool

Possible setups to look out for:

EurAud Short H4

AudChf Long and Short H4

AudJpy Short H4 and Daily

CadJpy Short H4 - need to wait for the indicator to retrace to 0 though

EurCad H4 Long

Guys and SR, please comment on these setups so we can all learn

ALL ARE GREAT OPPORTUNITIES…WELL DONE!

The only one I dont like is the EUR/CAD, does not fit in with the waves indicator, dynamic move is down on the indicator, the rest are great…

[SR_Player]

Yep, keeping an eye on that as well. We need the indicator to retrace to 0 first before we can long, though

exactly Mooniekool

[desicad]

Hi Machal

Welcome firstly!

I think its a great level to long, alot of support plus dynamic move visible off the daily…

Make sure your risk ratio is sound on this one, I would use a 1to 3 ratio on this one. Thanks

Waves indicator has not retraced back to zero yet…
Anyway what will be your SL and TP?..Thanks.

[SR_Player]

Moonie, looks like EURAUD is begining to reverse. Guys anyone here to take the opportunity? The setup looks all good.

Look ok to take Nigerng

[SR_Player]

Guys, USDCHF just hit 78.6 fib retracement (or sweet spot/ optimal trade entry) lol. Anyone is bullish?

Not yet going to wait for further retracement on this one

[2os]

Hi 2os

Just becareful of the oz because on the H4 we have already had a dynamic move followed by a retracement then a move down as a wave 5 which now we have a level of divergence supporting a move up. This generally occurs after a wave 5 completion, in a corrective phase now, hence why AUD/USD is rallying up now…Caution for shorts here…

Thanks SR Player. I agree. I took this trade earlier off the H4 chart when conditions did merit it. It came down and fell short of picking up my TP point. Now it rallies back up and against my favor, as you mentioned. Nonetheless, I leave it alone to do or die because I keep a strict policy to keep my hands off any trade once it kicked in. I sometime modify pending trades but I don’t mess with active trades, for better or worse.

[desicad]

Hello SRP, you have not shared your entry and exits…not trading today?..

[SR_Player]

Where is the teacher? She is hardly seen this week thus far.
And what about the couple of other senior members…Is it because there are no opportunities so far?

edit: Oh she is back…

Hi desicad

I was on vacation last week and had so many things to catch up on, apologies for my absence for the last few days…Im back

[SR_Player]

Subscribing with interest, cheers

Welcome pippingood.

Luv the name lol

[Nigelng]

SR ur the man or lady? lol

Thanks for the replies!! appreciate it, it helps alot!!

[SR_Player]

yes…don’t fully understand how to pick up the start and end point of the rectangle(zone)…
what SRP mentions as significant highs and lows…there are so many such levels…

desicad look over the thread there are posts specifically about the zone width and how to draw them

[SR_Player]

What is nice SR level?..I am finding drawing this SR level zone as the most difficult thing, just don’t seem to get it.
I want to draw it manually, but don’t know how to go about it.

Thread from the start will help you with chart examples

[TopFroxx]

hey all, i’ve been very busy with uni the last days and will be for the next one or two weeks or so. just wanted to let you know that i did not disappear or something.
update on my trading log: closed last week with +30ish pips, i’m at -50ish pips so far this week. took two dumb trades where i wasn’t fully focused choosing the setups (uni stress sucks :D)

cheers

[SR_Player]

Waves indicator has not retraced back to zero yet…
Anyway what will be your SL and TP?..Thanks.

For that USD/JPY Id keep the stops to no more than 30 and target 100pips