Im short on both gbp/usd and gbp/jpy…Up 70 pips on GJ and 45 pips on GU
1:4 ratios
Look at Dynamic moves as highlighted
Looks ok just concerned about big spike move a few days ago off 850 points, will come down, how much not sure…short term ok for a scalp
I didn’t see the SR level 4H at all… but nice trades. Waiting for GBPUSD and GBPJPY to penetrate more to the downside to short on Daily TF. Did you catch the GBPCHF Long trade Daily ?
SRP…these are hourly charts…you must have drawn the zone rectangle in daily…
can you explain step by step how you went about identifying the points (highs/lows)?..
yeah, i am in that one. also short eur/usd because of high negative correlation
I am since last night. Had reservations about it as it seemed to have not traced enough yet on daily as SR Player mentioned but H4 seemed ripe and my daily notes about this pair were very bullish so I took it.
Just a general question for anyone who is willing to ponder and comment:
Pull your weekly and even monthly charts of the common JPY pairs. Seems like they are coming close to all-time or at least, very long time [as in a decade] lows. The yard stick for this is the USDJPY pair. Look at the charts, it never dropped below the general level of 76.00. It appears to be a line in the sand. The same is true for the for EURJPY, now floating at around 97.00. Monthly chart shows that the last time it deeped below this level was the year 2000!
For myself, I have decided to put a moratorium for now on trades shorting JPY pairs until things clear up some.
In line with that I have seen that SR Player already hinted towards a long trade on a daily USDJPY that machal spotted in post #641: 301 Moved Permanently replied in post #665: 301 Moved Permanently
Does anyone else see the JPY scraping bottom and feels leery about shorting it and in spite of daily charts still showing bearish momentum?
Hello 2os…Please refer your post# 708…I have marked blue and red arrows on the chart…
Now as per the rules (given below) this is how we go about drawing the zone…
Zone used as support for entering long:
Zone bottom = bodies of candles
Zone top = wick’s top
I understand the wick top (marked by blue arrow), but how you decided the bottom line of the zone (red arrow) i.e. bodies of the
candles…
Am just trying to learn how to draw the zones.
SRP your comments…Thanks…
Please note the red zone is drawn by the indicator as am still not clear about drawing the SR zone.
Sure, see image below, a larger view of the H4 chart. Remember this is a zone, not sharp on-the-dot line that you use for entry. You enter as you see fit. Sometimes I find myself late to the party and have to go with market orders (don’t like them, feels like they are rushing me while I do the math), sometimes I’m there on time and can plan ahead for a stop order or even better a limit order. This is when you can raise the SL higher and safer. Not an exact science, learn and improve as you go, this is what a demo account is for.
desicad I share your view of the SR zone indicator. It makes no sense to me either. The SR zone indicator is drawing its zones off the daily chart only and as you can see many times the zones are too wide to make use of. It is the difference between your mind and a computer. The computer cannot adjust to specific situations, your mind can.
I am following on instructions SR Player wrote up at the beginning pages of this thread to draw my own zones. The quote you used in the previous post is from my trading plan that I wrote based on the instructional material in this thread. It is all in the thread.
Thanks. Couple of questions…
What is the average zone size in terms of number of size? I know it can vary, but what is usual range?
Red line I guess is your entry, roughly the mid of the zone…what type of buy order it was and how many pips away was
your stop loss from the red line?. I see that the price went down about 25-35 (not clear in the picture) beyond the zone.
Now look at your chart again…as per the rules we have to draw the zone considering the significant previous highs…
why the two brown arrow marked highs were not considered for drawing the zone? Am I missing something?
Thanks for your patience.
Check this out guys! beautiful setup and confluence with the Trendline. Coming in the next 4Hr I suppose
I would be careful with this one. The resistance has already been tested twice on the four hour and the Aussie GDP was just released and was better than expected.
also noted that AJ has broken upper trendline on the 4h.