I was setting up for a possible short, but I have a feeling the low has been tested in the following charts, would anyone recommend trading on this when it arrives? Would it be considered tested?
Itâs quite a strong S/R level as it can be taken off the weekly as well.
Also, when a S/R level is considered âtestedâ does it mean that the candleâs wick just has to touch the level? Or does the candle have to close somewhere within?
My T/P is still well below that resistance. So im hoping it gets hit before it turns back short. Up 70 now.
Hi billko1977
That was textbookâŚPerfect trade
When all those timeframes are in sync, you are dealing with major waves off the daily and subwaves off the H4 & H1.
At times its difficult to trap all 3 TFâs but as long as 2 are matched its still good.
Nice trade!
Hi amaclaurin
I dont thing the eur/usd will reach that high. The daily is almost ready to come down for a wave 5, I think it will use the resistance and the low highlighted below.
As long as price enters the zone, then it stands
Wouldnât that level be considered tested already? There are a few candles poking up at the level you suggested near the end?
I can definitely see what you mean though, daily is a wave 3 and the 1hr has retraced to 0. Weekly is also showing strong sell direction.
Cheers for the heads up as always SR 
Thanks SR.
Now Knowing That really helps me alot.
Is There a specific reason you only trade certain pairs? Is it solely based on liquidity or is it just some trial and error to see which ones react the best to your trading style?
It has tested however, remember past posts that its a 2 part process, we are only now seeing the dynamic move retracing back to zero, sometimes price uses the same SR points as leverage.
Mainly to do with time management, 50 hrs a week for me is enough, if I trade more pairs, like I have in the past, I find I ger fatigued and it impacts my results.
If you don tmind me asking do you spend 50 hours a week trading this system only Watching for opportunities?
Of course, scanning, executing, managing the trade, monitoring correlating pairs, I have to put in the hours to get the results!
Thats exactly what i was hoping you would say. Ive been looking ar roughly 20 pairs with the mindest that the more pairs i watched the more opportunities i would get, but im starting to see that it seems like im missing more Solid trades simply because i dont see them in time due to just to much material to cover, which includes âchart fatigueâ from trying to keep up with so many pairs. Ive decided that im going to try to cut the number of pairs i study at least in half. How many pairs have you found to be the right number for you? I seem like i remember you mentioning it previously. something like 5 or 6? maybe more
Any way SR, Once again thank you for taking the time to answer my questions. Your patience is admirable.
Thanks for the kind wordsâŚ
About 6 or 7 plus gold sometimes, I find that over a month there are ample opportunities with this amount
NZD\USD stopped out. I cant seem to win. I seem to be right on the direction more and more but i just cant win at 3-1 ratio.
Hey billko, I used to hold on waiting for 3-1 early on my trading, but now, even though I look for set-ups that could produce 3-1 or more, I try to at least take some profit off the table at a potential S/R level as long as itâs around a 2-1 or 2.5-1. Then I can let the rest of the trade ride and if it gets to 3-1 great, if not, itâs still a winning trade. Another thing I do, although I am fortunate to have the ability to monitor my trades during the day, is to enter a trade after strong confirmation on direction, lower my risk to say a 20 pip stop and set my goal at say 2.5-1 or 50 pips. More reasonable, less risk and I reduce the chance of holding too long. I may lose a couple of monster trades but Iâm more focused on consistent returns.
Hey All!
Here is a trade setup I found on the EURAUD 4 hr. Please take a look and let me know what you think. Thanks!
Looks ok wave 5 down on daily too
Billko1977, I know its difficult at times, but if you are picking the direction right most times, and you get stopped out at a SR level with your entry, either re-enter at another SR level higher/lower, your profit target will be larger overall from the new entry, or adjust your ratios accordingly to your capital size and your tolerance level emotionally.
The direction is the most important thing to get right because you can have multiple chances to enter the market, if you trust your direction then there is no excuse with re-entry.
Hope this helps