EURUSD 1h
Strategy that I posted yesterday worked more than well today.
Pair came exactly to the Support line at 1.10340
Resistances : 1.10450, 1.10600 & 1.10800
If Support is taken out, we can expect 1.09850 to be seen.
Take a look at Commom Sense Trading and the update “Drilling Down.”
We can say great minds think alike as it is a different approach to trading but Bobby’s Intra-day Trading Techniques – Part 1 follo2s a simular strategy, which I call Drilling Down.
It further confirms what Bobby was describing and if you follow this, it will have yoiu trading on the side where we see odds are on yoiur side.
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Follow up —
Forex market lives to run stops.This may eem confusing but picking out likely levels where there are stops is a skill you can master. Just ask.
As this USDJPY chart show, stops were run above 146.15 but did not follow through and then backed down.
The price action may sseem confusing but there is a logic behind it.
To be clear, only the blue and red lines are from the AT algo.
The yellow lines were drawn manually.
AT’s strength its in its uncanny ability to identify key levels and the horizontal lines that form patterns.
Look at this 15 minute USDJPY chart
Rising red lines showed momentum to the upside
146.15 was a target and a key level as can be seen on this chart.
As for the EURUSD –
This is so far a correction – as it can be just a sideways one, I would watch for those two Red lines below : sharp angle and horizontal one.
My personal style of trading differs from yours, and for me before I see Pattern emerging , I am flat.
But Buying on Angled Red line would be technically correct , with the Stop just below the second red line – horizontal one.
And for USDJPY, Buying till that Blue angled downtrend line. If it holds, again waiting for my patter and Sell.
Pretty simple really….I have an itch to incorporate that algo of yours in my trading, but hate changes of any kind 😀 Enough that I have to live with market changing all the time…
We’ll have to try to come up with a bit advanced version of it , incorporating my Patterns and MA’s J
As for the time frame that works the best with Continuation and/or Reversal patterns, although it works on all time frames , but bigger time frame – better / more sure results.
4H and Daily seem the best to trade on .
There are other chart patterns and formations that are way more suited for smaller time frames and we’ll talk about it way later…
As for Gold – yes it should be considered a Bullish Rectangle – but mind you that I said pretty clear a day ahead that it’s gonna break it and go to the new high – and that was NOT based on a crystal ball 😀 but on the above mentioned short term patterns that I have developed/collected over decades.
I need a full understanding of the market and charting from all the members to be able to explain/teach about it…So later J
Have you ever seen this disclaimer on a trading site;
Past performance is no guarantee of future results.
It is no difference with the so called order blocks.
Just because there was buying (or selling) at some level in a former trend, there is no guarantee that there will be buying (selling) this time as market conditions have likely changed.
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