Hello everyone!
toddanderson, I get these levels in Saxobank terminal. I don't trade with them, I just have opened a demo account and use their levels
They publish it every morning. I prefer Metatrader 4 not their terminal.
Quote:
Originally Posted by Nili
Hello. Anthony you have written you think that there will be the ascending movement but the price continued the downtrend. I didn’t enter the market as I was waiting for a rollback 
What to do in these cases, when the price is going contrary to our expectations? Where was better to sell in the case we were waiting for the rolllback?
Thank you
Good Luck! |
Yes, yesterday I thought that we are going into correction, but it was so small that the price continued its descending trend for another 400 points! Not bad, huh?
Anyway, we analyze the market every morning not to define the one and the only possible movement vector, but to define the definite (sorry for tautology) signs of the movement. That's why I use flat levels before the each session - it is the 1st sign to plan my trades.
Yesterday GBP didn't manage to brake its flat out (there was only false breakout - price didn't manage to fix above) and then it went down. I reconsidered my opinion after GBP bounced from the lower flat level and then had broken it and then fixed under it. It was the real breakdown. I have sold GBP around 2.0760.
Now about the current situation.
trading plan
Finally, the 3rd wave is finished. Now we have a correction. Watch out 2 levels: 2.0760 and 2.0800 - they are pivot points (minor and major TF). Also 800 is the ending of the 1st wave and the 4th mustn't cross it.
We have few possible variants of this correction. The first one is possible if the whole descending movement is an 5 wave impulse. Then right now it making its 4th wave. Then it will be flat-like (most likely (forgive me for the 2nd tautology
)).
The 2nd variant - this bearish movement is wave A of the flat correction to the ascending movement (see D1). Then right now we are in wave B and it can easily reach 76% of wave A.
Watch the main resistance levels and 233 MA: if we will have the 1st variant, then GBP will hardly break it out.
It is all for now.
While I was writing this post, DJ have published its levels.
So here they are.
DJ levels
You can compare them with mine: there is a little difference.
Also you can see that their Pivot Point is my flat actually. Right in the middle.
Good luck!
Anthony Schneider.