Quote:
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Originally Posted by reemul99
Question on this trade:
My understanding (could be wrong) on a level 4 was that the high/low should be confirmed by at least 2 bars - on InterbankFX I show that the previous bars kept getting higher and higher with no set 'high' (just new highs being set).
Also, the entry point was just below the R1 @1.2800 -- I'm curious as to your thoughts on why you did enter the trade - when at other times the R1 position alone would have kept you out of a buy on this pair.
pretty much the same thing on this trade as on the EUR
In this case the GDP/USD R1 was @ 1.9038, but it looks like you entered the trade. I dont see that there was a set of bars that established a 'high' (more like an ever increasing high) and it didn't really show any strength until the 09:00 cet bar.
To clarify - not trying to be difficult - just trying to get an idea for what you saw at that time, and why you chose to enter the trades.
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From the Nina word
Quote:
Level 4 Signals
Level 4 Buy:
1. After consolidation of a few bars, price breaks through the last high.
2. Buy when price breaks through the high.
3. Hist_StepMA_Stoch is in green mode and goes from below the 0.04 level to above the 0.04 level.
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But there are another gamers in the field today.
Starting with trend exhaustion. At least 100+ pips in majors from yesterday.
Itīs friday, no news.
And in the words of nina level 4 is risky.
About the trade, at 8 cet the trigger bar has a wich above the R1. So, R1 is broken. Enter on the next bar, but this bar opened below R1 adding some risk.
Whatever we see or explain, I think we can find some explanation to why yes, take the trade or why not, donīt trade.
But if today Iīd have to choose between the 3 pairs and 3 possible trades. I would choose the usdchf because is the most clear setup. Or, cause of the other players in the field I sleeped all day
