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Originally Posted by GUSDINSALVOFOREX
Hi ramdas,
Thanx for charing with us ur system, i have a q regarding the 12/19/06 trade where u mention an up patt formatio, Do u defined it based on candlesticks behavior or do u defined it based on sma crosses ??
Thx 4 ur attetion
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Hello GUSDINSALVOFOREX,
if you observe my chart you will see there is no candle stick displayed. chart is compress in such a way on 5min chart as only i see as bars.
if you look at candles then you will notice price form green candle and then suddenly red candle wonder what happen ? initialy i has lost many$ on this candle behaviour. on this setup if you look at candles then you will fear to short at top of green candle and fear to buy at bottom of red candle. that is what candle color influance your trade decision.
just think why other trader buy at bottom of Red candle. what they are looking at ??..
i do not look at sma crosses. i already tried many crosses stratergy and got bad hit due to late entry. i use sma as support and resistance and observe price pattern. but you can look at direction of SMA that is important.
if you find some good sma cross logic of behaviour on this setup pl feel free to share it.. we all can learn.
Best Regards
Ramdas