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your chart looks good , my only concern at the moment with this GBPUSD is that we are almost trading it blind ,i personally do not have enough historical data on the 60 and 240 to see where the next resistances are above the current peak on the 60m, if that peak on the 60 matches a resistance on the 240 we could be in for a bigger correction.
bubble
HI Bubble,
good point you have brought up about "trading it blind". Because of lack of historical data at this price level I have closed the trade out just (TP 2.0535) under the Next Resistance level @ 2.0544.
Now I will wait and let the price action dictate the next S&R levels.
Also to note that this is the third test of the Resistance level @ 2.0544 and we may be looking at a large pull back/ correction, as you say.
looks like your getting the hang of it ,sods law though just as you close a trade it shoots up further, still the main thing is that you made a good trade and some nice profit.
We could take this a step further and rather than close a trade early drop down a timeframe and use the same s/r principles that you have learnt here to monitor your trade because in a trend the price will normally make a new high above the current one.
I will go into how to monitor trades in more detail, where to set take profit levels,when and why to close a trade before it hits your target at a later stage when everyone is up to speed.
bubble
Yeah, sods law alright! Not complaining though. Mainly I wanted to follow what you have taught so far.
Look forward to the details of the trade monitoring.
I'd appreciate it if you could take a look at this trade opportunity I took on the 4hr tf.
I entered at 122.25 with a target of 121.55 (the support). Was it just luck?
I actually took 3 lots closed the first at 121.78 the second at 121.55 moved my stop on the last to 121.78, then hoped the last would make the next support at 121.00. I actually closed it at 121.05.
On this chart I see the price making a new high at point A, so looking back to the previous trough at point B, I'm looking for the price to retrace to the trough but not lower.. Point C is lower than the trough so the trend should be broken.
Is this how you would analyze this?
Thanks
Nothing to worry about from me, buddy. (I'm referring to your post 245)
Something is wrong with my analysis and I'm not sure what. As usual, thanks for your input.
Just to continue with the Euro chart. We have a sideways channel formed between the gold and red lines. Price hasn't retested the gold line @ 1.3754 for 3 days and appears to be moving away from that level. You have the middle of the channel (magenta line @ 1.3792) which appears to be a strong support area since its been tested 4 times in the last 2 days. Price action hasn't been able to move significantly lower than the 1.3792 support line. Now we've retested the top of the channel for the 3rd time @ 1.3834 and it appears we may get a breakout to the up side.
My questions are:
1. If price drops to the magenta support line 1.3792 and it bounces up where or what would trigger your long entry.
2. Price breaks the red resistance line @ 1.3834, do you wait for a retrace, retest and bounce up from the resistance line before you enter a long. position?
3. What determines your entry point on the bounce up from the red line @1.3834?
I've been doing lots of studying over the weekend as you can see...lol. First off, I wanted to thank you for being so generous as to share your knowledge and experience with us. I hope you will continue this thread because I believe it's one of the most informative and best threads that I've seen in any forum.
On Friday the gbpyen dropped 150 pips and stopped on a support line. We've had a retest of the support line @ 248.83 and it appears that price is moving in the long direction. After you see the 1st retest of the gold line @ 248.83 what determines your entry point into a long position? I'm a little unsure if I should be entering into a long position considering the next resistance line is at 249.64. Can I get some feedback on this situation?
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