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I just finished this analysis , just for practice.
Can you tell if this is what you saw before you made the 50 pips on AUD ?
regards,
CJ.-
Thanks for your question, and I am happy that you are practicing.
It is one of the tools which add in your analysis to find out strong s/r level and direction of the pair. Trend lines and the channels are good when we have trending market. The break of strong trending market, I mean, its channel and trend line must be based on strong movement and speed with good strong economic reason. As far as technical is concern not only the trend line should be broken solidly but also the range of the given time period should be broken or in other words the undecided area of the market should also be broken.
Rgds,
SFX
Thanks for your question, and I am happy that you are practicing.
It is one of the tools which add in your analysis to find out strong s/r level and direction of the pair. Trend lines and the channels are good when we have trending market. The break of strong trending market, I mean, its channel and trend line must be based on strong movement and speed with good strong economic reason. As far as technical is concern not only the trend line should be broken solidly but also the range of the given time period should be broken or in other words the undecided area of the market should also be broken.
Rgds,
SFX
How does your system work? After reading this tread I'm very interested.
How does your system work? After reading this tread I'm very interested.
Thanks,
Fx Diva
Here is the pic, i m looking for real break of this level. If bar close below this level then i may go short. Need real break with real speed. Nontheless, E/G is going down.
Input please.
Rgds,
SFX
as you can tell from the explanation above, there's really not much to it.
just look at the trends and its retracements.
fibonaccis are great to use when dealing with retracements.
anyway, if it break a well-known and recent support level, go short.
if it break a well-established resistance, go long.
i still have some trouble understanding the "break it with speed" concept, but I am almost there. just a little more practice.
hope this helps,
regards,
CJ.-
Great,
Break with speed is nothing but real genuine break. The volume of the day and volatility are just another clue to understand speed. The bigger trend line represent real and long term trend. If you want to play against the trend then make sure your readings are right with support of real economic turn around. Otherwise play with the trend is good idea.
These pictures just exhibit some of those common methods which can be find out any where, just do google.
I am repeating again, finding out a good method is not a rocket science, we have'em everywhere. Try to find out a method which should have good comfort level with your personality and resource availability.
No method will give you success unless your comfort level is good with that.
Success in trading does go with your method, I understand, but it will increase dramatically when you feel combatable with that.
Other then money management, I have my own reading about trading, i.e. I think should be my trade mark, that is the comfort level of trader with his/her trading system.
It is just like getting married with your soul mate and you have to look hard to find out.
Don't look at Holy Grail method but to find out soul mate method to be a successful trader.
Here is the pic, i m looking for real break of this level. If bar close below this level then i may go short. Need real break with real speed. Nontheless, E/G is going down.
Input please.
Rgds,
SFX
I went short as 6725 is broken and retraced.
Bye,
SFX
Here is another food for thougth.
Any comments will be appreciated.
1319 is important point. I will go short there.
I am thinking about what might be the economic factor which will break it.
Gold is going up, and oil production cut is due. Lets see.
Bye,
SFX
Good thread keep it going.
I have a weekly pivot on the cad at 1.1324 which looks good support.
Listening to an analyst talking about usdjpy, looking for it to correct before going higher. Thinks it may drop to 118 before up again? but as always in fx many diferent opinions out there.
gbp/usd. nice move!
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