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I would like to see it trade above the 60M and 240M 20 EMA before committing to any long positions. The overlapping bars on the 60M chart indicate a pause and lack of conviction so I am looking for a wider range to establish but then again I am a bit conservative. We have a 75 point range against a 10 Day ATR of 117 and trading above WK7 Hi
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My opinion is that we'll get a swing low above 1.3000 at some place and a several-day-long bull rally. This is based purely on the swing formations so far on the daily chart.
Anyone got any volume-related suggestions for strong support around 1.3000?
You can discover what your enemy fears most by observing the means he uses to frighten you.
Its very similar to MT4 and gos back with 10 years of 1 min data. It allows you to test in realtime or fastforwarded and provides a great way to bridge the gap between backtesting static charts and demo trading. Hope this helps new traders and veterans alike
NB I have no affiliation to this and nothing to gain, just found it very helpfull.
I started this quest about 7 weeks ago - looking for reasons to explain short term price movements, bar-by-bar and short trends - so far so good - but it has been extremely difficult. I am looking for well defined precursors by analyzing the dual symbiotic relationship between Price & Volume - with a measure of trader psyche to boot.
I can tell you the following; Markets are not (usually) efficient, they are not (usually) chaotic and they are seldom random - every tick happens for one or more reasons.
I may be on a fools quest - but what the Hell - I already know a lot more then I did 7 weeks ago.