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Its a 4hr chart so candle wick extremes matter; its big picture inside the daily, two candles per each session: Asian, London & Us... with one lap candle in the last two.
So I'm defining the swing range using the extreme wick on the opening gap candle for Point 1 and connecting through Pt. 2 a tight 4hr MSH at lap candle because I know they're high vol and are max. participation and extending channel tool through last significant extreme swing low Pt. 3, using a quartile channel array (25% divisions) with median(read 50% inside ) and outside channel projections/extensions/offsets ( could use 25% since they hit, as do 12.5%)..... but that's the future target projection, or stop level if I'm selling the gap.
But We want to buy the past we missed
So for the pull back buy, Yes.... focus on the Yellow median value 50% channel level.
For horizontal levels Confluence confirmation add fib retracement levels of the swing range.
So some guys just buy against the median, others against the the 62Ret, other "esoterics" off the static quartiles here 1.2250. Freaks, like myself, focus on octaves 1.2125, 1.2250, 1.2375, 1.2500, all seem active here...if you really look at the chart...... or maybe its actually the fibs.
.....Whatever.... the more confluence the more participation/commitment$ at that specific level.
Diagonals TLs define directional momentum, by degree angle shallow or steep, sometimes impulsive Meatloaf, other times corrective Sloppy Joe
Horizontals TLs define Static S/R again by degree soft or hard, Fillet or NY Strip.... sometimes breakdown T-Bone
I've been trying to get into some shorts here between 1.2526 and 1.2531 for almost two hours. Got filled on a one lot at 26 but the market isn't cooperating with my plan. My target was at 1.2508/06 but now I'm thinking if the VWAP, Pivot and POC hold back the bulls and price does fall, it might carry to 1.2480/78. If I stick with this plan and price revisits the high, I'll be all in with my shorts, but all stopped out at the high.
It's been raining here for days with lightning and some wind ...... not good for internet reliability around here, another concern.
so I took ten ticks on the one lot and got turned around long on a pair. London's on holiday, no US news, My Wife is freaking out over the weather, I'm hoping my internet doesn't go out and I'm hungry. I'm long from '15 my target is a retest of the Pivot at 26. I think I'll try to hold on till 2pm then dump it all.
After rotating around the Buy Number for a couple of hours (testing my sanity) Price has made it's way to yesterday's Value Area. "Behold I stand at the door and knock" Now What?? Back to the safety of today's volume (POC) or test yesterday's VA (Sell Number) and put some heat on those shorts up there. Or just rotate around even for the rest of the day.
This one took some patience. I was pissed at missing the longs from 2550 and could have been less patient. I waited for price to get back to my 5m 20p EMA and stabilize to buy. I think the market looks bullish and I think a test of 2600 today is not out of the question. How long will I wait? I'm not sure but I'd like to hold this trade for a solid attempt at 2600... I will be very curious to see what happens at 2577 but I think we'll move through that on volume - will be watching.
Seek freedom and become captive of your desires. Seek discipline and find your liberty. - Frank Herbert
Well crap - I probably should have taken profits on the spike above the HOD but I decided to move my stop up instead. I closed at 2571. This is around where I should have re-entered after closing profits on the vol spike above the HOD. I want to catch the bigger moves - this takes additional risk in the form of a loose stop and/or longer hold times (two ways to increase risk). I'm still getting used to the euro - it is a choppy beast.
Seek freedom and become captive of your desires. Seek discipline and find your liberty. - Frank Herbert