Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community. It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
I have a 240 min on the corner for slightly large time-frame SR levels, mostly single print extremes, daily high low etc. Most importantly, if volume shows up at a level, one may observe a previous SR zone. If you already have it in your chart, it shows your understanding of price and volume action is in line with the market. IF the level is not respected, that is information too, I usually take them off the chart. Once there is a respected level, I monitor how price behaves around that zone. As long as a SR level is respected, I keep them on the chart. Respect is when price finding support or resistance at that level or breaks in high volume.
Once I identify a level, I will have a limit order to enter the trade. Here is the limit order yesterday evening, my target was slightly more ambitious, so trade did not hit the target and left some on the table as the price retraced.
@paps, I trade from a self directed IRA account for tax reasons, so never had an issue with filing taxes /keeping track of points. I am not sure broker will group buy and sell orders , even the order # for a buy and sell order are different , so you may have to do it manually or write a script to generate this from the statement. Atleast this is my experience with Tradestation. Statement from broker will have detailed info on trades, pnl etc but it wont correlate buy and sell orders.
I'm interested in reviving this thread and some EUR conversation, so just gonna be throwing some ideas against the wall here to see what sticks. Feel free to join in
I'd be cool with that, I got short this afternoon in the range I mentioned and am looking for a nice long hold, although I suspect today's high may be retested before we do... care to post a chart and show what you're seeing @captraker?
I'll jump in here.
1. Consolidation since November
2. Right in the middle
3. Last part touched was the low
4. Now making higher lows
5. Direction: unpredictable in the middle of the range. Tried a short off the 50% already and was stopped out. Seems most immediate direction is probably long [EDIT: I mean short. Actually long...actually I have no idea because we're right in the middle of a range]
"It does not matter how slowly you go, as long as you do not stop." Confucius
Strong resistance at 1.1444, LL on volume. Continuing to break support lines. Market sentiment is long, possible pull back to 1.138 before moving to top of channel.
Agree, retail sentiment appears to be slightly long but it's definitely leveling out from where it was earlier in the week/last week... thus we're chopping about LOL. It's been really messy, range of only 60 ticks for the week (!)
definitely not a good time to trade if you have no patience.
I'm just looking for clues on which way it will go... one might reasonably expect a retracement, I've been looking for short opportunities, but they've been few and far between. Market is generating a lot of confusion the last few days, this consolidation area will lead to a big move no doubt.