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Well, I was wrong - price did what it did but due s/l usage I didn’t loose too much - only 9% from last successful trade. Let’s see what will be on the next week.
Can you help answer these questions from other members on NexusFi?
I hopped in to continue my online journey - another attempt.
I still trade - do couple trades per month but most time I wait. So its quote boring to write. I still work with 6b, 6e and mostly watch gc.
What pushed me to write again - I want share something interesting (from my point of view) about British Pound.
I think we are now in correction from previous up movement and 1st pivot point is possible.
Why do I think so?
1) We are almost in 1/2 of previous up movement.
2) I see here important option levels.
3) This is the place where money stood for weeks before proceed its up movement. So I expect them here again with distribution.
I might do any future amendments, it depends on both future price and options activity.
Right now Im out of the market.
Here I indicate possible zones to continue short trades which I found acceptable for me.
If you have any questions/ideas concerning 6B, you are welcome to share.
I wanna share something with others.
At Friday night I got a new signal for longs and I opened new position but I didn't add S/L simultaneously - gave some time to the market to find a bottom before weekend. While I was working with other ticket, market closed and here we go on today morning. Near 100 points of losses.
So today I added expert which automatically adds S/L or T/P or trailing stop of any size - "Exp Assistant 5" for MT4 & MT5 - not bad tool and free to use. You can install this by using Market button in MT 4/5.
I was thinking about s&p while it was in small range between 30 of May and 8 of June.
Maybe its possible somehow to see something on options to predict future movement?
I saw some tips on chart like PA and did maybe strange thing:
I transferred data for 2 days: 01 (near beginning) and 08 (near end) of June, compounded all weeks and compared them but only for weeks, not for months. I wanted to see options in dynamics, may be nearest goals.
Options are for me now just a concept and I'll modify my understanding in a future. But that is what I have now.
I see nearest put goals heavy loaded with money while calls are loosing them mostly
I see most round levels are also interested for traders (like in GBP)
Puts levels are 2,5 times greater than calls
I see some lets say "levels" which are the same on weekly and monthly options and I've reflected them on the W1chart and they also correspond with past volume of the uptrend and that is a good sign
I don't understand full mechanism of the options and collect some statistics but I 100% sure - on the market options are the first/mandatory in most ways but its just derivatives from something essential so I have to not forget basis of such tool, its nature and specific.
Calls + Puts in the table
lets compare to the monthly options levels EP weeks 2022-06-10
Concerning current accumulation. It started 16/06 and this is how it was (Open Interest):
-2,793 16.06.22
-5,764 17.06.22
-2,154 21.06.22
-2,274 22.06.22
1,829 23.06.22 (preliminary)
As you see money left the market mostly. If so when this is not a new trend and just another money distribution -> we still in shorts.
Where is the entry point? Difficult for me but I think small red square above. We will gather possible stops before do something else. This is most common way of how currencies work.
What are our goals? I watch options and for myself see 1,17 level as most acceptable: biggest volume + good volume dynamics are here.