Hi guys, after catching the big fall here (see attached analysis) today i want to show you both the charts i'm using just to give you a better perspective on how i look at markets. On the left hand side you can see the daily chart and price came back to retest a former resistance that should now become support. Why am i supposing this? This is the principle behind structure trading and it comes from a mixture of trading psychology and pure technical anlysis. Since we're now testing this sensitive zone, i start to look for long signals on the 4hr chart: on the right hand side you can see the 4hr chart and you can also see a nice divergence on the bottom of the screen, together with a psychological number that's pushed price higher. It looks fine to me, with stops below the low, target1 at little more than a 1:1 RR, target2 to be determined: if we catch the bigger trend, second target could be huge!
If you want to share your view, or simply ask questions, feel free to comment below. Otherwise, see you in the next chart!
Hi Roker,
I'm new, also my sells struggled @ 1.26090!, should I close them and entry @ 1.26400? my reason is there is a reversal of morning star on 240 within the key resistance, which I'm pretty sure that a reversal bullish trend!!
Thank you for your sharing! and I hope you reply me to ensure my reason. Appreciated!
Roker1
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Hey @nakarin.stk, if you're new i suggest you to write down a trading plan in order to be fully aware of where are you going to enter and exit (either in bad and good trades). Anyway, the morning star is pretty significant, but i'm already on the long side, since we're on the daily support. I really don't know if you should exit your trade. I'm trading this way but i'm not suggesting you to do it. Where did you enter short?
JMIRACLEFX
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@Roker1, Thank you for your suggestion, I sold @ 1.260 areas, which I closed already by yesterday. Now, i'm entering buys @ 1.266 support zone. My target is just 1.27, if it's possible with SL 1.263
Roker1
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@nakarin.stk, great! Don't hesitate to comment again in the future!
JMIRACLEFX
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@Roker1, Thank you, i wish i would! bacon Im following you!
JMIRACLEFX
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one more question, Should I set up a long again?, and wait for PA confirmation to bullish on H1 and H4?.
Roker1
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@nakarin.stk, i don't usually add to my position but it's technique used by many, it depends on your rules and position sizing.
JMIRACLEFX
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@Roker1, Hi Roker, what should I now the price falling down to @1.264
Roker1
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@nakarin.stk, that's why you need a trading plan, you should never ask yourself AFTER the order is triggered: "where am i going to exit?". I know before every single trade where i'm going to exit, both in the positive and in the negative side. Stops are in place, targets are in place, no need to worry.
NateTheGreat7
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@Roker1 Thanks for sharing I had this pair on my radar as well :) I was looking at my first TP at around the 1.2798 zone. There was a bit of resistance at this area on the daily. I base all my resistance and support at area's on the daily and trade on the 4H (prefer the H4) and H1. Are you planning on jumping in at 1.2639? I was looking to get in at 1.2673 because I was looking to confirm bull's are in control.
I'm new, also my sells struggled @ 1.26090!, should I close them and entry @ 1.26400? my reason is there is a reversal of morning star on 240 within the key resistance, which I'm pretty sure that a reversal bullish trend!!
Thank you for your sharing! and I hope you reply me to ensure my reason. Appreciated!