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- brettboz replied Aug 26, 2011
No. EU has been stuck between close resistance and support (the very same support and resistance I have been banging on about all week) for a few days. Its still very tight and there is not enough room to trade the swings (at least not off an hourly ...
- brettboz replied Aug 24, 2011
Hello, I don't believe in counting how many trades I have done and passing on great setups because I have reached my "limit" of the week. I do however strongly suggest not over-trading. I only trade one pair since many years ago (EUR/USD). As you ...
- brettboz replied Aug 24, 2011
I closed out some time back at 4460. Im looking at a new resistance level around 4460, its actually been in play a few times in the last sessions and price seems to be taking some notice of it. Could get a move down now as TDI is likely to cross end ...
- brettboz replied Aug 24, 2011
EU — Long EU 4430. On london session open it was stuck between support of the 21EMA and natural level of 4400 and resistance of 4420 (the level I have mentioned many times during the last few days). There was an initial move up but this seemed ...
- brettboz replied Aug 23, 2011
Im also out at 4403. Price is stalling on around the support levels and 4420 might even still hold on the 4H (if it does it will look good for breaking 4500). Look on 4H and the pullback from the 21EMA so far.
- brettboz replied Aug 23, 2011
10 pips profit limit is probably not a good idea. Dean asked you about what stop you are using?? This is important because even if you limited your stop to 10 giving you a 1:1 risk / reward ratio you are likely to be taken out many times from ...
- brettboz replied Aug 23, 2011
EU — Well Im short since 4448. As suspected the 4485 resistance held. The 4420 support didn't, price has gone straight through now testing the 21EMA which nearly always provides some form of S/R (its a very well followed EMA). Currently at ...
- brettboz replied Aug 23, 2011
I think many are still demo. Completely agree with you, over leveraging will get you in the end it always does.....
- brettboz replied Aug 23, 2011
OK, I use a much more complete chart than the one I have posted here, but for simplicity sake I have removed everything other than 2 trend lines and a horizontal line. I have also marked where price has tested these levels. Note this is not TMS MA ...
- brettboz replied Aug 23, 2011
Also keep in mind resistance / support is an area around a price which price is reacting to. It need not be spot on. For example there is trend line resistance at 4485 and natural round number resistance at 4500. This whole area is being watched at ...
- brettboz replied Aug 23, 2011
There is a natural resistance at 4500 yes (there always is at round numbers), but zoom yours out and put the trend line in. Also break resistance is not just spiking it. It needs to break it and hold above it. This trend line has been spiked 4 times ...
- brettboz replied Aug 23, 2011
I use no indicators for S/R other than price. You need to get a 4H chart draw trend lines and horizontal lines on areas where price has repeatedly reacted. It takes time and experience to get it right. Take this 4485 resistance that is being tested ...
- brettboz replied Aug 23, 2011
I should also point out I probably won't take the short unless it looks very strong. 4420 is in support and it might just be consolidating before moving on the 4485 resistance. We will see........
- brettboz replied Aug 23, 2011
Could I have nailed the resistance more precisely???? Top of 4485.7. Now moving down off the resistance. 1H ticking over cross could come at the end of this hour (10 GMT).
- brettboz replied Aug 23, 2011
E/U — E/U finally looks like it has broken the 4420 resistance. So where now??? There is resistance at 4485 or it might consolidate back to the now support level of 4420.
- brettboz replied Aug 23, 2011
Sorry I just realized he already said WANTS. Im an idiot take no notice of me.
- brettboz replied Aug 23, 2011
Actually its wrong. This is a commonly made misunderstanding about the markets. We can't all be buying as who is selling to us. Price moves up because more people WANT to buy so the sellers can sell at a premium. The same goes for the short side. ...
- brettboz replied Aug 23, 2011
Price stayed exactly within the resistance and support I mentioned yesterday. I shorted E/U when it failed to move above 4420 and the TDI crossed on the 1H. I took profit 4360 as I said I would (which happened to be where the 1H crossed back over). ...
- brettboz replied Aug 22, 2011
E/U — OK so 4420 resistance is holding for the moment. Look at the previous 4H candle, it closed at 4419.4. This has some significance in that it has failed to break the resistance and hold above it. Also the 1H looks tired and ready to cross ...
- brettboz replied Aug 22, 2011
You can also take long on 2nd candle according to TMS system. You shouldn't take it 3rd+. Yes cross on this trade was on beginning of 2nd candle.