Another option to spot trades at these levels is to use Heiken Ashi candles. These are average price candles and are calculated as follows... The open is the average price of the previous bar calculated as the open + the close /2. The close is the ...

This time next year

Good points, thanks.

This time next year

I'm in two minds as to whether to post templates on the first post and update them weekly or not. From one point of view it would aid the learning process for some newer traders which is after all who the thread is aimed at. On the other hand maybe ...

This time next year

Don't forget to put some horizontal lines at the last swing high/low on the daily chart to spot your trade zones. I'm not sure about all of those trendlines on that chart, once a trendline has been invalidated once I tend to move it or remove it. Oh ...

This time next year

More on trendlines... The higher the time frame generally the stronger the s/r. The following charts are usdchf. In the first one you can see price touching the top and bottom trendlines. The top trendline gave a good reversal trade that didn't have ...

This time next year

Here are just a few charts of candlestick reversal patterns. They are not necessarily at good places to trade but I am just using these as examples of what to look for in the trading zone. Pattern 1: Price moves down to the possible support level. A ...

This time next year

That would have been a sell trade, the trend was down. When a trendline crosses a s/r line it signifies confluence of s/r. In other words you have two good reasons for the price to reverse from it's current direction and head the other way. The sort ...

This time next year

This is an upper trendline on gold. It didn't happen to the pip, on the 3rd touch it exceeded the upper trendline a little but if it repels the price the 4th time where would you want to buy back in?

This time next year

Here is eurgbp. The first chart is zoomed out. Sometimes the first trendline you see isn't the best trendline. From the peak to the last swing high is a 2 touch trendline that may or may not hold. The stronger and better trendline is the 3 touch ...

This time next year

Here's a chart of nzdusd. As we saw above on the audusd monthly chart the upper channel line reversed the price on the 3rd touch. Is nzdusd about to do the same? If it did and it dropped back where would you want to buy it again?

This time next year

I would set the chart up as you want it with the candles, etc and put it as a template otherwise you will have drawn s/r levels and then have to change the candle colours, etc. In terms of the lines they look about right but I wouldn't worry too ...

This time next year

Here is my template of eurusd at the moment. The chart shows the relevant s/r points. We have identified good strong horizontal s/r and at least one touch of each trendline marked in magenta. The light blue areas are where these strong s/r and ...

This time next year

No worries. Hopefully I can post some good trade examples as they happen in the not too distant future.

This time next year

Some trading nonsense discussed. 2. Overbought/Oversold I went through a stage of liking oscillators and then hating them and then liking them again. I have come to the conclusion that anything that is calculated on price can be seen by, er, just ...

This time next year

Some trading nonsense discussed. 1. "Don't try to predict the market, just go with the flow." Er, well if you're not predicting the market then why are you placing a trade? Surely if you take a trade you must have thought in your head "I think the ...

This time next year

This is usdchf. Notice the trendline touch, the last highlighted candle is the third touch. The first support wasn't to the pip but the second was. You may have taken the trade marked by the arrow (a sell trade seeing as it's a bearish candle) ...

This time next year

Here's a trade on gbpchf. Previous strong support at 1.36129 broke and retested. You have to remember that although the trendline has moved now the price movements in grey wouldn't have been there at the time you took the trade so the trendline ...

This time next year

Audusd here. I've posted the monthly chart of this as well. Sometimes it is worth drawing the upper/lower channel lines too even if they are not parallel.

This time next year

A brief watchlist, what may be coming up in the coming week or two. Some entries next (hindsight of course, always easier!) Of course not all of these are going to work out. You'll notice usdchf has two lines close together. The fact is that there ...

This time next year

The first step is to set up the charts. I use a black background as it reduces glare and I like to use green and red candles, red trendlines and blue s/r lines. This is all completely optional and you should use whatever colours are pleasing to your ...

This time next year