Hi there,
Just wanted to share this trade with you.
This morning at 7:37(London time), I saw an extreme reversal formation in the trigger chart off previous 1hr resistance 1.47762.
I did go short @ 1.47676 and ended up with a small profit @ 1.477440.
During the trade, however, prices did retrace back to entry levels .... BBMAC, when do you know if the pullback is shallow, or if indeed there will be a more substantial pullback?
I also find that basing my trades on 1hr SBR & RBS levels yield better results than looking merely at
M5. I do recall you saying that at some stage. I do however end up most of the day twiddling my thumbs.
Thanks
Hi Mate
Yeh I had that as an 0736am Rev Extr, with 5min Rev Extr @ pot res = prev 1hr sw hi zone x 3. As for knowing whether the pullback will be shallow, and using this particular example (perhaps for a 1min re-entry set-up into 5min (+) at 5min potential rbs zone) or deeper (perhaps for a 5min re-entry set-up with 1min reversal, into 30min then up trend) this depends on the strength of the resistance encountered and the number of reversal set-ups above the trigger time frame. There are no absolutes just indications. In fact in this case an 0748 1min Re-entry 4 resulted in a LH on the 5min intermediate t/f perhaps warning of a trend change to the then 5min uptrend...(which of course transpired.)
I tend to use 1hr previous swing hi/lo zones as the basis of potential supp/res zones for Reversal set-ups and the 5min potential sbr/rbs zones for 1min re-entry set-ups, and doing this in my trading session this morning I noted the following set-ups (sorry first 3 are written in Spanish but you'll get the idea,)... so I am far from twiddling my thumbs - lol. This is not to say I traded them all but I did have 5 trades in that session from the list below.
The times are london times;
0734 Rev Extr, no 5min @ pot res = anterior 1hr alto zonas y 50% fib...no pips disponible
0736 Rev Extr con 5min Rev Extr con 15min Rev A seq @ pot res = anterior 1hr alto zonas , +10= pips disponible
0748 Re-Entrada 4 (5/30min tendencia en positivo, 5/30Macd vale @ L/HL) @ pot RCS = ayer alto y 1hr anterior alto zonas (mejor con 5min pero solamente 1Hr)..+10pips disponible. (cuadro bajo)
0831 Re-entry 1 (no 5min down trend to enter, 30min Macd not ok, ) @ pot sbr = not i.d saw +30+
0844 Rev Extr (imperfect re 60 bol not quite inside 40bol) No 5min supoporting @ pot supp = 1hr asc supp t/line 2nd test, saw +5 best
0854 Rev B, No 5min @ pot supp = prev 1hr sw lo zone x 2 and 1hr asc supp t/line - 2nd test, saw +10+
0908 Re-entry 2 (imperfect re Macd hidden div) (into 5min downtrend, 5/30min Macd ok, @ H/LH) @ pot sbr = prev 5min sw lo zone, saw +30+
0924 Rev Aii 5min Rev Extr ii (imperfect re 10bol not inside 20bol at entry) @ pot supp = prev 1hr sw lo zone x 5 and Dly S1 minor pivot, saw +20
** 1030 Uk data **
1032 Re-entry 4 (into 5min downtrend, 5/30min Macd ok, @ H/LH) @ pot scr = not i.d,..saw +20+
0949 Rev A, 5min Rev A (imperfect re not reg immed-sep valley div in osma) @ pot supp = extreme of prev 1hr supp zone-prev sw lo x 5 and y/day lo...saw +30+
1026 Rev A, 5min Re-entry 4 (into 30min weak downtrend, 30/1hr Macd ok @ H/LH) @ pot sbr 1hr = not i.d...saw +30+
1055 Re-entry 2 (into 5min downtrend, weak 30min downtrend. 5/30min Macd ok @ H/LH) @ pot scr = prev 5min sw lo zone & 38.2% fib 4779-4624, +20+ available
G/L