Goldmine!

[FX4Newbies]

Price did not make the ML intersection and could not hold above blue HL marking area of resistance. From there it went south. Updated chart attached.

FX4Newbies

 

[FX4Newbies]

Price continued to fall and is bouncing off of the red ML on the chart above. An ML entry is always tricky because of the conflicting possibilities. Trade your edge or use a shorter time-frame for quick trades if you must click .

Take care,

FX4Newbies

 

[FX4Newbies]

Good Morning to all,

EU has been trickling downward. Approaching support. Just let price lead. The second chart shows the bigger picture.


Take care,

FX4Newbies

 

[FX4Newbies]

EU continued south after the NFP announcement. Weekly chart wrap-ups should be on the blog tomorrow.

Take care,

FX4Newbies

 

[busfarehome]

Hi FX4Newbies,

I see you do your analysis on the H1 charts.
When your analysis shows you a buy/sell opportunity are you looking to open and close the trade within the day or do you generally look to hold for a few days or weeks?

 

[FX4Newbies]

Just letting you know that the weekly chart wrap-ups are now posted on the blog. Also, please consider taking the poll (just one question). It would help in determining the next step to help traders.

Thanks,

FX4Newbies

P.S. Also posted a new article: Strength Training For Trading.

 

[FX4Newbies]

Chop-Chop

EU has been very choppy...short swings with long shadows. At an ML on the Daily. Maybe there is a big war going on. Don't get caught in the cross-fire 🙂.

FX4Newbies

 

[FX4Newbies]

Hi FX4Newbies,

I see you do your analysis on the H1 charts.
When your analysis shows you a buy/sell opportunity are you looking to open and close the trade within the day or do you generally look to hold for a few days or weeks?

Hello Busfarehome,

Just saw your post. That is a good question. I chose to analyze on the H1 charts here because once the setup looks promising there, the trade (the entry) is around the corner. When the trade is closed can depend on a few things. Generally, I look at the longer time-frames H4 and Daily to gauge how much force might be behind the H1 move. That helps me to hold longer if necessary. If my entry was not good enough, I may exit, wait for the retracement then re-enter. Hope that answers a question or two for you.

Take care and thanks for posting,

FX4Newbies,

 

[busfarehome]

Hi FX4Newbies,

Thanks for the reply.

I am currently happy with the few intrday pips I get but I would also like to have a longer term trade open so I will continue reading these updates and see if I can work out a good entry point.

Thanks for sharing.

 

[FX4Newbies]

Hello Traders,

Here is my view of the EU at the moment. Hopefully it will help to clarify what you are already looking at.

Take care,

FX4

P.S. Busy day again today.

 

[FX4Newbies]

Hi FX4Newbies,

Thanks for the reply.

I am currently happy with the few intrday pips I get but I would also like to have a longer term trade open so I will continue reading these updates and see if I can work out a good entry point.

Thanks for sharing.

No problem Busfarehome,

If you get a solid set-up on H1 and you have a timely entry, you should get more than a few intraday pips.

Take care,

FX4Newbies

 

[FX4Newbies]

Good Morning Traders,

Major news today. Sometimes news can push price to target. Be careful trading...so will 🙂 .

FX4Newbies

 

[FX4Newbies]

WLs In Action

Just a quick post...price respecting WLs. News today. Trade well.

FX4

 

[FX4Newbies]

Good Monday Morning Traders,

Hope you enjoyed the weekend. Here is a chart of the EU. Trying to go higher but in a corner. Will the bulls win?

FX4Newbies

P.S. Red fork (Mod. Schiff) uses a virtual pivot for Pivot 1

 

[FX4Newbies]

Hello again,

Showing an updated chart of the EU here on H1. Price ran out of steam at the U-MLH/WL intersection. Price on Daily at a point of decision. Wait for the tell.

Take care,

FX4Newbies

 

[FX4Newbies]

EU still trying to push higher. Price seems to be stair-stepping on WLs as it goes. Approaching an U-MLH on the Daily (not shown). Just be watchful.

Take care,


FX4Newbies

 

[FX4Newbies]

Good Morning Traders,

Well EU did make it to U-MLH on the Daily yesterday. It has been consolidating for a few hours...maybe looking for a support or resistance area. Let's see what we get next.

Daily chart referred to is posted on the right.

Take care,

FX4Newbies

P.S. Still working on getting the flow...Quote from Linda Bradford Raschke: "...success in trading comes from....the way you organize your day...". Analyzing fine, but not able to get my trading schedule down. Also not "feeling" the market as I usually do. Not sure why, gotta figure this one out. Will keep pressing (and praying) 🙂.

 

[FX4Newbies]

Hello Traders,

EU in an interesting spot...looks like it has been making slightly higher highs and higher lows, but in a tight spot to go higher (resistance areas). Just gotta go with what price shows whenever it does...in the doldrums at the moment I guess.

Take care,

FX4Newbies

 

[FX4Newbies]

Good Monday Morning Traders,

Well EU did lose steam and sold off. Notice how price "obeyed" the Warning Lines (WLs). Just keep your eyes and mind open and follow what it does. Red dashed fork I call a "What-If" fork. These terms are also defined in the Glossary on the blog.

Take care,

FX4Newbies

 

[FX4Newbies]

Hello again,

Price did not make it to the ML of the "What-If" red, dashed fork as bullish sentiment kicked in. Kept the forks the same so you can see how price responded. Interesting how the fork lines played out. Note: One reason traders get stopped out...drawing a counter-trending fork and "trading the fork" and not the trend. Price here was still in an uptrend, hence the "What-If" name given to the fork.

Take care,

FX4Newbies