Alright, I've 15000 credits and I will risk 5% per trade:
nzd/usd - short
15000x.05= $750
1 lot
currently testing the fibonacci retracement, stop loss placed just above 50-day ema...I shorted this to find out what happens after such a significant bullish eunglufing move. . .normally I would go long and probably should have. However, it's hitting 38 percent fibonacci and the currency pair is at a general downtrend. . .also note the support-turned resistance. Its common to see a retracement in front of a decline
finally this one comes to the bullish buying lately vs the resistance and downtrend its up against.
Knocked out of stop with the uptrend, im going to post htis chart in a few hours to find out if the bull reversal went throuhg.
In my eyes it was a battle between large bull power because large candle and just a retesting of the support-turned resistance level
Again, I have read a lot about not fighting the tendency (and htis is me attempting to see a change and fighting the trend, rather than buying a pullback in the trend direction) so I want to decide on bullish engulfing vs a steep downswing to determine what happens. This is really a weird situation in FX, dont view differences very often and I normally wouldnt take the trade, but only want to find out what happens it's a demo account after all
edit: my guess is it'll unite to get a little...
edit: stage of this trade is (hopefully) to demone that this creation doesn't equal a change always, but just a stall in the total trend.
Upgrade: yeah it's just been consolidating... reversals should show instant strength to confirm them but I will hold on to it for eduion's sake.
I'm likely to keep on holding onto this because I would like to find out if service will hold and, even what's more, if the rsi is working here if its really oversold. Aka a dip back up. But actually, I'd exit because there's no reason to think it's going up after the original reason for getting in was rsi bullish engulfing (see preceding charts). This means there should have been a follow throuhg but all there was is a fall down so it's like gambling if I continue. But I will hold it to find out what happens.
Here are my thoughts on this one: wayyy overbought w harami/ possible engulfing pattern going downward.
Stop loss above 15 minute resistance
I think the downside is I'm not timing well on the 15 minute chart, for this trade and otehrs so something to work on.
edit: trendy looks like I could view a flag or Valve developing about the 15-minute chart, may have only been a big run up and consolidation. Normally formations like this are continuation however, the stock is wayyy overbought so we will see.
Notice how lately ive been getting creamed attempting to identify reversals, notice too that the adx is high for this currency pair significance its got a great uptrend. Gona keep posting these ones to get a feel for reversals versus tendencies
look at this 15 minute chart and note that if it seemed like atriangle was forming, it could also be a box/flag so the break through the upwards slanting triangle isnt constantly gonig to be valid. Got to see the patterns and think about possiblities each moment.
I think I should have anticipated consolidation and thats exactly what it's doing this far....
and im stopped out as the top resistance becomes broken. . .review remarks before to achieve completion I probably shouldnt have been engaged at a continuation pattern:
this can be a good illuion of going w that the trend. Im going to wait for a retracement (RSI trendline etc will indie it) then brief off the rebound the tl and see what happens!
So now the situation is this: if it breaks beyond this support anymore I'm going to brief. Benefits: overall downtrend breakout down high probabillity
disadvantage: rsi is oversold pretty much how much does it really go?
okay, so support is broken (although rsi is close to oversold anyways) im going in... this is based upon the 15 minute chart and less the hourly chart because the hourly rate chart is not showing an important move. Based on 15 minute chart, I expect it might combine a bit but I think it's going down so im in...
On hourly chart I notice there isnt a strong penetration to spot a break of this support level. . .still inside but need to see what happens next...
important note: that the rsi is quite low here going brief might only mean consolidation, even in the face of a huge downtrend that it's currently undergoing.
Ya I have stopped out, but don't have any problem w this trade seeing as the support was always being tested, and by some measures was broken:
looking for candles trendline to confirm a break down after this rally, already broke through fibonaccis although...
okay so here a day star formed following a nice setup, I am shorting to see that discrepancy: the hourly chart shows no reason to buy other than the fibonacci retracement, not even at the trend line. I believe I continue doing so, trading a lot on 15 minutes and only using the hourly rate to recognize trend. Not a terrible concept, but hourly should confirm moves overly w rsi etc. so I want to see how this trade goes
here is the 15 moment: it dropped considerably so I moved my stop for approximately breakeven (no resistance levels so I only did it mechanically.
usd/nzd continues to drop... there's support close below so I am wondering when to take profits. As an experiment I will take it and see whether it reverses, possibly find a good trailing stop spot at s/r
edit: I choose to place stop just over the 15 minute high of this big bear candle
edit: oversold land, I shoot profits and will track afterwards to see what happens.
so thsoe are the results, seems like I could have made more profit with this. But only 1 sample so I am not sure if I accepted profits too premature. Considering it wasa downtrend I could have let it get closer to the support, probably should have gotten out afterwards and closer to this support amount.
not likely to brief this yet but I am curious to see how a support line here functions with little momentum coming down into it. Although again, it looks like it might just be consolidating after the recent drop and could plummet again. . .we'll see
I am going to evaporate the support with this currency pair:
Ordinarily I would not do so but I'm actually looking to see whether the downtrend will push the currency pair down over if it had been, say goodbye or upward trending.
Its a battle of rsi versus a downward trend
edit: not exactly accurate because since it's late at night, the fade is much more likely to workl.
Bout an hour later - price has gone nowhere. Again, if I generally vanish it expect to see some affirmation (or if I think s is gona break), therefore....
Update: Here's a fascinating situation: price hits the trendline a nd bounces.
Do I get out now, assuming the trend line above will not be broken? (meaning I shouldnt have entered the transaction in the first place). Or do I continue to hold it and expect it bounces over the trendline with momentum??
Update: also in the fibonacci 50 percent retracement level this'll be interesting I thin kthe right answer is dont do so at the first position, but get out now
hourly chart - I went to sleep and dint listen to the market... look at chart to observe the notice but it was fairly clear support would not be broken. . .should have put a stop loss lol but because its a demo account and I am just examining its no big deal
sort of a new thing here, I've discovered there is a great downtrend that keepbouncing off the 20-day ema. So I decide to short from the fashion direction, entering based on resistance and placing a stop loss marginally over it, therefore its a tight stop for htis situation.
shorting the eur/usd here. . .downtrend hitting trendline and failing to really penetrate it together with (15 minute chart) lots of long legged attempts to but failing. Additionally at approximately fibonacci 50 and there is a bearish engulfing pattern directly at the fashion line. Cease is merely fairly tight because I do not anticipate the trendline to be broken substantially. If it does break...I would be getting out anyways.
wow interesting things happening today. . .stock strikes support and obviously bounces off after a big run down, sort of a bullish engulfing forming. However, notice how there's likely not much room to operate, ie lots of traffic esp the fact that other service level was broken (thanks to razor for describing traffic for me)... obtained ot watch those pairs to see how they work out
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