I THINK I WOULD WAIT FOR MONDAYS CANDLE TO FORM BEFORE GETTING SHORT AS CONFIRMATION. WATCH THOSE LOWER TIME FRAMES AND THE ASSOCIATED 50 EMA TO SEE IF WE ARE GOING LONG. IF WE DO BREAK ABOVE YOUR S/R LINE. WAIT FOR THE RETEST AND GO LONG FROM THERE.
UnknownUnicorn493766
⋅
@gremic, I THINK SHORT IS THE TRADE TO LOOK FOR THOUGH.
UnknownUnicorn493766
⋅
@gremic, WATCH THE DXY AS WELL I THINK A BOUNCE HIGHER FOR USD MAYBE COMING. YOU STILL MIGHT HAVE TIME FOR YOUR SHORT TRADE TO HAPPEN HOWEVER.
Apiz
⋅
@gremic, What would be confirmation to know that a short opportunity is there?
UnknownUnicorn493766
⋅
After the market closes you often find that professional traders (firms) get out of there trades before the weekend on Friday. They prefer to be at the helm with all these trades. So often when markets open again, especially the London session, they enter back in on trades in long positions. The retail traders see a high test candle (profit taking before the weekend) and trade to the short side and get burnt by the big bucks entering the long positions again. Firms picking up where they left off at the start of the new weekf. Sometimes its best to not trade on Mondays due to big news releases, and its best not to trade on Friday or into EMA's.
Admittedly i thought you where on the daily chart. Didn't realise you were on the 4Hr. I swing trade daily timeframes at a minimum. A lot less noise and price moves more slowly. I see what your seeing on the 4Hr. It looks good on the 4 Hr, just watch the 1Hr chart, 50 ema usually acts as dynamic support or resistance. Its fast approach from below. Hence i think we get support and move long possibly. Its the nature of trading though that you never know what exactly what will happen. If your trading strategy says enter go for it. Its all a probability model of where you'll be right and wrong. i hope it works out if you do trade...
Apiz
⋅
@gremic, ah ok! that makes sense so its better to wait until the big markets open like US and Europe to se where they're trading it. Either way it looks like there opportunity here (to short if it retraces off the line or long if breaks the trend and retraces to use the line as a support.
Yea thanks for that will definitely keep an eye on this!
UnknownUnicorn493766
⋅
@Apiz, now your getting the hang of it. I like your charts you have posted. Nice and simple your looking for key turning points and not placing clutter on your chart like a lot of people.
We want to be the "Sniper" not the machine gunner taking everything in site.. All we need to do is get you onto the daily charts now. Try incorporating the Monthly and weekly chart into your trading. This is called a TOP DOWN APPROACH.