And we do not need "a Christmas Tree" of indicators all over the chart to see what is going on. We are one-on-one with the price action and Luke is right this is what is addicting. Good luck.
Thursday, June 21, 2007
Support and Resistance
As an example of SR, EUR/JPY is still above the support line which was recently a resistance. It needs to break it below 165.20 and stay there, or fail-test it for a new short opportunity.
And we do not need "a Christmas Tree" of indicators all over the chart to see what is going on. We are one-on-one with the price action and Luke is right this is what is addicting. Good luck.
And we do not need "a Christmas Tree" of indicators all over the chart to see what is going on. We are one-on-one with the price action and Luke is right this is what is addicting. Good luck.
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7 comments:
Good Stuff,
My goal is to trade well using only price action around S/R and TL's.
Tam,
Is that all you work with? One S&R line?
I have no indicators at all. However, S/R lines can be found within rising/falling channels, wedges, triangles, inside top/bottom formations, etc. I need the chart to look as simple as a white sheet of paper because the price has all the story to tell. We need to trust price and our plan. Honour the plan and stops.
Your amazing, I'm guessing you don't add a little bit of Phil's strategy to it?
Tam, 2100 hrs
what do you think about the AUD/USD? It's now up against resistance of 0.8475 for the third time on the daily. Target of 0.8331 with SL of 0.8507.
Dropplan,
I was looking at the same thing a bit earlier. I am no expert but the more time I spent looking at the chart, the lower resistance line began to cloud my vision. But I guess that resistance is 50ish pips away... don't listen to my rambling :P
Oh, well, we know how the aud/usd trade panned out if only you went short. No-no from me. Please, bear with me if I am not here on the blog. I will show up later tonight that we dealt with 3-top formation in aud/usd pair where the 3rd top is the most provocative and dangerous either for shorts or longs. Also, the pair formed an ascending triangle and popped out from it this morning. I am neither short or long here. A further long advance up to 0.8504 is 20 pips away. So, either this level needs to be taken or we go south. I would prefer to wait for day close.
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