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Mysticforex
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Everything posted by Mysticforex
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Ok, here's one we can watch. EUR/USD 4 Hour Chart. Price is below the 200 SMA, so we are in a down trend. The stoch looks like it wants to go into overbought. Remember, don't jump the gun... wait for it to be overbought. Then if/when it comes out of overbought... with a "NICE" looking candle, short. TP would be a new low... S/L would be just above the most recent high when the trade opens. Play this one close to the chest. There is a lot going on we don't know about. This is not a suggestion to buy or sell currency. It is just an idea on how to look for opportunity.
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Trading from 1 Trend Line to Another, or What I Call the 2 Trendy
Mysticforex replied to Mysticforex's topic in Forex
I have uploaded All the custom indicators I use on MT4 . Trading Indicators - Traders Laboratory Forums -
Introduce Yourself Here - Don't Be Shy!!
Mysticforex replied to trading4life's topic in Beginners Forum
Welcome Ktrading1, I am sure you will find a lot here on TL to keep you interested. -
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Have you ever noticed that anybody driving slower than you is an idiot, and anyone going faster than you is a maniac?
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In the above post I should have said we are waitinf for the pair to become "Overbought" In any event the setup is void because price is now above the 200 SMA.
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Trading from 1 Trend Line to Another, or What I Call the 2 Trendy
Mysticforex replied to Mysticforex's topic in Forex
This has opened to the upside. TP 15449, currently +7 pips. -
Trading from 1 Trend Line to Another, or What I Call the 2 Trendy
Mysticforex replied to Mysticforex's topic in Forex
On the other hand, if we should move to the downside, a break of the lower TL would have me looking for S3. -
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This is the same setup we used last week on the GBP/JPY http://www.traderslaboratory.com/forums/forex-trading-laboratory/13253-gbp-jpy.html I missed this one today, but here is another example of the same trade with the GBP/USD. First is the 15M chart with a decending TL. Then we drop down to the 5M chart also with a desending TL. On a CLOSE above the 5M TL, we trade up to the 15M TL. First is a chart of the 15, then the 5. On a close above the 15M TL I would be looking for the Weekly Pivot @15450. PS: I always use a 10 pip bufer when targeting pivots to make up for differences in platforms, spreads, etc. PPS: The break (Close above ) the 15M TL could be imminent.
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With the bump in prices on Friday we are due for a resumption of trend, or at least a retrace. Her is the GBP/USD... it is not quite oversold yet. We wait for it to become oversold, the on a "Good" bearish candle, with the stoch coming out of oversold we short. S/L would be a little above the most recenthigh. TP would be the area of support. There is weak support @ 15230 and some strong demand ! @15280.
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A while back I asked a seasoned, old time pit trader "what happens if you are short the Euro and the Euro ceases to exist"? He did not know.
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We are not economists we are traders. Fail or not, it should present a nice trading opportunity.
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I thought the BoJ wrote the rulebook on interventions #1 rule: only intervene when mkt is ALREADY going your way
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Looks like we just had BOJ intervention...
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If we see 15270 again I'd stick my toe in the water with a buy. to at least 15400 - 15420.
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Joshdance... I think I know what you mean now. Transactions when the markets are closed. Let's say bank "A" sells 5 Billion euros to bank "B". How does the market record that transaction and open lower on Sunday evening? Beats the heck out of me.
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Ha ha... there's no drama, it works the same as other time frames.
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I didn't forget this thread, most pairs are moving down,we need prices to pop up a bit ( like they are doing now ) in order to resume shorts.
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