Accurate Forex Entries

[usfxranger 10]

When it comes to entries, the usage of various tools such as support and resistance, pivot points, fibonacci and even camarilla come to mind. While they do show you potential points for entries, they do not, however, show you a more specific area for entries.

 

With experienced traders, how do you guys isolate a specific point for an accurate entry?

[henryduncan12 10]

Yes, these tools show potential points for entries but not offer complete guide and suggestion for specific area for entries. I use some other real time chart to take decision about entries areas.

[Obsidian 10]

I find candlestick formations + support/resistance/trend lines very useful (4h charts)

[RealDemo 10]

When it comes to entries, the usage of various tools such as support and resistance, pivot points, fibonacci and even camarilla come to mind. While they do show you potential points for entries, they do not, however, show you a more specific area for entries.

 

With experienced traders, how do you guys isolate a specific point for an accurate entry?

 

How much more specific can you get than a specific price?

 

Your S/R level is your specific point, your pivot is specific, your 61.8 fib is specific, how can you be more specific?

 

Do you mean specific?

[usfxranger 10]

For instance, on 1/17/2012 at the end of the US session, my system gave me a buy signal for the next day. It was, indeed, a definite buy, but what is a sure way to know that the buy area was in the 1.5330 area?

[Obsidian 10]

That depends on your system I think...If your system gave a buy signal then you should enter the trade...If you will not follow it, then why would you need it

If you set your targets, that would make things easier for you...

[usfxranger 10]

That depends on your system I think...If your system gave a buy signal then you should enter the trade...If you will not follow it, then why would you need it

If you set your targets, that would make things easier for you...

 

If it was that simple, would I be here?

 

My system simply tells me the estimated range and that the momentum is in favor of buying, but it does not tell specifically where to buy - that's the true dilemma I am having.

[Obsidian 10]

there is no "one shot one kill"

You may not be able to find perfect entry points, don't even bother because I think nobody could that. There were times I missed perfect moves because I was waiting for better entry points and there were times it could be more profitable if I waited a couple of hours more...

Anyway, things depend on your system (and the time frame) and the points that you got the signals...If you get a buy signal but the price is around a resistance level, you may choose to wait for a better entry level.

[usfxranger 10]

there is no "one shot one kill"

You may not be able to find perfect entry points, don't even bother because I think nobody could that. .

 

I am not looking for the perfect entry, but a specific area that shows me where to concentrate. I know it's not possible to know the absolute, exact point to enter. For instance, in today's case with the GBP/USD, my system gave me a buy signal. I am not looking to find out that 1.55275 was the lowest price of the day and should be where I should enter. Rather, I am looking for a specific, but general area of where to focus. Using today's example, the 1.5530-1.5540 area would have been an excellent area to enter - get my drift?

 

As for you saying that nobody can do that, a fund manager I used to work with years ago did a similar way in finding entries (though he did not want to tell me how to do it).

 

From the recent posts, it might be best I spend my time somewhere else.

[Obsidian 10]

I got your point

I think you should try s/r, trendlines, fibos, candlestick patterns to find better entry points then. If you look at the current charts eurusd, gbpusd, usdchf, usdcad, you can see that they tested the s/r-trend line after a breakout. Once the trend is established, it wouldn't change so fast. The thing is the price movements are not the same all the time. It depends on many elements. Sometimes you see a pullback, sometimes you don't. You should analyze the power of the momentum and predict the next move. That is why I can't tell you a single, unique solution. You may also consider opening multiple positions (for example: 0.5 lot when your system gives a signal and another 0.5 lot when the pair tests the s/r level).

[RealDemo 10]

 

Rather, I am looking for a specific, but general area of where to focus.

 

From the recent posts, it might be best I spend my time somewhere else.

 

......good idea, you might want to buy yourself a dictionary while you're at it.

[usfxranger 10]

I got your point

I think you should try s/r, trendlines, fibos, candlestick patterns to find better entry points then. If you look at the current charts eurusd, gbpusd, usdchf, usdcad, you can see that they tested the s/r-trend line after a breakout. Once the trend is established, it wouldn't change so fast. The thing is the price movements are not the same all the time. It depends on many elements. Sometimes you see a pullback, sometimes you don't. You should analyze the power of the momentum and predict the next move. That is why I can't tell you a single, unique solution. You may also consider opening multiple positions (for example: 0.5 lot when your system gives a signal and another 0.5 lot when the pair tests the s/r level).

 

Yep, as I mentioned in my original post, I have gone through many of those indicators. They show you potential places where to enter, but not specific areas on where to concentrate. Plus, I deal with day-to-day trading and s/r levels have proven to be quite dynamic. This is a tough challenge, but the key is just doing more research, especially since it's the only factor I need to finish.

 

......good idea, you might want to buy yourself a dictionary while you're at it.

 

Sure thing, but be sure to attend a class on ethics - you clearly need it.

[Obsidian 10]

Then I think all you need is time to observe how to these indicators will lead you under the different market conditions