Hi my Name is ilernia, I am a Sydney based trader.
I revisit global markets utilizing quite a few Timeframes, identfy tendencies and then wait for the greatest probable pattern throughout the trading week. . (not considering day-trading)
Trends are simply defined by the 50% amount within each timeframe.
Below is the GBP-USD....
Expectation currency will make lower lows and head down, together with December support disappearing, and January projecting lower...
GBP climbing above the 5-day 50 percent degree and heading back towards Tuesday#8217;s breakout of 1.96390#8230;
that I have no clue how things will re-act about yesterday#8217;s breakout, but any upside motions are back towards Wednesday#8217;s highs#8230;.
Extended on break @ 1.9608
Partial exit @ 1.9632 and holding
Run stops under 1.96000 or breakeven from entry, and hopefully it doesn#8217;t cease and heads upwards#8230;
Obviously a failure and move back beneath the 5-day 50 percent degree and trading longs is available to Risk. .
No dollar loss commerce, if stopped out little profit....
GBP/USD continuing higher and moving above the Tuesday breakout...
Next partial exit is 1.9653 (moving to 90 pips from swing highs raised risk)
and then holding last lot into Wednesday highs with breakeven stops from entrance
GBP moved to a weathered consolidating pattern around the 5-day 50 percent level, but eventually awakened into Wednesday'd high's and flipped back down to the 5-day 50% degree once again....
This week seems like it's going to be a choppy trading week using an UP prejudice...
My first trade yesterday is emphasized (green circle) and the semi leaves along the way...
After I got stopped out in entry price, I didn't trade (sleeping), however the breakout about the intra-day Ranges and crossover that the 5-day 50% level was that the trade I would have taken up into Wednesday's highs, and down again when I had been awake....
Short-term:- UP bias during this Weekly interval...
Support 5-day 50% amount @ 1.9672
Resistance Friday highs @ 1.9805
Hello Frank,Originally Posted by ;
Thanks for sharing. I think i get what you mean. This can be done using an excel but just wonder if you could post the amount for us. It seem very nice on this chart.
regards.
GBP tested support 5-day 50% level 1.9672 and currently rising....
Expectation that price is heading towards Friday's highs...
But intra-day resistance is about 1.9715-1.9726
Hence is wants to break over that, stall and consolidate before heading greater during US hours....
You don't want to be shorting above intra-day resistance....
Beneath 5-day 50% amounts LONGS open to Risk...
When trading longs off support seem to partial departure approximately 32-43 pips off the swing lows, with stops only below the lows, and maintain....
This Week GBP has had an UP prejudice with a lot of turning going on....
Each day has been supported across the 5-day 50% amounts and climbing upwards to the daily highs, and then reverseing down
Also GBP has been moving in 120 pip ranges, and every swing low has supplied a minimal 120 pip move from the spiral points....
This 120 spiral point low is matching the 5-day 50% degree so that the bias would be to rise higher, and we understand below the spiral lower risk raises.
Since the previous post price moved up 33 pips reversed down to the 5-day 50% level and it will continue higher....
Don't trade longs below the spiral low....
Thank you for the heads up without a longs underneath spiral.
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