Richard Hill Forex Net Trap

[Dubai]

Morning guys, this seems like deja-vu. GU can't seem to make it's mind up whether to go lower or go for another run at 1.5200. Pretty sedate stuff. Hopefully news will fire the girl into life and let it be a profitable end to the week.

 

[gbdru2]

if it goes then you might want to stick a couple of quid on about 85 and tp at 00

 

[Tanguero]

looks that way has tried a couple of time to go higher but pulled back, and if you look b4 that 70-71 was resistance...

1.5170 is the pivot. It's the 3rd try after yesterday noon and 21:45. Good chances that it will be broken now.

 

[Claviceps]

We could do with another big spike to clear out the early morning shorts just like yesterday ,still at least we're on the way now (but where to?)

 

[mark120169]

1.5170 is the pivot. It's the 3rd try after yesterday noon and 21:45. Good chances that it will be broken now.

Looks like it's done it. 73 now

M

 

[gbdru2]

Not that you're interested but this is what i'm doing

75 long tp 85ish
85 long tp 00 and then 15
sl 10 on both

 

[Tanguero]

Looks like it's done it. 73 now

M

It needs to close there with a good separation to confirm the breakout.

 

[Rugby Trader]

Not a good idea I reckon. Overnights are like walking blindfold in a forest full of wolves: even best setups fall prey to stophunting predators.

 

[tjw]

It needs to close there with a good separation to confirm the breakout.

A junior question I know, but what to you mean by this?

T

 

[gbdru2]

70 = a very tough nut indeed

 

[missionary]

70 = a very tough nut indeed

But that resistance has ony been there since about 10.00 am yesterday. I would rather worry about a resistance that has extended over several days as it was recently.

mish

 

[mark120169]

70 = a very tough nut indeed

Anyone looked at the 1 min chart on IG. There's a weird gap between 6.35 and 7.16 where no candles have registered, it's almost completely flat.

Looks like a chart glitch.

M

 

[Dubai]

A junior question I know, but what to you mean by this?

T

Ideally you want to see several candles close above a certain key resistance point to confirm that is has been broken. This can be done on candles alone or by adding in a couple of MAs.

Opposite is true for a break of support, close beneath.

 

[gbdru2]

But that resistance has ony been there since about 10.00 am yesterday. I would rather worry about a resistance that has extended over several days as it was recently.

mish

yep, but a few days old resistance was once a recent resistance.. they all start somewhere... prob more important is how many times has price bounced off of it

 

[tjw]

Ideally you want to see several candles close above a certain key resistance point to confirm that is has been broken. This can be done on candles alone or by adding in a couple of MAs.

Opposite is true for a break of support, close beneath.

Thank you
T

 

[gbdru2]

Anyone looked at the 1 min chart on IG. There's a weird gap between 6.35 and 7.16 where no candles have registered, it's almost completely flat.

Looks like a chart glitch.

M

looks ok on mine? bid? small, no range but there?

 

[mark120169]

looks ok on mine? bid? small, no range but there?

bid, full size.

M

 

[Tanguero]

But that resistance has ony been there since about 10.00 am yesterday. I would rather worry about a resistance that has extended over several days as it was recently.

mish

7 July evening is a good confirmation of the level.

 

[Tanguero]

A junior question I know, but what to you mean by this?

T

Separation = distance between the close of the bar (we are looking at 15min) and the level.

 

[gbdru2]

bid, full size.

M

I guess everyone was in bed