Multiple IB's+OB's 1hr Eur/gbp at 7980 resistance and descending t-line.
Hi GrimHi Jev
There is an inside bar currently forming on DJI H1, as I guess traders wait for the Fed's rate decision at 1915. I expect the bar will get broken one way or the other at around that time. Only a hunch. I won't be trading it as I always mis-time news events and most brokers use it as an excuse to skin the retail clients with slipped/wide prices and fills; they know its easy money time.
I wait for the PA to calm down and assess some 30m-1hr after the event. Not gospel to all, just my rules as I have been burnt badly before around news events! Look for the price being driven to an SR level and bouncing off it.
15m and 30m Pins on USDJPY for those who like the lower TFs.
Grim
Hi GrimJev,
I have not mastered the IB wrt targets etc yet. Hopefully TD will enlighten us!
In short I'd play the break of the bar and look to target the nearest SR level then get out. I believe that's what TD did with last night's E/U IB that broke to the upside!
Grim
Hi Grim
I take it that it is irelvant whether the IB is an positive/negative bar...just trade the break in either direction?
One other thing I struggle with is Stop losses...maybe you or TD can help on this one....
Say one enters a trade on a daily time frame lets take the DOW on the daily chart shows a bounch up of a key sr etc...now lets say you go long the next day...
you then put your stop(mental stop not placed stop) at a certain level...say the market starts up then goes down thru your stop but later in the day comes back above your entry point to put you into profit...based on this scenario would you have closed your position at the stop or wait till you had end of day data to decide the next course of action.
I have found that this happened to me alot especially when trading volatile markets like crude in July, that can be up $3 one hour then down $3 the next...becomes very difficult to know whether to exit the trade i.e to stop the loss getting worse or to wait to see if the market corrects later in trading.
Again this can be applied to taking a trade on the hourly/weekly/monthly time frame...do you wait for the closing data on the time frame you entered the trade to decide your exit strategy.
Sorry if this question has been answered before but I am still trying to get thru TD's post from last year.
Jev
Hi Grim
I take it that it is irelvant whether the IB is an positive/negative bar...just trade the break in either direction?
One other thing I struggle with is Stop losses...maybe you or TD can help on this one....
Say one enters a trade on a daily time frame lets take the DOW on the daily chart shows a bounch up of a key sr etc...now lets say you go long the next day...
you then put your stop(mental stop not placed stop) at a certain level...say the market starts up then goes down thru your stop but later in the day comes back above your entry point to put you into profit...based on this scenario would you have closed your position at the stop or wait till you had end of day data to decide the next course of action.
I have found that this happened to me alot especially when trading volatile markets like crude in July, that can be up $3 one hour then down $3 the next...becomes very difficult to know whether to exit the trade i.e to stop the loss getting worse or to wait to see if the market corrects later in trading.
Again this can be applied to taking a trade on the hourly/weekly/monthly time frame...do you wait for the closing data on the time frame you entered the trade to decide your exit strategy.
Sorry if this question has been answered before but I am still trying to get thru TD's post from last year.