TRADING GUIDE ~ quantina forex news trader review
Let me digress a bit before into going into fundamental analysis and share 4 charts for GBPUSD with you. This to further demonstrate that price move in organised chaos. Organised chaos may appear contradictory, but within the chaotic movements of price action are clearly destinations.
From the charts below the following facts are obvious:
a) Price has dropped to another channel in the continuation of the upward trend
b) The M15 says the current upmove is approaching its climax
c) H1 is however saying tarry a while
d) H4 say the price is in the middle of an upmove
e) There is a resistance at around 1.5080x
f) Price is currently around the resistance
g) The top of current channel for the current move is around 1.5140
Let me now explain how to make a decision in this scenerio for a short-term trade. Your first consideration should be the the major resistance at around 1.5080x. If the resistance is broken, the next consideration is weather the upper limit of the current trendline hold.
After establishing this fact, the next thing to do as is to wait if the price would break any of two barriers. If price is unable to break any of the two, wait for reversal on H1 chart and M15 for your entry. To be successful, you should learn to wait. As for me I am waiting around 1.5140x - 1.5160x to short and join the ride down.
How do I wait? I dont wait by monitoring my charts, I simply place a pending sell order at 1.5150 and move on with my other important activities. The next thing is to simply check the system later to see if the trade clicks, if it does not I will delete the trade and wait for the next set-up. I realise over time that price dont move when you are watching. If your analyses are right, place your trades and leave the market to make its move. This is an insight into the psychology of a Mechanic Trader. I will discuss some of his other attributes as we go along
From the charts below the following facts are obvious:
a) Price has dropped to another channel in the continuation of the upward trend
b) The M15 says the current upmove is approaching its climax
c) H1 is however saying tarry a while
d) H4 say the price is in the middle of an upmove
e) There is a resistance at around 1.5080x
f) Price is currently around the resistance
g) The top of current channel for the current move is around 1.5140
Let me now explain how to make a decision in this scenerio for a short-term trade. Your first consideration should be the the major resistance at around 1.5080x. If the resistance is broken, the next consideration is weather the upper limit of the current trendline hold.
After establishing this fact, the next thing to do as is to wait if the price would break any of two barriers. If price is unable to break any of the two, wait for reversal on H1 chart and M15 for your entry. To be successful, you should learn to wait. As for me I am waiting around 1.5140x - 1.5160x to short and join the ride down.
How do I wait? I dont wait by monitoring my charts, I simply place a pending sell order at 1.5150 and move on with my other important activities. The next thing is to simply check the system later to see if the trade clicks, if it does not I will delete the trade and wait for the next set-up. I realise over time that price dont move when you are watching. If your analyses are right, place your trades and leave the market to make its move. This is an insight into the psychology of a Mechanic Trader. I will discuss some of his other attributes as we go along
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