Make sure to markup ALL daily support and resistance levels, a daily 21 EMA is also helpful and the 'big boys' use it, today's bounce happened right off of it.
I would suggest the following to mitigate if a reversal/or retracement is happening
1) A 1Minute break of the 21 EMA or HL off major support level is essentially a change of 'trend' 2) 5 Minute and 15Minute price action candles. Check out today's bounce off the weekly central pivot point/daily 21EMA. The 5 minute candle made a perfect doji. The 15minute was an engulfer. But that level getting close to the Weekly central pivot should tell you big buyers would be there. 3) Take profit at 20-25 pips on part of your position and hold the rest for a 'runner'.
I would like to open up a oil trading room during the NY session where oil traders can get together, if anyone would be interested.
I use everything you say except for 21 EMA plus trend lines. I have been taking partial profits , however, many times , most of the time other half ended BE stop and I took full losers. So, I decided to take full profits as it seems to work better. This bounce come from nowhere as I saw no support their outside of round number 97.00. I expected it to go to 99.00 but it stopped at around 98.40.
Sounds good. Chikot: I mean when in im the trade, and im not sure when to exit, and since there is a long red bar down (like yesterday), i would assume that price will continue in the down trend and i would stay in the trade. But price reversed sharply and there goes my profits haha
It looks like you are looking for a lot of pips per trade. How many pips are you looking for??? what's your usual stop loss in pips? I did not expect that reversal. i also checked EMA 21 and I did not see it bouncing from this EMA. It was probably round number. 98.00. There was pin bar on 5 min and buovb bar on 15 min. I was thinking of goping long but could not find point of reference to set stop behind. it was just going and going up.
iwillsurvive posted: Sounds good. Chikot: I mean when in im the trade, and im not sure when to exit, and since there is a long red bar down (like yesterday), i would assume that price will continue in the down trend and i would stay in the trade. But price reversed sharply and there goes my profits haha
HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors.
Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance.
You could lose some or all of your initial investment. Do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions.
Any data and information is provided 'as is' solely for informational purposes, and is not intended for trading purposes or advice.
Past performance is not indicative of future results.