Quote:
Originally Posted by Don
Did you read the Joe Ross Book? Hourly shows 1 @ 2.0391, 2 @ 2.0281, 3 @ 2.03343. Now it is going into Consolidation. Failed to make new High above .0350 so start again. Up 2 to 3 Bars, Down 2 to 3 Bars. I put Lines on my chart @ the 1 & 2 points.. Those are usually always your Hight / Low points.. Then watch for direction. I trade the hourly chart so it is much slower.. You have to count fast on the 5 min.. Try backing off to the 15 / 30 min charts. Add a 55 Low & High SMA and a 180 Low & High SMA.. Now watch how price bounces off of / Breaks through these lines. Above 180 long / Short below 180.. When these lines intersect (Like they are right now on the 15min / 30 min / 60 min.. Watch for Consolidation and Range Trading.. After consolidation Watch for Break out.
Don't think or guess where it is going.. it will tell you where it is going
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hey there...
yes i read some of it and very interesting..think i have to read it a few more times for all to sink in as i am taking alot of info in right now and my brain is ^$%%$£ lol....seriosly though i have been putting the lines on the chart..as you say ive been using 5M lately but do refer to 15 and 60M and as i said in my last post it does seem like an upward trend is now forming...as i see it getting squeezed out (consoladation?) before the breakout..so how i would do it now is when the first full candle forms above the previous down trend line i would then enter my trades...
hope that makes sense..but is something have been following for past couple days and it appears to be working lol on the last short netted 60 pips from following the lines and as it was unable to push through 0335 resistance i went short..
thanks for all your help the other day..share the wealth! .....
thanks..and if i havent made sense of my reply i do apologise but i have not got all the lingo correctly yet...
ciao for now and go bulls!! lol