Looking for a good spot to short this pair, its called a complex H & S pattern

Oil bear flag, bear bias

Bear bias

docus:
Bear bias

Hello, pls which moving averages do you use and broker too. Mine doesn't trade oil. Thanks lots!

sundaykc3:

Hello, pls which moving averages do you use and broker too. Mine doesn't trade oil. Thanks lots!

8, 13, 50
IC market

docus:


8, 13, 50
IC market

Thanks boss... All SMAs abi

sundaykc3:

Hello, pls which moving averages do you use and broker too. Mine doesn't trade oil. Thanks lots!

Do we really have moving averages that work for particular market instruments or currency pairs?

Have we really sat down to find out what a moving average is?

AVERAGE = MEAN

MOVING = ever changing

Add 'em both together and you have "moving average".

Your number of PERIODS is simply the number of candles in history that you wanna use for the calculation.

SMA is just mean or average, nothing more!

But each candle has 4 price points (open, high, low, close) so which of these price point do you want to use your calculation?

The default setting is applied to CLOSE.

Therefore your SMA (5) applied to CLOSE is simply the average of the closing price of the last FIVE candles.

When SMA (5) is placed on daily tf, it shows you the mean closing price of the last FIVE candles (not including the current running candle).

Same SMA (5) on weekly is the average closing price of the last 5 weekly candles.

Go and verify what I have explained above by placing SMA (5) on any time frame. Then find the AVERAGE (MEAN) of the closing price of the last 5 candles by adding all the closing prices and dividing the result by 5 .

What did you arrive at?

Apart from the the 4 price points mentioned above, the computation can be applied to the TYPICAL PRICE (H+L+C)/3 , the WEIGHTED CLOSE (H+L+C+C)/4 etc.

In conclusion, NO SMA setting works PERFECTLY for any pair. You as the trader are the one to determine your "lookback period" (how many candles in history you want to use for the calculation).

Statistically speaking, the larger the sample population, the more true - to - type the representation will be.

So ADR 14 will not give us an accurate figure for the Average Daily Range of a pair as much as ADR 260 will give.

Let's not make this too lengthy so that it doesn't become cumbersome to read through.

I do hope that the concept is now clear?

meshpips:


Do we really have moving averages that work for particular market instruments or currency pairs?

Have we really sat down to find out what a moving average is?

AVERAGE = MEAN

MOVING = ever changing

Add 'em both together and you have "moving average".

Your number of PERIODS is simply the number of candles in history that you wanna use for the calculation.

SMA is just mean or average, nothing more!

But each candle has 4 price points (open, high, low, close) so which of these price point do you want to use your calculation?

The default setting is applied to CLOSE.

Therefore your SMA (5) applied to CLOSE is simply the average of the closing price of the last FIVE candles.

When SMA (5) is placed on daily tf, it shows you the mean closing price of the last FIVE candles (not including the current running candle).

Same SMA (5) on weekly is the average closing price of the last 5 weekly candles.

Go and verify what I have explained above by placing SMA (5) on any time frame. Then find the AVERAGE (MEAN) of the closing price of the last 5 candles by adding all the closing prices and dividing the result by 5 .

What did you arrive at?

Apart from the the 4 price points mentioned above, the computation can be applied to the TYPICAL PRICE (H+L+C)/3 , the WEIGHTED CLOSE (H+L+C+C)/4 etc.

In conclusion, NO SMA setting works PERFECTLY for any pair. You as the trader are the one to determine your "lookback period" (how many candles in history you want to use for the calculation).

Statistically speaking, the larger the sample population, the more true - to - type the representation will be.

So ADR 14 will not give us an accurate figure for the Average Daily Range of a pair as much as ADR 260 will give.

Let's not make this too lengthy so that it doesn't become cumbersome to read through.

I do hope that the concept is now clear?

Very clear! Many thanks

meshpips:
EURUSD has done 3 standard deviations above VAP.

Once and if you see a BEARISH candle on H1, you can sell.

All the best!

Yesterday, I said this as pointed out by VAP.

VAP is a LEADING indicator. So what happens is that VAP marks the level of interest and then price comes to TRACE ITS STEPS. Just like when one shouts and then hears echoes a few seconds after. The first shout leads the echo. The echo repeats exactly what was vocally articulated.

So, yesterday, VAP got overextended to the upside for the day and now price is walking in the tracks created by VAP.

I expect a reversion to the mean and maybe possibly the sellers could take price even further down until it becomes oversold.

We simply follow the prints.

All the best!

Here's the excel sheet for yesterday's VAP hourly computation for those that care to crunch numbers.

meshpips:
Here's the excel sheet for yesterday's VAP hourly computation for those that care to crunch numbers.

prof prof!!!

meshpips:
Here's the excel sheet for yesterday's VAP hourly computation for those that care to crunch numbers.

prof prof!!!

VAT

djwalata:

I've closed my eurusd buy @ 1.1060 and c how today's candle closes because there's a resistance at 1.1070

This is y one should prefer trading higher tf like daily to 4h or lower. 1.1072 is a resistance. Yesterday's closed was exactly on d resistance level. U would ve assumed that 1.1072 was broken yesterday if u r trading 4h tf but daily tf proved it wrong by lowering d price back to and of course closed at 1.1072.
I still find it difficult to bliv that any indicator is better than a mere price action because all d thousands of indicators will still obey d rules of price action which is openly there for everyone to c.
Going long will depend solely on daily close above 1.1072/75.
If u r selling d pair, my advice( which is not a COMMAND) is to close d sell position once it closes above d resistance unless u r chasing 10-15pips.
U can as well sell d pair but SL is advisable to b immediately above 1.1072 region which is above d resistance.
Good luck.

djwalata:


Going long will depend solely on daily close above 1.1072/75.

If u r selling d pair, my advice( which is not a COMMAND) is to close d sell position once it closes above d resistance[b] unless u r chasing 10-15pips.[/b]
Good luck.

Before the price charts came, traders used the TAPE.

Go and find out what that is then come back and tell us your findings.

About the 10 -15 pips profit, I'm certain that you will learn a few new things at the end of this trade.

Time will tell the whole story.

meshpips:


Before the price charts came, traders used the TAPE.

Go and find out what that is then come back and tell us your findings.

About the 10 -15 pips profit, I'm certain that you will learn a few new things at the end of this trade.

Time will tell the whole story.

The beauty of this thread is to learn from one another without using any abusive word. It has been said that u r free to use any indicator so far it makes u profitable over a series of trades.
I trade and share my opinion solely on channel/resistance/support and candle formation which is price action.
Ur opinion is as well welcome. I appreciate it.

bojbest:


Update: Usdchf is at a critical point. will be looking for a break in the trendline and retest before fomc event on 20Nov 2019.

Price closed at a doji yesterday. Also forming a double bottom on 4hr.

This trade aint valid again. I have also closed my short position with so many loss

Will be looking at it for possible price action.

My AUDUSD buy still on. I got in #@6817 it dropped to 6784 and rebounded to my entry point. Hoping to close @ 6860.

AK284:
Trade to focus this week
usdcad:sell(retracement to around 1.3245 possible)

eurusd:buy

usdchf:aggressive buying

xauusd:buy

Have a pipful week!


NB: always remembered your stoploss!

updates
Eur/USD: trend is still up, Even if it's at a strong resistance. Up or down is 50:50 according to 4hrs chart.

USD/CHF
Bought aggressively yesterday but market went back to pick my SL and now moving north again,
You could do all your homework,analysis and be right about market direction and still lose money,that's it always good to keep proper money management.


XAUUSD
Bought aggressively yesterday but market picked my SL and started moving north

USDCAD
Sell: going according to plan.

@Meshpips, wonderful write-up there on moving average. I know you be guru, you sabi book, only that na this fight fight naa ni. . Though seriously, that fight dey make thread sweat atimes like action movies. You know as Jet Li dey take fight millions of people for THE ONE

As for the excel, wetin go happen to some of us wey no sabi use excel now? Ah ah. See data!!! See formular. I sure say that formular wey go finish that spreadsheet go fit give person headache. Enjoy the rest of your day my guy.

maryjames9:
@Meshpips, wonderful write-up there on moving average. I know you be guru, you sabi book, only that na this fight fight naa ni. . Though seriously, that fight dey make thread sweat atimes like action movies. You know as Jet Li dey take fight millions of people for THE ONE

As for the excel, wetin go happen to some of us wey no sabi use excel now? Ah ah. See data!!! See formular. I sure say that formular wey go finish that spreadsheet go fit give person headache. Enjoy the rest of your day my guy.

You nor just kuku get wahala your own jare.

Na once person go know trader when dey earn steady from market.

Enjoy your day bros.

Hesitated a bit on UsdCad and I'm paying for it now. I should keep it no stress trading.
I was waiting to enter @ S/R 78 but price didn't get to my pending.

Have only 3 currencies on my watchlist this week.

EurGbp trade.

meshpips:


You nor just kuku get wahala your own jare.

Na once person go know trader when dey earn steady from market.

Enjoy your day bros.

Na all the things wey you Ogas have been teaching for here and other threads person dey profit from o.

If EU closes above sma 20 daily. Chart today, then the next target 1.1168

maryjames9:


Na all the things wey you Ogas have been teaching for here and other threads person dey profit from o.

You can psyche pesin sha.

currentprice:


oyel will likely sell to 54.85 except it first move above 57.90 then real bullish will continue

looking to SELL soon

hope somone still remember my chart.

oyel just day play hide and seek since.. as i said except it move above 57.90 well. price must first touch 54.85

i keep the trade since i dont see breakout yet

Hello Traders,

Let's hit the charts...

Price on Gold has been trying hard to break resistance level 1474.38.

If the Bulls finally succeed in doing so, our next possible resistance level would be 1492.08.

Personally, I am bullish biased and I will be waiting for a confirmation to go long on this pair.

What are your thoughts?

https://craftingpips.com/category/trade-setups/daily-setup/

Oyel and Brent having broken 4 hour support at 56.71 and 61.21 today, Oyel is heading to 54.44 area like Oga Current Price has said and possibly 51.34 if this momentum is sustained. Brent is however heading to 55.93. RSI on 4-hour should be closely watched for best entry, possible reversal or weakness.