Daily Only Currency Charts

[LeMercenaire]

Here's the Daily Overview chart I use for my DAX set ups.

I have added an early Fib and you can see how the first retrace off that would have played off the 23.6 perfectly.

GER30DailyasEGforAlias23rdJune19.png (65.04 KiB) Viewed 2682 times

Extending that to the new high point reinforces that level as it now becomes the new set up's 50-line.

GER30Dailynew50lineforAlias.png (65.13 KiB) Viewed 2682 times

Now notice how the 50 and 23.6 lines form a zone that the Thunder + Lightning Clouds fill perfectly.

Take the fib on the down move...

GER30Dailywithfibdown.png (64.3 KiB) Viewed 2682 times

Now add the latest up-move.

GER30Dailyaddingthelastupmove.png (65.25 KiB) Viewed 2682 times

This gives us a Doubled-50 and a new 23.6 with a Demand Zone in the mix there at the 50-level as well now, lining up on the 20 ema and the Thunder Cloud (with Lightning below).

A very interesting killing zone indeed.

[aliassmith]

Here's the Daily Overview chart I use for my DAX set ups.

I have added an early Fib and you can see how the first retrace off that would have played off the 23.6 perfectly.

GER30DailyasEGforAlias23rdJune19.png

Extending that to the new high point reinforces that level as it now becomes the new set up's 50-line.

GER30Dailynew50lineforAlias.png

Now notice how the 50 and 23.6 lines form a zone that the Thunder + Lightning Clouds fill perfectly.

Take the fib on the down move...

GER30Dailywithfibdown.png

Now add the latest up-move.

GER30Dailyaddingthelastupmove.png

This gives us a Doubled-50 and a new 23.6 with a Demand Zone in the mix there at the 50-level as well now, lining up on the 20 ema and the Thunder Cloud (with Lightning below).

A very interesting killing zone indeed.

Definitely Confluence
Interesting how there are many relationships within moves. With everyone targeting 1R, 2R you get clusters like you are showing.

[LeMercenaire]

Here's the Daily Overview chart I use for my DAX set ups.

I have added an early Fib and you can see how the first retrace off that would have played off the 23.6 perfectly.

GER30DailyasEGforAlias23rdJune19.png

Extending that to the new high point reinforces that level as it now becomes the new set up's 50-line.

GER30Dailynew50lineforAlias.png

Now notice how the 50 and 23.6 lines form a zone that the Thunder + Lightning Clouds fill perfectly.

Take the fib on the down move...

GER30Dailywithfibdown.png

Now add the latest up-move.

GER30Dailyaddingthelastupmove.png

This gives us a Doubled-50 and a new 23.6 with a Demand Zone in the mix there at the 50-level as well now, lining up on the 20 ema and the Thunder Cloud (with Lightning below).

A very interesting killing zone indeed.

Definitely Confluence
Interesting how there are many relationships within moves. With everyone targeting 1R, 2R you get clusters like you are showing.

The thing to remember about fibs - they work because traders believe they work.

[trojoh68]

Alias - Why the 1:2 risk to reward target rather than picking a target based in historical PA? Are the probabilities higher?

Here are the set-ups that I am watching for Sunday PM/Monday AM:

[aliassmith]

Alias - Why the 1:2 risk to reward target rather than picking a target based in historical PA? Are the probabilities higher?

Here are the set-ups that I am watching for Sunday PM/Monday AM:

Using a R:R of 1:2 is just simple and a starting point for this thread.
You should definitely see if the pair you are trading is known for making those moves
There are pairs that give 1:1 consistently and others that give 1:2.
It comes down to your style of management and the math.
at 50% success a 1:2 is profitable

[aliassmith]

Alias - Why the 1:2 risk to reward target rather than picking a target based in historical PA? Are the probabilities higher?

Here are the set-ups that I am watching for Sunday PM/Monday AM:

Looking at 2 trades there that make sense.
I see you will be managing them different.
You scale out on one of them and not on the other.
Why not use the same management for both?
What do you do with your stop loss?
Do you move it at 1:1?

Step 1:How about enter with 1R risk and 2R target.
Step 2:After price moves 1R, move the stop to BE
Step 3:Hits the target or BE
or
Step 3:Scale out at 1R always
or
Step 3:Let price action determine scale outs, exits, adds, etc.

[aliassmith]

Still working on this GBP/USD chart:
Another failed zline short
The second push up was weak
There is a #2 SEMA
The candle with the check mark hints at failure of the long
This one may be "iffy" to some

Looking for a short in the white box after the candle with the check mark
A possible Stop for $6.30
A possible Target for $12.60
These would depend on your entry

End result simple version
Gain $12.60
up $37.60 so far on this pair with 10 cents per pip.

[aliassmith]

Injured my back Friday so I may as well sit here and post some content.
I went back to the beginning of the year on this GBP/USD chart I have
been posting.

There were 10 straight forward trades,up until now
(at least from my perspective)

On this chart there are 5 trades and there is a 6th one that
didn't make the pic. Previously I posted 4 other trades.

The first trade in this pic is a PINBAR long trade

The second trade is a failed zline short

The third trade is a zline short
It wasn't text book but they aren't always

The forth trade was a zline long
It also wasn't text book

The fifth trade is zline as resistance short

out of 10 trades this year 8 hit 2R for targets
1 trade was a loss for 1R or less
1 trade was a gain for about 1R
Without anything fancy you would be up about 16R with 1 pair in 6 months.

I used a PINBAR, Zline, Failed Zline, along with looking at Market Structure, and there are some SEMA confluence

[LeMercenaire]

Hope your back heals quickly. Nothing worse than a sore back - like toothache for your whole body.

[aliassmith]

Hope your back heals quickly. Nothing worse than a sore back - like toothache for your whole body.

Its getting better. Somehow I pinched a nerve then strained a muscle. The nerve is unpinched and the muscle is getting better.