Both levels are confirmed to be strong levels of Resistance, so naturally, we are looking to buy. However, if resistance breaks and is recalculated as a short, i would be more happy to short and have it break the second level of resistance, and a powerful short.
We have a buy bias, but price action is getting closer and closer so we may need to recalculate this level of support. However, the long bias still stands aslong as this level is not broken.
Some may argue that the overall trend is down, but we are currently making what could be interpreted as higher highs, so a break of resistance is possible. If that is the case we are looking to short. If it breaks resistance, we must recalculate out resistance for support.
Great trade opportunity being set up on USDCAD. Let's make some cash.
This was a trade i took a month or so ago. Are there any traders here who would not have gotten whipsawed by the price action around my sup/res line? Is there anything i could do to better position myself and avoid such whipsaw?
How can i avoid being whiplashed like this? On approach to my resistance line, price was making higher highs, and thus i had a long bias and waited for a long trade. However, when price retested my Sup/res line soon after it shot right through, and then i got confirmation, price was 2 far up for me to enter with a good risk/reward. I usually trade during asian...
Where on the chart does it show that going short at this resistance line was a good idea. Constantly, price made higher highs approaching the line and so i kept a long , trend continuation bias. What would u have seen that would have made u short in this area after the green verticle line.?
Taking correlation into account i found this setup to be a very powerful one. First we found an area of support and resistance on the daily. we zoomed into the the 4 hour for out entry and found an area of confluence where a trendline lined up well without area that we are looking to trade off of. GBPJPY is also in a are where it too is are a place making this a...
We are looking for price to come into this area of support to take a long continuation trade.
Price shot up and then hit a resistance point, but was unable to pass back through the support directly below, and now we are in a congestion phase. I expect an explosive move to the upside.