Why do I like geometry? Because it often meets on charts. - Fibo Retracement; - Fibo Spiral; - Gann Fan; - Gann Square... These are my favorite! Thanks for your support!
Look at the local lines on the chart! Each of them should be considered separately. It can be an intraday trading strategy: after a few taps on one side, touch the other and make some move. Push like if you think this is a useful idea! Before to trade my ideas make your own analyze. Write your comments and questions here! Thanks for your support!
My thoughts and trading plan for GBPUSD
The discussion is based on my recent trading plan for EURUSD. How to identify false breaks and avoid traps.
- Pair neither overbought nor oversold - Recently crossed EMA (25, close) and tested as resistance - Wait for bearish candlestick
- RSI and Stochastic Oscillator indicating pair is overbought - Pice managed to close outside of recent consolidation zone but has yet to retest
- Stochastic Oscillator dwelling in overbought territory - Pair possibly in a downtrend
- Stochastic Oscillator indicating pair is overbought - Pair broke strong resistance and successfully retested, may be an indication that the uptrend will continue
- RSI and Stochastic Oscillator both indicating pair is overbought - Pair approaching strong resistance 149.5 (price has been unable to cross and close since May 2018)
- Oscillators approaching oversold territory - Price closed at previous resistance, may function as support now
- Price neither overbought nor oversold
- Price overbought on Stochastic Oscillator - Price reversed at key level (111), may function as strong resistance
- Price oversold on Stochastic Oscillator - Price experiencing instability at strong support level
- Price is oversold on the Stochastic Oscillator - Price reversed at recent low - Might form a double bottom
- Price broke briefly below EMA (25, close) and returned above, the following candlestick - Price neither overbought nor oversold
- Price neither oversold nor overbought - Recent consolidation above EMA (25, close), price was unable to break on the downside - Price is now at recent highs, could form a double top or break above zone - Price would need to close above zone on the daily or 4-hr chart
SELF DEVELOPMENT/METHODOLOGY/PSYCHOLOGY Money Management/Psychology Cycle of Market Emotions The Upturn • Optimism: The normal financial specialist enters the market feeling hopeful. They may likewise have elevated requirements for the profits in which they are involved. • Excitement: When the market goes up, the desires begin to end up noticeably a...