Forex Technical Analysis 24S18

in #forex7 years ago

The strategy is simple: I am selling/buying bounces from trendlines (not all trendlines some are there to determine a position for a take-profit).

#USDWTI

Screen Shot 2018-06-17 at 6.26.25 PM.png

#EURCAD

Screen Shot 2018-06-17 at 6.54.29 PM.png
Red trendline looks sellitelně but not nice because of those false breakouts.

#GBPCAD

Screen Shot 2018-06-17 at 7.12.42 PM.png
I have already placed a sell-limit for the red trendline.

#GBPHKD

Screen Shot 2018-06-17 at 7.15.28 PM.png
I buy-limited the red trendline. Looks really nice. I think GBP oversold because of this 👇 'U' shaped chart.

#GBPJPY

Screen Shot 2018-06-17 at 7.19.26 PM.png

#GBPUSD

Screen Shot 2018-06-17 at 7.45.40 PM.png
Looks similar to GBPHKD but not so nice.

#GBPZAR

Screen Shot 2018-06-17 at 7.47.01 PM.png
I want to sell stop. But ZAR usually too volatile.

#USDJPY

Screen Shot 2018-06-17 at 7.57.29 PM.png
I like this because of this pink trendline from log. scale:
Screen Shot 2018-06-17 at 7.58.42 PM.png

#USDRUB

Screen Shot 2018-06-17 at 8.01.21 PM.png
I think USDRUB too high but too volatile too.

#USDZAR

Screen Shot 2018-06-17 at 8.03.44 PM.png
I already placed a sell-limit

#XAGUSD

Screen Shot 2018-06-17 at 8.05.27 PM.png
I am going to buy a ton of silver when it approaches the bottom trendline.

Calendar

Screen Shot 2018-06-17 at 6.05.37 PM.png
Thu:
Screen Shot 2018-06-17 at 6.06.40 PM.png
Screen Shot 2018-06-17 at 6.13.21 PM.png

Conclusion

So many trades on GBP can I get some help with choosing the right one in the comment section below?

Risk disclosure​: Not a trading advice.
Sources: tradingview.com, systematic thinking

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I notice you aren't confirming your trend lines. Are you checking for volume on your reversals? Are you checking for type 1 or type 2 closes?

Yes I am checking for volume (check out my Instagram where I have one or two posts about how I use volume). But I don't have volume on tradingview's weekly chart that's why it isn't here... But for sure volume is crucial for my decision when to open a position.

What are type 1,2 closes I never heard of that?

Type 1 close is when the candle closes the wick on the trendline. Type 2 close is when the candle body closes on the trendline.

This means that there was a big limit order that got filled. Usually, institutions will set multiple limit orders so you might see a spike in volume (orders being filled) which confirms that there was in fact activity.

Type 3 closes are closes that either break through the wick or body. I don't enter if I see this type of close.

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