I thank all those who contributed. Trading is a lonely business. Read: lonely + business.
GBPSGD High Time frame level
Resisted by Trendline
That trendline seen in Day chart, price has a week close below the red trendline. Currently price might be retracing to test trendline again. I’m guessing that the R zone posed by trendline could be strong resistance.
Due to data differences, I put up the same lines in Axitrader. Remember if you want to trade this and use my charts, do use the same price feed/broker otherwise you have to adjust prices in your own broker. Axitrader http://bit.ly/liveaxi
If retracement don’t happen, I’m thinking of a close below blue zone will be bearish too.
Marked green zone is confluence of support, around 2.12. I will give a buffer to this support like 2.1250 -2.1200.
Updated on 15 Sep 2015, 4pm
Retracement was spiky and drastic on this. Base on the trendline drawn, I’ve placed sell limit at 2.18, but was later spike out at 2.19ish when it swept up. Seeing that price level was still intact, I entered again when price was around 2.18 at a smaller lot size. Overall, the lot size will be smaller when I tried to build first batch of entry via limit order.
At this moment, there is a 1234 formed. Note that this is also a H4R setup. A day close below 2.16 will show that bear is gaining foothold, 2.16 is firmly below F6 and also below yesterday day low. I’m giving a lot of buffer here.
Price has a H4 close below many H1 boxes. Thus if price test 2.17 (price of those H1 boxes high/low) then that would save some pips for me!
Updated on 16 Sep 2015, 2pm
I’m trying to share with you how to use my post and levels, so that you could use it for your benefit.
When I made the posting yesterday, price had already confirmed a 1234 on WR trigger, also it has closed below many H1 boxes high/low as pointed. Thus my decision is to get filled at a better price than if I would hit market (explained this in a 4M class).
Yesterday, I placed a sell limit at 2.1680 (a buffer from 2.17 mentioned level). This limit was not filled.
At the same time, I placed a sell limit at the mentioned ‘yesterday low’ around 2.1630. This limit was filled. Look at charts below.
I’ve said that “A day close below 2.16 will show that bear is gaining foothold”.
Thus once price is below 2.16 on day close, I shifted this trade to break even. The only mistake which I’ve made is I shifted to my entry price. To ensure that no loss (even from spread), I shifted it to SL 2.1620. However, too lazy to get a new chart.
At this moment, trade is running at 170 pips profit. Swap is about 2 pips. Thus even from swap point of view, this trade is still worth it.
I’ve also revised strong support level to 2.12, where I’m looking to exit my position.