Quote:
Originally Posted by AshFX
So today we have quite a few setups:
- Long EUR/USD
- Long GBP/USD
- Short USD/CHF
- Long GBP/JPY
- Long CAD/JPY
- Short USD/CAD
Lets take a look at each one in turn. I advise all new traders to try to understand what I'm getting at here...
1. Long EUR/USD. Put simply, the previous few days candles are too choppy. Up, down, up, down. When I see this, I stay out.
2. Long GBP/USD. Look at how much resistance we have when we zoom out. You'll see I have circled the resistance points in blue. Risky setup with so much resistance so close. Stochastics aren't exactly smooth either. Also, please see: http://forexmoments.com/forums/forex....html#post5918
3. Short USD/CHF. Similar to EUR/USD, price action way too choppy. Plus the signal candle is too long.
4. Long GBP/JPY. Stochastics are too choppy and signal candle is too long.
5. Long CAD/JPY. Very strong resistance!
6. Short USD/CAD. The only one worth considering. Having said that, I see some support as you can see on the screenshot, so I'm not comfortable taking this. |
Thank you for the great explanation
this post is a must-have for all ASH FX System Traders
I'm going to add it to the Manual of the system
I absolutely agree with you
and one more thing:
tomorrow there are many _RED_ flags about News and Announcements(take a look at ForexFactory calendar: Red Flag for AUD_GBP_USD_CAD_EUR)
so is better to stay away from the market for long-style Traders
let's see tomorrow
