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Arkanoid trading (supports and resistances respected and broken)

  #4 (permalink)

Prague Czech Republic
 
 
Posts: 16 since Jan 2018
Thanks: 1 given, 10 received

Lets review Friday Gold price action, look at this 1 chart (1st picture).

boxes are areas of congestion where I look for levels,
levels are marked with black horizontal lines,
"long" and "short" are directions of trades opened (each marked with a letter from "a" to "b")

and finally the yellow line - the price itself, does not it look like a trajectory of the ball jumping between bricks? lol
you can call it arkanoid, you can call it Super Mario, call it as you want as long as it works!

And here is how it looks to be traded live just for explanation purposes (2nd picture).
This is the tick chart, a lower tf to the 1 min chart.

each "set-up" on 1 min corresponds to the deal on a tick, "a" to "1", "b" to "2" etc.

the 1st sell was opened at around 1330.60+ and it was a sell, usually my tp should have been at previous lvl = where long "3" was opened, but I saw a nice level to be tagged much lover which I was sure we are going to on a higher TF so I placed my TP right under the low before I entered long. Yes this long was in a drawdown for several hours but you remember that spike down? My TP was slipped so I got additional pips, I hate when my stoploss is slipped due to spike but slipped take profit is (and we tagged a lower level on a higher TF a just said)
2nd deal was a buy, on a ticks you can see a swing I bought from much more clean than on 1 min don't you? TP was right above previous high.
3 and 4 and 5 are the same and what I like with such trades is a minimum drawdown and you catch almost all moves, so while 4h or 1 day chart traders are making their decision you are pipping on ticks with such face
There is nothing wrong actually to trade 1h,1d or even 1week charts, they are to be traded the sameway! I just can't wait for such long lol.

Attached Thumbnails
Arkanoid trading (supports and resistances respected and broken)-gold-chart-1.jpg   Arkanoid trading (supports and resistances respected and broken)-gold-chart-2.jpg  

Last edited by uncharted; January 15th, 2018 at 06:22 PM.
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