Date:Sat Dec 21 2024Tokyo:0:01Sydney:2:01New York:10:01London:15:01CET:16:01
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Okane's Diary
Okane
Posts: 1,282 admin
Posts: 1,282 admin
I will share some info about my trading here!
I trade EUR/USD mostly using support and resistance lines.
My strategy also includes a couple of Moving Averages and Stochastic Oscillator
for some extra confirmation.
I trade EUR/USD mostly using support and resistance lines.
My strategy also includes a couple of Moving Averages and Stochastic Oscillator
for some extra confirmation.
Comments
Moving averages are great tools for confirming support and resistance areas.
I already had my line drawn and I was anticipating a lower high to touch the line.
On the M5 and H1 the SMA 50 was at the same price and the EMA 200 at the same
location as the SMA 50 but on the M30 time frame. Analyzing the candlesticks you
can quickly see how my line was placed at the exact same location where price
fell significantly just hours before. Stochastic oscillator was overbought on M1, M5 and M15.
Another factor that played its role was time. I usually place most my trades at or near xx:00
or xx:30. In this case price touched my line at 14:57 (Metatrader time!). There was an extended move
but my line eventually held strongly and the trade ended ITM! Together these factors gave me
plenty of information and confirmation needed to pull off a successful trade.
See attached pictures below, showing M5 and results.
Another put option. Another bullish retracement
took the pair up to previous support that now acted
as resistance. I didn't trade the first touch because only the M5 was
overbought and other time frames were strongly oversold on the stochastic.
I took the second touch which happened to touch the EMA 200 on the M1 chart
but I was more relying on the price action showing this area would become resistance.
I wanted the 18:00 candle to close below this line, which it did.
This resistance line was based on "price action". Studying candles I spotted
an area where bearish candles dropped significantly. I studied time frames M1 all the way up to
H4. My line was adjusted with the help of EMA 200 and SMA 50.
Stochastic was overbought on M1, M5, M15 and almost on M30.
M5 oversold and trend was bullish at the time. A strong bullish candle
shot the price up significantly to my favor!
Doesn't seem to work... Maybe I am doing something wrong? I can upload via a link but not
as an attached file.
in Sweden the moment I am writing this. Sometimes EUR/USD provides great trading opportunities
during these hours. Here are a few of my trades. As usual I based them on support and resistance lines,
Moving Averages and in accordance with Stochastic Oscillator (Overbought/Oversold levels).
The clock is important too, I usually enter my trades around either xx:00 or xx:30 as you will notice
in my pictures.
I waited for the bull to get tired and entered thereafter.
Took this at 1.11971. Resistance area that was near my
moving averages on different time frames.
Drew a resistance line were previous H4 candles had closed, indicating strong
resistance. Took a 15 minute trade here.
Price came up to previous resistance with overbought levels on the Stochastic
Oscillator. Took a 20min put.
Took this 15 and 10 minute trade.
I take trades when an opportunity shows up, therefore, sometimes
there can be a long period of time between two of my trades that are taken
during the same date. First one was taken late during the night. 15 minute expiry when
M5 retraced back up to my SMA with overbought on M1, M5 and M15 on the stochastic oscillator.
Second one was taken during the day with a 10 minute expiry, also using SMA 50 and overbought oscillator as
indication for a valid entry. As usual, I also use "the clock" as an indicator.
Notice in the pictures below that one is M5 and the Other M1. In the latter, M1, price was actually
just above the M5 SMA for a brief moment on the M5 chart where my resistance line was. Then it dropped down below
the M5 SMA.
my second monitor.
Took this call option when EUR/USD touched my support line.
I only went for a 5 minute trade because price is in a serious downtrend.
Candles were exactly where I wanted them.
EMA 200 as resistance on M15 and SMA 50 as resistance on M30
with overbought positions on the Stochastic Oscillator all the way from M1 up to
the hourly chart provided a good setup to enter a put option.
M15 chart. I noticed my resistance line was almost 6 pips
below the SMA 50 so I wasn't exactly sure which one to trust.
I chose to wait and I saw that price reached my line, broke 1 pip
above it but started to meet resistance immediately.
So I chose to trust my line, stochastic was overbought on several time frames too.
Took a put option for 3:45 (MT4 time).
time frame and EMA 200 on the M30 time frame. Stochastic
oscillators were all overbought up to H4 time frame.
Trend is still bearish so this was a retracement, creating a lower high.
Took a trade for 16:15 (MT4 time).
About 12 pips ITM which I am very happy with cause I investet 400€ on this one!
I had in place based on analysis on the H4 charts.
Stochastic was well overbought on time frames from M1-H4.
My first put option however, was at a resistance level further down and
it turned out to be a loss. This was my second loss out of my latest 10 trades.
I hate losing :P. It was only a 80€ loss and I recovered almost all of this amount
with my next trade at the H4 resistance that I mentioned above.
Here are both entries:
Everyone familiar with Stockpair's latest
types of options?
Knock In - Knock Out =KIKO
The best part is the no expiry part!
Binary Options are hard due to the fact that
choosing expiries are difficult.
Remove that factor and you can use your price action
analysis to pick perfect entries and win whenever price reaches
to your target, totally independent of time.
Here is one trade I just took, so far 3/3 with KIKO.
So I will show you a picture of M1, M30 and H1 which played
the biggest roles in this trade. The first questions for me is always
the "where". Meaning, where is my entry?
Hence, I need to find places where Forex traders will buy/sell so called
support and resistance areas. I use two EMA's to help me set up my
S/R lines. SMA 50 and EMA 200. Oftentimes they are both approximately
indicating on the same area acting as S/R on different time frames which
further increases the chance of the S or R working out.
In this scenario, SMA 50 was acting as support on the H1 time frame.
On the M30 however, the EMA 200 was support at almost the same price, +/- a few pipettes.
Also, studying candles on the H1 I could see this area had acted as both support and resistance
earlier and seemed pretty strong = because many candles have touched this level earlier, hence the strength.
Then I went to the M1 to get a more accurate entry when a candle came down to touch my S line and took a 10 minute
call option.
*** OBS Important! Stochastic Oscillator was oversold from M1 all the way up to H4.
Notice the accurate entry at the lowest point possible!
So far 4/4.
Here is today's trade!
Missed a couple of decent opportunities but finally
price dropped to a support line that I had placed since last week
that I knew was pretty solid. I didn't trade the first and second bounce
because it wasn't near the line enough and the "clock pattern" was not satisfied.
EURUSD often retraces near XX:00 or XX:30. In this case; clock was almost 9:30 (which is 10:30 MT4 time).
I entered at 9:27 and gave it till 9:35 so 8 minutes in total.
Price was near EMA 200 on the hourly chart with stoch overbought
from M1 up to M30. Good enough for an entry. I wanted price higher up
to be honest but this was pretty close to the resistance line I had there.
Movement is of course bearish on the Euro Dollar so going
with the trend is best. I waited for a retracement first.
Price came up and touched the EMA 200 on the M1 chart.
I usually don't trade based on the M1 and this is case I had a resistance
line that was there from before so I knew that area would supply
with sellers in the market and Stoch was overbought on M5 too.
Price was making many lower highs and a Monthly support was further below
so overall everything indicated price would fall further even though all time frames
were not overbought on the Stoch.
Went with the trend because it is my friend :P.
Stochastic was overbought as usual, I usually only take
trades when the Stoch is overbought on at least 3 or 4 time frames.
My support and resistance lines however, are the real heroes!
They tell me exactly when to enter trades. I get a little bit of adjustment for my
lines using EMA and SMA. Together I get perfect entries.
Check this out, price retraced up to my SMA 50 on the M15 chart and
the Stochastics got overbought from M1 up to M30. I entered the trade where
the SMA intercepted Fibopivs pivot level. (average resistance/support).
I gave this one about 14 minutes. From 12:21 to 12:35 (MT4 time)
news and more news and no good opportunities.
So instead I drew a line at 1.07000 and said to myself;
"Well, I hope price gets up there sometime today so I can take a put".
6 hours later, (yeah being patient means you need to wait a loooong time for a trade)
I saw price reaching and just touching my line, I didn't hesitate for a second when I clicked
"Buy". I invested 150 instead of the usual 100 because this was a high probability trade for me due to
my line intercepting the EMA 200 on the hourly chart and so many overbought stochs!
Price action seemed important here and it sure was! Nice win!
Using my S/R lines with the help of my moving averages and stochastic
I took two winning trades today. One call option and one put option, both ITM.
Always look for strong S/R areas and adjust them with MA's.
Make sure Stoch is overbought/oversold on at least 2-3 time frames.
Congratz Okane, Did you use the Pivot Resistance in that Eur/USD Call?