Exercise 2
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Hi everyone, Dave here, please comment I my first post if you wish.
I have 2 attachments here, the MOR is for the 1st June. I have looked at the 10am, 11am, 12pm and 1pm candlesticks as ETX is 2 hours ahead.
Looking at the charts as they have finished, on 2nd June, I would take them both to indicate a strong buy
What I am not quite clear on, (and the last questions in quiz 2 illustrate this ), is do we still think of control being with the pulse, until a pullback completely cuts through the last swing high/low? It seems we could, with these charts, get a very large pullback but still, technically, be with the strong buy.
Cheers,
Dave.
Hi Dave, MORs are looking good 🙂
Don’t forget to reference the daily chart when considering control. In EURUSD buyers have control, in GBPUSD it’s currently sellers (I’ve attached a couple of screengrabs).
You’re thinking about control in the right way… it stays with the dominant party until a swing high/low is taken out, so you can expect to see pullbacks, it’s healthy trending price action and you’ll see shortly how we measure it with fib retracements. We want to be poised, ready to fully participate when momentum flows back in the direction of the pulse. Remember its all about taking a directional bias at this stage, we want to stay positioned to trade in line with the path of least resistance and you’ll see shortly how we double-filter the actual trade entries via the Daily Opening Range.
Thanks Rich, I’m clearer on it now. I must remember when to look at daily charts, and when to look at hourly charts. Enjoying the course so far!
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