Lewis Nicolson
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Hi Ron,
Everything looks good to me! 🙂
You said that all the charts took into account the directional bias of the DOR, does this include the MOR as well?
Cheers.
Lewis
I missed the move today, might try and get in later if it breaks away for that gold line i’ve marked
Cheers for the feedback.
I actually traded this this morning aiming for the gold line at 9oclock, It had been steadily increasing overnight and i thought if it doesnt go bearish from the DOR then it will rally up to that resistance.
I gave it a score of about 50%? since i didnt let the market prove it was going to trade above the DOR, but i knew what levels it would probably go to if it went in my favour. Also, the risk to reward based on the size of the 15min candle was ok, however the candle had quite a large wick on it. I got stomped out via trailing stop, but profit nonetheless.
Yip, thats my thoughts exactly, I’m praying that it breaks through so we can jump on board the profit train hahah
Sounds good to me Simon! 🙂
When you explain it like that, it makes it seem so simple haha. It was a particular good trade to take as well, cause it had been bearish for about 2 weeks.
Do you think it will break past the resistance thats in the daily chart?
If you go into the weekly chart then you will see huge price action at that level.Me personally, i think support and resistance is the bread and butter of trading. If you think you are having trouble with that area of trading, then just remember, google is your friend. there are lots of articles and web pages about it. I would even go as far as to say Wikipedia covers the basis of it pretty well. theres a link there; https://en.wikipedia.org/wiki/Support_and_resistance
Glad i could help 🙂
Lewis
I agree, I was only going to trade this tomorrow if the market started trading below the DOR (as it will be moving below the MOR anyway).
I see that it is in an uptrend, but i think the market is going to come back down to touch the support and then bounce off to continue back on its uptrend? I think i might try trading it if the entry signals are below the DOR? I wouldnt try and aim all the way to touch the support, i would take profits way before the line.
*edit* also, i think i might wait for it to pass down by the 38.2 fib level, cause i think there will be some fighting in the buying and selling at that level
Cheers Simon! 🙂
Hi team,
It is actually a good idea! Looks like the demo account is coming back out for a couple of months.
In regards to the EUR/USD, there is a peach oval inbetween the peach rectangle and blue rectangle, that will probably be my first target to aim for. But i will only enter that trade when the market moves above the gold line, and DOR and MOR is in my favour
Hi Dave,
I’m not looking to take profits weeks ahead as such, but I’d like to think that in a weeks (even a months) time the market will have moved in that direction. If it doesnt move in that direction, then it doesnt move in that direction. All that I’m am doing at that stage is giving myself reasons to enter a trade and targets to aim for.
On the day when I pull the trigger on a trade, I will aim to only make sure that my risk to reward ratio is in my favour. As Rich said to us in one tutorial was that we only need 4 trades out 10 at a 2:1 ratio to come in to turn profit. Days when the market has shown movement then i will let it run up to another indicator (but that still makes me nervous).
I am ALWAYS using MOR and DOR. The ONLY time i will not use MOR is if the DOR opens above a support/resistance that will let the market come down to retest its structure regardless of the MOR. but ignore that for now. Only focus on what rich says.
The peach rectangle is an area where the market went into slight consolidation (where it didnt have any obvious direction) so there was a lot of buying and selling in that area, That means that people will more than likely be using that target in the future.
I will only enter a trade if the 15min engluf candle signals and sometimes the 5 mins moving average signals. BUT i will ALWAYS trade ONLY when these signals have shown.
is it fair to assume everybody in this course has came from OMT rich? Just incase we are talking about it and people get confused?
John, I think we should definitely try a ‘OMT variant’ and then compare the results over time!
Cheers guys! 🙂
I think its fair to say that a lot of us have come from OMT to this course, and i think what you would need to watch out for is changing OMT to adapt to what you think the market is going to do next. The thing that makes OMT so powerful is because we are literally using the same methodology over and over again to turn profit, Once we start moving away from its solid structure we will miss out on times the market moves in our favour (and when the market doesnt). When we start adding in our interpretation based on indicators and such, there is no guarantee that that will happen.
Although am sure Rich would have a much better understanding of it haha
cheers
Lewis
Sorry, got another question (I’ve been glued to the markets today). Where would you expect the trailing stop to be at this point? From the hour chart? should it be just below the sell entry to break even?? I know its a matter of preference, but im not really sure how i would play a scenario like this
Another trade opportunity? Its actually very similar to the GBPUSD in terms of reasons to enter the trade.
Would plan on entering the trade (anywhere above the yellow line) if the market breaks above the support and resistance in the blue rectangle and breaks past the highest high of the current uptrend. Would aim to take profit around the purple line, but thats a pretty far stretch so maybe take profit here and there to that purple line or the fib 161.8 level. That would depend on how much the market moves upwards though.
Also wouldnt want to aim any higher than the purple line because the support and resistance in the peach rectangle
Thanks in advance,
Lewis 🙂
