European Forex Professional Weekly 2009-12-03

Sentinel

Sergeant
Messages
153
Confluence

Looks like the confluence area at 1.4820 - 1.4830 is perfectly holding. Yesterday market closed just above it and today it is again above that level. What is your opinion on going long when it penetrates above 3X3 MA with a stop loss at below Agreement & Conflence coincidence at 1,4740 (Bushes)?
 

Sive Morten

Special Consultant to the FPA
Messages
13,800
Well, you need a context to trade. What is your context, ie, why you would like to go long?
Nevertheless, the moment concerning stop placement is good.
Sentinel, what is the role of 3x3 penetration in your context? I think that i do not understand it clearly.

Sive
 

Sentinel

Sergeant
Messages
153
Well, you need a context to trade. What is your context, ie, why you would like to go long?
Nevertheless, the moment concerning stop placement is good.
Sentinel, what is the role of 3x3 penetration in your context? I think that i do not understand it clearly.

Sive
You are right, it seems I have no context to go long. 3X3 penetration is just a justification of a search for a reason to long. It seems I don't want to miss the opportunity to have three confluences in a row (one of them also an agreement) and a stretch.

Maybe I should remember Joe words "I prefer losing an opportunity than losing money".
 

Sive Morten

Special Consultant to the FPA
Messages
13,800
Sentinel, it's very good that you see stretch and other staff. But the Confluence as it is not a signal (Although sometimes it has a quality of directional indicator).
Besides, be carefull with Stretch. It' very tricky signal. Sometimes, market goes up and down for some days, before stretch shows power (just look at the previous one, it was mentioned in some topic on forum)

Sive
 
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