hi sive, thanks for the daily help.. we are so glad to have a great coach like you.Can you help me a bit more,i do not get where to enter Usd/Chf...??the stop will be around 0.9300 and take profit could be 1.0060..waiting to hear from you.Thanks again
GoodLuck
Hi Lolly,
Well, current situation makes me think, that market could show a bit deeper retracement on USD/CHF - may be to 50% or even 61.8% support, that we've discussed in video.
At the same time stop at 0.93 looks too deep. Because we treat weekly price action as a rejection of so low price level and market didn't accept it. If it really so, then it should not return back to this level prior to nice retracement up. If it will still happen and market will accept this level by showing deeper and deeper retracement, this will tell us that possibly our context for weekly trade has been canceled. So I think that placing stop somewhere between 0.786-0.88 Fib support is logical. (may be even between 0.618-0.786).
Sive I am totally new person, wish to make this as my carreer eventually. I do not know how to start. I just read onebook named "The 10 Essentials of Forex Trading" by Jared F. Martinez, but when I tried to find trend lines on demo account I could not do it. I wish to make it my carreer in long run, can you please help how to start in the beginning?
Thanks
Anil sharma
Hello, Anil.
First of all, you need to know the basics - trend lines, classical patterns, major indicators and other stuff before choosing the particular strategy for trading. I recommend you to start from Jack Schwager "Technical analysis" book. Or John Murphy "Technical Analysis of the Financial Markets". They are very similar and, say, classic.
After that you may shift to choosing the particular strategy. This choice if very personal, because the way of trading should corresponds with your personality and other factors.
If you like my approach, then you can read Joe DiNapoli "Trading with DiNapoli Levels" and Leslie Jouflas "Trade what you see".
Something like that. In fact, the choosing of own trading strategy is a long way to go. For example, I have read a lot of different books - couple Nisson's books about Japanese Candles, Schwager, Murphy, DeMark, Nili about Elliot Wave trading method, and others, before come to final conclusion.