@ElliottWave25d, First, I generally follow the weekly channel on FOREX in this case the channel indicates the start of a bullish trend. Second, I do not draw them often on the chart as I can just see them if that makes sense there is a nice bullish trendline & channel on the hourly chart from late febuary to today. The last pullback bounced right off it. Thoughts?
@william.paquet.5, Thank you for your reply. Yes on weekly chart price is in the ascending trend channel, but if that is trend or correction wave of the last impulsive wave down stays questionable for me.
@ElliottWave25d, I can agree with that - My overall trading plan works best on many trades then a few to reach my goal of 40% ROI a month (Which is the goal) I like to just take a hour in the morning and at night to quickly place trades.
@ElliottWave25d, Check out my EUR/CAD trade on March 29th - I included my overall trading plan on there though, the plan is flexable and I change it up monthly a little to meet the numbers and reach my goals
@ElliottWave25d, I also see the resistance it has to go through - it is strong bouncing off 3 spots in the above chart. This is the main reason I currently set all my trades to a risk of 1 to 4 eventually if the trend holds the resistance will fail. My risk reward allows me to take that risk so to speak
@Vercingetorix, Will do :) - In my plan I adjust the R/R of my trades monthly till I get where I want overall. I run 2 accounts a live one and practice one. The live one I limit to 4 trades while practice I do all the rest of the trade setups. I keep my watchlist with the pairs with the highest win percentage on top. This way my real account which I do first gets the better pairs so to speak.
Nice. Well we finally broke through and according to my advanced calculus skills (lol) I see resistance at 0.9698, 0.9734, and 0.9775 on H1. There's a nicely formed max butterfly also on H1 with upside potential to 0.9844. We will see. I do the same with practice accounts; they get beat up pretty badly, lol. Take care.