The 1.085 level isn't looking awful for a long position. I do have two issues with it though: The level has been retested several times in the last 24 hours. The hourly chart is looking really good for short positions at the moment. I'll only take a ...

Mike's EURUSD Trading Room

No dramas at all. I can't remember if there's a duplicate object function in MT4, but the biggest thing is that I tend to use equidistant channels when I set them up - yours aren't quite equidistant (distance AB is not equal to distance BC). I can ...

Mike's EURUSD Trading Room

If you want to setup your charts the exact same way I do then they're technically not quite correct... however as long as they're fulfilling the basic purpose of locating prices at which there is likely to be an imbalance of selling/buying interest ...

Mike's EURUSD Trading Room

That was the exact video that came to my mind when I saw this thread

how to see markets on car infotainment system

G'day At the moment I'm only really looking at that 15-minute channel. If I see an ADX trigger (bullish momentum line above 40) on the 1-minute chart coupled with some price action confirmation on any time frame at the 1.0925 level I'll be in for ...

Mike's EURUSD Trading Room

It's great to see a bit of discussion going on! I trade the Asian session infrequently. If there's a really big move that appears unsustainable I'll usually try to fade it before the London open, I'm often out during the day though given I live in ...

Mike's EURUSD Trading Room

This is actually the best thing I've read all day. The worst and yet best part is that it is completely true... I have to be completely in the zone while trading, there's no way I could look at charts properly while driving without having an ...

how to see markets on car infotainment system

I hope you find it as useful as I have. Interestingly, you'll hear a lot of people proffer the advice that new traders should stick to higher time frames initially as they are easier to trade. I'd say this is sound logic however the problem is that ...

Do you think monitoring your trade too much can be hazardous?

I would add that the book "Hedge Fund Masters" by Ari Kiev discusses this issue in great detail. I found it very helpful in my journey.

Do you think monitoring your trade too much can be hazardous?

I agree with Keenpips post, I would add however that it depends on your emotional maturity as a trader as well. If you tend to close trades too early a lot of the time, perhaps you should try a "set and forget" approach where you set a TP and SL ...

Do you think monitoring your trade too much can be hazardous?

Hi there, My channel array idea is essentially a pitchfork, yes. Having said that, I manually draw the original channel and then duplicate it to either side. There may be an easier way to do this with cTrader however I'm not aware of one. Doing it ...

Mike's EURUSD Trading Room

I ended up calling it a night around 2 hours before the NY open yesterday, but here's the 15 minute channel array I setup. You can see that there are a couple of really nice setups that came up after about 2100hrs on the chart. Still happy with the ...

Mike's EURUSD Trading Room

Hey FSUtrader, it's no trouble at all. The ability to draw those shaded rectangles actually comes standard with the platform I use (cTrader). Some objects have an opacity setting so you can make them as transparent as you like. I am not aware of a ...

Mike's EURUSD Trading Room

That's one hell of a trade! Sounds like you've picked the absolute market top, rolling in it I was pretty frustrated with myself on that short trade... still it's in the past and we can only control our actions in the present. I picked the ...

Mike's EURUSD Trading Room

Afternoon fellow traders! I hope you've had a splendid weekend. Time now to get back into the thick of things! While writing up this post, a short entry came up that I decided to take. Unfortunately I hadn't put myself into the correct mindset for ...

Mike's EURUSD Trading Room

What was I saying about taking long trades from areas of price action confirmation? I took a long trade from that reversal area you can see on the 15-minute chart two posts ago. It is always good when the first trade of the day goes my way. I ...

Mike's EURUSD Trading Room

Hi Julian, I used to use the ADX on all time frames, but that was back when I was addicted to technical indicators... The main reason I don't use it on other TFs is mostly because I've found using it on the 1-minute chart to be the most ...

Mike's EURUSD Trading Room

8th of January Missed a big one early in the morning today. The price headed north right up to the top of my hourly trend channel and posted a nice set of reversal candles right before the Asian session began. My preference at the moment is short ...

Mike's EURUSD Trading Room

ADP Unemployment Data: Forex Factory unable to cope. Scientists are baffled at FF's inability to cope with high traffic...

EURUSD

Cleaned up a nice short on the EUR, however I now have egg on my face after the ADP data. That gap though... image Mike

Mike's EURUSD Trading Room