Robinson, good analysis on the retracement risk but I hope you realize this is not a normal week for USDJPY with the BoJ decision on Wednesday. No matter what side, your stop is not safe after the decisioon is announced.
I suggest reading my latest updates in Common Sense Trading.
See that Red line – previously Support – now it is an important resistance – 154.400 !
Before it goes over it, there is no way to predict that it will go up from here.
Look at that Channel trend line down there –it is at 148.650 – big open space ….
Trading wise : we have tremendous data in next 3 days , including FOMC – taking a position is pure guessing and gambling.
Way to trade if you insist is to go with smaller time frames and avoid being in a position during any of the data – check our Economic Calendar for timing.
Welcome Lores ! Feel free to participate as much as you feel like it.
Please explore the site fully, so you will get an idea what you can count on.
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Good Afternoon, Bobby. I was using our Pattern system in combination with MACD, and it genuinely works; however, I’ll need some more real-time trading fully understand and experience it so far I’ve looked at past data and it shows it has a very high success rate.
Good’s – I have never used any kind of Envelops , so can’t really help you with it.
I find them all kind of useless for me.
Also, please avoid any kind of profanity, as you might find that some of us here have a HUGE experience in using it , and still don’t let our mouth run wide.
To set up a moving average envelope on MetaTrader 5 (MT5), you can use the Envelopes Indicator, which is a standard trading indicator that comes with the platform:
Choose a base line, such as a moving average (MA)
Decide whether to use a simple moving average (SMA) or exponential moving average (EMA)
Select the number of time periods to apply
Set the percentage deviation to determine the distance of the envelope lines from the base line
Set each envelope at the same percentage, above or below the moving average