My FX Trading using Median lines

[James Austin]

exit target 131.10 just missed (pink arrow)

i like to draw up more than 1 ML set to see what other S/R might be about, as the chart shows (yellow circle), there was potential resistance 10pips above my exit target 131.10

here's a setup i've had my eye on this morning.

price bouncing off the blue ML, with expectation it will act as resistance and price will move down.

EURJPY 20min
short 131.64, stop 131.79, exit 131.10

 

[James Austin]

triple bottoms on AUDUSD encourgaed BE close

higher low and close on topside of ML on GBPUSD encouraged early close -10

except for Monday, this week has offered me little re ML opportunities, . . . . it's a skill knowing when to step back, walk away and be patient

 

[Kryzz]

Do you have any sort of trend filter etc (higher timeframe perhaps) with your trading James?

Seems that GBP/USD short was quite a counter trend trade

 

[James Austin]

the trade was encouraged by the deflection away from the ML (black arrow), and the lower lows (purple line). having sad that, i knew i was pushing my 'luck' with this trade because the ML set wasnt the best quality, or well confirmed

Do you have any sort of trend filter etc (higher timeframe perhaps) with your trading James?

Seems that GBP/USD short was quite a counter trend trade

 

[Mr J]

That purple line could also be interpreted as a higher low, coming back to test support at a previous high. I'm also getting a different pitchfork to you, as that purple line is where the pullback touches the median in my data.

 

[James Austin]

put up your fork and pivots please Mr J, and where's your data feed from?

That purple line could also be interpreted as a higher low, coming back to test support at a previous high. I'm also getting a different pitchfork to you, as that purple line is where the pullback touches the median in my data.

 

[Mr J]

Using IB data. I didn't see your third pivot, so that would be what is different?

Also, yellow line is support/resistance, and the purple and blue lines show the different ways of interpreting that wave (i.e. that pullback where you wanted to short is not necessarily a lower low, I'd consider it a higher low myself).

Bah, forgot to remove the crosshair before I took the screenshot.

 

[Trembling Hand]

Bah, forgot to remove the crosshair before I took the screenshot.

I think you might be able to make a system out of that. It seems to be acting as support