BREAK MY PREVIOUS SUPPORT AND LOOKING SELLING AT ROLE REVERSAL OR 38.2
This is how I see GBPJPY: http://forex.today/you-are-watching-gbpjpy-right/
You didn’t see the 61.8% fib. Bears don’t sell at MM2 or WM2. Bears are going to sell at the 21 though so if you are a Bear keep an eye on that. As a Bull I’ll defend support with all the other Bulls that want to get this up to the MM4 or MR2 – and because price is low I know there will be others.
Do you ever notice how when price is high you don’t sell it and when price is low you don’t buy it, instead you find yourself waiting for price to fall from resistance and then sell it at support OR wait for price to rise from support and buy it at resistance?
I mean no offense at all – I understand because I used to do it too. It’s difficult not to because we need confirmation to prove that we are right… Here’s how I see it thanks to Wayne’s teachings – there are two places I can sell – M3 and the profit-taking zone. There are two places I can buy – M2 and the profit-taking zone. The only exception is a moving average in a trending market – we must be trending though. Anything else is gambling. The reason it works is because pro’s do the same.
“The price is an integral part of every complete judgment relating to securities. In the field of common stocks, the danger of paying the wrong price is almost as great as that of buying the wrong issue. The new-era theory of investment left price out of the reckoning, and this omission was productive of most disastrous consequences.” – Benjamin Graham, Security Analysis, 1934 Edition
Joel – keeping an eye on price action since last night. I note that price has not broken that resistance. We have Services PMI coming out shortly… We could move lower to WM1/ WS2 pending news result… I still stand by what I said though – Bears sold high at the weekly target, not down here… This might head lower though this is not a sell zone…
thanks for the info sell when price is high and buy when price is low
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