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  1. #1
    Rookie Member NewToThisWantToLearn's Avatar

    GBP/USD Call. M1 to M30 oversold. Bounce from trend and support. !!!

    Trend is bullish. Support set at 1.46730. Price dropped to 1.4677, a little above my trend and support. M1 to M30 were showing oversold. Waited for stochastic to cross on my M5 chart and bull candle to close. Placed a Call with M30 expiry.

  2. #2
    Rookie Member Brooksley's Avatar
    Hi I'm new to trading can you explain the a live in simple terms for me? Thanks

  3. #3
    Rookie Member NewToThisWantToLearn's Avatar
    Hi Brooksley.

    I am also a Rookie member having just joined in March. As you can see, this trade didn't work too well for me in the end but you win some you lose some. For this trade I looked at the charts for higher time frames to see whether the underlying trend was bearish or bullish before drawing my trend line on the H1 chart. I also looked at the higher time frames, working my way down to the lower ones to identify my support line. I have a stochastic indicator on my charts set to the default 5,3,3, which was indicating oversold. I then moved down to my M5 chart and waited for value line to cross the signal line, heading up and for a bullish candle to close, giving an indication that price would rise. That's when I placed my trade.

    Since joining CommuniTraders, I have worked my way through the school, trying out different strategies and learning about different indicators. I am now trying to focus on price action and only using indicators for confirmation.

    Everything I have alluded to here can be found in the school. There you'll find more in depth, clear explanations with examples to help clarify. I would recommend working your way through from the beginning. Has certainly helped me and yet I still have much to learn.

  4. #4
    Legendry Member milos's Avatar
    Keep trading! More luck the next time. Be brave. Happy trading!

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