A trader walks through live forex chart analysis using ATMA levels to spot trends. He's hedged his account with 30 lots running an automated system, set to lose $2,400 to $3,000, and plans to use daily profits to shrink the hedge as price action unfolds.
How's it, Oaks? Check this out. Paradise. Absolute flipping paradise. Let's look at the charts. Cool. So let's not do that. Let's not do that either. See the peaches. Proud my brain. Cool. So zooming in. Okay, so we've got this is candle one, this is candle two. Optical illusion. You can see here that the corner, this corner of the candle is below the atma, but this corner is above the atma. You must always look where the candle closes, the previous candle closes and where the new candle opens to determine if the candle is above or below the atma. Unless of course there's obviously like a huge gap down. Okay, so you can see here that the second candle is open below the atma, which means that we're in an uptrend. So I hedged my accounts, full disclosure, I hedged it by 30 lots and then I started the EA and I don't want to lose $3,000 on the hedge, $2,400 on my hedge and just close it. So I'll use the profits that I make during the day to chip away at my hedge and just get rid of it. So that's my plan, that's what I'm doing. And I'll keep you posted. So currently we are north and we're in that supply zone again between the supply zone and the demand zone. So yeah, you can see this gray area here. This gray area, this gray area is an overlap of the demand zone into the supply zone. So that's why it's gray. Okay, so we're in between buying and selling. We don't know which one is going to take precedence because we need price action to see that. So we're just waiting for that and then we'll know. Hopefully we're going to go north and that's it. So I'll see you Oaks, on Monday and we'll chat more. Cheers. Have a good weekend.
Double bottom forming - Gold ready for $4000 #trading #technicalanalysis #xauusd
