For Loz and all those that are experts on UGC. I could do with some advice.
I bought UGC at the weekend so am still very new. I set it all up, works like a charm, alerting me when there are signals. Yesterday on the EURJPY 1H timeframe I got the following signal
The signal I am referring to is the red arrow to the right(not the blue one). I checked the support and resistance levels and this looked like a good short trade to me. Anyway subsequently the price went the other way. Did I get this right, or have I totally missed the point?
you missed one element, the break out of the support line to warrant it a good signal, you're better off only taking the signal when there is actual movement behind the signal in a ranging mode, not a side ways mode.
Ok, well been watching this week. Focussing on 4H and Daily charts. There are two signals that came up, I took one and missed the other. Would be useful to know if I am getting the hang of it.
Trade 1 The first trade is on EURGBP 4H. Below is the chart
This was what I believe to be support and resistance lines. So I jumped on board as per the above with a 50 Pip profit target which got hit. I had actually been watching this for a few days prior and could see the down trend, however I waited for the signal and made sure it had broken through. Was this a good trade?
This trade has only come up today, however not sure if I should have traded or not. Its on GBPUSD 4H. Below is the chart
Just before the signal, it had broken through 1.45172 resistance level. However at the time of the alert it was actually just below. I was tempted to jumb on board, however as still learning held off. I left it for 30 mins, came back and found it as you see the chart now, it had jumped up quite a bit. The question is should I have traded at the time as it had just broken through the resistance line. Also is this still a live trade at the price 1.45500 upto the next resistance level.