Hey Johnathon a really nice example of Price Action at work and with a minimum of indicators! I love clean charts.
The Euro pairs had some nice pullbacks last night and I played a similar set-up to the one you've posted but on the EUR/NZD.
Trading with the dominant trend price eventually pulled back to a relevant swing zone that I have highlighted on the Daily.
I scrolled down to the 4 hour charts (which is about as low as I personally like to go) and a Bearish Engulfing bar was able to trigger me into the trade. One Price Action signal like this per week can make you a rich man!
Looking forward to swapping more PA ideas with you as we go along.
Nice looking setup just 3 things trend, support and resistance level and setup bar, that looks like a real user friendly way to trade. Simple is often best so many people over complicate things, this is a simple set up with good edge but i suppose the trader has to have the patience to wait for these to come up?
This was a sweet trade from a nice S/R level, thank for posting this trade it made some nice pips for me. A nice Price Action signal where old resistance becomes support its a bit tricky to see 12 hour bar on mt4, but an experienced eye can pick it up, I guess especially if you have a nice horizontal line marked.
Money Management seems to be a big part of what you do also, protecting capital by moving to break even after taking some money, seems to work well for you as well.
Nice work thanks for sharing again.
Price Action setups this week have been very minimal this week as price has been moving to some very clear and important levels.
The EURJPY has been in a strong downtrend for 12 months. Taking shorts from pullbacks in this market has definitely been the correct play. Price has been rotating higher into previous support. We would look for this previous support to hold as new resistance and for a clear Price Action signal to get short.
If this resiatance level does not hold it could signal a more significant move higher.
EURJPY DAILY CHART
The USDSGD has broken lower of an important support level which could signal a move lower. We would look for price to retrace to this old support and look for it to hold as new reistance. If Price Action presents at this level traders could look to get short.
The chart below is a 4hr chart showing that the most recent momentum has been to the downside. Trading on the intraday chart with the momentum in your favour is a much more favoured method than trading against it.