(1) Price climbed into an S/R zone (resistance) and a BEEB (bearish engulfing bar) was formed at the swing high (with price consequently falling lower)
(2) Price pulled back into the S/R zone (now support) from a higher point, and formed a BUEB (bullish engulfing bar) at swing low (with price subsequently climbing higher)
I’m currently waiting for price to pullback to the same S/R zone (old support / new resistance) and form a bearish PA signal (e.g pinbar, BEEB, bearish 2BR) allowing us to short from the level.
I may ask a question, what is your winning ratio using PA, and do you trade only A+ trades? I go through charts, and i can see number of other, more questionable opportunities, do you pick those as well? Could you post some? Do you usually work around SR lines, or do you happen to jump in a middle of strong trend as well.
How do you work in this very volatility out there, i am affraid to touch eur/usd for past few days.
There will be some action here. What do you usually do, wait for the next candle to confirm the direction? What if it will be doji? Wait for another one?
Hi Dudest, I do like the look of your trade plan, thanks for posting.
If the scenario goes as planned, would you take the first signal that appears at the S/R area or could we expect a retest which may jeopardise our stoploss?
Its a strong S/R area so I think I’d take the first signal, is that your view too? Keep up the great posts!
Thanks guys, I just realised the retest would be likely if price breaks up through the S/R line, giving us a possible long opportunity, but less likely if its a good sell signal as this would be with the trend.
Assuming I have the funds at the end of this month (after an expensive house move!), I think I’ll be joining you! I have exactly 12 months to the day (Happy Birthday to me!) before I retire from the forces, and have to be absolutely convinced that I can hack this!
Anyone have any thoughts on this pin on the NZDJPY D1?
The pin is big and obvious and formed at a nice level. However it is counter the recent trend and the BRN at 63.00 is right around where the entry should be.
This is what my lines mean:
Dashed red line = SL
Dashed purple line = entry
Dashed green lines = TP points
Solid pink lines = S/R
wow that looks good to me…but i have a hang up about it
the yen pairs are all in a spin but the worrying thing is the usd jpy has passed through what seems to be a major resistance line and it is now using it as support… there was reverse head and shoulders today that i caught the action on…(UJ) and this is what broke through resistance.
so all the yen pairs are looking bearish…but the usd yen pair is sat on a rock solid support line now …and the prior candle was an inside bar…but not a drastic one…(ie the candle before it is similar in size).if this inside bar breaks in a bearish manner then you are in the money …and probably in the money if you take UJ too…
but the pin you got there is the A+ signal…
so i think this is a decent pin…but is that all that matters…what about other yen pairs…is the usd yen pair the daddy of all yen…or do you completely never correlate chart with other charts with this system.
do you just focus on 1 chart at a time exclusively or what. ?
hopefully johnathon will answer this question.
i dont think i read johnathon discussing this up to this point in the thread.
Do you guys think this is a good setup into AUD/CAD or do you think there is resistance below what would be the entry? Reason for trade would be bearish engulfing bar at an S&R line.