Forex Price Action

I’m also looking at silver and gold. Hopefully there will be a significant PA to go long from the support line.

EJ

Thanks Paddy

learn learn and learn
EJ

Anyone else fancying the huge GBPCAD D1 counter-trend BUEB? :slight_smile:


Thats tradeable?

My three scenarios (what I’m looking out for) for GBPAUD D1:

Short-term:



Longer-term:


Cheers!

EURGBP D1 at a key level, 0.8400 RN.

Hoping for a retrace and long PA at level below in order to get in with strong uptrend

Cheers!


Oh, I didn’t know we can play just based on just RN and VBRN. I thought it had to show s/r also.

Like the eur/jpy, was trading up to the 119, however on daily doesn’t show it as strong resistance, and I would think 120 is the better target. On 4h the 119 seems like nice resistance though. At my current time it does seem like its rejecting it.

Hallo EJ,

The terms are in reference to the swings (turning points) as price is moving either up or down

An uptrend is basically price making progressively higher highs and higher lows.

A downtrend is price making progressively lower highs and lower lows.

Hope the charts below show it clearly

Cheers!



That level is a support level. Not major but enough for such a stong trend. Notice the way price rejects and moves lower before gaining momentum and moving through. With such a strong trend would not then surpise for price to move back down and reject again only this time acting as support.

EURGBP DAILY CHART


Johnathon

Hallo EJ,

IMO, the area was great, but the pin was small ( unconvincing )

Larger than normal upper wick also showed some bearish rejection

In other news: are you still in the trade? how are u managing it?

Cheers!


Hallo tyler,

IMHO, a better play here would be to wait for the retrace, and look for LONG PA (esp on lower timeframes) at the level you’ve marked.

Watching this area like HawkEye too!


Share your thoughts/concerns please, interested in knowing what you think about it…

Hi dudest,
I just get out from the trade with +100pips
although it maybe just B+ setup, but still profitable.
Look forward to trade A+ setup

EJ

We don’t…

I thought it had to show s/r also…

It does.

==

On your EURGBP chart. mark 0.8400 on D1 and zoom out…

This is just one of those (neat) cases where S/R and RN together form a key zone.

My hope is that price will find resistance here (0.8400) and retrace to earlier marked support (same as Johnathon’s) and produce long PA to enable us get into the uptrend.

Cheers


Forgot to do this on the 6th of Jan this year :)!

Happy (belated) 1st birthday to the thread! <cheers> <whistles>

Thank you Johnathon for adding value to our lives.

Cheers!

Hey guys, I have one simple question.What are you doing during the summer when the price is typical with his lower volume? Do you trade ?

Yes, but it does get quieter. Only difference is less trades due to less volatility. just need more discipline.

In saying that I do plan this year on taking a break/holiday for anywhere from 3-6 weeks through the mid July - mid Aug period. Best time of year to do it. In Australia our summer is now and the major breaks for work/school year is Dec - Jan where as the UK (and guessing US as well??) have their major breaks during the mid year through their summer.

The market is a lot more lively through Dec - Jan which would be my normal holiday and so I will switch and take July instead of Dec.

Johnathon

Hi, what you say for GBP/CAD daily? On the 4H chart we see nice pullback to support line, so may we wait to close the daily candle and tonight put the buy stop upper that candle? What you think?


As always perfect answer. Thanks Johnathon :slight_smile:

Got this from a friend:

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