Forex Price Action

Large 4HR BEEB forming at resistance on XAUUSD. BEEB also forming on the daily.

  • With the daily trend
  • At swing high, resistance level
  • Large PA

Next S/R level on the way down is at 1252.

Thoughts?

EURGBP D1 having a BEEB , but the space too less to go

Exact thought man. EXACT. We are twins. lol

Yeah and against the trend as well.

Not sure that the level at which PA is forming is a strong enough resistance level…

It has now been tested 4 times on the 4HR chart and is the most logical swing high on the daily chart in my eyes. Where would you be looking to short it from?

Also it’s a big round number of 1300.

About the EURGBP, why not to wait for longs around 0,86? It has broken strong resistance and I’m personally waiting for pullback to that level.

Here one different point of view…
1)We have PB on Support zone and VBRN 78.000
2)We have IB after PB who tell us if price break it it will go up
3)The momentum is up

SgdJpy daily chart.


What’s your opinion guys :slight_smile:

Looking forward some PA on that level…Any comments? GBP/CAD H4


Thanks
Aweforex

Some potential set ups. Might take one of these.

XAU/USD Bullish engulfing bar

Pros

  • With the strong down trend (gold has been taking a pounding as of late)

Cons

  • Okay size, would be nice if it as bigger
  • right below it is a support level, however like I said, gold has been taking a pounding lately with a strong down trend

CAD/CHF Pin bar

Pros

  • Decent size pin bar
  • Occurs at good level

Cons

  • Against downward momentum
  • Candles before it are quite large

EUR/GBP bearish engulfing bar

Pros

  • Good sized bar
  • At significant level

Cons

  • Against slight uptrend

Thinking of going with the EUR/GBP or perhaps XAU/USD since gold has been on such a strong downtrend lately

Isn’t the xauusd have a bearish engulfing bar?

The EUR/GBP is sitting right on top of a major support level. It served as resistance for the range that started in March, where we broke out of two weeks ago. I would rather look for that level to serve as support now.

The markets are a bit quiet right now but usually I would look for 6-8 really good trades a month.

Congrats mate on hitting the 1000 page mark and I see this thread is heading towards an epic 1 million views. All down to your hard work and perseverance, it is very very difficult to keep these types of threads on track in public forums but you’ve managed it.

Well done, not bad for an Aussie!! :60:

Hey mate,

if your gotta do it you have two options. Stick to higher timeframes and load up on each trade risking large chunks of your account (obviously only if it is a demo account) to get anywhere in these contests you have to pretty much risk 100% of your account every trade and hit winner after winner. The winners will end up with thousands of percent in a few weeks or months and the only way to get that is to risk the whole account trade after trade and get lucky. The other option is go to smaller timeframes and use the same methods as what you would on higher timeframes and hope you don’t get hit out on too many false breaks and false moves.

Good luck.

PS: I highly, highly, highly do not advise trading contests. They encourage bad trading and before you know it your are trading with a swag of bad habits and a lack of discipline.

Johnathon

congrat HTC , it’s been a marvelous job.

No offence, but i wasn’t taught how to play with IB here…
but that PB is more like a continuation signal to me

I’m glad Bobba asked this question because I was wondering the same thing. Thanks for clearing that out Johno.

Guys,
I’ve made an observation with regards to the types of charts some of you are using. We’re all expected to use New York close charts for this method of PA that Johno teaches, if you don’t use NY close charts you’re not going to fully grasp how this system works & you’ll be confused more often than not. Add to that you’re also making it difficult for the rest of us to follow, contribute & learn.

We are not here to offend. We are here to learn from others experience :wink: