Price Action, Candlesticks, and the Story They Tell

[gs8888]

What about the IB on EURNZD, EMAs just crossed over, price just broke though support, bearish IB and with longer term trend as well. I think this could test the recent lows what does anyone else think?

Attachment 27258

Though it seems to be a good setup. It is bit far from the MA's and being a weekend and also news on sunday could pump it either ways. just my thought.

[toyogo00]

Here is the chart AUD/USD 1H

Attachment 27254

Hi Evermore,

I've entered AUDUSD trade after breaking the resistance - 1.0000. I long @1.0020 based on high of IB 4hr bar, the trade is still in progress. My potential target is 1.0200 - the last support turns resistance. Stop loss was initially @0.9960 and now moved BE.

Regards,
Toyogo

[Evermore F]

Evermore,

Are you trading the 1Hour or just using it for reference?

Anyway, back to your chart, I don't think it's going anywhere since the market closes tomorrow and there is a rumor that something may happen in Greece over the weekend (can't be news since we don't believe in news, so it must be a rumor ). Monday will be a very different chart most likely.

Russ

Yes, I use the 1H chart for reference. As DnB puts it "Daily chart is king".

[Evermore F]

Hi Evermore,

I've entered AUDUSD trade after breaking the resistance - 1.0000. I long @1.0020 based on high of IB 4hr bar, the trade is still in progress. My potential target is 1.0200 - the last support turns resistance. Stop loss was initially @0.9960 and now moved BE.

Regards,
Toyogo

I did the same! Are you copying my trades?!!! LOL.

I'm already long NZD/USD which is highly correlated to this pair, but this trade was a no brainer and I know I'll feel horribly if I let it pass, so I moved my SL to BE on the N/U trade to reduce my risk. Just to figure out what you are doing, why you moved your SL?

[toyogo00]

I did the same! Are you copying my trades?!!! LOL.

I'm already long NZD/USD which is highly correlated to this pair, but this trade was a no brainer and I know I'll feel horribly if I let it pass, so I moved my SL to BE on the N/U trade to reduce my risk. Just to figure out what you are doing, why you moved your SL?

Hi Evermore,

DnB has said that most major pairs are in consolidation this week and now is Friday. With such a weak market and weekend, I've decided to move my SL to BE (free trade now)!

Indeed, I found that the exit strategy is so much more complicated to learn than entry point!

Regards,
Toyogo

[Paddymctaff]

the AUDUSD IB is a lovely trade but I thought that trading IBs on a 4 hour chart wasnt something that dnb did...?

[toyogo00]

the AUDUSD IB is a lovely trade but I thought that trading IBs on a 4 hour chart wasnt something that dnb did...?

Hi,

I usually follow weekly/daily chart PA from dnb. However for this trade, I see a breakout of 1.000 Resistance on 14Jun(Thu) which is very significant as 1.000 is called parity value. Furthermore on the following day (Fri), the Asia equities including AORD were all up by mid-day Asia timezone. Thus I am more bullish on AUSUSD pair (as compare to EUR, GBP, CHF... pairs). Then I see a 4hr IB, so I decided to jump in!


Regards,
Toyogo

[DnB Price Action]

Hey guys, who is excited too see what happens at market open, anybody have any trades open over the weekend?

Just to answer a few posts

I am pretty sure I've answered this but I trade all the major currency pairs and their crosses, commodities like gold silver oil & copper, and the major stock indexes like the DOW & S&P

The EURNZD Inside Candle trade that was pointed out is not something that I would of taken. It was in line with the trend which is good, closed in the direction of the trend yeah.. that bull candle before it puts me off. This is just me personally giving my take on the setup, I see it did sell off anyway so good work.

As for 4 hour inside bars well what can I say... You will find a lot of h4 inside bars, but which ones are the good ones? I've just never seemed to find an edge with the h4 IB's although I must admit I haven't given them proper testing or tried to work out a way to trade them better. The h4 and the h1 chart is a whole different battleground, it requires different approaches and tactics. I am happy to just to stick with the daily signals but if you guys work out a nice edge for the h4 I'll be happy to hear it.

[DnB Price Action]

Here is a setup on the EURCAD Daily chart that I've been looking at

However due the predicted volatility the markets probably won't be tradeable... but here it is anyway

You won't see me use trend lines very much, only when they are displaying significance from the daily charts point of view. See how every time price has reacted with this trend line there has been a sell off. Now we have a bearish rejection candle signaling a sell right off this trend line.

[mjs]

BTW...where is the IB Indicator available pls, l think its a freebie isn't it? Thanks.


Nice thread too...so many thanks for that too!