I am usd bullish as you are but, we could get a usd/cad short signal this week.
My thinking was more along the lines that all Cad pairs, except cadjpy are showing PA weekly pinbars to short CAD. …Was also thinking here how fundamentals for USD are suggesting bulls. If you look at the CAD fundam. calendar you will see that since end of August, when current account deficit was bigger then expected and much bigger then it was in Q1, there were no good econ. Data for Canadian dollar. This is enough for me to consider usd/cad on a long uptrend, not downtrend. Next Current Account report is in 17 days. I’m gonna go long on this , I mean, I’m 90% sure, lol.
This is at a swing high though. Would have liked to see a pin like this on a larger PB
Hi Konan - My chart is different to yours. What provider are you with ?
With our Price Action method on this thread we are using PinBars to identify reversals away from strong areas where price has reacted previously.
The Bar on your chart is a BULLISH bar and is in no-mans land where it should in fact be at a swing low point if you are looking to go long. It also should have a nose that is at least 3 x the body. These are basic teachings from the thread boss. We are looking to take those trades that have a very high probability of succeeding and we have no real interest in news & reports etc. Our decision to trade is based solely on what the chart is showing us with Price Action.
I hope you do not take offense with my reply as I am only letting you know what we are looking for in this group. From your analysis of things, it is clear you have a pretty good knowledge of trading. You are welcome to join in and I for one will look forward to your contributions to this Price Action method.
Good luck with your ideas . Welcome aboard ;):60:
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Hi meadsie, my brokers server time is London time. So, my weekly candles will close in approx 9 hours. If the pinbars remain like this I will be willing to trade them., I We might have differences on TP targets here…I am looking for 100+ pips trade range. Are you generally going for lower ranges in this thread? Thx for giving me guidance. I need to study further your guys trading method here as I only deal with general PA + fundamentals.
Hi All,
For USDCAD, what I’m thinking is an uptrend.
USDCAD will touch the support level and bounce back .
Same thought, waiting for the pull back and enter the trade
Hi again Konan,
The best advice I can give you is to start at the 1st post of this thread started by Johnathon. He recommends you work through the 1st 50 pages and this will give you everything you need to know to about how this method of Price Action trading works. The question you ask about trade management and targets etc is not discussed in this thread as there is another area where more advanced trading is covered. If you want to email me , I can help fill in the blanks otherwise just email the Boss himself. All the details are contained in the early posts on this thread. The fact that you are not new to PA trading will enable you to grasp quite easily what is being taught here.
Most of us have been through the Indicator Overload syndrome and it is so much more simple and a lot more fun with clean charts and very basic Support & Resistance areas which we watch for our possible entries using the PA signals.
There are several experienced members here who can help with general questions and Johnathon also pops in quite frequently to address the more technical issues. Without doubt this is the very best & friendly thread around. Enjoy your learning buddy.
Cheers
meadsie
For USDCAD, what I’m thinking is an uptrend.
USDCAD will touch the support level and bounce back .
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Hi ya Tony,
I see you are using T/Line to determine possible direction of future trades. There is nothing in this thread that says T/Lines are good or bad and every trader should use what they feel confident with. Personally I think a well-drawn T/L gives added confidence of what the market is doing right now. IMHO - T/Lines can sometimes take forever to show us a signal or action that might get us into a trade. Your chart indicates there will be a fairly lengthy time-span before price could return to your t/line support wheras if you look at my chart where I have determined reaction areas , it is quite likely there will be some sort of PA in the next few bars. Whether or not a signal shows itself is yet to be seen but I am confident that I have identified an area that has seen price react in the past and therefore could well do so again. Just my way of looking at PA Trading here on this thread.
I hope this gives you another way of looking at Price Action.
Happy Pipping
:53:
Hi ya Tony,
I see you are using T/Line to determine possible direction of future trades. There is nothing in this thread that says T/Lines are good or bad and every trader should use what they feel confident with. Personally I think a well-drawn T/L gives added confidence of what the market is doing right now. IMHO - T/Lines can sometimes take forever to show us a signal or action that might get us into a trade. Your chart indicates there will be a fairly lengthy time-span before price could return to your t/line support wheras if you look at my chart where I have determined reaction areas , it is quite likely there will be some sort of PA in the next few bars. Whether or not a signal shows itself is yet to be seen but I am confident that I have identified an area that has seen price react in the past and therefore could well do so again. Just my way of looking at PA Trading here on this thread.
I hope this gives you another way of looking at Price Action.
Happy Pipping
:53:
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Hi Meadsie,
What do you think about this?
Just now is based on Daily TF. But for H4, is different.
Waiting for the price to show in H4 Support. if Break the T/L support in London Session, I will definitely go short.
Bitizhu, what is this pair and TF?
Please be careful… None of those are Pin Bars.
Also be careful trading with what you think. Just because whatever happened in Euro does not mean anything. What happened would have been factored into the market a long time ago. People have known what was going to happen over the weekend for a long time and have traded with that information hence why you did not see any selling off come market open.
Trade only what you see because trading what you think will make you form a bias and switch of to opportunities right in front of you.
Johnathon
What is it? Whilst I know, please post with others in mind who just flicked over and will be confused.
Thanks mate.
A nice looking BUEB on weekly, but there is a strong resistance at 179x thus will only look for buy setup on daily for a better reward risk ratio.
I think it formed in the middle of the range and could get you chopped.
I’m not sure whether Im right.
I will definitely put the Sell stop around 1731.156.
Even though weekly is on BUEB.
If you look back previous candle, from left of the chart, the candle number 6 also showing BUEB, but the price is drop after that.
Also fibo showing 50% , seem like is going to retrace.
If the candle close above 50% in london opening session.
I definitely will long it.
Hi Tony,
I would be reluctant to Short on the basis of a break of the T/Line alone. Even though your T/L Support is at much the same area as my regular Support, I would be looking for a strong break down followed by a decent retrace back to test this area as Resistance. If all these things fall into line , I would consider a short then but it would have to be a substantial signal that sticks out like a sore toe in view of the recent bullish run from mid-Sept. If I zoom out on my H4 chart, it almost looks like I am in a range type channel.
Just my personal view - I could be totally wrong with this one. There are more qualified senior traders here that can enlighten us further.:33::54:
Cool, m8, I did go through 10 pages of this thread yesterday already. Very nice of you guys to offer an opportunity to a profitable trader like myself to see how you guys trade the market and possibly improve my style further. As far as trade management, I was just wondering if any of you guys just trade the weekly and monthly charts like me…