Hi Again Faz - sorry I missed your reply here.
I guess you have seen what others have said about this EU trade. I too have posted previously that I was prepared to take a short at the break of the pin. The screen shot is what was posted earlier. At the moment price is not going anywhere. I will let it go for another hour or so & if nothing is moving by then , I will close it off. My bedtime here and I don’t want to leave it running overnight without keeping a close eye on it. I would not normally worry if it was a Daily chart but H4 trades need a bit of baby-sitting (LOL)
Morning everyone -another bright sunny day here in Paradise (NZ).
Jut an update on my EU trade from earlier, - As I said last night, it was not looking promising and I pulled the pin when I went to bed. Took a wee hit of around 20 pippos. Can’t dwell on the result though - on to the next one when it shows itself. The main thing I take from this loss is that I need to raise my level of what constitutes an A+ signal and I know this is one of the major things that Johnathon is trying to instill in all of us. Having said that, I followed my entry plan and exited when I said I would - I did not hang on PRAYING for a turn-around:51:
I see some comments that compare H4 to Dailies - IMHO there is no relationship when it comes to taking a trade. If my H4 shows me a good reason to enter , I will do so based solely on the H4 Chart. I do not look at the Daily to determine if my H4 is likely to succeed or not and Vice-Versa with the Daily. If D1 tells me to go , I will not look at the H4 to aid my decision. I realise many traders will refer to the Longer T/F to see where they are in the scheme of things but what I am trying to do is trust totally my Lines of S & R on the TimeFrame I am looking at. Just my opinion Guys. What I have found is that it is really easy to find a reason NOT to place a trade and to remain stress-free, I try to eliminate anything that clutters my mind and makes me start 2nd Guessing myself. The old saying - " Keep It Simple Stupid " is as true here in trading as anywhere else in our lives.
Anyway - thats enough of my ramble for the day. I’m off to check out whats happening on my new bars for the day. Will report back shortly if I find anything of interest. Happy Pipping guys :54:
A couple worth a good look at… The EUR/GBP on the 4hr chart, as we discussed last night it has reached the 8060 level and is starting to be rejected ( I cannot logon to my account to get levels at the moment). There are a number of Doji’s forming and it is the psychological resistance of 50% fib. I am waiting eagerly (if my broker ever lets me on) to see a decent bearish engulfing candle to take a short. On the daily NZD/USD is now sat on a trend line that it has found solid support on two previous occassions (apologies for lack of charts). A bullish engulfing candle to take a swing trade long… Or look for trend line break and rejection to enter a short early next week!! Regards
Feel like myself still not very familiar with PA.
Pin bar, 2BR, EB. All of this I’m very familiar. But feel like still lack of something but I’m not sure what’s that.
Need to read from page 1 to the end. I will complete this in two days and hopefully come back here with full armor.
Remember its a high probability trade, not 100% right all the time. The best traders in the world are right 75% of the time. You will have loosing trades are part of the game.
@ mtaylor2 : The truth I’m not good english to can understand your context only with text . Hope you have application capture image and post your image Thank
Hey bro maybe next 2 or 3 trades are gonna go your way and instead of loosing 30 pips like yesterday, you will win 70 or 100 pips even…and after that you loose 1 or 2 trades again for 30 or 40 pips, but after that you win another 2 or 3 for 60 or 80 pips.
Looks like there’s no more trades for this week. Not comfortable with holding any over the weekend. Is next week even a good week to trade being the holidays?
For me personally its done for the week, i dont trade fridays and i dont hold anything over the weekend…next week being short holiday week here in the US it will probably be slow. Made some money on eur/nzd long earlier in the week, got my ass handed to me on a silver platter yesterday with eur/cad short.lol…so I think i am done for the week…
I wish I could upload charts… I seem to have issues between my trading platform ( igindex) and uploading charts to here… Any suggestions?
Yes my view is EUR/GBP is bearish on the 4 hr. The pairs swing highs have been lower apart from the larger recent one. I utilise fundamentals to help my trading decisions and it has been fundamental information that has caused this current rally and the previous one which allowed the pair to make a new swing high and in essence ’ step out of line '. We all have our own styles but my view is bearish of this pair fundamentally. Price action is now demonstrating exhaustion and there are some reliable technical signals suggeting a bear trend may resume… On the 4 hour chart soon. It may well carry on rallying, which is why I will take a bearish engulfing pattern as a confirmation of the resumption of a bearish trend alng with price action at key resistances… Hope this helps
I would stay away from it. I dont like those 10 bullish bars before 1 red bar. That’s just me and I could be totally wrong. I hope you make money with this one.
I am not in the EUR/GBP for the reason I said, there has not been a large engulfing candle to change momentum bearish… I believe we will get one but it may be a little higher. The only position I currently hold is AUD/CAD which was a bearish engulfing pattern off the daily chart after an exhausted swing high. Regards
And one more thing to add about fundamentals…they dont exist anymore…algos and central banks are the reason for it…Bernankes mouth moves and usd collapses…stock market rises on hopes of QE 3 or 4 hell i think they will soon start pricing in qe 16…there is no fundamentals anymore only charts and if its usd bullish you buy if its bearish you sell thats it.
Thank