Forex Price Action

GBPUSD is in a very key area that has seen resistance quite a bit over the last few years. Easiest to see on the weekly chart.

Oh well you made me move to a demo account making me go to daily wont be hard
I already banned 4h after my 2 loses but I thought 12h should be good enough.

Daily it is then J.

Nice one, Krugman. A very solid resistance level in fact. We may see a good trade opportunity in the near future then. :slight_smile:

Yes, iā€™m watching this pair as well ā€¦ I hope I can spot a signal this week or next

Hi all,

Itā€™s very quiet in here today. Lotā€™s of potential setups, thatā€™s probably why.

What do you guys think of USDCHF 4h Pinbar ? Itā€™s CT but it could well be a reversal as this level as hold strongly on the weekly.
Also, itā€™s a VBRN.
To me, the PB is very convincing. I am only aiming 0.9086 as this could be a potential resistance.

Opinions are very welcome.




Yves

NB: Hey, Iā€™m a junior now, great !

Hey guys, maybe worth mentioning the news today, even though we donā€™t speak about news, this is importantā€¦ It will probably effect all USD pairsā€¦

I have it in mind but I didnā€™t dare to mention it! :wink: I didnā€™t risk much but these big issues always have a happy end normaly so we will see.

Though, Johnathon have already given you advice about trading daily.

However, did you have any buffer ? If you had a buffer like kurugman have explained in previous posts you would have been safe. Price have literally reversed after hitting your stop loss. Analyzing now price only moved 9 pips so adding 10 pips for buffer 2-4 pips for spread would have put you in safe position.

I didnā€™t take that trade but I was looking at that area for PA signal. Just my few pippets.

I havenā€™t seen much movement in price due to this news. My weekly USDCAD buy stop is still active. I will only cancel it if price takes the low of the pin or goes below my potential stop loss.

thank you for your reply

Yes I had a 10 pips buffer for my entry and SL

We donā€™t talk about news here, Adam. [B]Thatā€™s the explicit rule of the thread by Coach J himself[/B]. But of course, you are free to open a new thread focusing in news if you really want to discuss it. :wink:

About the scenario of of having big crash in the marketā€¦ well, I do not even follow the news again, so itā€™s not my concern. I will just follow what the chart throws at me when I open it once the next candle is fully mature. We may even have alien invasion in the United States, Zombie outbreak in Europe, or nuclear war between Australia and New Zealand tomorrowā€¦ all at the same time.

Hi again, sorry to disturb as always.

Just want to make clear one point. In this thread, is there a rule like: when you ask about a setup and get completely ignored, it basically means : your setup is full crap , or am I just imagining a bit too much.

Thanks and sorry to sound impatient.

Yves

Nothing wrong at all with that trade, nice large pin!

Support was clearly held in that zone, followed by nice false break lower. I am going for 1:1 RR as its not with the trend.

Congrats on becoming a junior member! As you aware I am sure, this trade has some added risk. For one it is a small timeframe and the other is that it is against a strong downtrend. For me, I am waiting for a pullback up to your tp line to go short and get into the trend. If you take it, I wish you the best!

Thanks guys !

Yes, I am aware of the risk and that is why I didnā€™t even expose 2% of my account just in case. Good thing is I seem to be getting slightly better in spotting potential winning setup.

Yves

Looking at the charts again, if the daily was able to close above the red line and maybe engulf the previous bar, I would consider going long.

It is still too early but Iā€™m waiting for the PB at D1 or D2. Iā€™m trying to stick to bigger TF, It is CT to me at 4H and 8H.
Good luck with that!

My Sell Trade on EUR/USDChart EURUSD, H4, 2013.10.01 14:19 UTC, Ikon Group, MetaTrader 4, Demo - MetaTrader Trading Platform Screenshots

Comments please

EUR/CHF Long pin Bar, but i m not entering in to the trade as it is at extreme low point.
Chart USDCHF, H4, 2013.10.01 14:25 UTC, Ikon Group, MetaTrader 4, Demo - MetaTrader Trading Platform Screenshots

I think it is CT.
Good luck