Good job on posting your thoughts!, all are here to learn
My thoughts on GBPUSD Daily are that it’s already at a key S/R zone ( around 1.5670 )
-> If it forms bearish PA here (esp on H4), I will consider going short (while watching out for 1.5600 as this may simply be a retrace before continuing higher)
-> If it does not form bearish PA around 1.5670 but still heads lower, I will look for bullish PA on H4 around BRN of 1.5600.
-> If it does not form bearish PA around 1.5670 and heads higher, I will look for bearish PA around next Daily S/R around 1.5810
You’re spot on, Johnathon. I only use fibs as confirmation.
I mainly trade pullbacks (on H1 chart) to previous S/R, with direction of prevailing trend.
If market is ranging, I look for PA bounce off S/R levels, with direction of the previous trend.
But I prefer to trade those levels with other confluences (BRN, fibs, divergence) just to stack the odds.
hey ariffx…are you surre that is a bearish engulfing bar on h4.
i thought price had to end in last third of body for it to count…it looked more like a pin ish with bullish momentum on 4 hr to me.
anyway …its going your way…and hope it hits your TP…
the big question for me is…has the fiber found support at 1.2600 as seen on the daily chart.
or has it found resistance at 1.2600 as can be seen on the h4 chart.
either way im happy and got an itchy trigger finger …looks like were gonna get some action on the fiber over next day…
IMHO, the ~ 1.2642 resistance is still holding for EURUSD (whether on H4 or D1).
Today’s daily candle may close as a BEEB, but I’m wary of BEEBs/BUEBs that were helped along by gaps ( @Johnathon, Bryce: Is my paranoia warranted? )
hello my friend! may be it can not be called engulfing as the candle closed in the upper half…but the wick of the candle made me believe that bears have more to say as it was in no man’s island far off its original support at 1.5600…so i entered short…i would like to hear what could have been more better here…
i have read this earlier…i just asked it simply…i think it can be a good support as price struggled for a whole day on 12th June before breaking it finally on the following day… thanks for your kind reply
hi dudest…yes i am having trouble picking the correct support and resistance line…when it gets choppy…like it is on your chart…and if you zoomed out a bit more there would probably be several more potential levels to use in the near vicinity.
its just not clean enough for my likings to choose a line confidently…and its just a traffic jam …and my experience loses confidence in heavy traffic.
its quite frustrating to see all the money that could have been made from shorting…but sitting on the fence until we get some breathing space…as you can see i love to be IN the market …and to date it has been one of my biggest downfalls…but i get a buzz …even when losing…not a nice one by the way…but still.
not a bearish engulfing bar and also not formed where we would need for a short trade. These need to form from swing highs for short and lows for longs.
Hopefully this continues to fall lower and you get away with it!
Anyone taking any trades today?
Safe trading. I am now travelling and will talk tomorrow some time.
