You are welcome.
Price Action wise, you could short EJ on H4, there was a bearish engulfing bar. But you watch only D1, right?
Well yeah, I like monitoring the trades on daily bases every morning and then try to āforgetā until next day, concentrating on my āpayingā job 
otherwise I keep staring at the charts for hours. Itās like my daughters on disney jr.
I see. But the bin bar on EJ yesterday wasnāt a good one. It didnāt retrace from a critical level and the shape didnāt promise any bullish move. I am not interested in Price Action trading based on candle bar formations but there are many posts on Johnathanās thread explaining this kind of false pinbars.
Thanks a lot, this kind of input is why I am open this thread
I will look for more info about it.
How about eurgbp is touching the resistance level
Are you taking about a different TF than D1?
On the D1 time frame EURGBP has the following chart:
A couple of days back had a bearish pinbar, but it looked like a fake one to me because it was at a really low level already, it did not made any sense to me for the price to go down again.
Right now I donāt know what to make of whatās going on, maybe (it looks like) on a few days it will go down hard, we will be looking for setups then.
[QUOTE=āAnakin;545358ā]
Are you taking about a different TF than D1?
On the D1 time frame EURGBP has the following chart:
<img src=ā301 Moved Permanentlyā/>
A couple of days back had a bearish pinbar, but it looked like a fake one to me because it was at a really low level already, it did not made any sense to me for the price to go down again.
Right now I donāt know what to make of whatās going on, maybe (it looks like) on a few days it will go down hard, we will be looking for setups then.[/QUOTE]
If you zoom In on a daily chart again you will see the price is testing the resistance that was previously a strong support, fundamentally the pound is strong than euro
On the eurgbp weekly you can see clearly that the pair is testing resistance as Mhabib pointed out. I took a short on it @ .8427 and T/P at .8385. Not looking for to much because i want to make sure that i am out before the week end. I do not like to leave anything over the week-end, even though i used the daily T/F .
Could you please elaborate on this? Is it a trade management plan you use?
Hello Amigos, as metin said this EURJPY.D1 WAS a false pin bar we can see on the chart bellow how its going down, and I donāt see any pattern or S&R that can help this trade (then again I am not very good at this yet).
I would like to hear some suggestions (please explain WHY would you do it, so we all can learn about it).
- Let it be and maybe hit the SL and deal with it.
- Close it now, losing only 70% of the total original SL.
- Take chances and wait for a āgapā miracle over the weekend.
- Or ā¦ [place your idea here]
Another thing:
metin: Could you help me by explaining this a little further, maybe some graphs or maybe links to the right forum (I searched a lot yesterday, but I could not find it)
May the pip be with you
Anakin
Hi, due to the āavalancheā of responses ā¦ I tried to figure this one out by myself.
I did an analysis of trends waves and squared the SR zone more graphically, the pin bar was in the [kind of right] zone and it does look like a turning point from the trend wave thingy. I am not 100% sure (maybe 65% sure about this) but I decided to go on with the trade.
If there is some absurd stuff drawn in there, please tell me so.
Well see you on monday.
Anakin
Is gbpusd bouncing up
Hello fellow traders, well my trade on EURJPY, did got burned yesterday night ā¦ live and learn.
On the other hand mhabib, maybe right, it really looks like GBPUSD is bouncing up from a small SR of a few days back. But if you look GBPUSD on the weekly chart itās bouncing DOWN instead, from a big SR of december 2012. So this bounce up it might be good for a quick trade only.
At the moment in the D1 chart, I donāt see a candle formation that will indicate me a big bounce up anyway or an entry point (maybe in lesser TF). But ā¦ in fact the W1-GBPUSD bounce looks kind of a tweezer tops for a really big drop. I will be in the look out for that.
The quick view of various pairs, does not look promising for trading today. I let you know if anything comes up.
Or if any of you are seeing any good possible trade, that I am missing. Post it.
Anakin
I just saw a very good possible BUY trade on USDCHF on D1, nice pin forming with the final end of its nose touching a SR. There is also āconfirmationā from a pin bar created last week on the W1 chart. I donāt like that it seems to be on a small downtrend thought.
What you guys think?
There is allot of pressure at that resistance i would Waite until it breaks north at around .9100 area.
Good call, thanks
Your welcome.
[QUOTE=āAnakin;546953ā]
Hello fellow traders, well my trade on EURJPY, did got burned yesterday night ā¦ live and learn.
On the other hand mhabib, maybe right, it really looks like GBPUSD is bouncing up from a small SR of a few days back. But if you look GBPUSD on the weekly chart itās bouncing DOWN instead, from a big SR of december 2012. So this bounce up it might be good for a quick trade only.
At the moment in the D1 chart, I donāt see a candle formation that will indicate me a big bounce up anyway or an entry point (maybe in lesser TF). But ā¦ in fact the W1-GBPUSD bounce looks kind of a tweezer tops for a really big drop. I will be in the look out for that.
The quick view of various pairs, does not look promising for trading today. I let you know if anything comes up.
Or if any of you are seeing any good possible trade, that I am missing. Post it.
Anakin[/QUOTE]
Yh, it seems as if itās ranging for gbpusd, 1.6000 to hold a strong support, is gonna take a while to break ths level if it breaks then Iām bearish
As we were talking about it, USDCHF broke up from the SR near .9100. So opened up a BUY position a few minutes earlier. I have āmodifiedā a bit my strategy by paying more attention to the weekly chart. Looking back on the week TF there are significantly less āfakeā PB, and its easier to identify the ātrueā trend.
On this example of the USDCHF there is a beautiful PB on a strong SR, that I used to decided on this trade.
Also yesterday I took another trade, a SELL position on EURCAD (not one I am very proud of) because on W-TF the indecision candles signaled a good turn. My common sense was telling me to wait a little, but like a rookie I got in the trade to soon anyway, [B]just to satisfy that traderās anxiousness[/B] (another big traderās super enemy). Fortunately, now the trade is going the way I was hoping, but since I got in to soon, I am just barely making it to the break even point, If I had waited (or placed a pending order instead), it would be a good winner by now.
May the pip be with you
Anakin
It did brake it, almost to easy. Maybe it will dangle a little near 1.600, and then is going waaaay down. I think
Keep me posted if you decide on this
Anakin