I think Fahed took the Gbp/yen trade based on a lower time frame that we discussed with peers last week.
Consernes about this trade was that despite everybody agreed on that there is a strong upward movement in play, the setup did not quite touch the lattest support.
I must admit it consolidated quite a lot before it breached the top resistance and played out.
That is not the signal we discussed though, it was the 2br right before your blue box starts.
That pair was winding up, something had to happen one way or another.
Hi Kasravi,
I delete my last reply which shown GBPJY-4H ,Actually my entry was depending on daily chart i don’t know why i post 4H chart:13:
On Daily there is BUEB (on mychart nose in green color).
Jack,
Thank you for your comment and its true its not swing low
Thank you all for your help here
Hi to all friends. There is a BEEB at NZDUSD H4 TF. It is at swing high but it is not enough big. What do you thing about that? Is it right? ı can’t send chart because of ı haven’t 5 messages.
My thought:
I think we have to wait until candle close also if its true BEEB its will be against the trend and there still no signs of changing direction.
Hi Mate,
it against very strong up trend, the price also still not hit the key ressistance level. too risky to long. it better to mark the R/S level on daily chart or higher then use them to find the PA.
We spoke about this together just the other day… We all need to take 100% responsibility for our own trades and stop following and looking to other traders. It does not matter what other more seniors traders are doing.
The worst possible thing we can do is enter because other more seniors traders are. What happens when we get into the trade? We get into the trade and then what? How do we manage it? Do we then send the more senior trader a message and ask them how they are going to manage it or hope they post updates so we can follow?
We all need to do our own analysis and we all need to take 100% responsibility for our own trades so that when we get in the trade we have full confidence in it.
No and not something you ever want to trade. There is an article that I made to help people that are stuck trading pin bars like this. I don’t want to link to it but it will really help and it is called “where traders go wrong with the pin bar” and shows exactly why this is not a pin bar.
This is the daily for cad/jpy, if any signal will occur on the 4hour like a pinbar/engulfing would this be a good zone to enter the trade? this is the daily chart.
When looking for high probability or A+ trades we are looking to stack as many factors in our favour as possible what would you say this trade has going for it other than being a valid bearish engulfing bar? I have read your post a few times and from it all I can gather is you are saying it is against the trend and you are really not sure about it at all and still you are entering it…
We need to constantly keep in mind that the last candle is just one candle and it is only the last candle on the chart that is made up of many candles. This last candle is just what we use for confirmation to get into a trade. It is the price action story that is the most important! This is what make the trade and is key to making a high probability trade. It is all these other candles that build the trends and key levels that go into the price action story that are the most important. That’s why we look at these first and market our key support and resistance before we even start looking for price action signals!
Here on this particular chart of the 4hr AUDJPY, price was in a clear up-trend and price had stalled. As we often talk about; for price to move in either direction it can’t just move straight up or down it needs to rotate to build orders and as traders buy and sell and make profit and then sell their positions. This is just normal market movement. If a trader or company makes a profit the only way to cash in this profit is to close their trade. Until the trade is closed the profit is paper profits. When closing the trade this can then cause an in-balance in orders and this is how we can get the rotations and retracements in price and this is why price never moves straight up or down. Traders always need to get in and out of the market and always will.
After price had moved higher it moved into consolidation and this is when it formed this small bearish engulfing bar. This small engulfing bar was not a large reversal signal but it had formed in a clear sideways move or in other words instead of forming up at a swing high like we need and like all the good examples we have shown in here it formed in a bunch of consolidation and traffic. If you are going to be trading straight back into traffic then you are going to be having a really hard time nearly every time! let me give you the read hot tip right now; don’t get into the habit of trading signals that are trading back into traffic or that are formed in consolidation. Stick to what we have taught in the first 50-200 pages.
Thanks heaps Will for looking out for the thread!!:35:
I will do all this type of thing in future though. I go through every single post normally each weekend and this is when I will normally clean them up, delete, ban or do what is needed etc
-I see KHL around 1.62, with room to breath for entry about 10 pips above wick high of the bullish candle.
-Bullish candle corresponds with support around May 30/31
-Formed @ swing Low; target area would be around 1.62