I have a few questions concerning the GBPAUD. If you look at my inserted image you will see how I have setup my charts. And was just looking to hear your opinion on my analysis. I am extremely interested in PA systems.
Ps. Sorry for the fib. I do find it useful though in calculating retracement areas and potential TP’s and SL’s.
I am unsure if you can see just by the picture but the price has been battling at around the 1.50000 area. I have circled the resistance/support areas used in the past and to me it seems as though this level is currently being retested.
I see two possible entry points. To me if resistance holds and the price drops to around the 38.2% fib then I will short as the trend would likely be able to continue. Plus this goes along with ‘the trend is your friend’. I would TP above the indicated support line I have drawn.
However, if resistance breaks then I would long at approx 1.51000 to TP at around 1.52000 and then wait-out for a retracement. In my eyes this could possibly be a reversal.
What is happeneing on the long term trend makes zero difference to us. The only people it would apply to are thos looking to trade large chunks of the market such as trading for a few weeks on the daily trade with 400+ pip stops. We are looking for swings so we need to be on the right side of the next swing. We can have a trend inside a trend but all we need to be on is the right side of short term momentum.
Short term on this price is ranging and now looking to move higher and break out which means I will be looking to go long.
Let me know if you have any other questions at all.
For both USDCAD or NZDUSD, the size of the pinbar is too small as compare to the last 20-30 bars - it is only 13pips as compare to other bars that above 30 pips size. The bar size indicates the momentum of the reversal which in this case is not strong enough!
Hi Everyone!
Any opinions on NZDJPY Daily pin?
Did someone take it?
It has been triggered, however I am in the trade, as it is against the trend and the pin might be a bit smallish.
all I would say is look at the size of the pin you traded and the candle previous moving up before the pin. On the chart below look at green arrow compared to red ones.
Yeah it looks small compared to those with the red arrows. Got to be really strict next time! Thanks for clarifying.
I’ve got another set:
Is my level correct? And is that a bearish engulfing?
Would I be right to say this is a 2br? if i combine it with the candle before it it would really look like a huge pinbar.
And lastly, would you trade these two? Thanks.
