I do wonder Joe with yesterdays shenanigans that perhaps gold might strengthen due to uncertainty, while on the daily it could indicate a fall (with the way trade )the 1H looks like a climb I know we don’t use the 1hr here ,so I would be uncertain, what are your thoughts ?.
It is very difficult to use fundamental bias and then apply PA setup. I was looking at the level I highlighted but price shot through on the 1h/4h so the evidence is that the level is not holding. From the daily perspective there was rejection off the resistance looking for a pull back to continue in the bullish move. Did not pan out so I am not looking at gold for the time being.
Those Kiwi pairs are deadly to play, what a spike!
NZDCHF D1
Possible rejection level. Not much else I have got on other charts. What about yourself?
Hi Joe I’m currently locking for longs on the GBP/USD on the hourly, (11am gmt) incidently don’t see why we have to just stick to the rules of the originator of the thread as everyone has now seem to have buggered off ,just a thought, still don’t want to upset anyone I suppose, cheers mate.
Buster, I have taken a loss on long 1H Cable today London Open! :27:
1.5629 is the other level I am going for another try subject to some PA setup.
I also make that level the daily support so with a good signal I will join you.
still dropping Joe ,reached support on 4hr so will keep watching for long signals.
I think the US news has rendered the PA invalid with such a large bear 4H bar. The cross looks more promising like GBPAUD GBPCAD. Very nice level support bounce but I think it is more buy a level than a PA setup so far. Trading over for me here as I stop looking for any more intraday in the NY session.
I am starting to see why all the ‘old guys’ left … I had really great results in june and july … but gave it all back in august … tons of losers in a row trading off daily charts (the way it’s suposed to be traded) … seems this method is a disaster waiting to happen and not exactly the ‘holy grail’ …
And there lies people looking for an ATM machine. Unless your trading career was based on 3 months then don’t you think it is so premature to make definitive statements like what you have written. This is the price randomness of the markets. You do not know which setups will give you the edge and how often. If the odds are in your favor then you simply fire the trade and manage it.
Looks like you may need more experience to practice the method or maybe think about your setup. Why not post a few losing trades for discussion instead of ‘if you don’t hit the road to riches immediately’ then the methodology is broken?
We are here to discuss and learn and not to make 3 line of sentences proclaiming you have proven failure after 3 months.
On the daily chart, I have long GBP/USD as well as GBP/JPY.
GBP/USD shows major support at 1.5460 (minor resistance) and major resistance at 1.5775. I have a TP set at 1.5565 and a SL at 1.5410 (just below the wick of Aug 7).
For me, GBP/JPY shows major support at 185.25 and a TP just below the weekly level of 189.40. SL is set for 183.85.
For me, all other charts seem to still be recovering from a few days ago. I’m waiting for new levels to be defined.
I have had the opposite experience in August. Of the last 8 weeks, my worst week was a 2% gain…and that was after two Stop losses.
possible long entry’s on the EUR/USD 1hr 9am gmt
How long have you been at it cvds ? from your date it looks like 2010.I suppose we all really know how that feels and have all said Stuff it I’ve had enough,I know I have.But for some reason always come back to it after a day or so.Its no secret that in its purest form I’ve had problems with this method of trading, so have tweaked it to suit myself (think Joe may use the same approach).I suppose if you love trading (like you have to)you keep at it until you find a method that works ,so good luck and keep at it.
Since that spike up, there has been a lot of selling or profit taking and if you blend the daily candles, it makes a reversal likelihood to the downside. I don’t fancy going against all that bearish momentum. I think on the multi day blend of candles, it would be a text book pin bar?
EURNZD D1
NZDCHF D1
Levels I would be looking for reversals.
I have no issue with the method, it works well for me. What it doesn’t do is provide an automatic road to riches. I have come to the conclusion some very juicy setups can still fail miserably while other very questionable ones will work to perfection! You have to stick to the concepts with a bit of common sense. Not to get shaken out because one has a bad patch, that will happen even to successful traders let alone us trying to be one!
On a side not, there was a little stop hunt at the London open on EURUSD, the actual 1H BEEB. I have a system that takes a pending so it never gave me a second chance so missed out today. Nice little rocket launch. Just cancelled the pending short order as it is impossible for price to swing back up to get my fill now.
Hi all
Love this system. I will endeavor to offer up some good analysis to add to all the awesomeness that is pouring out of this thread.
Mark.
Oh my god. I’ve heard lots of people talking about price action, but yours here is a precious. Thanks and this forum is giving me a blast, too many things to read, thanks again.
Since the craziness that was August 24, it has been quiet on the Forex daily charts as far as price action goes. Anyone else feel like they are sitting on the sidelines waiting for a setup?
gotta love those 4hr charts been keeping me sane
I’ve been looking at 4H as well. I think the market needs to reset as far as Support and Resistance goes on the daily charts. Last week I saw a lot of reversals but nothing at “former” S and R lines.