Hi everyone,
This is my first post in this forum anyway. you guys are doing a perfect job here. Just saw this set up on GBPUSD daily and decided to point it out. Hope this meet the requirement for a short trade?
thanks
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I do agree with you from a technical perspective and itâs Friday soon so most traders might want to cash in (by selling GBP) but there arenât enough confluence points for me especially as you will be trading against the current trend.
Jonathon,
Wouldnât you call trading this PB as trading into traffic??
Fil.
Hi Guys - Just my 2cents worth - I also agree that there is a good case to enter the daily. I have some resistance at the pin as well as a Round Number . This is reason enough to take a trade in my opinion . The 4hrly shows a pin also and has a not- very convincing Bullish outside which could offer a potential trade too. The strong support just below could be the better trade if Price can retrace back to that area. Watch there for a PA signal to go long & resume the stronger trend. Anyone else see something ?
Swissy - price at an area where previous strong demand has been shown. Watching for this current bar to close higher and possibly at the opening of the previous bearish bar. Could this be a 2 br reversal setup if that were to happen ? Can anyone confirm this is worth watching or am I off the track.:54:
Any comments appreciated
Hi meadsie,
PA at the s/r that you drew would be the better option imo ⌠am watching that area myself.
pw
Hi Johnathon,
I got same kinda question as Richard >> should we be looking to trade H4 against longer term trend (Daily)
pw
Iâm not Jonathon so pardon me and I really hope he answers this cos I wanna hear his opinion on this too.
But hereâs my take on it.
Is the daily trend youâre talking about the red arrow? If it is then that is the longer term trend. As Jonathon has repeatedly said we are only concerned about the [I]very recent[/I] trend or in other words the immediate trend as shown by the blue arrow.
And if we zoom in on the 4hr chart what we will get is an uptrend (the expanded version of the blue arrow above) and maybe that is why his bias is on the long side.
Jonathon please comment and correct us all if weâre wrong. Thank you.
I donât have time to write anything soi will later. But if traders were looking to trade 4hr GBPNZD which way is the trend on the 4hr chart? Can you see a 1,2,3 pattern has been made and price moving one way? Forget the other TF charts and look just at the GBPNZD. Remember what type of traders we are. The overall does not matter as we are not trading the overall. We are swing traders looking to get on the right side of the next swing.
Johnathon
Hi guyz,
This also looks good as a swing trader, thought a bite later. can i still take the trade?
thanks
Im not sure what you mean. Can you elaborate?
Hi teejay,
From your graph (NZDUSD D1) I assume youâre asking whether shorting the pinbar is a good idea, and whether it is too late to get in.
The pinbar looks good to me; price came down, pulled back and formed a good-looking pin.
Cons: there is a looming support around 0.8060 area.
Might be the start of a new downtrend if price can break through the support
That said, as Johno has earlier emphasised, if a setup passes you by (breaks and takes off), no need chasing it; let it go and others will come by.
Cheers!
Hi meadsie,
The only thing for me about the GBPUSD short idea is the area ( rejection of 1.5900 BRN ).
But i wouldnât take it because of the pinbar, it is small.
And on the H4, itâs an indecision bar, so no PA there alsoâŚ
Iâm actually hoping though that price falls down and finds support at the previous range-high resistance, and that a BULLISH PA signal will form for us to rejoin the short-term up-trend.
Cheers!
Just to answer all the questions regards GBPNZD 4hr trend.
For me this is clearly up. As I have said a lot we need to treat each chart independent of the others. What this means is I donât care what trend the weekly or daily chart has when trading a 4hr chart. We can have a lot of trends within trends. We are also concerned only with the short term momentum as we are swing traders and not looking to trade large chunks of the markets but rather swings within these large chunks.
GBPNZD 4HR CHART
Hi, and what about this PB trading into all that traffic on the left?
Why that would not concern you?
Snap thatâs what I am waiting for and if you look at the weekly, there appears to be a good 400 or so pips potential move up.
Hi Johnathon,
First of all, this is a great thread and I feel lucky to have stumbled upon it! This time next week, I am proud to say that I shall be a member of your course. I wanted to get your feedback on the GBPAUD Daily Chart. There was a nice pinbar that formed at a nice level, but my only concern is the blue shaded area on the attached chart. I was thinking this could act as a new support since price has broken above it. If i do decide to take this trade, I would enter as the low of the pin bar is broken and my profit targets are at each dotted lines. I would probably take 50% at the first and the the rest at the second. Please let me know your thoughts. Thanks!
