QUOTE=niX1990;390825]After finishing all 338 pages of the thread and actually reading 90% of the posts I just wanted to say hello and thank you to everybody for contributing to this thread. I dont know how often I will be able to post and contribute too, but i thought I could start off with a neat little setup on USDSGD daily that I am not quite sure about.
It is difficult for me to determine the trend and therefore decide which way to trade.
On the one hand we have a nice down trend. In a down trend the PB (closed hardly 1 pip above the previous candles high) tested support turned resistance but did not yet break lower.
But on the other hand it could also be possible that the trend is reversing.
Is this already the 1,2,3 pattern that Jonathon talked about in the quote below and we are now in a new uptrend and should be looking for longs?
So my analysis:
PB at retracement in a downtrend
good level
acceptable size
room to drop lower
There would probably be no trade as the price is climbing higher as I am typing this and the PB’s low was not broken. But still your opinions on this are much appreciated. Maybe I’m missing some points.[/QUOTE]
Hi There NiX, This thread sure makes a great read eh? I am still working my way through so you are now well ahead of me.(LOL) The beauty of this simple system is that we do not have to complicate what we are seeing. IMHO - there has now been a Higher Low and the latest PA shows there will be Higher High when this swing completes.This for me anyway, tells me that we should treat this as a short term UPTREND. I will be looking for price to continue up, retrace back to support and then give us a good PA entry to continue long.That last PB stretched right through the resistance you have drawn and did not hesitate or stall. Might be wrong of course. That’s what makes this business so enthralling & such fun:51::30:
I am pretty much an apprentice at PA per Johnathon but picking up knowledge every day. Look forward to your input too.
Happy pipping
Meadsie:5:
Hi, im lazy to post chart now cuz im tired and have no time, Someone entry sell on [B]XAU/USD[/B] D1 ? resistance line on 1676.62, my entry point are 1660.98. Its couter-trend but we are swing traders!.
Sorry for chart but i realy want to know what u guys think about that.
QUOTE=Braindamage;390919]Hi, im lazy to post chart now cuz im tired and have no time, Someone entry sell on [B]XAU/USD[/B] D1 ? resistance line on 1676.62, my entry point are 1660.98. Its couter-trend but we are swing traders!.
Sorry for chart but i realy want to know what u guys think about that.
Thanks, Lucas Z.[/QUOTE]
Hi Lucas, Welcome to the thread. You obviously have a fair amount of trading experience so we look forward to your contributon by way of charts & comments. I do not know if you intended to actually say that you are lazy & too tired / busy to post your charts but if you are asking our thread members to comment on possible trade set-ups etc, it would be in your best interests to make the time to show your charts. I do not have XAU/USD myself so it is impossible for me to comment on what you are asking.
I & more importantly, Johnathon and the other senior members will be more than happy to help with comments for you so feel free to ask.
Happy pips to you,
Meadsie
I assume u entered there because of the fakey setup (altho we are not discussing it here), because I can’t find any valid 2BR, EB or PB. And it’s against the recent bullish trend. For me this would be an easy pass.
Passing time while I wait for the USA unemployment & Bernancke to say something. Thought I would post a couple of chartsto see if anyone has these on the radar?
GA - looking for price to continue strongly through that recent resistance then retace to make it support. Nice PA to get me long again with overall trend.
NU - If price can continue up to previous bar open , we could get a fairly strong 2BR signal to go long. Looks like that .8000 level is strong.
Currently about 5 pips down & looks like this is going to be a long slow trip. I will exit as close to B/E as I can - not much confidence heading in to Bernancke & Red News coming shortly.
Hi Johathon - Original plan was to try & take the 60 pips that were on offer up to that big R and round number above. Not a great R-R on this one so was happy to take 1/2 at +30 and rest to B/E.
What you reckon ?:33:
Also if you blend the two candles ( open of 1st candlestick, close of 2nd candlestick, high and low of both ), it forms more of a BEEB than a PINBAR ( 2BR = pinbar over two sessions ).
Also, there’s that daily support not far below the 2 candlesticks…
Overall, IMHO, not an A+ setup. Hope it goes OK for you now that you’re in.
Hey Boss,
If it aint too much trouble , would you please clarify what validates a bearish 2br … please… thanks …
Did i get it wrong ? at swing high pic i posted …
cheers pw :18:
Like everything else it all got taken down by the admins. This apparently was against the rules even though it was to basic free educational material that helped a ton of people. All the missing links that are now gone were my work and the stuff left there is posts from babypips.
yes slightly wrong but that’s okay we can work on that.
Firstly before I go have you read my article on what makes a 2 bar? I can’t post links as will get in trouble and don’t want to do that. Sure you can find it if you haven’t read it. Once you have let me know.
If you have well you need to think of the 2 bar as a Pin Bar that is created over 2 sessions instead of one like the pin bar.
the trend has nothing to do with taking a retrace entry. We can tell the trend by many ways but two of the simplest and most effective are the 1,2,3 pattern and also simply looking at a chart and looking it it obviously is going up or down. this may sound over simplistic but think of it this way if it is a good string trend it will be very obvious. And if it is not obvious do you really want to be trading that market as a trending market? probably not. Chances are if the market is not obviously trending it is ranging which happens a lot more then markets trending how we would like.
The retrace entry goes against everything we strive for in this thread. The reason being is we are after regular profits with minimal draw down that keeps out account equity curve rising. Others like to aim for random risk reward targets of 1/2 risk reward etc but what this leads to is more losses followed by holding on for bigger winners. You can still be profitable this way however draw downs will be bigger and losses more regular.
Now if you take the retrace entry you will be entering many trades that will not work out. The way to think about it is by entering the retrace you are guaranteeing you enter every losing trades. This is where we don’t which again keeps losses small and winners frequent. Now the trade off is by taking the retrace you can get bigger risk reward trades but this will be averaged out as you take more losses (once again what we are trying to avoid). In the last 2 weeks alone there has been 3 or so PA signals that have not broken that traders playing the retrace would have been stopped out where as traders in here would not have even been entered.
Hope this make sense not only to you but all the others that had questions about this.
