AUDNZD dropping like a stone on H4 atm … am tempted to add to short … but will wait and see what monday open throws up…
woops, prolly 2hours after monday open :18:
thanks for the reply. It makes perfect sense. The only thing that was missing was the explanation for the 3 in the 1,2,3, pattern.
Looking at the chart today where price dropped a solid 40 pips I can say that my first trade idea after 340 pages of this thread was a complete success. Hopefully I can keep going like that for a few month and then switch from demo to live.
Hi everyone - I want to say thanks to Johnathon & all thread members. I have been trading off & on for the past 6 years , starting with Traders International in Oz. My early learning was based solely on Divergence , Stochs & Macd. Later development led to the addition of Sma , Ema , BB , KC, and then followed the trial & use of the different types of Bars, Candles etc. Charts were 5min - then 15min. 6 Years on & man was I overloaded with all the tools that I thought I needed to become a Master Trader---- Wrong!!!
I stumbled on to this thread about 3 weeks ago and am still reading (page 60 at this stage) trying to catch up. For every 5 pages I read there are another 5 pages of current content. Still I don’t mind in the slightest. This is the best NOVEL ever written - and I am proud to be part of it.
My charts are NOW totally INDICATOR - FREE and I am totally amazed at what PA has taught me in this short period - not only about myself , but other traders. I am finding it getting more simple each day to spot set ups forming. Of course we all know it is pretty simple to enter a trade , the real battle is to manage our trade and our losses & profits. Perseverence and hard work will deliver these skills and I am looking forward to graduating from this Trading University in the days & weeks to come. The next steps for me personally are to complete the read of this Novel and then pay a visit to another site we all know to start stage 2 of my journey.:54::27:
Enough of my ramblings - I leave this week by posting a chart of my Monday Watch. Looking to short with a strong PA perhaps ? Not a big target down to that BRN but could still offer 50 pips or so,.
Have a safe & happy weekend everyone.
Cheers from NZ :23:
Okay so I want to highlight to people what I mean when I say large and obvious signals. When we trade intraday you hear me go on and on about only trading large signals. On the EURCAD 1 hr chart we get a super obvious signal of resistance that was super large. This is on the 1hr chart but I thought I would post it because is shows how obvious things can be. Anyone looking at it is in know doubt that the massive BEEB is a bearish signal. Quite often people are looking for anything and half making up signals to trade but you know you should enter the market when something is screaming at you because of how obvious it is. Notice all the other candles and then how big this was? It was one of the biggest candles on this chart and the only next bigger one was the one that came after this BEEB.
if you know how to trade it, and its corresponding limitation, then it shouldn’t necessarily result in more losses.
some trades are meant to move a short distance, others are meant to move further.
not really a new high since current highs on the chart are in line with the highs on mid August.
consolidation or early phase of uptrend (or a larger retracement) towards 1.2700, 1.2800.
Sorry to confuse you m8, but was feeling really good about myself at the time I posted, cos just returned home from a walk in the cemetery collecting fresh flowers for the wife and some bones for the dog…
Awesome thread… And Jonathan is such a knowledge box… And even promotion of school is so gentle… Thanks, you make it right way - first give, then you shall receive. Thanks again, such insights and wisdom.
Hiya meadsie,
Dunno if you noticed or not,but a 1 2 3 top reversal patten has completed in your pic…will keep a eye on this one myself… thanks for posting up the chart…
