Will this be considered a Bearish Engulfing Bar or does it need to close below?
Hi,
NZD has produced couple EBs today morning.
I set my orders to go long on the break of the NZD/USD H4 bar, we’ll see how it works out.
Fil.
Nice spots Fil!, thanks for sharing as well!
No.
It needs to close strong (below)
Nice trade spotting. I will also look to go long if it breaks out higher but only with small position and on another bill account I have so to speak because I am already in another NZD trade at moment which I am getting a video ready for and will put in here laters.
Johnathon
Technically yes it is a bearish engulfing bar. The low is lower and high higher than previous candles. Do we however want to trade these?
No. We prefer to see them close in last 1/3 of the trade direction. S trong close in our direction shows that the in this case are bear in control.
Think of it like this; When we enter engulfing bars we are doing so because one team (either bulls/bears) have total control of the market. When we get a candle like you have posted it shows indecision and whilst the bears did smash it lower the bulls won back and push price higher? Who is in charge this candle? Neither as they are now fighting for control which means could go either way and we don’t want to be entering thinking price could go ether way!
Johnathon
Hi Liangko,
IMHO, price is headed to that 1.5600 BRN at which it reversed last time, going long now may not be a good idea…
(this is NOT trading advice, just my opinion).
Cheers
Hi what do you guys think about this setup cad/jpy pin on RN 81.00 and in downtrend 61.8 fib ret opinions welcome
Thanks for your opinion… I decided not to take the trade.
IMO, i will go short and head to the next Support at 79.659 as i marked in the image. It’s not a long way down but i wanna safe trading.
Understand that the setup is on 4hr NZDUSD chart. However, should we wait for PA signal from daily chart first before we narrow down to 4hr chart for entry?
This is what I see in Daily chart for NZDUSD. The price is now tracing to previous resistance level (now turned to support level) but the candlestick is not close yet. Will it be safer to wait and enter long only when the candlestick closes with bullish signal on daily chart?
Any opinion?
Hey all,
I was looking to take a long on NZDUSD but it never broke higher and now i have pulled my pending orders no trade here.
I am already in another NZD trade.off daily chart which will cover lately and anwer the questions people have posted.
Hello Liangko͵
Have you read the first 20~50 pages of this thread?
We trade both daily and 4hr setups. We also trade each time frame independent of each other.which basically means we are not looking at daily when trading the 4hr other than to spot key levels.
Johnathon
Hi Njokie!
IMHO, the pin is sitting on a former resistance turned support.
I am waiting for long PA (pinbar/BUEB/bullish 2BR) at that level on H4.
( PS: that’s not to mean that price can’t break through the zone and continue down. But in order to take a sell, I’d have liked the pinbar to close much lower… )
Cheers!
Would you pull the pending orders if you haven’t been in other NZD trade already?
I’m asking as the price has not triggered my long order either but I thought the setup is valid until it’s highs or lows get broken.
Am I correct Jonathon?
Fil.
Yeah it is still valid and still holding the key support so no reason why won’t work out. Looks pretty solid to me if it can break higher. The trade I was looking to play was on another account away from main account. I am travelling tomorrow and because of this and it has not been triggered I have pulled it so I don’t have more trades to worry about.
Safe trading,
Johnathon
[]Greetings everyone. New bars have formed on the Dailies so thought I would post the few that I have set Pendings for. Not all are what I could call 100% perfect but to me they represent high possibility of some success. I am still building my A+ Library so I need to experience as wide a choice of trades as possible.
Apart from helping me in my quest, I hope this allows a bit of group discussion - SHARING IS CARING (LOL):59:
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Because i see that AUDCHF and i go long as you, for AUDUSD , I close my position and took 78 pips.
For GBPAUD, can you zoom out the chart and tell us your opinion? sorry i dont see any chance for entry.
just my 2cents. Thanks for useful infos.