Hi Johnathan, I’ve read until page 16 and some of your post in Forex Online School. I have a question about the bearish engulfing bar. Please look at the chart below.
Is this considered as BEEB? According to your pic in Forex Online School, the pic for BEEB is the body of bearish bar engulfed the whole previous bar including the top and bottom shadow. However, for pic of BUEB, the body of bullish bar only engulfed the upper shadow of the previous bar, and it still consider a BUEB.
My question is, in the example that I attached above, the body of bearish bar that I marked only covers the lower shadow of previous bar, so, is it still considered a BEEB?
Fair enough. I’m interested in knowing how you arrived at a bullish trend for monthly/weekly GBPJPY.
If you can’t post it here, please post it on your current thread.
It adds little value to make a claim and not back it up, know?
I hope the charts below will make sense and they are enough to justify my writings? Can you see the 500 pips Monthly and Weekly Bullish price movement?
My mistake. The situation does not change on the GBPJPY. The approach to identify the trends is similar. The trend of Monthly and Weekly is UP even the Daily.
great to see your posting in here as we are all PA traders but when posting in here please stick to the acronyms and very simple methods we use and have used through this thread, and keep your info and other methods for your SPA thread.
Thanks mate. just trying to keep a centralised, simple and super friendly place where people can learn PA with little confusions.
lets keep things simple as that’s when things work best. When trading of the weekly chart there is no need to go down to the daily or higher for any other chart. We can get all the info we need trading from that one chart. For example if we go to the daily chart we are going to start seeing smaller levels and less important information but of course we are. A daily candle only makes 1/5ht of a weekly candle. Keep it simple!!
Agree with others who say the GBPJPY on the weekly in in recent term bullish momentum but this is not so obvious and to say all other traders would see it this way. For this to be in a confirmed bull market the 61% fibo level would need to be taken out with price closing outside the 61%. As it happened this week price did test the 61% level before making a false break and seeling off.
Okay so I say we are in short term up-trend because we can see a confirmed 1,2,3.
I have attached 2 charts below both showing the 1,2,3 and also 61%.
This pin on weekly would not suprise me to see price fall into the 125.50 area???
An engulfing bar must do as the title says and fully engulf at a minimum 1 previous candle.
The high of the engulfing bar must be higher than the previous candle and the low must be lower. This can be body or wick or whatever. We do however want price to close in the last 1/3 of the trade direction.
In your example the candle does not have a higher high. it does not engulf the previous candle.
Sometimes people get confused about the wicks of the candle but if you just forget the body and wick and always remember the high must be higher and low lower you’ll be fine.
Below I have attached example of what people get confused about. People tend to get confused about the wicks etc but all you have to note is the higher is higher and low is lower. Also if note is because this is a bullish signal to go long price correctly closes in the top 1/3 of price.
it is possible, according my point of view PB are rejecting from uper part of triangel formation too (Fib 62% is another). Strong support waiting on 125.5 area . I have decide to don’t trade this pattern, for very close S area. :58:
Hi Jonathon,
Are you able to post some of your recent trades that have finished? I have been following for the last few weeks and would like to see your thinking behind some of the more recent signals you have taken.
Thanks!
Do i have to look for other time frame supprot/resistance also???/
Ex: suppose i see a valid signal in Daily chart on support/resistance zone of daily signal…do i have to look for weekly/H4 support/resistance zone also?
