You want to pick the bottom of this move? We have just seen a fierce sell of lower and to pick against this is very dangerous business. I agree with the level you have marked but would much prefer to sell there should price move back higher.
What scares me off is the size of the bars coming down. The bears have been in strong control and smashed this lower. I would need to something huge to change for me to start looking for longs.
As always I don’t know what will happen but the odds are firmly with the bears until something changes and until something does change I will look to short with the momentum in my favor.
The very best of luck and make sure you tread your own path.
i almost agree with you that it’s not A+ setup, and today is Mon, the momentum is not big.
But i think it can be said that price at swinglow. I just checked charts weekly and daily, they look good ! I just noticed that 1.03937 is a resistance, too. So after all that’s maybe a risky trade because it’s not A+ and i was hurry to trade . Thank you
I could not notice anyone mentioning GBP/NZD D1 recently.
The most current PB caught my attention. I’d assume it would be from the bottom of the range, but it plays straight into this resistance/support line that has been pointed by the arrows, so I decided to pass.
Has even any of you given this PA any consideration what so ever?
Closed right above BRN 1.95…
I’m still training myself on demo. I only use weekly and daily for now. Mostly I prefer the trend, but I’m taking a flyer at this just to see what happens.
Sure it can work out, but just remember that you have to treat your demo account as a real account. Would you do the same if you have , lets say $10000 on the trade in real money, just to say lets see what happens. I don’t think so. I’m quite new to trading too, but one think for sure is that we need to be picky. Why be stressed with small B or C grade trades, if we can wait for the A+ ones???
Is it safe to completely ignore fundamental data/news and trade solely based on price action?
For example, say you see a buy signal based on your trading system, but US NFP data is due in an hour. Would you go ahead with your trade so long as your stop loss is not too close?
You should follow major fundamental news. That doesn’t mean you should trade the news. It only means you stay away till your PA situation has come back…with reversal…with trend…with S/R. Or, you can just follow how PA changes when such news is announced. This is only for informational purposes.
Johnathon is targeting newbies with this thread, that could be reason why he wants you to only concentrate on how PA works in real. So, once your intermediate with PA, you can then start looking to other PA indications and news and incorporate into your existing PA plan to benefit more.
I personally have stopped following news when I could see how price will react at Demand and Supply zones, and only follow PA as it clearly shows what happened because of news or no news. We therefore only have to follow the PA. It’s an all-inclusive package deal.
I actually have multiple demo accounts. Ranging markets can be A+ as well and provide more opportunities to trade A+ positions. I won’t be trading against the range at this point but wanted to learn how to money manage a range trade. This is on what I call my learning demo. I also have my ‘live’ demo that is for either A+ trades in my mind or for the 3-6 months practice prior to going live for real. This trade isn’t on there.
Right now moved to BE at FRA per plan. Will see how this one plays out.
Hey All
If this above Euro/Aussie 4 Hour chart ends up as a bearish engulfing on this last candle, will that be considered a rather low probability trade to short as it will be against the 4 hour uptrend?
It is happening at or around a daily resistance zone.
This is what I’ve got on the daily chart (Sidney start /nyc). Could this be a good setup or are pins just too small? Notice there is some support right there.
In a steep downtrend hear the bears appear to be rumbling here. It would be nice to wait on PB and get in on the downslide it also may began to range here.
P.S. the Aud/Jpy has nice pin that has formed at NY close good opportunity to get in long. Would post a chart but I’m currently operating on my ipad instead of laptop
It’s too small comparing to recent candles and the bearish momentum… An easy pass for me. Actually I don’t see any worthy Daily or H4 setups now according to this PA method.
Yes it is ok to completely ignore news and concentrate on price action.
I know several traders who do exactly that and they are doing great. Personally, news and fundamentals are a minor part of my trading time/analysis.
There would be times when NFP would not affect a good setup, but there are also volatile times when the NFP result would mess up with your valid PA trade setup.
Do what’s best for you.
