Good work probably one of the best things you could have ever done for your trading career!
I have a question - when I left the house this morning there was a perfect BEEB forming on the AUDCHF 4hr chart - is it acceptable to take 4 hour signals at the start of the Aus/Asian session? that session always seems to drift in the opposite direction to the coming UK and US sessions which concerns me a bit.
I was tempted to take this one until I noticed the BRN of .9800. Its headed straight into this, which has been a major resistance area which would now be considered support. I’m still contemplating the currency looks like its been overbought the past week. Most likely not I will stick to my rule book and may see something come up on the 4H TF later.
Its all the more reason one should follow the momentum and not a PA signal. I am seeing many question of PA but in no mans land and against the momentum.
Thats the difference Johno teaches, an A+ setup is a nice sized PA at KHL with momentum. Surf with the wave not against it.
We wait for pullbacks so that we can get into the dominant trend at a place of value ( in this case: at swing high )
I will therefore be looking for SHORT PA in the coming day(s), preferably off the D1/H12/H8
The pins currently on D1 are small. They indicate (the beginnings?) of rejection of that level, which is good.
Hopefully there will be a nice BIG & OBVIOUS PA that can signal resumption of bearish action.
On FXCM trading station, you could watch any time you like, on default is 1m, 15m, 30m, and so on. but you could type 10m and the chart will show you 10m chart, that is one of the best thing about trading station, FYI
The GBPAUD could be setting up a nice head and shoulders reversal as well and could break the neckline for a new bearish trend. Or one more push upwards to the shoulder to mirror the left shoulder more closely.
If it breaks the neckline, sell? Or wait for a pullback to the neckline posing as new resistance?
Thanks for the chart. I’ll be keeping an eye on it.