Trade update - Short EURUSD
Taken out at BE. Looked OK at the time, but against the strong trend so always risky…Will look to get back in on a retracement.
As regards the GBP/USD entry, i have often seen after an engulfing bar a candle or two (daily chart) that moves against you to about the 50% fib level (of the engulfing bar) before continuing in the desired direction - in this case short - so hold on to the gbp/usd trade for now …
sorry ignore above comment re Gbp/usd the entry wasn’t an engulfing bar - getting pairs confused…sorry
fyi - both the eur/gbp and gbp/chf on Weekly charts had engulfing bars - trend continuation - see weekly ??
Aud/Usd
Your views pls - on seeing an engulfing bar - see below 4hr - i often see retracements to about 50% of the engulfing bar before trade continues in desired direction - see latest on Aud/usd - comments - thx?
The Xau/Usd on weekly showed a “double bar high with lower close” over past two weeks which is a forerunner to continued lower prices - which occurred this week - missed out on it - see below.
Your support lines matchs with mine. Let’s wait for the PA signal with the trend.
Probally only on the next week wich I’ll be off. Good luck all.
These are the teaching of Johno… After revisiting the first 50 pages he always advocates to us newbies
Try giving it at least a 50% retracement then maybe you can ride the trend.
It might work out.But its not even close to an A+ set up it might be a D- signal.
Ok thx for the input Zakuthimdlethe…
hi Zakuthimdlethe i would argue that aud/usd in the daily tf the trend is bullish just be aware of brn 1.05
Sorry, but I don’t see a bueb. The bottom of that bullish candle doesn’t extend past the bottom of previous candle.
see how the previous bar has a tail and see how the bullish bar has none?
Higher highs and Lower lows.
Draw a moving average on your chart,then you will see-NOT THAT I USE MOVING AVERAGES John…:33:
This bar is a example of a bearish engulfing bar as the whole candle from top to bottom is covered
Please feel free to comment. Ps I am not trading this bar as I was not happy with the wick at the bottom I felt it wasn’t strong enough to trade.
In my humble opinion, the noise you have to the left is reason enough to avoid trading it.
Cheers.