Dudest I know you have posted some other Weeklies up but if I was to go for any Weekly it would be this one. Notice to the left of your PB just how much ‘clean air’ you have got for the price to go up.
If you look at some of the other charts maybe not the previous bar but certainly the 3-4 bars preceding them you have some minor support and resistance levels which means your trades will have to be closely managed. This one there seems to be a little bit more space to move.
I will try and throw up some charts later to illustrate. Others may have different views but that is my take.
Been reading this thread for a while. You guys are rockin the boat. I’m learning a lot from everyone. Just one question can
you please specify what pair you are talking about with regards to the above response to Dudest?
The close is JUST inside the previous bar so I guess technically a PB but it’s a very small one.
I guess the other question you want to ask yourself is is it worth trading an intraday signal when the only markets that have woken up from the weekend are the Aussie and Asian markets?
Trading intraday on Monday Asian session is trading suicide!
The market is thin and only small moves will eventuate most times.
What will happen a lot is false signals will be presented on the intraday charts during the Asian session and this all happens before the biggest markets are even open. When the yanks and poms come along they just go whack and do what they like and change the whole market dynamics!
As a rule I never trade Monday intraday during Asian sessions.
As another rule I do not trade intra day during Asian session unless the pair is directly correlated to the Asian market i.e: AUDUSD, GBPJPY etc etc
NZDUSD
Pin Does not stick out how it should. The nose should be large and stick out from everything around it!
As I said to trade these is not wrong. They very may all work out and I am definitely not saying they will go the oposite ways and I am also not saying do not trade these because of me. What I am saying is none of them are A+. They all have faults and I will only enter trades they are solid trades that are just very obvious. These are not. They are C+ or B trades. That may not stop them from working out and being big winners but as I alway say over time they will stop the trader from being a winner as there is only so long you can get away with trading average setups.
I know I go on and on about this but it is what separates the good trader from the bad! If we could get away with trading average trades all price action traders would be rich! And that is definitely not the case.
Forget fundamentals! if you want to be a price action trader you have to let go of the old ways and ways that don’t work.
Think of it this way. If you were to go back and look at all the awesome pin bars and engulfing bars on the weekly and daily charts that worked out they managed to work out without ever taking any consideration of the fundamentals.
Price will lead you and tell you what is happening in the news and fundamentals. We can read what other traders are doing from looking at how price reacts.
So the safest way to trade is during London and New York Session or during this two session’s overlap?
by the way I like your website… you have taught me a lot, for me as beginner your website is so much help, and give a new understanding and perspective . Thank you so much for the education Johnathon.
Well if you are trading daily or weekly it doesn’t matter when you trade as your daily signals is taking in all sessions into account.
Intraday signals such as 4hr can be formed solely of the Asian session. The Asian session trading is very thin and generally not much happens. This can produce false signals because when the UK and US opens they may have a totally different view of where the market should go and what’s more they trade in the amounts that will make the market move.
So intraday is a lot safer trading during the bigger sessions or over the overlap so during the US/UK/EUROPE etc
yes I have though about it but then to have that it would need to have moderation at all times which is tough! I will think about it. As you know though I have other things planned before that.
if you are bored turn the charts of and walk away. Don’t look at your charts for excitement.
By all means go nuts and take average setups! At the end of the day I don’t want to many people making money! I need people taking rubbish setups for me to make money!
