Hello) Below is the 4 hour intraday chart of EURUSD the price is trading in range since 11th of january.It looks like on monday we will have a nice long entry above that tiny red arrow i draw on a chart but only if price will hit its swing low again and will show us some strong candle signal like a bullish pin bar.What do you think on this one jonathon?
Thanks)
You should be looking for price action at the high or low of the range, not in the middle.
Russ
Tucson
Hallo forex4worth,
@demo a/c: hopefully soon enough, you’ll start treating your demo a/c like real money [ mental habits are what will make/break you ]
@create big arrows: check out the following posts for how:
#1535: 301 Moved Permanently
#1536: 301 Moved Permanently
Cheers!
Hallo again forex4worth,
We are swing traders, so the answer is a big YES.
Often-times, price needs more than a couple of hours to reach our intended objective, so we leave them over-night + over-weekend if already in a trade.
NB: We DO NOT sit infront of the screen and manage trades -> that will almost ALWAYS lead to fiddling with trades, leading to inconsistent results. Before entering the trade, we set our entries, stops, breakeven points and TPs in advance. This leads to a consistent approach ( which in turn leads to consistent results ).
Cheers!
I am sure you didnt read it carefully, i said he have to wait for the price to hit the swing low again with some strong candle stick indicator.
Hey, anyone looking GBP/AUD daily? Down trend, and I wonder is it too late open position in monday? I think price may go down to 1.47104. On weekly chart we have again down trend and very big engulfing bearish bar before 2 weeks. What you think? Also on USD/CHF the price touch the resistance line, may go short if we have clear signal next 1-2 day (the trend again is down)
Any opinions?
So are you trying to say that the selling pressure is quite intense and it will move further down or should we wait for a pull back for the short entry? I think if it gives us some strong candle signal on monday on its lower swing then it would be a nice long entry.
Thanks thats exactly what i was looking for)
You’re right, I did miss read it. Sorry for the confusion.
Russ
Hello Guys, What do you think about this one?
AUDJPY D1
Right now Im just trading on demo. Took the trade at the break of the BUPB. Opened 2 trades with 1% of my account each one. Closed one when it reached my TP1 (94.80). Let the other trade run, moved SL just a little below BE. I think its gonna go higher so I plan to keep it open an trail stops. Anyway all of this is in demo, so no risk. Just learning.
EDIT: I hope this image looks better. Sorry if MA’s annoys anyone.
That one caught my eye to. I paused on it, then thought it wasn’t enough of a swing. Not much room left to the top.
Well, if it breaks the first resistance, it could keep going higher, as we must look back a year or so for another resistance.
As for the swing low you r right, not really low , but i ruinoso it fits nicely with the current trend.
My Humble opinión. Thanx for your answer. Creers!
Oh I’m still learning. Just throwing my opinion out there. Maybe a more senior member will comment.
Short answer is yes.
This is a setup we have not discussed too much in this thread but it is a high probabiloity setup and one of my favorites.
Quite often when pricee is going to reverse it will hang around an area before moving. This is espcially so when against the recent trend. Like you will see in the Silver example price was stalling at the low and then it formed the large false break.
The false break setup can be super powerful. I will attach a false break Pin bar example of a short trade below. You will also see price popped higher making the false break before snapping back and selling lower.
Johnathon
False Break Pin Bar Short Example
Most of my trades are held overnight. We trade mainly 4hr and daily charts and so 1 candle on a daily trade is going to involve holding overnight.
A lot of my trades are also held over the weekend. This depend on the scenario but the weekend does not change anything about the trade for me.
Johnathon
Okay. What I was getting at was what you are calling a Pin Bar is not a Pin bar and does not meet the criteria to traded as such.
Johnathon
I think that the Engulfing bar you are talking about on GBPAUD formed over two weeks ago. That trade has moved lower and is over.
As for shorting now, I agree that the recent trend is all down and price has high chance of moving lower, however for me now there is no value to be found shorting at the extreme low where price is. I do hope price continues lower for you though.
Johnathon
Anyone looking to trade a break out on the EURUSD? price stuck in a tight range and could breakout this week. If price can break with the recent trend higher would could see a large move as there is space.
The best scenario would be a break out higher followed by a pull back on an intraday chart to get long at the old break out area.
EURUSD DAILY CHART
Safe trading this week,
Johnathon