Hi guys,
I’ve been following this thread for a few weeks now and I’d like to thank everyone taking part in the discussions, it’s very helpful.
I’m looking at a BEEB in the GPBUSB daily chart. The BEEB is convincing as it swallows the 3 previous bars. However, the BEEB closed near S/R levels from June - August 2012. What do you guys think of this? Go short now or wait till the bearish trend is confirmed by a second bearish bar?
Look for signs of weakness
Choppy choppy choppy choppy!!!
I went short on the GBPAUD last week after price bounced from the resistance you marked and then broke through nearby support. Now it’s approaching a bit of a trouble area.
Are you trading off weekly charts only? I took the trade off the H4. I don’t see a clear trend on the weekly chart, possibly an upwards bias as we approach the bottom of the range that’s been in play since Jan 2012.
Disclaimer: I’m a newbie still on demo :27:
Hallo Jeff,
It’s a valid pinbar IMO, but formed right under resistance.
It could still go up, but I’ll be watching this one from the sidelines…
Cheers
I’m not sure if my approach is exactly in line with this thread as I have only read to page 47 up till now. However, from what I’ve read so far my basic principles match very closely to Johnathon’s so I went ahead to post that chart.
The way I see it, if I wait too long for confirming a good trade I am losing profits.
For trends and SR zones, I agree that the higher the time frame the stronger the trade. However, once I have a good trend and strong SR on my side I will zoom in to a lower time frame (H4 in this case) and if I see a good confirmation bar after price touches the SR zone I will take the trade from that time frame. I will only move up to the next higher time frame if I don’t get convincing PA on the lower time frame.
In this case I liked the pinbar on H4 and once nearby support was broken I was comfortable on entering the trade. I didn’t wait for the daily bar to close.
Appreciate any inputs!
The BEEB is great but (as you’ve already said), it closed near the recent lows, giving us no space to trade into.
IMHO, price might either:
Cheers
Hallo Pippatron,
@timeframes approach: I think you have that nailed down OK
@GBPAUD H4 trade: Entering at the low of the pinbar would have been a better play.
Entering at the break of the first trouble area worked this time but what if price had reversed on you there? Point to ponder…
Cheers
Hi everyone
I spotted a possible setup on AUDCAD H4. As you can see we have Bearish Engulfing bar with trend in a pullback. it is rejected by resistance. Although the candle is not closed yet and you know everything can happen. 
any opinion??
Thanks for the comments dudest. You are right about the better entry being just below the pinbar low…My entry increased the stop loss and lowered possible position size.
I shall start trusting the obvious PA more and use the trouble areas as points to move to break even or take partial profits.
Dear guys,
Just to update my trade on usdcad. Hit TP and get half of the profit, set the rest for breakeven and let it flow.
What do you think? Maybe this is not an A+ setup, but still can make some profit.
Thanks to Johnathon and others, though I am still learning but I really love the concept and it really helps me a lot, changing my mind about trading.
EJ
Hi) I want some help from senior members regarding VBRN,s(very big round numbers).So far theoratically i understood S&R levels,price action signals,FSA,FRA etc well enough.I am making misktakes though because i have no practical expereince of analyzing A+ setups.But i have no sound knowledge of using big round no,s in the analysis of A+ setups.So i would like to ask some questions.In case the presence of a big round no at the resistance area does the bearish PA signal candle suppose to close below the big round no so that,s mean the price is rejecting the big round no? And what does the big round no suppose to mean at the support area?In case if the vbrn is not like 0.9100 and it,s like 0.9106 so we need to round it off? Finally does the importance of the big round no stands equally with the PA ingredients while baking the A+ cake?
Thanks.
Tahir.
Now the usdcad formed BUEB on the support H4. but the big number 1.0000 is quite near.
will you trade this?
thanks
EJ
Hi EJ) I don,t like to trade this setup because it lacks proper S&R levels and secondly it,s a strong downtrend and i don,t want to trade against the trend.Just my personal opinion)
Thanks.
Tahir
Forex4, that looks like quite a nice level on the daily against the recent high. I would prefer a bigger pin bar and the NY session has not closed yet.
