Some opinions about AudNzd Daily?!
Do you really want to risk your money against that momentum?
Been lurking on this thread for some time, and have finally registered! Amateur PA trader for some years now, so I’ll chip in if I can.
Spongy just took the words out of my mouth!
There is a rejection of price in progress…the candle is not complete, however I’d rather be looking for PA on a pull back in the 1.2235 area, if not 1.2320.
My other comment would be, convergence of factors, yes there is price rejection but at a level not tested since 2009, so the “in progress” pin bar alerts you to a potential PA, which would need confirming.
That I wonder Spongy, thanks for advice 
What do you say GbpChf on daily chart?
That’s more likely to give you success… down trend, PB at long term trend line from July 2012 high, and also a 61.8% fib rejection. So for me, PB alerts the PA, and the other factors start to build convergence. Against it, short term up trend, and you’d be selling into dynamic support, which is nearby.
Also the potential double top, has a higher high in the second “top”.
A close below 14600 is required then you can look at your options.
Sorry if I have over complicated things, just trying to add my little bit of insight, disregard it if its waffle!!
GBP CHF is looking good so far for those who have counter trend trades in there trading plan. Double top with a nice pin bar and room to drop. Lets see how it closes…there’s some trouble to the left to consider. We’ll see
Spot on in2fx33, your chart shows exactly the problem I have. Nice size pin yes I agree, double top yes but very close to previous high, making higher lows since Feb so momentum is currently up, biggest problem is FTA way to close for any decent RR.
Are you referring to 10EMA dynamic support?
[QUOTE=“Spongybob;486922”]Are you referring to 10EMA dynamic support?
[/QUOTE]
Spongy, I use 8 and 21 day EMA’s … And refer to them as dynamic support.
I used to use the 8 and 21 emas a long time ago at a time when my trading was a combination of mine and Nial’s methods (my price action set ups with his system). By incorporating Johnathon’s methodology into my trading , I have been able to get rid of these last 2 indicators on my charts. The charts look a lot less messier and my trading has improved by leaps and bounds due to the simplicity of his method. Now dont get me wrong. I have the greatest respect for Nial and it was he who first steered me in the correct path of price action trading. What I do currently, is use Johnathon’s method (along with one of my own price action setups) for spotting A+ trades and manage the trades again in Johnathons method while my money management remains what I learned from Nial. My suggestion to all new price action traders in this thread is to have faith and let go of all indicators and try to read this thread from top to bottom. Johnathon,Bryce, Spongy, dudest etc have all been so kind enough to contribute selflessly to this thread that their whole system and management is already mentioned here (some plainly and some discreetly). Listen to the comments made by these guys and think about it. Safe trading to all…
Raj
[QUOTE=“traderamateur;486939”]
I used to use the 8 and 21 emas a long time ago at a time when my trading was a combination of mine and Nial’s methods (my price action set ups with his system). By incorporating Johnathon’s methodology into my trading , I have been able to get rid of these last 2 indicators on my charts. The charts look a lot less messier and my trading has improved by leaps and bounds due to the simplicity of his method. Now dont get me wrong. I have the greatest respect for Nial and it was he who first steered me in the correct path of price action trading. What I do currently, is use Johnathon’s method (along with one of my own price action setups) for spotting A+ trades and manage the trades again in Johnathons method while my money management remains what I learned from Nial. My suggestion to all new price action traders in this thread is to have faith and let go of all indicators and try to read this thread from top to bottom. Johnathon,Bryce, Spongy, dudest etc have all been so kind enough to contribute selflessly to this thread that their whole system and management is already mentioned here (some plainly and some discreetly). Listen to the comments made by these guys and think about it. Safe trading to all…
Raj[/QUOTE]
Raj, fair comment, although I’ve been around the block a few times on different methods. I find using EMA’s, (which ever level you choose), helps, along with fib’s, tramlines, momentum, etc
When necessary and to validate trades if you like.
Although PA remains the single point for even looking Ito a chart further!!!
Like I say, I’m new to this site and just partaking my view on things. I learnt my money management etc from John burford (google his methods, I’m sure you’ve seen it)
In no way reinventing the wheel, just my 2 pennies worth.
Bon chance !!
I get your view. To each his own!! And I do think it always helps when you modify the things u study to suit your style. All the best mate - happy pips and safe trading. Hope to see you more on this thread and get discussions going when good PA setups are noted on charts.
Raj
I had aud/usd in my sights from last week to get in around the 1.015 level. However with the RBA rate cut yesterday, i dont think the market is really confident where the range should now be for the aussie. Im not confident trading off any of the support or resistance for the aud at the moment. Probably one of the few fundamental approaches ill ever take.
The trade has shot up so I am now speaking retrospectively, but yes for the experienced PA trader I think this trade was a decent counter trend trade to take.
However please note that I say [I][B]experienced. [/B][/I] bolded, haha. For all intensive purposes this thread is mainly for those starting their PA journey and wanting to learn the technique off someone who has made PA work for them, so basically my advice would be to watch these types of trade. Mark them down and even have a go in demo but for heaven’s sake if you haven’t had at least 12 months solid profitability leave them alone when trading with real dollars.
Chances are price will pullback to a nice area to short with the dominant trend soon enough.
Footnote: I didn’t take this trade myself, but notice how it rejected the Big Round Number of 1.20000
Also indicators? Yeah thanks but no thanks. Moving Averages regardless of the type you use 21 EMA, 10 MA etc are all collated on [I]past[/I] price, and hence no real guide as to what will happen in the future.
I think they are probably some of the most bogus parts of some PA courses out there, and again a full disclaimer that I will admit that this is coming from someone who has used them in the past. I’m so glad Johnathon guided me out of those murky waters, haha.
The best and truest way to analyse what the market is thinking and reacting to is to study pure price. Price doesn’t lie, or at least doesn’t lie as much of the time :18:
Just my 2 pips.
It played out beautifully - did it not? Ofcourse I was not in it due to the overwhelming downside momentum. But then there is something about BEAUTIFUL PINBARS FROM RELEVANT LEVELS - they do not seem to care about momentum, direction or fundamental analysis…
Raj
:16: Price ran from 1.2000 like the devil was chasing it. That’s count Dracula, still scary dou.
How about the pinbar forming on h4. It hasn’t closed yet and doesn’t really stick out loads but it is reasonably large and at a resistance level from daily. And as everyone is saying the momentum is very bearish
Are you talking about AudNzd ?!
Yes sorry I was talking about audnzd
Hi Raj,
Why do have to copy the methods? Just go ahead and develop a system from what you have learnt…