From weekly chart it showed uptrend no? And on daily chart, it is now hitting the resistance line, for me I think I would wait for the retrace on the next support line and enter my trade there. I will go for long when there is a PA showing on the support line.
Only really interested in the short term trend. From Jan 20 - May 14 itās been convincingly in a down trend, and only recently in the last couple of days gotten some bullish momentum, so I would still consider it a short term downtrend. If the up momentum does continue to pass through resistance, retrace, and keep going up, then I would change my stance.
This pin bar has been mentioned already.
Pepperstone, like many brokers, uses a 5 point decimal system. What you are looking at is not 26 pips but rather 26 points which is actually 2.6 pips.
Thank you guys for thoughts! Itās much better to trade when you surround yourself with other passionate traders!
Yes, it is absolutely trouble area lotās of shadows here, how I didnāt noticed myself in a chart and there in a thread you writing aboutā¦ Not going to trade this pair!
Thank you guys for opening my eyes, hour before I was 100% believing that it is A+! I donāt have good eye and skills yet. Very appreciate your answers!
Being picky leads to success!
I donāt think so. The 5th decimal place is 1/10th of a pip. If a bid ask spread is 1.11500 and 1.11605, The spread is 10.5 pips and if itās 1.11500 and 1.11600 itās 10 pips.
Correctomondo.
Hi [B]johnathon[/B]) I never watched any of the videos on your site and today just decided to watch all of them.Pretty good stuff you have got in there)But in one short setup you played on the GBPCAD dailywas clearly against the rules what i have so far learned in this thread.The pin bars wick was not three times the size of the body and the first FSA was too close.Also there were lot of choppy traffic on the left side.We clearly avoid such setups and i am just wondering why you decided to play such a setup?Will be glad if you help me to get away from this confusion)
Thanks
Happy Trading
On GBP JPY D1 chart.
Could we check tomorrow if the last candlestick is a BUEB and buy the pair?
Thanks, everyone!
I look at it as an uptrend and the PB at VBRN 1.33500 does not signal a reversal. I may be wrong but my understanding is itās a continuation PB. Even if itās a reversal, youād still be shorting counter trend.
Hi guys, what do you say for EurGbp. I wait price to break 0.85340 but 0,85000 worried me. What do you say for open a position with 0.86000 SL and make BreakEven at 0,85000 with TP 0.84000 ?
[QUOTE=āRevival;494661ā]
Only really interested in the short term trend. From Jan 20 - May 14 itās been convincingly in a down trend, and only recently in the last couple of days gotten some bullish momentum, so I would still consider it a short term downtrend. If the up momentum does continue to pass through resistance, retrace, and keep going up, then I would change my stance.[/QUOTE]
For the EURCAD,I know we have kind of beat this one to death but I wanted to make sure people are understanding the trend direction correctly. If you are looking at the price since January, you will see lower highs and higher lows. Essentially the market is directionless and is consolidating sideways. If you back out further you will see the long term down trend.
What a retarded move!
As i posted earlier, i was in EURJPY trade(Demo).
Although it wasnt a very obvious PA but i traded it due to my Impatience(i hereby warn everyone not to trade due to impatience!), luckily, it went towards my TP. However, i was using FXCM and try to close the trade by setting a Limit Sell Order earlier with the same amount of Lot thinking that it may close my trade while im not around instead of putting a limit TP order. WTF im i doing=o=
so here is the result.
Instead of earning pips, i lost + roll over fee ā¦lol
Just wanted to say that luckily i did not trade live, if not ill be hanging myself by nowā¦
Pls mock at meā¦
Jack.C
BTW,
This is my first time Trading with PA and it is going towards my 2nd Profit Area(130Pips or so). I do really feel GOOD! But will nvr trade an AVERAGE PA again!
[QUOTE=ājackson905;494881ā]What a retarded move!
As i posted earlier, i was in EURJPY trade(Demo).
<img src=ā301 Moved Permanentlyā/>
Although it wasnt a very obvious PA but i traded it due to my Impatience(i hereby warn everyone not to trade due to impatience!), luckily, it went towards my TP. However, i was using FXCM and try to close the trade by setting a Limit Sell Order earlier with the same amount of Lot thinking that it may close my trade while im not around instead of putting a limit TP order. WTF im i doing=o=
so here is the result.
<img src=ā301 Moved Permanentlyā/>
<img src=ā301 Moved Permanentlyā/>
Instead of earning pips, i lost + roll over fee ā¦lol
Just wanted to say that luckily i did not trade live, if not ill be hanging myself by nowā¦
Pls mock at meā¦
Jack.C
BTW,
This is my first time Trading with PA and it is going towards my 2nd Profit Area(130Pips or so). I do really feel GOOD! But will nvr trade an AVERAGE PA again![/QUOTE]
You had the right idea. Actually FXCM has 2 types of accounts, European and American. The European allows hedging, American doesnāt. On an American live account it would have actually closed the order. What yours did was hedge, haha.
In my trading experience, all the money I have made are from those great A+ trades, and the money I lost are from the rubbish trades. Ever since reading this thread I have made less and less trades, but more winners. I use to trade 5-10 times a week, now closer to 1. It all goes back to taking only the best setups.
Hey mate,
itās not something I talk much about in here but it basically it is just a false break pin bar. Would have been a better if the nose was longer but the big massive bearish close in this example and the clear false break of the recent resistance level made a clear case for this market to shoot back lower. We had a clear box in play here for this pair and this pin wad forming at the top and it was a very simple top of selling this false break and holding on and getting out at the bottom. A very simple false break trade.
Johnathon
Yes well spotted, it is indeed a BEEB, however would you want to short against all that super dooper strong momentum higher, or move to daily chart and look to long from daily support level?
DAILY USDJPY CHART
Johnathon
A few of you are looking to trade the EURCAD daily pinā¦
It is sitting right on top of a support level which is holding it up at the minute which I have marked on the chart below. We can see this support before the pin had formed and can also see the pin found this support when forming the pin. If you look at the actual close of the pin bar it traded down there but was not able to close below this level and closed above which was a worry.
If price had closed below this level I would have entered this pin bar. I liked the rest of the other attributes including the space into the logical major support level into the lows marked on the chart below but because the close was above there is always a risk now that even if price does move through now it may be a false break of the support and price may just pop through before moving back higherā¦
I donāt know what will happen now with this one and I do know there will still be planty of people to take if it goes on to still break the low. This would not be wrong to enter at all if it does break as it is very much valid as long as the highs do not break first and to those that take, good luck.
Johnathon
EURCAD DAILY CHART
If EUR CAD will go down, then also the EUR USD will go down, isnāt it?
Are these two daily EUR USD setups valid?
Hi,
Donāt the S and R Lines need to be of the daily and then u can go own to the 4H?
Thanks
Shannon