I like the EUR/USD H4 BUEB too, but the R:R is less than 1 so I’m passing on it.
Hi krugman, glad I asked. My 50 level is not where you specify, can you show us all how you’ve drawn your fib levels? Thanks mate,.
A downtrend isn’t confirmed unless there are lower highs and lower lows. Until a lower high is confirmed, we are still in an uptrend and the bias is still bullish. A short would be against the medium term trend.
Full screen shot of EURUSD H4
Zoomed in on Fib retrace of PA signal
Many of the setups, when combined are just pinbars. A 2BR, BEEB and BUEB setup can be combined, and I tend to treat them the same way I treat pinbars. If I am drawing a fib line on the candles, I just draw it from the highest wick of the highest candle, to the lowest wick of the lowest candle. I don’t always enter on 50% fib though. Price action trading is all about trading price, so my fib entries differ based on previous candle price movements. Sometimes, I don’t retrace at all, instead I enter on a break of the bar for a confirmed signal. And sometimes I have a more entry setup where I enter smaller lots on multiple retraces and also on a break. Every setup is unique, and is treated as such. As I have seen some senior members say in here, “plan your trade, and trade your plan”. I have a clear set of rules for my entry/exit plan, and I stick to them. Doing that helps make the trades less emotional. And if you end up losing a trade, you know you didn’t interfere with the trade in a way that hurt your chance of success.
I would highly suggest entering on a break of the price action signal as it has the highest chance of success. If you want a less conservative entry, like a fib retrace, practice it a whole bunch of times on a demo account until you get good at understanding why one retrace works and another doesn’t.
Interesting, thanks for the thoughtful response. I’ve usually drawn my fib in accordance with the recent trend, not per candle.
Your welcome, glad to help.
When you draw a fib on a candle, you are still drawing it on a trend that is at a lower time frame. For example if you draw a fib line at a major swing low/high on the daily chart, then zoom out to monthly chart, at that timeframe your fib line will be on 1 or 2 candles. Likewise when you draw a fib on a single 4 hour candle, if you drop the timeframe back to 15 or 30 minutes, it will be easy to see the price trend and swing high/low and your fib levels will be over a dozen or so candles. If that all makes sense, its about the time perspective your in, but in any case you are catching fib retracements at whatever time frame your swing highs/lows are in.
Very interesting interpretation of fibo. I hadn’t thought
Hi pedramslhr) you are trading straight into a resistance and there is lot of choppy area above.Also the S&R level is also not important one.Good luck to those set their pending orders but according this is not tradeable at all.
Thanks for the cool advice i was thinking that i don,t have an iphone,ipad etc so my online trading is not complete without having them.But in reality i am doing a lot better without having those fancy devices) I just open my laptop two times a day for checking my charts and if i find any trade then i just set my plan and forget it.Trading is about plan your trade and trade your plan so once i decided where to take profit,to breakeven etc there is no sense in desperately looking at your trade after every 5 minutes.Thinking that way helps me in staying patient and disciplined while trading.
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Please read the past few pages as there is been a ton of commentary on this pair already.
Diceboy in my 4h chart of eur/usd i don’t have your pinbar, i think that are you watching chart on wrong platform, which broker do you use?
lolest! 
will do!
oanda.
So, I just set pending orders to short on USD/CHF and EUR/GBP and long on GBP/USD.
I’m a bit worried about starting so many trades (starting to doubt my judgement)… And about EUR/GBP - with so much traffic it seems to be a horrible trade, what was I thinking lol.
Oh, well, it’s night here, so night night everyone:)
PS everything is on Daily
Thank you marketdeal,
So are you talking about the resistance around 1.3280? If yes, then I noticed that but isn’t the support convincing enough? it’s been acting as S/R a few times. (I’m not going to persist on this trade, just trying learn)
Thanks again
And another question
Aside from the validity of this setup, what should I do if it continues to stall around the current level. is it sensible to cancel my orders in such cases?
I was debating between CADJPY or USDCHF earlier. Since I had long GBPUSD I went with CADJPY.