All of these setup formed at the middle of the area. is it a good setup that we should trade?
Haha ok! Wish you lots of pips 
Which setup are formed at middle of the area specifically? They are Swing lows from a up trend, IMO. I am anticipating two bar reversal for most them.
All of the setup. Ya they r forming at the swing lows but not on the resistance or support area but is at the middle of the area.
Could you put up a chart and show me why issit in the middle of the area pls? Coz this is quite important to me as my logic in trading surrounds it. Those SR i draw before the price has reached there and i think my SR are fine.
Anw, here is a possible trade that most likely to happen from charts i mentioned above.
2Bar Reversal on the trend up. Looks like its ranging abit now but its a solid 2 day Pin bar.
Red highlighted areas are my TP1,2,3.
Jack.C
Hey guys, back at it after taking a bit of a break since I was super busy. Thinking about taking this trade on the EUR/AUD.
Pros
- With a very strong up trend
- Good sized engulfing bar
- At a decent level
Cons
- Bit of consolidation before it, however up trend is very strong.
Thinking of putting my first TP a bit before the recent high and if it hits it, letting my 2nd TP run and moving SL to break even.
Hello!
I was lurking this thread for a while and made only a few posts, but now i decided to step out and attend discussion on regular basis.
today i spotted a BUEB on EURGBP H8 chart. Price broke outside the box and retraced back to the previous support (new resistance) and formed BUEB.
Price already moved higher and i was able to move my SL to BE. I am now at risk-free trade. Anyway i think that i am targeting abit too high (1:1 risk:reward).
I was thinking about EURAUD or EURCAD, in my opinion, both are good trades! Yeah that little consolidation had me chose EURCAD! lol
How would you place SL, Jack? This bullish candle is really big, so by placing StopLoss under it weâre severely worsening RRR, what do you think?:22:
Seems like the EUR/CAD worked out better. For both, they shot up initially and now are cooking around where the entry would be. My TP for the EUR/AUD was a bit higher than where price shot up to, and now price is around where my entry was. For the EUR/CAD if I had taken it, my TP1 would already have been hit, and I would have moved my second half to break even. We shall see how it plays out in the next few days.
Yeah, but if the set up is A+, then iâll take it anyway. My minimum RRR is 0.5:1
Sorry i meant EURNZD. But i realised the Spread is huge, 20-30 pips. So i canceled it.
Anyway ive got a question. I have been looking for the A+ setup and the seniors here are saying there are about 3-6 set up a month. However for the past month, only 1 A+ setup was formed, which is the JPY Pair. So just asking if everyone is experiencing this and because of the summer season thats y the setup is lesser? Or issit because of my own judgement?
Few more qn,
If a nice PA on the swing low is formed, however, the price ends with maybe 1.1170 or 1.1180, this means that its quite near to the BRN. Would you guys take it? Note that It is a perfect A+ setup just that its near BRN without much resistance ahead.
Also on Daily, it is much more easier to encounter BRN, so if a perfect pin bar did not close above the BRN, maybe around 1.1190 if we are buying, should we take it? Considering its a perfect setup. I ask this because i have thrown away many setup like this but it worked out.
So, does that mean that on DAILY TF we should focus on VBRN(E.g 1.2000) instead of BRN(E.g 1.2100)?
One more Qn is that i see too many resistance ahead of me when i looking at a setup.
Take the following setup as an example,
EURNZD DAILY
Highlighted area are the trouble area that i saw before the last candle has formed today. Which make me reconsidering on taking the setup. There are many setup like this that i gave up on taking and most worked out.
SO my point is. How do we know if the resistance is significant? I understand that if many wicks has formed as resistant and support, it is an significant trouble area, bt what if its just few wicks. From the photo i uploaded, i understand the second highlighted area is definitely an significant one, but what bout the first highlighted area? Hope everyone understand what im asking.
Additional question:
I realized entering at the NY close has very big spread especially for cross pairs( 20-30 pips), so how do you guys trading live handle that? Iâm using pepperstone demo.
Hope to hear from you guys!
Cheers!
Jack.C
GBPUSD H4 BEEB under S/R. Are we seeing a swing high on the downtrend or is yesterdayâs strong bullish momentum the beginning of a move higherâŚ
Thoughts?
I donât really trade H4 , but the previous candle is higher than the bearish candle. I would pass this trade.
Just ignore the lines as those are drawed based on D1 , even if we draw the line based on Weekly chart, there is a strong support just below the bullish engulfing bar. I would give a trade on this if tomorrow close like this or higher. . Any opinions or suggestion?
Hi Jackson, I like your reasoning behind this post. Just a thought though. A+ doesnât mean certainty; weâre thinking in terms of probabilities remember. We can only stack the odds in our favour. There will always be reasons against taking a trade, itâs up to you to decide whether you think those reasons are important enough. For example 1 or 2 wicks vs 4 or 5 as confirming S/R. Itâs up to you!
Hi Shane,
I donât understand what youâre saying here. The BEEB engulfs the previous candle, and the one before it closed below. Are you referring to the large bullish candleâs wick? If so, what relevance does this have to this trade? To me, it further confirms that there is resistance here.
Yep, thats one good point
Ok so Iâm 50 pages into the thread and have picked up aot of useful information, and have built myself a trading plan with what I have picked up so far (I think this will have a lot of evolution to come yet!!)
Next steps for me potentially: -
i) Join Johnathons website as a member
ii) Start to play my way into a few small trades to get a feel for the strategy
iii) Do some further background reading, Iâm think a Steve Nisson book on candlesticks.
Any thoughts, advice or suggestions on what I should be doing to help my learning?
That is a good solid plan Matthgm, the book on candlesticks is a great idea. Carry-onâŚ
[QUOTE=âtonyro44;508345â]That is a good solid plan Matthgm, the book on candlesticks is a great idea. Carry-onâŚ[/QUOTE]
Thanks Tony, for every step I take forward, I realise there is a whole lot more for me to learn!!!