Yes weekly price action is very much on the cards as a matter of fact if you look back a few weeks on your chart you will see a very solid BEEB at a swing high that worked out great and sent price to exactly where we thought it would into the logical swing low support area to where we now have this bounce higher and this BUEB.
This is a BUEB, but for me the worry is you see the upper wick and it is showing the the bears have come in. You have your resistance marked there and if we were to g long we would be entering long at this resistance area where we see a lot of candle highs and previous resistance…
I would entering long on the high of this engulfing bar. But the worry thing is, since the wick of the bar is rejecting the resistance area, I worry it will be a reversal there. Hopefully today will close with more power towards bullish
on daily TF there was a BUEB juz beneath it at support. Could work but certainly a pass for me (remember high probability trade means a good PA happens in a major zone with a proper swing H/L and also with the absence of other PA or factors that could harm your trade’s edge)
In my opinion, A++ PA set up with High RRR(e.g. 1:1 ,2:1) is very rare. Probably just one since i started with this method these two months.
What im thinking is that maybe limit ur RRR to 0.6:1 and above, so that within 3 trades, 2 successful trade and 1 failed trade still earn you money provided that you are taking the A++ trades or the most Break Even.
I forgot to ask you if price moves lower how do you plan to manage? It has now moved lower into the area I highlighted I would begin to look for long trades on the 4hr chart with the trend? But I mean to ask you that if price does move lower or continues to move lower how to you plan to manage this one?
Since I was trading against an uptrend I took full profit at the first support area and I’m now looking to go long at the break of the pin if a pin bar forms.
Hi, my name is Alex, i read this thread with a lot of interest, started learning price action and i think it it the easiest and most afective way of making some pips:).
Question: what do you think about H4 PB on gold, is it a good trade?
[QUOTE=“sarbualex;508693”]Hi, my name is Alex, i read this thread with a lot of interest, started learning price action and i think it it the easiest and most afective way of making some pips:).
Question: what do you think about H4 PB on gold, is it a good trade?[/QUOTE]
Welcome!
PB you are mentioning on gold has not opened and closed within the previous candle. According to rules in this thread it’s not valid.
now i m thinking taking full profit in first target area which provides RRR at around 1:1 to 1:1.5, so even with my win rate is as low as only 50%, i ll stil b profiting at the end. (I actually found it more profitable because most of the time my trade took half profit and got BE),
While I appreciate that most members on this thread use Pepperstone for their NY close charts, for whom there is no pinbar, those using a broker such as Alpari will see a pinbar on Gold. It’s just a difference in price feed. BOTH are NY close charts. Take your pick…
Thx for explaining. I just downloaded Pepperstone MT4 to compare it with mine and for the future it will be no misunderstanding.
Sry for my baf english:)
USDCHF Weekly chart, a very strong bearish engulfing bar forming at swing high. But my resistance line seems too far from it. Need some opinion from all that is that a valid trade?
I’d say it valid, but RRR would not be bright, probably best to collect full profit at 1:1, or 1:0.8. Since weekly signals are highly reliable, this ratio should lead to happy end:D
PS You gave me an idea: I’ll start monitoring weekly signals on a regular basis (it only takes 10 min once a week heh)… Probably will use a different terminal for this, already have like 5 for simultaneous testing of different strategies. I’m thinking about plotting SR on montly TF for catching signals on weekly, - zoom it out, so it will hold all the price info the platform has. What do you think about this, guys?
(remember high probability trade means a good PA happens in a major zone with a proper swing H/L and also with the absence of other PA or factors that could harm your trade’s edge)
