My NZDUSD resistance are still far away. ><"
If I remember correctly, for a trade like this we would be waiting for price to breakout, and retrace back to the point when we had resistance turned support. If the level holds with great PA, THEN we go long. Trading just the breakout on itās own is risky.
Itās kind of early on before the NY candles close but thereās a bunch of potential setups Iām watching today:
EurUsd Daily:
UsdChf Daily:
AudUsd Daily:
All of these setups MAY NOT PAN OUT but its important first to identify where they may happen and if theyāre great or not. Iāve only gone through some of the pairs, more to go 
Hi Soul786, I have the same S/R lines as you for EURUSD, but Iām confused about the trend, I can see that the mid trend is up, but is it just considered as retrace after down trend?
For USDCHF, the trend is down, I can see the previous pinbar candle. Is it okay if I go short based on current candle and place my SL just a bit above the previous pinbar candle?
For AUDUSD, the running candle seems trying to form BEEB. If the candle turns out to be BEEB after NY close, can this be considered as PA signal to go short?
With all these things Iām watching, again, thereās a lot of time to go BUT Iāll give you my rationale:
The way I see the chart, weāve pushed higher right through the second line below the first (previous resistance) and it hasnāt tested itself to become support before moving higher. If there was a time for a small retrace, I may see one here. The candle as it is, is an indecision candle i.e weād still be awaiting some form of confirmation on the NEXT candle. This one only alerts us that something may be brewing.
EDIT** I just dropped down to a 4H chart to notice where the reaction to the resistance level occurred. A 2BR setup TRIED TO FORM however I donāt think itās strong enough to trade. Iāll be waiting on the daily to see what happens but as of now Iāve decided to avoid this trade.
This is one chart even I wanted an opinion on. The PA is strong but it IS countertrend.
Weekly shows we are in a range, however this trade happens to be smack in the middle, so itās not even at the extremes of the range. Considering the PA is countertrend from the past couple weeks, I may pass on this one.
Thatās what Iām thinking. Itās the strongest signal of the three charts I posted but possibly the one with the best PA. Itās getting to be rather large in terms of the candleās body, but the next support area is a ways down still. I like this to be a high probability trade and (should the candle close as it is now) see it as an A+ setup.
Heya,
the first week of September is when you will notice a large spike in volatility right around the world in most markets from Forex to Oil and Futures etc, but in saying that whilst markets are choppy now they are still throwing up trading opportunities, you just have to be a little picky and smart about it. Donāt go trading in the middle of rubbish and pick your trades from key areas. Price is still moving and thatās all we need.
Johnathon
A fundamental rule of this thread is broken with this trade and that is to buy low and sell high and vice versa. This is a key rule that is important to any Forex method or to be honest any business in the world. Buy cheap and sell expensive or buy low and sell high. Buying here is buying high and trying to sell higher.
You need to be buying from a swing low where as this is at a swing high.
It is a BUEB all the same and it is sitting on support so they are bullish signs for this market, so this trade very well may work out great for you and it probably will, BUT going forward this is a rule you do not want to continue to violate.
If you have any questions then let us know. If you have not as yet read the first post of this thread then please do so.
Safe trading,
Johnathon
Sorry for the late reply.
Awesome support level donāt ya think? and it is still holding at this stage as I write this? The 2 bar though? Not so great. In saying that; it did itās job! It was a tiny little 2 bar and it pushed price higher straight into the next resistance so it did itās job and thatās all you could expect. So thatās a successful 2 bar, even though it was a very average one that was from a super support level.
I tell you what was good and that was the 1hr Pin Bar in the same market. One of the cleanest pins you will see from a very solid resistance level.
SILVER 1HR PIN BAR
Hi,
You guys think at the GBP/USD H4 is forming a BUEEB into a support level, to go Bullish and thus continuing with the trend ? This support can also be seen on the Daily.
[QUOTE=āgmatav;512774ā]Hi,
You guys think at the GBP/USD H4 is forming a BUEEB into a support level, to go Bullish and thus continuing with the trend ? This support can also be seen on the Daily.[/QUOTE]
With this specific method itās in the wrong area, itās a swing high, therefor your buying into strength, itās the exact opposite of what the pros do, they buy into weakness (swing lows) and sell into strength (swing highs). For this to be a valid entry you would have wanted price to pullback to the last significant support (an area of demand) and form a BUEB or false break pinbar
But, thatās exactly what I said, itās a swing low (support level) to go bullishā¦as a continuation of trend.
Wait I need one more post so that I can post a pictureā¦
Here it is, GBP/USD H4 :
[QUOTE=āgmatav;512789ā]Here it is, GBP/USD H4 :
[/QUOTE]
Personally just looking at it from a PA standpoint I would consider that to be at resistance, also price has (to the low of that candle) pulled back 70 pips against the most recent bullish move of 230 pips and the extended bullish move of 580 pips, would u consider that a swing low?
Sorry computer went a bit mad
Yeah that aud/usd looks real nice. even the aud/jpy
Going back to the gbp/usd chart posted earlier, Iām with the thinking that you should NOT be longing it. Not yet at least. Thereās resistance right where those 4hr candles have been ranging and even though the bar is a BUEB, price is right at the resistance area.
Remember:
Short @ resistance and Long @ Support
Well, i just went in short and bagged 20 pips.