What do you guys think about the usdcad engulfing bar on daily chart? Hopefully it closes as strong as it looks now
Hello yenny!
The Problem is that GBP/USD is not a trending market at the Moment, instead it is ranging. The most time markets are ranging and these are difficult to trade.
When the markets are ranging you look at Support-Areas for Long signals and at resistance-areas for short signals. But trading in there can be risky in case of breakouts etc.
So there is no real trend in ranging markets so it´s best to look for trending markets or you have to deal with more risky trades.
I hope that my Statements are right. In case of untruth, please feel free to correct me.
Best regards!
Hi aujla!
please look at my USD/CAD Chart:
When you are referring to the BUEB and taking a Long trade because of this, you are trading straight into a resistance area! (See the red and green rectangles)
Instead of going Long I´m waiting for a pullback and a nice PA to go short (marked by yellow Zone) with the down momentum on my side.
Hope this makes sense!
Regards!
Thanks eignerdaul!!!
That makes a lot if sense!
How were you able to pinpoint your s/r lines? The reason I was thinking long was because there is a support below your resistance level but I’m assuming its not as strong as yours
[QUOTE=“eignerdauL;514717”]
Hi aujla!
please look at my USD/CAD Chart:
<img src=“http://forums.babypips.com/attachment.php?attachmentid=49011”/>
When you are referring to the BUEB and taking a Long trade because of this, you are trading straight into a resistance area! (See the red and green rectangles)
Instead of going Long I´m waiting for a pullback and a nice PA to go short (marked by yellow Zone) with the down momentum on my side.
Hope this makes sense!
Regards![/QUOTE]
Hello, you may be controtrend on the daily chart. At least wait that makes a retest.
Ciao
Furthermore that is not infact a BUEB, it does not fully engulf the lower wick of the candle before it
Hoping for a nice PA to go long on Gbp/Aud 4 hour, it’s broken heavy resistance which should hopefully turn to support…
also quick question, how do you guys highlight bits of your chart, like where you expect it to go bounce? is there a highlighter tool or something? Cheers, Dek
We don’t trade BEEB at swing low
hey… i thought only the real bodies had to engulf : /
any thoughts on this smallish pinbar on gbpnzd daily? with the recent and overall trend. at confluence and s/r level
Looks like consolidation is coming and range bound price. Wait till breakout.
I have been following this thread for some time now and I must say I have found it very informative. I first started trading Forex last summer, but shortly after had to stop due to some other responsibilities. I have since returned and have primarily focused on higher time frames such as the 4H-Daily. One thing I never really did was actively participate in the Forex Community here on Babypips, so I hope to make some prominent contributions to this thread this time around.
Keep up the great work everyone! Cheers!
This would be selling from a swing low instead of from a swing high.
Hello everybody!
For the last week, i havent seen any setup at all (I have watched 4H and daily charts with 27 pairs around ) . The market is really quiet and goes choppy? or i’m now not in the move? Very welcome all your response.
Andreiirk!
HI!
Yes the market is choppy right now. This is due to the low volatility in the “summerbreak”. The markets are really tricky and risky at this time but there are also some really nice spots.
Check out my post 4 pages ago and look at my spotted Setups.
Best regards!
Hi, on AUD/USD H4 formed an PB, the trend is in range.Is it a good trade to go long?
Also on USD/CAD H4 an PB has formed, i want to go short on it.
What do you guts think?
On AUDUSD it’s a too massive downtred, so no counter-trade for me.
And USD/CAd I would have liked the swing to close a bit higher…maybe im being too picky ?
For AUD/USD, the Pin Bar des not stand out amongst other candles.
For example, like this one.
(This is taken from Johnothan’s website.)
Provided that it is in a ranging state.
Also, the price is sort of ranging, you can see that the 3 candles around that area does not close higher or lower. It shows indecision. Therefore, its not and A+ signal to trade.
For USD/CAD, there is strong SUPPORT right below.
Not A+ as well.
Jack
Im eyeing the EUR/JPY 4H pair, what do you think, the last candle has still not closed yet. The cons : there is a strong resistance level near by, and the wick above would not make it a pin-bar (it means indecision) :
