[QUOTE=“Kasravi;526384”]
Hi Diablo,
The pin is a strong one, as a matter of fact there is a strong pin on all Aud pairs.
Something is brewing …
That is where skepticism can come to play for many . I say if it is in your books go for it. It is indeed rejecting the latest support.
Cheers.[/QUOTE]
Thanks for you view on it. Actually i allready have my orders in place. 
Not at all.
Well spotted Diablo, I would have joined you on that but I am already exposed in another sterling trade.
Cheers.
Here is another setup I am looking at EUR/AUD H4
Entry at the green arrow TP at the TP sign and SL at the red x
On H4 it looks CT but on D1 it is actually consolidating following my understanding
what do you think ?
I am thinking of taking that trade, what do you think of it? There seems to be mad down pressure though.
Looks like we played the same trade the same way buddy
[QUOTE=“krugman25;526398”]
<img src=“301 Moved Permanently”/>
There is some resistance overhead. There is overhead resistance on most of the AUD pairs.[/QUOTE]
I personally consider that resistance you point out to be a part of the support “zone” that actually causes price to produce this PA. Let’s hope i am right…
Thanks for sharing your point of view! Appreciate it!
I don’t have much to say about your trade idea, apart from that if I was you I would look for a daily pin to reject all that price movement from the top.
In addition there is quite some noise going on @ that support, don’t you think?
Consolidation is not Ranging!
Ranging is a market structure where price is not making any new highs or lows and is simply bouncing between a support and resistance.
Consolidation however, also known as winding up(a term many times used by good Johnathon), is where price is building momentum to break out. You may see it shrinking at the end sometimes before it explodes.
Funny thing is about Eur/Aud, price is at the bottom of the Range. At the mean time it was a consolidation area a few weeks ago, before it broke out.
You see, all those little things.
Johnathon has explained those terms in more detail throughout this thread.
Cheers
[QUOTE=“adamjn;526410”]I am thinking of taking that trade, what do you think of it? There seems to be mad down pressure though.
[/QUOTE]
I have my enty orders in place. I do not think there is anything special about this downward move compared to all the previous moves. If the downward move would have consisted of only 1-2 big bearish candles on the other hand i would have considered not taking it though.
Hi Matt,
Yeah, I actually was going to ask you about it.
Treat yourself to a cigar and whisky.
You sure deserve it.
Cheers ,mate.
Thanks for explaining all this to me, I have read the first 30 pages of this thread at least twice but I think unless someone really try to visualize a trade it won’t sink in.
I perfectly understood now the difference between ranging and consolidation thanks.
when you say there is a lot of noise at this support level you are talking about the other candles that took place at the same level in the past ? you mean price might push down enough to hit SL because of past patterns ?
I also didn’t understand what you mean by a daily pin to reject all that price movement at the top ?
thank you for your patience
Not at all.
-Yes I’m referring to candles at the same level in the past, Your SL might get hit,might not.
I am just raising awareness.
-A daily pin bar is a much more convincing setup than a H4.
Specially with those massive bearish candles raining down on it.
The question you should ask yourself is, Can that H4 pin bar withstand all that sell off, whilst fighting it’s way through all those near levels of resistance?!
Cheers.
Thanks again and again and again …
Really can’t say anything more
Thanks for the heads up on this, I was quite interested but have decided to pass as the FTA is too close for me when considering the spread.
Good luck if you decide to take it, could be a nice one, just not for me.
I agree with you, that could be considered an S/R zone. Obviously the most preferred setup is the body completely clears and closes above the entire zone. I would have to say though when the body closes within the S/R zone, one side acts as immediate support and the other immediate resistance. As long as price is below the upper part of that zone, price will be resisted from it. It is still tradable, but I would personally put my entry 10 pips above the zone, not 10 pips above the candle.
I agree Krugman, whilst under the upper limit of a S/R zone, resistance is still possibe making the trade not in the ‘high probability’ bracket. An alternative strategy could be to enter once zone cleared but not part of my trading plan.
Greetings,
I came across what may be a tight CT Trade on the EURUSD 4HR. If anyone feels, may they please share his/her thoughts? My lower zone has been tested in the past, just didn’t pull my chart out that far before saving and attaching. With my zones drawn, it’d be roughly 1 to 1 RR with a SL just below the wick, and a full TP around 1.3200.
Looking forward to thoughts.
Hi bigcheefer,
Well spotted, was just looking at it myself.
I was trying to identify a recent and decent support on the daily,but couldn’t see anything rock solid.
A+ setups require rock solid levels.
The support you drew seems to be fine but your pin bar closed under it, the pin is supposed to touch it,does that make sense to you?
1.3200 is a good target, but if you would place your buy stop your target is just too close.
You may want to consider these points before pulling the trigger.
Cheers
I was looking the same. Even though I drew a support at 1.3135 and the PB touched it, 1.3200 is to close for me.
Regards,
Thanks for the reply. I agree on all fronts. I’ve taken the approach toward marking S/R lines as more of an art form, than a pure science (when levels are not clear). I sometimes do find it difficult to determine S/R zones when they do not stick out like a sore thumb (swing highs / swing lows with multiple rejections/support). These CT trades are definitely for more advanced traders, and I’m EDIT: going to be passing on this one. My buy stop would be @ 1.31827- my TP would indeed be close, but I thought that was the methodology when making “quick” CT trades? I guess you need to be willing to risk much more to make less.
(ref. eurusd 4hr)
