I am very sorry for that.
Now, I am looking for possible trade EURUSD
I attached my view on Daily chart and also attached 4H chart ,but i am little confused here becuase in daily chart looks like a perfect setup but in 4H still not.
Can you guys help me
EURUSD: No trade opportunity here. The engulfing bar you refer to isn’t from a proper swing point.
Hi fahed,
There are a few easy steps you can take to analyze a potential setup;
-load a pair
-render it clear of any indis or whatever
-pick your daily candles
-scroll back a few month
-identify if the market was trending or ranging
-draw 1 SUPPORT line and 1 RESISTANCE line
-skip the chart further to see how the market reacted to your lines and move them about once they got broken
-eventually you cannot skip any further
Now if you still see a setup place your stops.(I’m sure you know that all, just thought to mention it as a refresher)
Now to your question, if you spot a setup on the daily chart you trigger from the daily and manage it from the daily.
However if you spot a setup on a lower timeframe(TF) that for instance rejected a support or resistance you drew on the daily, then you trigger&manage on that TF.
Hope that helps.
Cheers.
Hi Krugman,
I fully understand what you are talking about. I came to the conclusion that you are a touch too smart mate!
You question things like probably no one did before.
Essentially PA is a lot of psychology in a graphical form, as you know and show it,it works splendid.
By the way do not all setups require 2 candles? Don’t we confirm a BEEB by it’s former candle,and confirm a pin bar if it is closed within previous?
Cheers.
Hello
First of all I want to thank to Johnathon and all of you guys for helping us to learn Price action.
My question is what do you think about this possible setup on daily CADCHF?
PS: Sorry for my English
Does this EUR/CAD daily chart qualifies as pin bar?
From what I have learned
- it closed above resistance
- it happened at previous swing high
- long wick in the direction of the move
- trend is up
Thank you for your patience
Is the wick 3 times larger than the body?
Is the close within the body of the previous candle?
Hi Petkov,
Welcome to this thread.
You spotted a good resistance,However the Pin bar you spotted only meets 2 out of 3 criteria;
I doesn’t close within previous candle’s range.
Therefor under Johnathon’s PA rules it’s a NO TRADE.
Cheers.
Thank you for the reply I will add those to my checklist
Thank Kasravi,
Yes its very helpful
Hi Eternal Newbie,
As GTO already mentioned It is not a Pin Bar.
I strongly suggest you really read first 50 pages on this thread or go on forexschoolonline.com and read through Trading Strategies category.
So you fully understand the setups and get out of being an eternal newbie,and become a pro!
Cheers mate!
Thank you for the reply
I read the first 50 pages more than once but I am the kind that needs to test to remember. I know I might be a bit of a burden for you guys right now but I really appreciate your patience and time. I am improving slowly but I believe I am on the right track
thanks again
Congrats Johnathon,
12 hundred pages.
Way to go Mate.
Not at all, and certainly no burden.
There is nothing wrong with asking.
Good luck
Cheers.
USD/JPY D1,
BEEB
Rejecting 100.000 level
Counter trend
It looks like there was a tight and short trend.Now getting rejected with a MASSIVE BEEB, from what I see a value area and VBRN.
Cheers.
Hi kais,
I saw mine closing just under it,however I usually would call it off with those minor support and resistances coming in.
But the BEEB is engulfing 3 candles,makes it quite a strong move.
I would play it the classic way and wait for the break of the BEEB place a stop above and aim for swing low which comes @ 96.80.
Cheers.
erm, in my thoughts, the pin bar isn’t valid because it has a big BUEB formed after a swing low. then the pin bar didn’t formed from a swing high…and it does not close inside the previous candle?@@…