Hi mselva !
Spot on ! That’s a really great video (like all he did in fact).
Thank you very much, nice coincidence !
So that means I should look at this graph as an uptrend and wait for a pullback and a PA signal around the 0.918 area.
Cheers,
Yves
Hey Piping
Good question and im sure many people get confused by this. As you can obviously see, if you look from left to rite we were/are in a downtrend, the price stalled nicely to make a double bottom. Now we seem to be in the possible process of getting a large PA signal at swing high and KHL, for now I would still favor shorts but wary of a change of direction as per chart posted.
I think most of us start with the same list (I suppose CHH is CHF). I am expanding the group insofar improving my analysis capacity. I made a check list which help me to follow the rules and speed up my chart reading.
I have read about people that follow just two pairs and people who follow more than 20 and both have good returns. At the end it is how comfortable you feel with the different crosses.
I know sounds as cliche “it is about quality, no quantity” but, at the end it is true.
Be patience and add new pairs as you progress.
Note that all your pairs are correlated with the with the US Dollar, so I think it is good idea include another crosses to lower your exposure.
Good luck, good trade!
What about this EUR / USD 4h chart ?to me it looks like it closed above S/R and it will bounce and go higher
what do you think ?
Same with this CHF/JPY 4 h chart
I’m expecting the previous resistance (@0.9224) become new support and then wait for a pullback in that area.
All my best,
[QUOTE=“Ang101;530586”]
Hey Piping
Good question and im sure many people get confused by this. As you can obviously see, if you look from left to rite we were/are in a downtrend, the price stalled nicely to make a double bottom. Now we seem to be in the possible process of getting a large PA signal at swing high and KHL, for now I would still favor shorts but wary of a change of direction as per chart posted.[/QUOTE]
It is not just a question of is this a down trend or an uptrend as for the majority of the time markets are ranging rather than trending. I believe this market is now ranging, signalled by the formation of a higher high. As we are yet to see a higher low an uptrend is not in place. If we see te pair retrace to the level described and then a move upwards, this higher low will signal that the market is at the start of an uptrend.
How lon it lasts and if it is tradeable are seperate questions!!
[QUOTE=“mattlewis;530568”]Hey everyone, just started reading this thread (done the first 70 pages) and have the hang of the principals Johnathon has taught up until then.
I won’t be talking too much as this thread is massive, but wanted to ask what pairs most people are watching are (how many)?
I’m thinking with starting with the majors only:
EUR/USD
USD/JPY
GBP/USD
USD/CHH
USD/CAD
AUD/USD
NZD/USD
Thoughts on including some crosses as well?
Cheers,
Matt[/QUOTE]
Hi Matt,
Welcome to the forum. Personally I have over 20 markets I’m looking at. It sounds a lot, but if you set yourself up a process which you follow to mark levels off the Daily, then go hunting for markets moving towards tradeable positions it doesn’t take up a lot of your time.
The markets I look at include majors, crosses, a couple I exotic pairs, a few indices, commodities (metals and oils) and the bund.
Hope that helps, happy pipping!!
[QUOTE=“mselva;530508”]Hi fellow traders:
I saw a lot of discussion about the PIN BAR on the daily GBPCFH chart. Beyond it was or not a valid PIN BAR, why you want to take that trade? It is not against the trend?
I will appreciate your comments since maybe I am seeing this wrong.
Best Regards,
<img src=“301 Moved Permanently”/>[/QUOTE]
IMO you’re reading it correctly. Counter trend trading a taught by FSO is part if my plan and is managed differently to trading with the trend, but still provides valid setups
.personally I wouldn’t see this in a trend but in a range since late Jan between around 1.41357 and approx 1.47247 this of course is subjective and how I see it and others may see it differently .
As I said, I would be wary of change of direction if support holds where stated.
Thanks mselva!
Different support but same strategy, it’s a good start.
Yves
Saw this on AUSUSD 4Hr Chart. It’s against trend. Since I am on mobile, unable to verify previous resistance.
Hi Chene,
Aud/Usd prev. resistance came around 0.9200 on the daily chart,thus it could get tight shorting here.
Best is to wait for a retest of that area and look for reasons to go long.
Cheers.
Thanks Kasravi
Sorry, no access to charts right now but is the Pinbar that closed an hour ago on USDJPY 4hr a good setup ?
Thanks,
Yves
for me it’s closed below the resistance on the Daily, so would be trading straight into a difficult area.
Krugman put up a great post yesterday describing this kind of formation: -
http://forums.babypips.com/free-forex-trading-systems/42378-forex-price-action-1221.html#post530335
I see. I had my sr line drawn at 99.20 but I guess 99.6 is a more relevant level as it has switched from being a support to a resistance quite a few times whereas 99.2 has mainly been a support. Am I right?
Thanks for your answer.
Yves
