Looks all good to me Fahed.
Can I ask you a question?
where lies your next minor resistance? Could it cause you trouble?
Cheers.
If price cross 97.00 my next resistance will be 97.80
Also i am still not very comfortable to go long because area around 96.70 looks like choppy area on daily chart.
GBP USD 4 hour share BEEB PA at resistance line and it broke below it
Donāt want to do anything silly anymore so standing aside but would appreciate your insights so at least I can know if I identified a good potential trade or not
[QUOTE=āEternalNewB;533707ā]GBP USD 4 hour share BEEB PA at resistance line and it broke below it
<img src=ā301 Moved Permanentlyā/>[/QUOTE]
Check out how strong of an trend the cable has been in since 7/9ā¦going short would be a CT trade. While I agree this is an interesting setup, I donāt have much experience trading gaps and really canāt offer anything but the fact that I see this pair going up over the last two months. Doesnāt mean that this cant be the reversal point, but Iām just not 100% sure on how to play a gap up like this. I read somewhere that something like 75-80% of all gaps retrace within 24 hoursā¦but, Iām not so certain about thatā¦
Just wanted to add one more thingā¦if you think this is a good setup, paper trade it. Grab a piece of paper, write down the sell price, the date and the time, and watch it over the next few days. Donāt need to risk anything.
Thank you so much for the help, I already took it on my demo account but, as you said, because the trend is so strong I didnāt dare take it live.
It is good to know that, at least, I was able to recognize a BEEB at a correct level
On CADJPY Daily (Attached chart ) I draw support and resistance to mark for these week,Which would you consider to mark as S/R ?
I am sorry guys may be i ask so many questions today.
OK that was quick ! It hit SL on the demo account
Guess i need to add the rule ānever trade against the trendā in my trading plan
Here are my CADJPY charts:
Just try to keep it simple. And remember, although we draw horizontal lines, S/R can also be seen as āzonesā. So donāt get too hung up on making absolutely perfect lines. Especially when there are VBRN involved (such as 95, 96, and 97). These numbers often correspond with supply/demand zones. Try to get away from using the line chart if you can though, you want to get used to reading candles, as they each tell a story on how price is acting (thus, the term price action).
Thank you [B]Bigcheefer30[/B]
Itās more clear now for me
:18: Would be a good idea ! At least for a start !
[QUOTE=āEternalNewB;533772ā]OK that was quick ! It hit SL on the demo account
Guess i need to add the rule ānever trade against the trendā in my trading plan
<img src=ā301 Moved Permanentlyā/>[/QUOTE]
Haha, counter trends are really tricky. For one most currencies are not trending so you will not get a lot of practice on then like you will other setups. The key to counter trend trades are HUGE reversal signals, which most people have a tendency to take ones that are too small because they are afraid they will miss the reversal. Itās a good idea to put that on the back burner until you master the easier setups. I have seen Johnathon catch counter trend signals, which is very impressive. Iām not talking ranging pairs either, Iām talking pairs that are in strong trends. So it may be best, once you start trading them and if you are an FSO member, to wait for the FSO forums to start buzzing about it. That support will help keep you from taking bad trades.
Hi all,
Just a quick one. On below chart:
Now that price has broken the sr line, are we looking for a bullish setup like on the purple drawing with PA signal at the red circle or do we still look for a PA signal on the bearish setup (blue drawing) ?
It confuses me a lot, on this chart it is rather clear but on some others it gets really tricky.
Thanks for your help.
Yves
Hi Yves,
Youāre making a good point. Defining key zones can get a bit tricky for me sometimes, but I think itās because I over-think the whole process. Iāve heard that is best when youāre only looking to hold a position for 1 ā 3 days to not focus on candles outside of about a 5 month window, because you want to get in on the next swing, not the larger, overall momentum. I can sometimes find myself looking at a daily chart, back about 3-4 months, and then I zoom out to about 9 months and need to adjust my zones. Then, I see something further back that peaks my interest so I switch to weekly candles, years back, and I see major support/resistance zones that were not readily apparent when I first started analyzing what was going on.
It would make sense, to me that youād want to know if you were trading into a major resistance zone that was not readily apparent on a daily chart only showing 3-6 months worth of candles. Iād think you want to get the whole picture if youāre putting your own money on the line.
Bottom line, I think if you are really only looking to hold a position for a few days, what happened 3 years ago is irrelevant. Iād like to hear others opinions/approaches on this though, because it is a good point, and something that folks new to PA trading (such as myself) struggle with.
[QUOTE=āPiping Hot;533811ā]Hi all,
Just a quick one. On below chart:
Now that price has broken the sr line, are we looking for a bullish setup like on the purple drawing with PA signal at the red circle or do we still look for a PA signal on the bearish setup (blue drawing) ?
<img src=ā301 Moved Permanentlyā/>
It confuses me a lot, on this chart it is rather clear but on some others it gets really tricky.
Thanks for your help.
Yves[/QUOTE]
The pair technically broke out of its range, and is on the uptrend now. The best trades would now be for price pullbacks to that support level for longs. But if for some chance a huge engulfing bar formed and closed back in the range, then we could say the pair is back to being range bound and would be a playable range trade.
When I read these posts here such saying came to my mind:
Blind leading the blind.
[QUOTE=āharidas100;533900ā]When I read these posts here such saying came to my mind:
Blind leading the blind.[/QUOTE]
Hi, guys, Eurusd H4 Bearish 2 Bar Reversal.
But the trend is up now and Iām not sure if the the 2 Bar Reversal was printed in resistance but I think yes, it was formed in resistance area.
I think the pairs with the USD as the quote currency now have this BEEB/ 2 Bar reversal.