I’m glad you were able to take some profit. Even though it hardly moved at all.
I believe more caution should be taken with the GBP/AUD long trade.There is obvious noise to the left,if this pair is to go up it has to fight through a hell lot of minor resistances.
In other words prepare yourself for a nerve wrecking ride, gentlemen.
My first post here and wanted to do a short introduction. I’m quite new to Forex (couple of months experience) and totally new to PA Trading. Like probably the most of you I started with indicators, which did not go that well… so I started to add more and more indicators, which “surprisingly” did not improve my results
Decided to read more about different strategies and approaches and came across Price Action Trading. Trading using nothing but the naked price. Sounded a bit awkward at first, but after some more reading it actually sounded more and more logically. Then I stumbled upon this epic thread and I became really excited about this PA trading.
So the last couple of days I’ve been reading the first 100 pages of this thread and tried to absorb all the information provided. Will continue reading the whole thread while at the same time follow the most recent posts and maybe give my own (humble) opinion about some setups to verify if I have understood the basics correctly.
In short: happy to be here and thanks for all the info provided in this thread!
I have never done trades based on weekly charts before so I am not sure if the process is the same in terms of S/R lines etc…
I found this BUEB on EUR GBP weekly chart
the noise directly above the bar on the left is worrying me however it looks like the trend is up and this pair was kind of ranging lately. the 2 bars are almost the same size so I am not sure if ti can be considered as engulfing .
Look at your top line, there was a 2 bar reversal there, looks perfect, yet it did not play off and orders would have been triggered as the high was broken.
With your setup, you are trading right into resistance, I PERSONALLY am looking for shorts on this pair.
What do you think about this setup on USDCAD weekly ? (2 hours to go)
Nice Pinbar at turned support resistance
Within previous candle
Trend is up (on the weekly)
Recent trend is down but to me signal is convincing enough and bullish candles were as strong if not more than the bearish ones.
Open: 1.034
First TP: 1.039
2nd TP : 1.052
SL : 1.026 (strong support at 1.0275)
You also mentioned that in short term this pair is on a down trend but on the longer run it is in an up trend.
I realized from what you wrote is that you are capitalizing on an up trend which is no longer in tact.
Your last move was not even as high as the high before it, inevitably throwing that up trend over with a somewhat double top.(which we all recently shorted).
I am by no means saying the trade Idea is Invalid, but what I do say is that you might have missed a thing or two about the price action story behind Usd/Cad.
[QUOTE=“adamjn;537056”]Spied that one earlier, going to set my orders for it on Sunday night. Looks a good setup, would like if it could close a little higher though.
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Looks great to me, have my pending order in already. You lot rock
“I am by no means saying the trade Idea is Invalid, but what I do say is that you might have missed a thing or two about the price action story behind Usd/Cad.”
Could well be, that is why I am asking for other people’s opinion.
Thanks for your view ! I will probably refrain from taking it. I’m on a 12 winning or BE trade streak and I don’t want it to stop right now !
The setup looks right.
0.8400 is a good level too(you just shorted from that area a day ago)
You spotted a reasonable setup, now to the fine tunning.
Right,
-you gotta admit it is not the biggest of BEEBs, just sharply engulfed last week.
-Moreover you could get caught off guard by a sharp reversal around 0.8500.
Give these points a thought and question it more over yourself to Identify if it is an A+ or just a level with a setup.
(remember your chances of winning could be 90% with A+ Setups)
