I seen this setup. I am short on this pair on the H8 Chart 2 Bar Reversal and have taken part profit already. My Levels are the same as yours apart from I have another level where I took some profit.
Setup looks good in my books, I would consider it if i wasn’t short already.
Trying to do my first analysis here. Seeing a BEEB on GBPCHF W1.
PRO’S
-Trend: Seems to be in a range last 9 months, and before that in downtrend, so its definitely not CT.
-Swing: Yes, at high swing
-S/R: 1.47600 has proven to provide S/R a number of times before
-D1 shows quite some recent bear power as well
CON’S
First support is pretty close (around 1.45000), this will probably be the area to TP 50% and BE 50%. RRR is a bit shabby because of this.
There seems to be a bit of noise should the first support be broken
SL: halfway weekly candle at about 1,47000?
Sell stop: 5 pips below Low of W1 candle: 1,45530
What are your opinions about this possible setup? (don’t spare me, I can take it :-))
Thanks and enjoy your weekend![/QUOTE]
Signal candle does not fully engulf the previous candle. My charts are showing a bit higher wick, thus by definition this wouldn’t be a bearish engulfing bar in my books.
You found the important levels correct and your trade plan is well outlined, which is totally core in my oppinion.
However as mentioned unfortunately that is not a BEEB.
A few touches to your trading planning in the future.
You would look to place your SL on top of the high to be on the safer side most of the time.
You don’t need to look at the daily confirming anything.If you are looking to trade a weekly signal,simply manage it from there. You will overcomplicate things if you don’t.
IMO, i wont take the Weekly chart. When i took the setup on 4Day chart, it has about 30 Pips to run to till it hit the FTA. However for weekly, only about 10Pips which is taking too much risk.
The point is a great A+ setup will also include enough “space” for the price to run.
A big welcome Elunar! Your trading will never be the same again
Cheers
.[/QUOTE]
Welcome aboard…the lessons learned here have the capability to be life-changing. Just stick with it, and know that we’re all here to help one another out and all reach a similar goal.
Straight to the point: if candle A fully enguls candle B, it is an engulfing bar (doesn’t matter whether or not they are almost the same size)
My S/R is at 0.8400 RN, and the BUEB has closed above it (good). The area is great and support seems to be holding.
However, I see two trouble areas very close to the BUEB high (where price can stall/reverse). Also, weekly trades can take weeks to play out ( just like daily trades can take days to play out ). I don’t want to be in a trade for several weeks.
Firstly, lemme just say, great work you are doing on the forum helping peeps out, good on you!
For the setup: this is just my opinion: If I was on Pepperstone (closed inside), I would have traded it.
Purely for consistency of mind will I not trade it since it didn’t close inside on my charts.
I look at that level,then I look at that juicy Pin…then I think to myself:
My data feed says YES.
How come the rest of the providers say No?
I understand unity is of the Essence,specially because it closed bloody sharp, the difference btw. our feeds is very much noticeable in this case.
I think it’s not anymore a case of analysis but rather having the right mindset. I would find it hard to gulp if that trade goes south.
