thanks for the advice guys. I’ll take it into consideration.
new trade alert.
GbpAud just hit my “to sell point” on my daily chart and zoomed into 1 hour chart and saw some convincing PA.
and zoomed.
What you all think roughly 3:1 RR.
Darth
Hi there Darth.
Personally, i would be concerned about the large number of wicks on the left hand side which i think could act as support.
This seems like a good way to short but you always wait for it to break the diagonal TL or at least a strong bearish engulfing pattern.
correct and it has, a pin bar then a beeb at a support level. i entered early as i saw price stalling at a good level naughty of me i know but i had good enough reason for it in my plan.
Darth, are you using H4 to execute your trade and D1 as direction?
hey there, monitoring with d1 and when i saw it go to the level i’ve been monitoring for awhile saw a valid pa signal on the hr1 chart saw jonathon do this the other day with a similar setup. though normally only trade of the hr 4 and d1 charts.
Also if i see a trade on any tf then i manage it according to that tf.
so see a trade on the 1hr then set tp and sl on h1 chart.
simple.
darth
Huh?
Diagonal trend line?
Just as a reference we only use linear support and resistance lines in this thread. I’m not saying TL are useless but if their levels are of any significance they will show up on the S/R lines too.
Cheers
wrong wrong…we are concerned with the recent market trend .Using 1-2-3 pattern price is making higher highs and higher lows which shows it,s uptrend.
:35:
there’s no such thing as wrong, wrong in forex.
its an art not a science
May the FX be with you.
DarthFrancis
Correct,
many ways to skin a cat…and there are no right or wrong in trading and profitable and unprofitable.
I think what MD was trying to say is what we do is trade swings i,e we enter trades for a period of roughly 2-8 sessions. This means we really need to be on the correct side of the short term momentum. It is very important. (I wish I could find the recent post I wrote on this with charts I wrote for another member in here.)
It is important traders understand the length of time they are looking to make their trades for. Because this is why they often second guess and get the trend they should be trading with wrong. We are trading swings so we should be trading with the short term swing. We can use things like 1,2,3, key levels when they break and recent price action clues to let us know when the trend has either broken or formed a based and turned around. Clues can be things like double tops/bottoms & price closing above below key levels or rejection key levels etc On the daily chart we would use roughly 100+ pips for stops and have trades for 2-8 days and trade from one swing to the next in line with the short term trend. It is very important that when trend trading we are inline with the recent short term trend so that the next short term swing has us on it.
Long term traders would not give us two hoots about these short term moves and they would be looking at the long term trends. Long term traders would be looking at the AUDUSD and looking to trade it short, but they would also be looking at place a stop 500+ pips and hold trades for weeks and months.
Johnathon
Eur/Gbp Daily Pinbar,
What a waste of a perfect looking pinbar. It had to close above the former Resistance line which is a flip point now and Vbrn. Rendering it completely useless for me.
Cheers
[QUOTE=“Kasravi;555714”]Eur/Gbp Daily Pinbar, <img src=“301 Moved Permanently”/> What a waste of a perfect looking pinbar. It had to close above the former Resistance line which is a flip point now and Vbrn. Rendering it completely useless for me. Cheers[/QUOTE]
Its only 3 pips above my resistance line. Is that a big deal?
I suggest trading pinbars that fully reject a level or area and have room to move upon Entry.
In this example(Eur/Gbp’s pinbat) not only is it kind of hanging in the air but you’ll have heavy support to fight through and risk price moving against you.
Since a solid break of that level I can imagine peers are looking for longs if not positioned already.
Cheer
Just a shame there is no space for this to move into as this would have been a killer pin to short back lower!
Thanks for the advice, i was looking at it from a long trader positioning but i needed to take the short term trend into consideration too, to be honest.
Got a hot question i was looking to to short the audcad, but since it closed above the vbrn of 1.000. i would be right in say we are lookinf for longs now?
Darth
Hey darth,
AUDCAD DAILY is in a very strong UP momentum for the past few weeks. So yes, Long position indeed.
Jack
Yeah thats what i thought thanks for the back up though. Also 16 pip spread is big, mine is only 3 pips 
Haha no prob 
thats actually 1.6pips, Johnathon also asked me about it once lol =o=
