Hi guys, what do you currently think of EURCHF? Would you say that a BEEB is forming? My charting platform (Pepperstone) shows the current bar with a high of 1.2370 and the preceding bar with a high of 1.2371. Would you still class this as a BEEB? ie is the classification strict enough to not allow a 1 pip tolerance? My further analysis of this pair is as follows:
-Overall downtrend
-Bounced off area of resistance
-Breathing room to the left
-Reasonable distance before hitting support
I’ve attached my chart below. I don’t usually have a trendline, this is just to illustrate my thinking on determining the trend.
Take it with a grain of salt but that lower wick shows a rejection of lower price and for that this doesn’t fit in my book
I would love to see a BEEB with an upper wick showing rejection of the higher price and littler or no low wick pointing that the price can push down easier
A good Beeb Has a massive body. Indicating that bears are strong enough to keep the downward pressure. In this case bears gave way and retraced most of the gains.
Hello Tweedster,
One of the rules we follow in this thread is to only post charts with our support and resistance lines and nothing else. We are staunch believers of pure price action. I can see you have a trendline marked on your chart.
I personally wouldn’t give too much importance to 1 pip difference specially knowing that different brokers might have slightly different prices.
However I also know that a lot of traders here are much more strict (down to the pip) and will refuse to take a trade (to stick with their trading plan) with one pip difference.
I still remember a long debate about USD CAD weekly pin bar a few weeks ago that had closed within the body of the previous candle for some and missed it by a pip for others. Some seniors here confirmed they wouldn’t take the trade (again to be consistent with their trading plan) because it didn’t close within the previous candle’s body. I personally took the trade and it worked
One extra note, trust me ask all you can, people here are very helpful and this will avoid you loosing some money
Hi chisha, Thanks for the comment. Like I said in my original post, I don’t usually have a trendline, this is just to illustrate my thinking on determining the trend. This was just so I could get my entire analysis (even down to the trend!) critiqued I hope I haven’t commited a faux pas!
guys just a small broker thing, I know a lot use RoboForex for MT5 however Roboforex is no longer NY Closing time since last week when we EET fell back one hour. I have been noticing weird stuff on my charts and that was it.
NZDUSD Daily.
Pinbar at my support line
Entry should be at 0,8296
Stop loss 0,8179
first take profit 0,8370
Good size pinbar, sticking out, but against a strong downward movement…
A not that clear trend, but i think is between uptrend and ranging
Also, a bit of trafic to the left, around where entry would be…
All in all, i´m not sure, i would love to hear someone else´s opinion.
Thanks!!
hey ivan, i have same position, lucky me, my buy limit hitted by the price. waiting for more confirmation since the price already try to test september support once again, and this support held quite strong.
Now that daily Pin bar originated from a 4hr pin bar. There seem to be a lot of push behind that bar.
Also as mentioned there was previously a boxing area which price managed to climb out.
Now to market structure, the kiwi is currently in a price flip zone and still in tune with the up trend .
Only concern is the previous boxing area,but once you know the risks you can take it from there.
Sorry, but I have one more question! When I see a pin bar or an engulfing bar, do I have to wait until the next candle opens and then enter a trade, or I can enter a trade before pin bar/engulfing bar closes? I suppose I have to wait for the next candle?!
You always have to wait for the candle to close, you don’t know if it is a pin bar or engulfhing or whatever as long as the candle didn’t close, price can vary in a short moment
yes I completely understand, I do, and I can also understand old scars hurting as well. There is a difference between day trading and making trades from daily charts however and whilst the risk of holding trades over the weekend on day trades is huge and no one in their right mind would do it, with the daily charts, whilst there is still risk involved, it is no where near as high. We have to let price move and do it’s thing.
I think you really need to work something into your trading with the higher time frames where you look at your charts at certain times. Keep trading your futures however you choose, but when comes to the daily/4hr charts & price action if you keep cutting trades and running it is only going to end one way with lots of small wins and big losses. Some people find it easier to watch their charts at the end of the candles so they don’t micro manage their charts. I have an article on this that explains managing and not micromanaging. I will try and find and explain later when I get back for you.
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For everyone else we are working on something that you guys we really like. We know this thread is massive and is now almost 15,000 pages long and it has some goldmines in it, but is obviously too large to through. In a couple of days we are going to have a list at the front of this thread with all the key pages and links of the thread for not only the new but current traders of this thread so they can go to the key pages and learn exactly what they need to catch up on. This should help a lot for traders to speed up on exactly what they need.
