Hi,
What are your thoughts too on GBPJPY Daily? There is a BUEB formed. For similar points raised earlier i am hesitant. Appreciate any thoughts.
Marcus
Hi Marcus,
That is a great PA signal you spotted and Big plus is that it is with the recent momentum.
1 or 2 things you want to keep an eye out.
First you want to trade these signals from swing high and low, at the moment that candle is not at a swing low.
It did open at a swing low but closed near the recent highs. Which takes me to nr. 2 which is your FTA(first trouble area)
is very close and doesnāt give you much room to move.
Hope that helps
cheers
Thought about it but Iām going for a deeper TP. I only put a small lot on it and I think it can go further south. I may go to breakeven though.
But for the first time in weeks I have several trades on and all are greenā¦ for now lol.
Darth
Ha great minds mine was set at this level too. Also my tp is at your tp3. So let us prosper. hehe
Darth
Live long and prosper, Darth!
ā¦ now wait a minute. You never said that line, didnāt you? 
Plus it is not a true BUEB as its low does not engulf the previous candles low.
Kiwiman
Hi,
Sorry Iām out from my normal trading desk and Iām not able to upload any pictures. Just wondering if anyone took the GBPCHF and AUDNZD trade this morning? I canāt post pictures but Iām sure you guys will see it when you login to your MT4 on 4H time frame
[B]GBPCHF (4H)[/B] (Currently at 22 pips profit) LONG
Major support at 1.45640
H4 short term time frame suggest a short term downtrend
There are some minor resistance levels on the way up at 1.45950 but I took it nevertheless
Next level of strong resistance 1.46300. Taking profit some pips below this level.
[B]AUDNZD 4H[/B] (Not profitable yet) SHORT
Resistance at 1.11000 (Round number)
Price rejected with a heavy bear engulfing followed by a pin bar.
Overall down trend
If price breaks through theres no other obvious support on the continuation of the downtrend
All trades are taken on demo account. Hopefully some pros can share their ideas on the above setup.
Thanks
I know but aftert hacking up that pointy ear idiot, I kept his catchphrase and his ears as a trophyā¦MWAH AHAHAAH AH HA!!
There is resistance at BRN of 1.4600 also looks like a pin is forming right now ā¦ senior members can this be considers swing high at downtrend
Hi,
Iām not senior member but allow me to share my thoughts.
The 1.46000 resistance also sits directly on the 38.2 FIB. Short term trend is definitely a downtrend. That bar is incomplete and it should not be considered a pin bar unless its open and close is within the body of the previous bar.
AUDNZD 4H
Hi,
There was a bearish engulfing bar at the recent resistance. The follow ups did not pent out like expected. Was this just a bad setup or there were some technical issue with the setup? I entered right after the close of the engulfing bar.
In such situation should we have waited for a good 10 pips after the next candle to confirm the move? But by waiting for another 10 pips after the close of the engulfing bar, we would be rather far from the initial key level. My main question is when is the right time to enter? Usually do we enter after a PA confirmation on a significant level or we wait for the next bar?
What do you guys think?
Can anyone advice me please why 2013.10.22 BEEB didnāt move lower 2013.12.03 BEEB is moved lower price?
both BEEB formed on @ strong resistanceā¦ USDSGD DAILY
The first BEEB is more of a continuation signal. Price had been steadily moving down when the BEEB occurred. Nothing wrong with continuation signals but you have to be aware that price doesnāt always move straight up and straight down.
Price often moves in waves which we refer to as āpullbacksā and when you take a continuation signal you always have to be aware that price could be due to pullback on you which in this case it did.
The 2nd BEEB we can see that although price is in a largely bearish move price has now āpulled backā to a really relevant Support zone and formed a BEEB to go short. We like trading pullbacks because it then creates space for our trades to move in to as was the case here.
Hope this helps,
Bryce.
Please take your time and read the following links I have dug out for you from page one. This trade is going against a core rule of price action trading. This BEEB is from an incorrect swing point which means the big buys who have cleaned up and made money on the way down are taking their profits just as you are about to enter your trade. Please read the following links here:
> We need to trade AWAY from key areas, not INTO them
> Correct sequence :: BUY @ SUPPORT, and SELL @ RESISTANCE
> Correct sequence :: BUY @ SWING LOW, and SELL @ SWING HIGH
> Article :: PA that Sucks Traders In
> Why we need to enter at correct value (swing) areas
> We are only concerned with the short-term momentum ( the 1-2-3 pattern )
> How to identify correct swing points
> Buy low and Sell high
> Ex:: Reversal patterns need to form at the correct swing point
> Ex: Setups formed at swing high and swing low
> Ex: Identifying swing point for a reversal trade
If you have any questions please let me know and there are plenty more links for this information on the front page because this is a very important rule.
Johnathon
heya Nkanirmal,
To back up what Bryce said; I would recommend you also read the links I on trading from the correct swing points and I will put the below for you because thatās what this comes down to.
The first trade is a bearish reversal trade where you should not be looking to get short. It does not matter if it is rejecting resistance. This is a low and not a high and there is no value here and not where you want to be getting long.
The next BEEB is a different story. This is a high and a completely different price action story.
Please see the links below and let me know if you have any questions:
> We need to trade AWAY from key areas, not INTO them
> Correct sequence :: BUY @ SUPPORT, and SELL @ RESISTANCE
> Correct sequence :: BUY @ SWING LOW, and SELL @ SWING HIGH
> Article :: PA that Sucks Traders In
> Why we need to enter at correct value (swing) areas
> We are only concerned with the short-term momentum ( the 1-2-3 pattern )
> How to identify correct swing points
> Buy low and Sell high
> Ex:: Reversal patterns need to form at the correct swing point
> Ex: Setups formed at swing high and swing low
> Ex: Identifying swing point for a reversal trade
Johnathon
[QUOTE=Forex School Online;576481]Please take your time and read the following links I have dug out for you from page one. This trade is going against a core rule of price action trading. This BEEB is from an incorrect swing point which means the big buys who have cleaned up and made money on the way down are taking their profits just as you are about to enter your trade. Please read the following links here:
Hi Jonathan,
Iāve read over 500 pages of this thread. Maybe I was being ignorant. I read all that in 24 hours too,thatās probably why. I did took into consideration the area that the BEEB happened does not seem like a convincing swing low or high but the fact that it happened at a relatively strong level, I decided to jump in as well.
I will pay more attention to the obvious swing high and swing low instead in future.
Thanks Jonathan
Hi Adrian,
as I just posted to Nkanirmal; it does not matter if the level is a strong one. If price is at a swing low and the majority of the market are getting out, price will revert to the mean or revert back higher back into the āswing highā where we can then look to get short. You need to be entering reversals from the correct swing areas. It is crucial and just as important, if not more than key levels and all forms part of the price action story. This is why we mark all our levels first and work out the price action story first and then look for the signal. The signal is just confirmation. The story is the key to high probability trades. Please read the links. I posted them because I thought they would help. If you have any questions post them upā¦
Johnathon
Hi Adrian, when you saidā¦
Iāve read over 500 pages of this thread. I read all that in 24 hours too. [/QUOTE]
how much redbull and caffine tablets was taken?
Darth
Hi Darth,
Like a newbie I was impatient and did not pay attention to every single detail. I was just browsing through quickly enough to make stupid trades and mistakes as above I guess.
very honest of you, learn from your mistakes and you will get there.
darth