What about it? [ what do you have in mind? ]
As Johnathon emphasizes trading from correct swing hig/low, I have a question concerning that. In the picture below with yellow circles I have marked highs and lows that I have no doubt about, but about areas marked in white circles I’m not sure. Do you count them as valid areas to trade from?
Hi fellow traders,
Just a quick question.
I’m still in the gbpaud trade and feeling excited about PA trading!
I opened 3 positions. With the final 1/3 position should I move it’s SL to TP2 area initially to trail the price?
Happy trading, Bret
That depends on you Bret. What was your trade plan BEFORE you entered this trade? There is no right or wrong, but once I get a runner I personally move my stop to just behind my TP2 level.
looking for price action at 1.6250, to buy.
Well, It did post a Bullish candle but with a long wick on the top in the daily chart kinda like a sign of exahustion. In addition this candle is inside a previous bearish candle so I still feel it needs to break above 1.6440 or below 1.6320 to confirm a direction.
Never the less, the way i see it is the USD looks bullish in the index, against the EUR and the AUD. In addition, last friday the data printed were weak and did not support the USD, yet it took off during the US session beating the EUR and continuing to beat the AUD. Except ofcourse for the GBP which held up pretty well due to strong data released that same day.
I by no means suggest involving news and neither do I trade with it. I understand this forum is purely PA, but I just wanted to share my thoughts and how I looked at the last trading session on friday.
Any reason you believe it will reach 1.6250?
GBPUSD
This is the level that I see must break to trade out of the chop and Friday’s good news couldn’t break that. Definitely not a pair I am looking for any setup.
There is no specific reason, and I am not predicting to reach that level. If it reaches there and forms good price action, I will enter the trade.
[QUOTE=“bhops;590944”] That depends on you Bret. What was your trade plan BEFORE you entered this trade? There is no right or wrong, but once I get a runner I personally move my stop to just behind my TP2 level.[/QUOTE]
Thanks Bhops,
Will have to update my trading plan to reflect this.
Hey fjanos,
I have my lines marked at the same areas as yours
The area was GREAT for shorts.
I’d have liked the pin to stick out more (have a bigger tail), though.
On the plus side it had the recent down momentum on its side.
All in all, nice trading! ( Are you still in or you already TP’d? )
Cheers
.
This was an excellent (A+) setup.
–> Large and obvious PA at a key horizontal zone and with the trend (up)
Hope you cleaned up!
Cheers
.
My GBPUSD D1.
I don’t see anything shaping up at the moment.
Waiting game till price gets to the outer boundaries.
Cheers
.
Hallo Velniukstis,
Yours is a very good question, and I’m not sure one reply will do it justice ( but here goes ).
Swing high + swing low is relative to where price is at a given moment.
E.g: When price is moving down and starts retracing to test a flip zone (old support, new resistance), the bottom of that moves becomes swing low, and the flip zone becomes swing high.
The “high” and the “low” also imply that there is room (space) in between the two
For your chart, below is how I would categorize the swings (hope it makes sense)
The important thing to remember (in real-time) is to be concerned only with the most recent swings (swing high/low is relative to those)
Cheers
.
I can see GBPAUD retracing to 1.855 over the next day or two. I’m currently still long GBPAUD but I’m keeping an eye on this level to potentially add to my position.
There’s heavy resistance at 142.500 - 143.000 and it’s somewhat counter-trend. If it were me I’d pass.
