Yes. seems logical to place entry on the green line but will I be facing the same resistance line. How do you plan your trade with this setup.
Just be super careful trading the last 4hr candle of the week. I have not had time to look at this particular setup but I can tell you the last 4 hrs of the week are normally some of the thinnest. Not many players are left by the last four hours and the ones that are, are normally just covering positions (exiting) for the weeks.
Going of what I can see on your chart you are trading against a super strong trend that has been up lately. Would it not be safer to wait for a pullback and trade with all this bias in your favour?
Good luck with it. Sorry I couldn’t give you much more. I am not at my charts.
Safe trading,
Johnathon
Thank you for the insight on the last 4 hours of the week. That is one thing I was a little worried about especially with the Greek elections, there will probably be a gap in most of the charts anyways. Is the same true for the last daily candle of the week or is that usually a clear signal? Do you change your Sunday trading methods at all because I have been doing most of my analysis on weekends.
I probably will not take that trade just wanted to note the setup given the strength of the resistance and the nice pinbar that formed. I might as well stick with the trend for now and look for a better setup. Thanks!
Well all the S&R lines remain the same so IF it forms some type of PA signal around my green line on the chart I would go long and place my stop a little under where the theoretical pinbar pushed down to and then probably take half profits and move to break even at the red line on the chart. Considering it is such strong resistance I might just take all profits and then if it pushes through wait for another retracement to bounce off that line and go long again! Let me know what you think.
Hey, this looks like a nice setup. It also formed a 2 bar reversal on the H4 chart and that spot lines up nicely with the 61.8 fibonacci and previous support. The few indicators that I use are also agreeing with it. The daily stochastic is oversold and the H4 MACD is crossing over. Good spot.
Hi Dudest, looks good but am wondering if the 1640.0 level may get another test as price has only just reached it briefly? I cant follow this chart so I dont know how its played out since your post, perhaps you could give us an update next week.
All the best, am enjoying your posts and appreciate your input.
Hi bygjj,
I’m not sure about the 4hr chart but here’s how I see things on the daily chart. If price finds support and goes up we may get a pullback to the current SR level and an opportunity to buy. If price loses support it may retest the current level and give us a chance to sell.
Would be good to see some more opinions because I am still learning too. All the best.
really good thread …thanks for keeping it on track Johnathon.
loving the price action stuff…and cant wait to get started on monday.
read the whole lot over past 2 days …thanks for drilling home the important concepts …i look forward to posting some trades, and learning.
right what i am currently looking for are PA signals on both the
cable and the fibre.
the uppermost line is what i would like price to reach on the daily charts( cpincidentally it is also around the 50 percent FIB retracement) … and the bottom red line on the cable is where i think prices may eventually retrace to after stalling mid way…and the one on the fiber is where i think prices will stall if they start to retrace.
i would like to know off you guys which bottom line is best …the one on the cable or the one on the fiber…as the fiber is possibly not as significant as the lower one …but may cause lots of trouble.
and one last thing …if i am looking at 20 pairs …do i have to put the lines on each chart every time i open the chart in mt4…or is there a way that mt4 saves all chart modifications ?
would you take 1 st profit on the first line and then next profit on the bottom line.
and yes i know that i havent put the bottom line on the fibre nor the middle line on the cable…but you get my drift hopefully.
truth is i have just realised …i dont want to waste anyones time…and price is currently in no mans land …so maybe i shouldnt have posted…YET… as price could go either way…looking bullish but still.
anyway…ill only post in future once prices have hit a zone.
cable daily
fiber daily
feel free to comment.
I would prefer cable (GBP/USD) on the red line, because it has confluence with big round number 5800 and fib50.
Look for bearish price action there.
Watching closely the red line (2668), reasons:
- Previous resistance may convert to new support
- Confluence with fib50
- If you create a fib from level 2541 to current high (2746), you will find this level match with fib38. I didn’t draw it here to avoid messy chart.
Look for bullish PA.
Kindly ignore the blue circles, they are just pin indicator for my observation.
a dueling sword in 4hr chart…looking forward to next candle close
Look for daily bearish PA setup (pinbar or engulfing patterns) on 5800 because it’s the previous support which may become a new resistance. It’s also a big round number, and in-line with fib50.
hey guys i have downloaded both papiler or whatever it was called and axi mt4 and none of them ran on new york time
i had a discussion with some of the people at 9 companies that i tried to get new york time mt4…and they said that the time displayed on the bottom of your platform…the daily candle ends at midnight whatever time your platform is running at…
so those who downloaded the mt4…may still not be running on new york time…
may be worth checking…
plus could someone please put me in touch with a broker that does an account on new york time other than those stated already in the thread.
thanks.
Watch for bullish PA @1.0000, reasons:
- Previous resistance
- Big round number
- Line-up nicely with fib62
Hello,
this is covered many times in this thread. This threads front page and 1st post also has instructions about what charts to use and also how you can get them.
Here is a link to one of the many MT4 demo account that is NY close. They are very reputable and I hae traded with them as one of my brokers for a while: [B]Peppersone NY close charts[/B]
The time on each platform does not mean anything. Or in other words it won’t change anything bar what the clock says. The candles remain with the same datd/close time.
I hope this helps.
Let me know if you need any other help or just PM me.
Johnathon
Heya,
I agree with what your line of thinking on these majors. I would like to say however go easy on the Fibo’s. It can be a super powerful tool to use but only as a form of confirmation. It should always be used as just another layer and trades not based directly of what it is doing.
When I start to see it on all of a traders charts I begin to worry because what happens A LOT is like everything they can get carried away. They place a winning trade and it confirms to them that the fibo is the best thing in the world and they start looking for fibos in every trade and tweaking it to when it shouldn’t be there. An example is of the chart on the GBPUSD. If it doesn’t line up with a specific area just drop it. We don’t have to have it as that area is a solid support area.
To be honest I rarely make trades with the fibo, because what price is telling us is number one. I just don’t want to see you get burnt from being over keen!
I must say they are some pretty good and clean charts you are posting up. Are you posting the 1hr charts because that is the time frame you will be looking to trade of or just to highlight the areas better?
Thanks for great posts,
Johnathon
GBPUSD has broken through a pretty important resistance area. Do you think still looking for longs is the way to go?
Just in my opinion this area breaking was a very key bit of information and until it breaks again I will be looking for it to hold as support and to get long. There is a good chance price will at least stall at this area, so shorting straight into it remember to keep this in mind!
I agree price is at resistance where you have highlighted on your chart and it will be interesting to see what price does should it test this boxing/ranging again!
Johnathon
Johnathon
