Than I went back to 4H chart and I was thinking like this
I’ve inserted my pending orders on aud/nzd , it’s perfect .
:35:
a question ,we’ve a nice BUEB on Gbp/Usd . Its big and beautiful But it’s exactly on an important resistance are plus a very big bearish candles on 4h and specially on daily TF that keep me away from it .
Do you guys think is it still a good setup on gbp/usd ?
I’d appreciate some opinion from the experienced Jonathon traders too on GBP/USD.
Hi all, this is my fourth post I believe. I am not replying fjanos’ thread; I just couldn’t figure out how to start a new post/thread.
So having registered last week, I quickly latched on to the PA method of trading and I’ve put aside all my other strategies in favor of it. I’ve read up quite a bit on it and have learnt so much. I was able to make my first successful trade this morning going long on the USDJPY 4hr pair swing high at the S/R level.
I have a question that I’m hoping someone can answer: I’ve seen where persons have said that you look for the S/R levels on the daily chart, then go down (if you desire) to the 4hr chart and look for PA trades with these levels in mind. I’ve also read where persons state that, if you’re going to trade the 4hr charts, then you need to find the S/R levels on the 4hr charts, and not on the daily. Which is it? I’m mindful though that sometimes the S/R levels on both the daily and 4hr charts can be the same.
Thanks.
David.
Sorry, I went short, not long.
You should wait for the price to reach area marked as “retest” and see if PA signal will form there, if yes, then go short with the trend. Sometimes you can go against the trend but not suggested for new traders.
I don’t understand what went wrong or what I missed with this trade.
I plotted S/R on daily
I found a BUEB on 4H and entered the trade
But it was going down and I had to close it soon because I couldn’t afford it to get to SL.
Any ideas it would be a big help to someone explain it to me.
Could be change of trend, as there are Lower highs and lower lows.
Something went wrong here I cannot figure out.
I plotted S/R on daily at 101.200
There was a BUEB on swing low and expected to go up to retest resistance.
You may have answered your own question with he down trend arrow you drew on the 4 hour chart. The trend was down and as per the instructions of the strategy you should have only been looking for selling opportunities as opposed to buying.
Hi David.
From my understanding, key S/R levels are always from higher time frame. Being daily, or weekly. Once you dial down to H4, you’ll have to be aware of additional S/R in that time frame that could cause you trouble along the way.
I hope this make sense.
anybody looking in to the EURGPB H4 Pinbar?
So we always have to wait price to retest Otherwise it keeps trending - in this case downtrending? Right?
I would have definitely waited for price to retest the trendline with a Price Action Siginal. Then short from price action.
The downtrend is not only present on the 4 hour, but the daily, the weekly (where price has been in a downtrend for 6 weeks), moving average signals, and MACD.
You also have to realize that once you get below the daily timeframe you will see more and more traffic and false signals. You should look at a longer time frame (weekly) to help identify market direction and for starters trade on a daily time frame where there is less noise.
not a safe bet.
I don’t mark this level and eur/jpy level as an important SR area , what I think is that we’re looking for swings not some candles that go sideways .
If it happens at a good swing , it would be perfect .
If you want to mark these levels , there are tons of them out there and they make trouble .
This is my opinion and the way I see it .
Any way , Good Luck
What you mean not a safe bet?
Panupat,
it does make sense. Thanks for the clarification. And it seems that more often than not, you will have additional S/R as you go down to the lower time frames.
Thanks.
I am. And its at the right level. Seems as though a little consolidation or ranging could be taking place though. What are your intentions?
David
@cheva282, looking for PA at 1.6250,
but it looks like bearish because it break previous low of 1.6300, That is why I said its not a safe bet to buy at the current levels, if there is a good PA.
