Resistance held the bearattach after the BUEB last thursday. Today it formed a new BUEB, not really confirming anything, but I take it as signal for a strengthend Euro after a rally the last weeks.
Comments anyone?
it did not clearly break the low of the preceeding candle, but very long candle including tail, still a BEEB? I moved my stops lower fearing it might not push lower
Question in this Gold setup, since it is a high probability trade that will quickly moving away from the resistance, do you guys scale in/open more positions to benefit more from it? if yes, how do you do it? Or just stick to the 2% risk
Hi Leon. It formed a classic engulfing pinbar which I find as a good signal. Manage your money properly, but I think this was one of the good ones to trade. Good luck and safe trading.
Henning
Thanks! Strong move down this is my first trade with the XAU/USD, happy with its intial results, i have been following this setup in this thread and Johnaton’s website so many days back.
I normally stick to 3%, but in between a little more if the price history and PA signal is strong.
But always carefull with my stoploss according to support/resistance lines I have, often you have some minor S/R’s like the one gold is testing right now. Careful there, but noe scared
safe trading
Henning
This setup came together very neatly. After a series of swings. Now this PB might not have the power to hammer prices down all the way to the sup. level. But if the low of the PB breaks we might see a quick&profitable surf into FTA .
As you certanly has seen it formed an engulfing pinbar and went down. Now at a resistance level 1264-67, like it was on may 27 during the rally down to 1240 area. Just have to wait for the market to show it’s cards…
Safe trading
Henning
Left the 1264-67 support are with a kind of triangel formed on the 1H chart, and down to next support at 1259. With the current trend, just like Johnathon is teaching. I love this trading strategy I have learned from him. become a member all of you that still are not. It is value for the money. I can confirm that as a lifetime student.
Would it make sense to move the stop on the top of the triangle? Would the big move down after the triangle be sufficient breathing space to pull back until price hits our final target?
Anyone watching EUR/AUD 4hrs right now? The PA is at 1.45 zone, which looks like a fine place for a reversal, taking into account the bearish overall trend for the last month. So far though, apart for the 2 Bar posted at resistance (and not really tall ones) there isn’t much of a signal showing.
With AUD going lower across the pairs it seems that EUR/AUD would try to pierce through the S/R and then maybe come back downward.