USD/CAD appears to be in a valid support zone, strong bullish move now as seen in the one hour chart hope it becomes an engulfing bar tomorrow
Anyone took the AUD/USD 8 hr, bearish engulfing bar made a 50 pip break just now, if you look at the weekly chart its sort of forming a pin bar hope this ones for long term.
AUD/USD weekly is forming a pinbar at rezistence. The level is also at 0.382 retracement of previous swing June 2013 - January 2014. With US data coming today and the Friday being what Friday is this could signal a broader reversal here.
AUD/NZD Daily. Support break-out.
I know that this isnāt a standard set-up per PA method described in this thread, yet I like it a lot. It looks like a clean break-out of the channel is taking place together with a clean break-out of the support.
Probably the best way to play it is to wait for the price to turn back at support (turned resistance now) and then go short there.
It actually played-out really nice and took the support at 1.00 in a very clean manner. Iās wait for the price to retrace back and then go short there.
Quick reminder;
Our cousins are celebrating their independence tomorrow and NFP will be released today.
Best
Great man . thanks for the update .
Resistance turned support on the daily time frame, 8hour time frame PB, with the trend, is this good setup?, A bit hesitant with the PB almost same size as the previous candles?
Hey funnypip,
I donāt have EURNOK on my watch list because my broker offers a 20 pip spread on that pair, whatās your spread?
Leon3567 you havenāt specified which market that is.
Oh sorry itās the GBP/AUD
Hi Leon 3567
Iām a newbie but had some thoughts on the chart you posted.
If youāre referring to the last but one bar on the 8hr chart that really is very small for a PB. Iād like to see it really sticking out to be worth considering.
Iād want the PB to have pierced the Resistance Level marked to give a clearer indication of that level being rejected.
Iād like to see a more significant move up before the retracement. As it is, I donāt see any real āspaceā for price to move before hitting a trouble area.
Cheers
Stephen
Leon I have attached an image of my 8hr GBPAUD chart. Iād be more comfortable making a play if price pulled all the way down and touched my support (As shown by the blue arrows) and gave me a strong entry setup.
Thanks!..
Thanks! yeah PB not convincing enough
Hi, may I ask how you plan to manage this? would you move to break even once it reaches first support area? Itās currently accelerating down, could reach it anytime now.
I have 16 pips. But it doesnāt matter that much. If you look at the cost/pip for different pairs, those with big spreads have 6-10 times lower ratios than those heavily traded like EUR/USD or GBP/USD. In other words 16 pips spread for EUR/NOK is equivalent to about 2.6 pips if you had traded GBP/USD with the same amount of money. So donāt be scared by the spread, be scared only by a questionable set-up.
Hi Leon.
The price reached my first TP at 8.38 and sold 1/2 of the position (my second TP is 8.36 and the last one is 8.3)). Yes, I moved the stop to B/E (at 8.42), but I have the feeling the price is going to test 8.41-8.42 area again before moving downward.
