Hey, saw this setup too but didn’t think about taking it because I do not have a clear resistance level 'cause price hasn’t been there for a long time…
Here’s a trade i took which went against me. Such a big pin bar but I see i was trading into support and heavy traffic. Sorry, please ignore moving averages. Any comments? Thanks.
G
Although it was ranging, I guess the breakout to the upside tells us that trend is up. So trading that huge BEEB was countertrend (that’s the retrace). We should wait for PA at new support to go long.
Furthermore I have to say I like big signals but I kind of don’t like very big signals cause IMO they often are climaxes, and when they close, there’s no steam left.
Further comments appreciated
Thanks for your reply Trendsfriend,
Yes, it was a countertrend trade. I will stick with the trend from now on!
Good trading. G
Hi Jonathan & Team,
I am following this thread for long time.Learned a Lot & thanks for Jonathan for Mentoring us in Price Action Trading.
My Pleasure to post my 1st trading set-up in this Prestigious Thread. Look Like A+ Set up.EURAUD broke resistance & now testing tat resistance turned support. Pls comment on it
hey brother… u using 20 & 8 MA s right? thats wat im using… when a pin formed and the price touches one of those MAs… pin is not valid… cchek back all charts… that is wat im also using…
Hi MSDP.
Thanks for your reply. I apologise to all for including ema’s on my chart as i know our methods here don’t use indicators.
GUFund. What was your entry signal? All the best with the trade. G
Hi gforce,
I use our Mentor Jonathan entry signal only. Price Action on Key areas of S & R.On tat case Bullish Engulfing Bar in 4 Hr chart. U can Price Level where Previous Resistance now turned in to Support.
Dear Friends,
Hope every one read about this Price Action Thread rules. Jonathan does not advice us to refer less than 4 Hrs time frame. Think many recent posts in this thread diluting from the motive of the thread. Request jonathan or some senior members to step in to this & stream line the thread.
@westpest: looks like nice trend traiding, but I’m not watching H1… tried it few days, but was quite stressful…
There was a nice setup on DAX30 Daily
I’m wondering if anyone of you took it?
I wanted to take it but the only reason that kept me out was that I did not know how to calculate my position with indices.
Can someone help me out here? That would be great
Hi the Dax was a textbook trade A+.
Just a different perspective; but I would not define that as an A+ set up. I would say it’s more of a flat A.
The reason is that look at the near-term trend; heavy downtrend for the last dozen or so candlesticks.
As for the resistance level; I see it as moderate to weak. Granted, you can see the bounce around Sept 10th-11th; but at the 17th it went through and had a single bounce off of the level. The last time price touched the level it pierced it. In my mind, that makes it questionable.
The other thing that gives me pause is the price movement off of the level after it pierced on the 17th. Look at the size of the candlestick versus all the others. It’s abnormally large. The big candlestick could be the result of one of two things; it may be because of the piercing of the level or it may be due to a news announcement. Some catalyst caused it to take off, and that seems like too strong of a movement for just piercing a random level like 97.75. That would be something I would more expect to see around a xx.00 level like 98.00.
That being said, had I spotted it I probably would have taken this set up for one additional reason. The signal formed in the sweet spot of Fibonacci levels for the previous wave (as well as I can see from just eyeballing it). Even though Jonathon’s Price Action method does not use Fib levels; they are very commonly used by many other traders. To me, it’s worth a little consideration.
The combination of those other factors would make this a tradeable signal for me; but I don’t view it as A+ because of the pierce and the movement immediately after makes me suspicious that the catalyst may have been temporary.
If it was a pull-back and formed a bearish engulfing; then I would see it as A+. I would be much more interested in waiting for this upward movement to end and then getting in on the next down wave.
Did someone see the PB on USDCAD D1?
Do you think it is going lower? I’m not in yet, but thinking about a pending order. I like the signal, but I don’t know if I like the level…
Maybe that’s a reason for staying out. Problem is I couldn’t find an A+ Setup on the Daily since Monday last week…
Am I too picky?
Hello TF,
Why not wait for it to pull back to support and then trade it long with trend if PA signal presents? If you go short, you are fighting the trend, non?
Good trading. G