Hello traders. Im currently trading with a nice little MTF PA trading system and I am happy to share some of the potential set ups and watchlist items that this system is generating, as I spot them on the charts.
This trading system uses the higher timeframe charts to identify a potential trading opportunity and then it uses the intraday timeframes to enter into these set ups, after certain price action criteria have been satisfied.
By posting these trading opportunities here, I hope it can help other traders to trade more successfully. If people are interested to learn the system themselves, its called The BSB Trading System and there is more information here
WEEKLY CHART:
A nice looking bearish pin bar pushing up into a strong area of resistance (reaction from s/r)
DAILY CHART:
A nice double top pattern to indicate that the trend momentum MAY BE slowing down. Notice here though that we have a hammer appearing at this level of support so I would expect a small bounce here or some price action clustering before price starts to think about breaking through.
Ill be monitoring this pair and looking to trade it from lower timeframes, IF I see the right kinds of price action behaviour and conditions that align with my trading rules. Like always, please only trade if this set up aligns with your own trading rules!
MONTHLY CHART:
Showing some range bound price action but notice the last fast paced downward leg (from a monthly perspective).
WEEKLY CHART:
We can see some clear rejection at the upper resistance levels and the price action looks like impulse - correction here.
DAILY CHART:
The daily chart confirms this impulse correction price action behaviour and we can see a potential flag pattern appearing here.
Ill be monitoring this pair and looking to trade it from lower timeframes, IF I see the right kinds of price action behaviour and conditions that align with my trading rules. Like always, please only trade if this set up aligns with your own trading rules!
WEEKLY CHART:
A nice looking downtrend and we can now see price agressively pushing up into an area of resistance. Im not loving the big bullish candle that is pushing up into the resistance (as this is signalling good momentum coming into this area). But anyway, lets see.
DAILY CHART:
This is a great example of something that isn’t ripe for me just yet but it still has good potential, should it react nicely to this area. For example, we are starting to see price pulling back nicely from this area so if we get another failed retest or some kind of lower high appearing, this would be a trade that I would be starting to look at more closely.
This is a watchlist item at the moment and Ill just keep an eye on this as things continue to play out.
DAILY CHART:
A nice looking correctional trend upwards that may be nearing completion (for me, this still has enough room left in it to be interested, but I understand that the attractiveness of this set up will depend on what trade management approach / trading style you are using). Price has now retraced down into a nice area of support which means we are entering int a high probability trading zone.
4 HOUR CHART:
We can see a clearer picture of price heading down into support and on the 4 hour chart, we would now want to see a clear sign that price is reacting to this area and heading into the other direction. This is another example where a trade set up is not yet valid for me because there are no clear signs of reversal patterns on this lower timeframe.
This is a watchlist item at the moment and Ill just keep an eye on this as things continue to play out.
WEEKLY CHART:
We can see a nice looking trend here with a retracement pulling back into a nice area of support. Yes, it can still continue to retrace downwards (into the lower band of the trendline - or beyond) but on this timeframe, I am looking to see that price is in a high probability trading zone and it looks like an attractive trade set up to me from this higher timeframe perspective.
DAILY CHART:
The daily chart is still showing a clear downtrend and therefore, for this to be a valid trade set up for me, I would need to see the right kinds of price action behaviour which gives me confidence that a reversal is taking place at this support level. Only then would I then start to consider a trade entry, IF I see the right kinds of price action behaviour on the lower timeframes which align to my higher timeframe analysis and which confirm to my trade entry rules & conditions.
This is a watchlist item at the moment and Ill just keep an eye on this as things continue to play out.
WEEKLY CHART:
A bigger picture downtrend is in play here and price is pulling back into a nice area of potential resistance. Im not loving the candle sizes as price pulls back into this area but we are currently seeing a good reaction to this area with the ‘still forming’ weekly bar.
DAILY CHART:
Here we can see the reaction to this zone more clearly which is a nice sign of weakness. So now, I am waiting on some additional price action signals to confirm that price is reacting to this area, whilst waiting for a better entry area. For example, if I see a failed retest of the resistance area or if I see a nice looking lower high forming near to this area, with good looking price action to accompany this, then this will be a good time for me to start considering a trade entry.
This is a watchlist item at the moment and Ill just keep an eye on this as things continue to play out.
WEEKLY CHART:
On the weekly chart, we are now starting to see price pulling back into a nice area of potential support which corresponds nicely to a nice upward trendline that has been in place now for some time. This is a nice trading area for us to expect a price reaction and there is plenty of upward potential here.
DAILY CHART:
The daily chart is still showing us that a downtrend is in play. There are no real reversal signs here yet and we will just need to wait for some more time until we get the right kinds of price action behaviour which align to our weekly perspective.
** There are a few AUD pairs showing some nice looking longer term potential opportunities so just be sure to manage your risk carefully **
This is a watchlist item at the moment and Ill just keep an eye on this as things continue to play out.
I know that I already posted a shorter timeframe set up for CADCHF but there is another long term pattern that I am also interested in.
WEEKLY CHART:
We can see a very powerful impulsive move to the downside after the longer term triangle pattern was broken. Following this strong impulsive move, we are now seeing some corrective price action behaviour here that might give us a nice trading opportunity, should it complete itself.
DAILY CHART:
Here we can see the flag pattern in more detail and we can see the corrective price action a little more closely.
Ill be monitoring this pair and looking to trade it from lower timeframes, IF I see the right kinds of price action behaviour and conditions that align with my trading rules. Like always, please only trade if this set up aligns with your own trading rules!
DAILY CHART:
Here we can clearly see that a nice downtrend is in play and price has retraced up into a potential area of resistance.
4 HOUR CHART:
After retracing up to this area of potential resistance, we are now seeing a nice price reaction to this level. So now, we would still need to see some additional price action behaviour which would confirm to us that a reversal is likely to take place from this high probability trading zone.
This is a watchlist item at the moment and Ill just keep an eye on this as things continue to play out.
WEEKLY CHART:
The weekly chart is seeing a nice breakout from a longer term weekly trendline.
DAILY CHART:
We can see nice confluence zone here with the longer term weekly trendline potential support area plus the uptrend-line support area as well as a nice area of market structure (looking left). All in all, this is a high probability zone where we can expect a price reaction.
4 HOUR CHART:
We are still waiting on the right kinds of price action signals on this timeframe to align with our higher timeframe perspective.
Ill be monitoring this pair and looking for an entry IF I see the right kinds of price action behaviour and conditions that align with my trading rules. Like always, please only trade if this set up aligns with your own trading rules!
WEEKLY CHART:
Like the other AUD pairs, the AUDCHF is also reacting to a nice area of potential resistance on the weekly timeframe.
DAILY CHART:
The daily chart is offering us some nice trend exhaustion type price action behaviour and we are getting close to considering an entry, if price action gives us the right confirmation signals.
Ill be monitoring this pair and looking for an entry IF I see the right kinds of price action behaviour and conditions that align with my trading rules. Like always, please only trade if this set up aligns with your own trading rules!
WEEKLY CHART:
From the weekly perspective, we see that price is now reaching up into a potential area of resistance.
DAILY CHART:
The daily chart is showing us some nice consolidation at this area and price is now giving us some nice signals that a reversal is likely to take place.
Ill be monitoring this pair and looking for an entry IF I see the right kinds of price action behaviour and conditions that align with my trading rules. Like always, please only trade if this set up aligns with your own trading rules!
WEEKLY CHART:
In previous weeks, we can see that there has been a nice reaction to a strong resistance area (shaded blue).
DAILY CHART:
Here we can see a nice looking impulse correction / ABCD pattern forming. First we had the impulsive move (from weekly resistance) and then we had a picture perfect corrective move taking place up into a nice daily resistance area. I saw this one a little late but still managed to get in at a decent entry point.
I wouldn’t criticise your GBP/CAD entry for being late - I am only looking to short this now it has closed below 1.6844 - I’ll be happy to get a short entry signal from H1 or H4 on Monday.
Thanks Tommor. Yep, this was one of those trades where you are just looking at the charts and you just happen to see the breakout taking place in real time. I suppose I shouldn’t have said ‘too late’ in my post but rather, ‘just in time’. Anyway, I hope this gives you a nice signal on H1 or H4 to get into this nice daily move.
