Does EJ here have a different direction or not? Is it going down strongly and retracement of fibo level 61.8 to continue going down?
It may, continue on down.
It tested 129 600 a few times before breaking. Then climbed back on top and retested again. Along with getting a pretty decent engulfing candle I’m looking for it to continue up a little.
But I’m aware that it may just push right on down again. I’m actually not in this one at the moment. Was a little late getting my order in. But will keep my order there until it goes on down and makes the set up invalid.
Thanks for posting your charts. I think some good convo helps with seeing different views and never know. It may open a door for someone to see things easier.
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I actually don’t use the fibo or anything else besides looking at the chart.
Not against indicators at all even have used them in the past and still use the RSI for stocks.
Didn’t want to sound like I was bashing indicators, everyone sees the charts different and if they help someone trade then go for it.
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I love price action and have been following J. Fox for quite a while. I am interested, even more curious about the strategies involved in P.A.
I don’t use the indicator, just use the horizontal levels S/R and occasionally use fibo
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Also in this one. Sorry forgot to post the chart.
GBPNZD
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Thank you.
Indeed, this conversation has also helped me see many things and perfect my strategy.
And, look forward to hearing from you and many other traders on a particular setup to discuss.
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I believe there is a win here.
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I have 1 setup here.
I saw a strong downtrend and insidebar breakout of the 5th candle nến
What do you think about this setup?
Is your TP at 0.73000? Or maybe close half at 0.73000 and move SL to BE and let it ride afterwards.
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I set my take profit at: 0.72400
Can you explain to me what “BE” is?
BE = Break Even.
Moving your stop loss up to where if the trade was to turn against you, you wouldn’t loss any money. Incoming commission and swap fee
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Thank you for sharing
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Here is my take on NZDJPY - 4HR
But I think you have a good level marked that I didn’t. I was just looking for entry a little higher up.
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Honestly, if I use D1 to confirm the S/R level, the 76,500 level will not be ticked. Because I’ll see it’s not there.
That’s why I asked how you marked the above S/R level.
Makes sense. It’s been in a downtrend for the last 3 months. So not a bad play I don’t think.
That’s what’s the little chart is in the upper right corner. It’s the number of pips a pair is up or down from that given timeframe. Helps with seeing at a quick glance if a pair is up or down.
If I post from my phone it’s difficult to read you can only see if it’s green or red for that time period. But posting from my computer you can see the pip totals as well.
If it’s a exotic or yen you have to start from the second digit from the right. Or just left of the first zero
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quite interesting, can you elaborate on it?
Sure thing.
From left to right, top row.
3D = 3 days ago.
1W = 1 week
2W = 2 weeks
Middle row
1M = 1 month
2M = 2 month
3M = 3 month
Bottom Row
6M = 6 month
YTD = from the beginning of this year.
1Y = 1 year ago from this day.
I have one for indices and metals that I turn on as well.
The time frames are always from the current day to whatever time-frame back.
Also I added alternating background colors on my chart. Those are weekly separators.
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it’s like directional on higher frames and you don’t trade against it?
I don’t use tradingview. I just look at the broker’s MT4 chart with 5 candles/week
Nice thread! It reminds me that during times of consolidation, I can switch to a lower timeframe and set TPs.
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