and for the pin from NZDJPY for exactly the same reasons. Comments welcome on both trades!
HI DnBā¦
i would like your opinion on the yen at the moment.
as you saw the UJ did the reverse head and shoulders thing this afternoon and managed to break through on the daily chart a strong resistance lineā¦on which it now is using as support.
but across teh board and above the NZD jpy the cad jpy and the aud jpyā¦the jpy looks weak in all and all of these charts appear bearish.
now the major pair is the USD jpyā¦
does this carry more weight than the other pairs ā¦as the other pairs put the jpy in a bearish predicamentā¦that is why i am thinking to short the UJ tomorrowā¦and the short on the nzd jpy also looks greatā¦the AUD JPY looks like its got a 2 bar reversal set up going on.
i am confused as to what carries most weightā¦
can you give your opinion pleaseā¦as like you said the support on the UJ may make it rally higher
Hi, DnB
What do you think about EUR/NZD. I canāt post an image right now but if you look at the charts you will see the setup seems pretty obvious. The only con: itās counter trend trade. Let me know.
Many thanks.
Hi Evermore,
Are you referring to the pin bar bullish formation - long entry setup break above 1.5970?
Regards,
Toyogo
I know you didnt ask my opinion 
but it is such a strong down trend that I would want thepin to be alot bigger and to stick out below the strong support. If it had broken the recent lows significantly and then closed v bullish just above that 5821 level that would be stronger I think. with the trend would be alot more tempting
as you saw the UJ did the reverse head and shoulders thing this afternoon and managed to break through on the daily chart a strong resistance lineā¦on which it now is using as support.
I donāt put too much emphasis on these patterns, I observe them thatās about it.
but across teh board and above the NZD jpy the cad jpy and the aud jpyā¦the jpy looks weak in all and all of these charts appear bearish.
now the major pair is the USD jpyā¦
does this carry more weight than the other pairs ā¦as the other pairs put the jpy in a bearish predicamentā¦that is why i am thinking to short the UJ tomorrowā¦and the short on the nzd jpy also looks greatā¦the AUD JPY looks like its got a 2 bar reversal set up going on.i am confused as to what carries most weightā¦
Trying to factor in correlations across the market heyā¦
Personally I donāt do this, I simply just isolate my analysis to the one chart when I make my trade decisions. You donāt know whatās going to happen next, yeah sure UJ shot up, but this session risk aversion could suddenly come in and USDJPY might drop straight back down. I think youāre only going to confuse yourself putting to much weight on whatās going on across the other charts. But this is a personal thing, Iāve tried it before, didnāt have much success and discovered I was better off just sticking to the single chart analysis when taking a trade.
Others might disagree, there is no right or wrong answer here, if you can make it work for you Great!
What do you think about EUR/NZD. I canāt post an image right now but if you look at the charts you will see the setup seems pretty obvious. The only con: itās counter trend trade. Let me know.
I donāt really like that one, donāt seem like a good enough signal to risk on a counter trend tradeā¦
I am watching NZDJPY at the moment, thatās the only setup I like todayā¦
Itās counter trend, but the signal is good in form and off a pretty good weekly level. Reasonably extended away from the EMAs.
Hi DnB,
Although NJ has a good inverted hammer bearish signal but I cannot define a good resistance except it is a Fib 50% retracement. Pls help to define the resistance!
Regards,
Toyogo
There is no recent levels to work with so what Iāve done is just places a line on top of the candle , switched to the weekly view and seen if this level has been significant in the past.
Hey guys,
I pulled out of NZD/JPY just before market close, I didnāt like the way it moved up and closed higher. I really wanted to see that one sell off and close lower at least. Given that it is a counter trend signal it has put me off.
However I have spotted this one on the GBPAUDā¦
Look at the EMAs, clearly pointing down with clearly established downtrend here. Bearish rejection candle coming straight off dynamic resistanceā¦ Iāll have my eye on this one when the market opens.
Hey Traders
I have spotted a possible trade that gives minimum a R:R of 1:2 on the Silver Daily chartā¦
The only bad thing is that itās a countertrend trade meaning there is more risk. But if you look back you can see that price is reacting at a strong Major Support Level near 26.75. Every time when price reached this level it bounced up. I draw this level from the Weekly chart. Have a look there and you can see what I mean.
Price is also far away from the EMAās so the market could retrace to the near term Resistance or even higher.
I will have a look on Monday when market opens.
Nice charts aserafino, looks like a nice setup, Iām trying to master pa trading myself, I love the logic behind this way of trading. To be honest I havenāt gone through this thread yet but how much confluence would you like to see before you decide to take a trade?
Nice work aserafino,
If price breaks the high on that indecision candle then we could see a nice move up. I would even trade that one but I am in GBPAUD, GBPAUD is the safer choice because there is a clear down trend there. But weekly levels like this one very powerful to trade signals off. I hope it works out for you.
Just a warning to all traders when calculating your lot size for Silver. Some brokers have a high $point value for silver, for example Alpariās UK $point value for Silver is $50. So calculate your lot sizing like this
Example for Alpari Uk:
[B]($ you want to risk / stop loss size in points) / 50 = Lot Size[/B]
Some brokers have a $point value of $10 for silver, you have to double check what your broker uses.
You donāt want to open up what you think is a small risk trade and then find once youāve opened it that youāre -$250 just on spread lol
@DnB
I read that you use ZuluTrade.
Whatās your name there?
l saw the GBPAUD candle too but also noticed weekly bullish divergence on my oscillator and weekly price forming a doji on the long side of the 50sma giving me caution and a possible long biasā¦would appreciate your view on this.
Great threadā¦thanks DnB.
Greatā¦many thanks DnB!
nice work on the Silver trade aserafino
Just goes to show how powerful it is trading from strong weekly levels.
Inside Bar on EURAUD, a breakout lower here looks good.
Indecision Candle on USDCAD, sitting nicely on top of the EMAs there. Watching for a breakout higher.
Hey,
you still in this one? I took short with you and have nearly been stopped out but still in. Do we just let this play out?
Can you explain the USDCAD a little more? I though this looks to be making a false break meaning it would go lower. Obviously I have read wrong here and would love your guidance.
