It does look good, at the 20ema and at the bottom of an up channel, my only reservation is that weekly momentum seems to be down although the 50sma is flattening out and supporting price at the moment. l’ll keep my eye on it too,thanks.
How about gold, been consolidating for what 2-3 months.
Someone here mentioned price squeezing up, definitely one to be watching as the breakout from this type of long term sideways movement will be huge…
Good spot but not for me.
4hr trend is very extended and has just put in a lower high indicating a possible reversal or sideways move.
Daily has the IB but price is still above the 10 and hasn’t retraced much.
Weekly has price just coming up to the mighty 200sma and actually bouncing off it on my GMT chart and even though the NY chart has quite a bit more room to go before the 200 its not really an A+ trade in my book.
Just my 2p but good luck if you go for it.
Note: In this uptrend it has never retraced a lot. The 10 EMA acted as a strong dynamic support level. Will look how it goes.
The EURAUD trade l posted previously actually came off in a strange way. Put in limit orders to go long at about 50% retrace of the Daily Belt/Engulfing bar (see previous post for chart) but then decided later to be cautious and remove them. My analysis chart is a NY close but my trading chart is a GMT close. Removing the orders l saw a 4hr Pin Bar long around the same 50% retrace of the daily area and took it. One small position at the close and one at the break of the nose. Both came off, my second target of the 50sma being hit almost to the pip.Nice when that happens as many times it can just miss! Now l have three small positions to go short as a Pin Bar with trend has printed but will remove the order if price continues bullish.
Do you trade look for signals on the daily or the 4H charts?
Now just the Daily really…its taken me a while to detox from the 4hr charts but l think this thread and DnB’s perspective were the final piece of the jigsaw in helping me move to just the dailies.Having said that, if l see a large Engulfing Reversal Bar or something similar and l am around l may still check the 4hr for an entry but l don’t want to get tied to them.l usually “look inside” such daily candles on the 4hr anyway to see whats happening there and if a limit entry is possible, but my main thing is to check the dailies at NY close and if there is a set-up to then check to see whats going on on the weekly chart as my confirmation chart.
Whats your time frame of choice?
I use the daily charts to spot signals, but as you pointed out, I use the weekly and 1H charts to monitor trades.
eur/aud
False break pin bar rejecting dynamic resistance with strong downtrend.
That’s the one l am in too from earlier…was up but now back to break even but it still looks good.
long or short?
1.)
CADCHF is the same but a correlation pair… Am I right?
The EURCAD has reached the lowest lows meaning that there are no other Supports seen. On the CADCHF there are some core Resistance levels on the way up.
What do you think is better to take of these two the EURCAD or the CADCHF?
Which one would you consider to take? I was never in a situation like this 
2.)
There is also a PB rejecting the 10EMA on AUDCHF. Sorry can’t post any charts at the moment.
This would also be a good setup as it is with the trend.
Look back at Post #786 for my 4hr short entry…don’t usually trade the 4hr but was just checking in to see my long trade and saw it had closed out at T2 and when l saw the pair had printed a 4hr Pin bar short l re-invested my profits short!It hasn’t moved much but it in a strong down trend and the candles all look corrective rather than impulsive for now; so short is the higher probability despite the previous big long Belt/Engulfing Bar imho.
Only you can decide! l’m already in the EURAUD for better or worse! l don’t usually trade the CADCHF and it looks like it has a very small ADR and a very large Spread to me! AUDCHF seems the exact reflection of the EURAUD to me although my chart is showing a daily Doji not a Pin Bar.
Good luck which ever you choose or perhaps you will stay out, that’s a decent choice too.
I don’t follow cad/chf, but I think they are correlated. I prefer eur/aud, because I’m more familiar with it. I just saw the set up you mentioned and looks fine to me. What do you think DnB?
Hey guys,
I am posting a bit late today. A lot of good AUD based setups on the charts today as most of you have picked up on.
Outside bar on AUDUSD right off the trend mean value,
AUDCHF bullish rejection/indecision breakout - kind of a half way inbetween both.
EURAUD Indecision breakout.
All backed by the strong trend in place at the moment.
CADCHF is a value signal, a break of the high would be nice to see. Personally I am sticking with these AUD setups.
The EURCAD trend seems to have less steam in it at the moment, the trend movement has really slowed down there. It make pick up again but better to stick with the markets that are going for it.
What you guys think about Gold, its already broke the triangle pattern
Yes payahbleh, looks like a nice breakout.
let’s wait for the market to settle and form a bullish signal that we can jump onboard.
Hi DnB
I have a question on how to handle trades. I entered long on USD/CHF on a set up I posted a few days ago. I took a loss, but the question is: I entered the trade and price showed a nice profit for three days, almost 2:1 RR, then price reversed and hit my SL, what would you have done differently?
Here is a chart.
