Hi Michael.
Yes i remember the daily after i’ve posted the post. Sorry for that.
My experience tells me to wait for a re-test but i’ve decide to take the trade against all of the indicators, bullish divergence, etc. I’ve closed it with a 15 pip loss before the U.M event.
I’ll be watching for the daily charts to participate in this thread.
Good luck for everyone
Anyone going to trade the large momentum candle to go short on the AUD/USD if it retraces and then breaks Fridays low?
I am going to enter once the market opens. t/p: 1.0225
edit: will see the market’s reaction at the trendline support.
I want to see a bit of a pause or retrace overnight. I will sell on break of fridays low if price starts to fall towards London. I hope it doesn’t dump over night tho and i miss the boat. I have two entries set incase. A stop 5 pips below the break at 1.0406 with a TP of 1.0215, R:R 1:3. I will also sell at a 1.0380 incase price gets away over night for a slightly worse risk reward but still 1:2. This trade should be interesting. I dont think it will false break but anything can happen!
Anyone going to trade the large momentum candle to go short on the AUD/USD if it retraces and then breaks Fridays low?
Now you’re cooking with gas
Matt could l ask you to post a chart and explain your reasons for any trade you are looking at. It just helps everyone to “see” what the discussion is about.
Personally, l am not sure why you would take this trade but l am willing to learn. For me price has hit the bottom of the channel (as l posted about last week) and now its time to see what will happen; will it bounce or reverse the recent uptrend. l am aware its just hit the top of a weekly down channel (red trend line in chart) but still l need it to break out of the daily up channel and then re-test and print a bearish candle before l risk my hard earned money on a trade. That’s my view but l am very open to being wrong and look forward to reading you reasons for jumping in.
Have a great week in the markets everyone.
i have just got a new macbook air. I am struggling to get annotated charts out of MT4 and into the thread at the moment I do apologise. I agree with you analyse michael. I was looking for a break of that daily channel. I don’t think i am going to go long into that weekly down channel above so will sit on the side lines for now since there was no break today.
No worries Matt.
Well its printed an inside bar today and momentum is down and so there is an argument for shorting but its not a strong enough one for me. l think there is indecision and perhaps lack of liquidity everywhere at the moment and although that means there could be big moves up ahead, l’m still on the sidelines for now.
let’s look if the 50 ema is relevant or no…
audnzd printed an indecision bar closing in the upside of the 50 ema…
d8991c5c4976b5fca8629e0826c58f0f.png
Hi, everyone
I like EUR/JPY for a short. What do you guys think?
i was just looking at it (ej)
my chart is a little bit different, and printed a more “clear” signal:
inside-hanging man at a support line, wich i think could be turned as resitance,
just above the 50 ema…
10 & 20 ema are bullish, but the 50 ema could stop the pullback e reject price…
let’s see what happen
b62b969096d5ffdbe4313b18cd736200.png
The ascending trendline from the three previous troughs in that screenshot, should be support and entry for a long… If you go long now you are buying high, yet a short now would be against the trend.
[B]Hi, everyone
I like EUR/JPY for a short. What do you guys think?[/B]
l see your point Evermore but not for me. They are indecision candles under Resistance but just minor resistance.Plus price is just sitting above/on the 50sma and printing higher highs and higher lows. Also momentum on the weekly is up and it printed a bullish engulfing bar last week.
So, not for me but as always that’s just imho.
@michael ji. You obviously have the patience to wait for only the best setups before entering the market and i respect that. if you dont mind me asking how many trades are you taking a month and at what win:loss ratio are you achieving? I strive to achieve a high percentage of winning trades even if that means i trade less frequently.
Its not too long ago that l moved up to just trading dailies from previously trading 4hr charts as well so really l haven’t got enough data in my trading log yet to give you meaningful figures. Regarding number of trades it seems to be 0-2 a week, especially as things have been quiet over the summer.
l am trying to get off the break-even plateau and l think daily charts are the way forward for me; and yes l am trying to cultivate patience and discipline!Its not easy!
I think you should clean up your charts a little bit. Lol.
there was an inside bar in g/u daily though its choppy the inside bar is right above some ema i have 50 ema in my chart so far 40pips
Hi Kimonz,
l think the important question is, what do you think and why do you think it. That should come first then we can all discuss it.
I agree with this if you ask me that pair is going sideways not up or down
