Thanks Kimonz!
Now l see what you are saying!
Gold has broken through a weekly bearish trendline and also up out of a daily flat-top triangle so l am monitoring around the 1630 area for pullback and signal, however, that being said l am very wary of trading gold as it can be volatile and tricky. It can easily run stops etc etc before doing the “right” thing!!! Its not as bad or as manipulated as silver though and l have traded it BUT l am very wary of it. But that’s just me!
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I don’t look at the 4 hour too much, With Inside bars on the daily chart the h4 would generally looks like a mess of congestion, that’s the whole point of Inside bars, consolidation breakouts.
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Very true too…thanks!
DnB, have you ever read any of Scott Hoffman’s stuff on IBs?
He great on them and has years of experience trading them…he got into them through Linda Bradford Raschke and Laurance Connors’ “Street Smarts” book l think way back …he trades them very successfully BUT he spots them on the daily charts using IBs/NR4s/Dojis etc BUT always trades the break-outs intraday and it just doesn’t work too well for me!
Could be good! My only beef with this pair is the very small ADR but then l guess you guys just increase your lot size.
Hi Guys,
Im relatively new to the forum but i have literally read every page of this thread… one of the best if not the best…
I have a few trade suggestions i would like to run by you guys which i have noticed over the last couple of days…
Potential for short? - on down trend, at strong resistance on both trend line and horizontally… candlesticks showing uncertainty and bounce back lower?
i think this has been discussed - if we see further candle confirmation on bullish trend line which remains to be tested possible long?
Any opinions will be greatly appreciated…
L
Hi essexpoker and welcome!
You’ve started off with a couple of great charts! l wish l could tell you which way they’ll go but l can’t!
The GBPJPY does look a short for the reasons you state…IB below bearish trendline and horizontal R and a BRN of 1.25. BUT if you look at the EURJPY which is usually correlated, and we discussed it yesterday, its printed a second IB and is looking more bullish! So, going back to the GBPJPY l see the 10 has crossed the 20 up and both are above the 50sma ( l like to see that although DnB doesn’t use the 50sma l think its a good intermediate signpost…some call it a buy/sell line…buy above/sell below) also for the last 5 days price has been trapped between 1.25 ish and the mighty 200 sma, unable to break down below it. So pressure is building that could favour a long, it could be making the first pullback in a new up trend. But, remember there is some Red news out of the UK tomorrow too!
In short l would favour a long…but what do l know!
Not sure about the AUDUSD…today is the first day price has been able to break out of either side of last friday’s big momentum bar and it was a false break long…so l guess shorts are favoured but l’m not sure enough to trade it and will wait for further developments!
Thats my 2p’s worth,hope it helps!
essexpoker welcome to the thread, we’re getting quite the crowd here it’s good.
I’ve just pulled up the GBPJPY chart and had a look. The problem is that pair is stuck in a range and it’s hard to make a call on where it wants to go. Price is floating above the EMAs right now but also wedged under resistance. There is no clear cut signal there to guide us either, yes there is an Inside bar, but the body has a large bearish close to it. We really need to sit and watch for further price action clues before we trade a market like this one.
Micheal you’re right about the Cascading Inside Bars on EURJPY, it does look like price is priming up for a breakout there. The inside bars are sitting right under resistance on that chart too, so I don’t think I would go long into that, I want to want for wait for a correction then a signal, I don’t think price is in such a good ‘buying’ area and I could easily see a false breakout through this resistance line.
I am interesting to see if AU continues to sell off after that failed Asian session breakout we had that I posted before. Also the GBPUSD is looking over extended with a Bearish rejection signal, aggressive Price action traders could look to catch the break of the low…
I’m short AUD/USD at 1.0405! First trade this week. Not 100% happy it’s been triggered on a friday but I like this set up!
micheal ji I think i am going to take EUR/AUD and GBP/AUD off my watchlist! missing them two trades is causing some pain!
a few days before gbp/aud breakout early asia and caused a pain its rally 200 pips almost
l know…this is the world of FX…missed entries by a pip…stops taken out to the pip and then price reverses in the expected direction and rockets leaving you missing hundreds of pips…need l go on!!!
l guess that’s why we need money/risk/trade management, the persistence of an Olympic athlete and the patience of a saint to do this!
Also, thanks for your wise words DnB and have a great weekend all!
I’ve entered this also…
Unsure about TP - is this the beginning of a long term trend? Where would i look for exit?
L
Take profits would be around 200 pips below at the last swing low or you could aim for 50% retracement of the previous move. First target probably 1.0200. I think this is off the top off my head.
You should also consider what you will do if the trade hasn’t moved much before NY close tonight…its not always a good idea to leave trades on over the weekend these days without a decent profit already in place to protect against weekend news shocks and subsequent gaps imo.
I’m out of AUD/USD at break even. Dont like the pin bar with rejection of lower prices that it is the process of printing. I know it’s not closed yet but it’s almost the end of London on a Friday. Not leaving a position at a loss over the weekend that rarely works out for me.
A few good over extended setups on the metals today, check out the Gold and Silver Charts…
Wow the metal charts have already picked back up, so much for an expected correection. The Inside Bars on EURGBP and USDCAD have triggered. Looks like a very nice signal on GBPJPY forming at the moment hopefully the candle closes like this.
Very nice looking Pbar…thanks…think l still prefer GBPJPY cos of its market structure but will check again after NY close.
That looks like a nice setup carderkitek, I didn’t even notice it there as I don’t watch GBPCAD very much lol.
But yeah I am with Michael I am going to look to enter the GBPJPY setup. Even GBPUSD looks good, but not point in trading them all, just pick one good one and go with it.