Are you two guys not concerned about going long on gbp/jpy when the weekly momentum is bearish and not far above to me looks like a weekly descending trend line?
The weekly is clearly trading in a range, it formed a morning star after testing major support which is another sign of a possible bullish reversal.
The weekly trenlines are a tad tricky to draw for me and if you see price as having been ranging along the bottom for the last year or so you could say price has already broken the bearish TL from the most recent high.Plus weekly momentum is up at the moment as is the weekly 50 sma (just)
Looking at the daily chartā¦
price has been in a flat-top triangle since May and has already broken the bearish daily TL.Yes there is R ahead around 125.50 ish but there is time to move to BE or take some profit before then if price does move up.Its a nice Pbar, sitting on the 10 and rejecting the 20 and has even got a bit of Bullish Hidden Divergence if you watch for that. The 200sma is above but if price does break this and the horizontal R we could be at the beginning of a nice new trend.
A calculated risk l guess!
The GBPUSD may be a preferred trade too.
This is a nice setup, a bullish engulfing bar I believe. Looks very trade-able to me what does everyone else think?
EURCAD looks like a nice setup Phil, well spotted
Any one trade that pinbar on the GBP/JPY yesterday? I took the break of the high. Started off well. Retracing a bit now and Iām almost back to break-even. Im starting realize that this is common occurrence when trading the daily chart, you have to stomach the swings in your floating P/L. Sticking with the trade. See how todayās candle closes. Probably going to be extra volatility in the market tomorrow with the Jackson hole conference however.
Hello! Is anyone keeping an eye on USDJPY? We are on mean value at a critical level and today COULD be forming a IB. Trade idea for tomorrow?
Cheers
PS: did anyone entry the USDCAD IB break?
i scalped 25 pips out of the gbp/jpy. im not sure its not stilll in the range
Hey guys hows everyone going?
The market seems to drop back into consolidation this week, which was very frustrating. With the new month starting now and holiday season over , hopefully itās back to business as usual.
An interesting false breakout on EU, price couldnāt close about this resistance. A hint maybe for what is to come next weekā¦
I think you can see the same on the GU chart, prices repeatedly tried to close above the 1.58820 level but failed to do so.
On friday I made 40pips on GU and 20 (half position - 1%) on usdjpy IB short break. closed other half due to weekend but still in profit. Closed month properly =)
Cheers
Hey guys. What are you after, today?
Iām stalking GBPJPY for a possible tomorrow entry. Price at bottom of a trendline and at a support+mean value.
Letās hope for a signalā¦ 
Great thread, iāve read it all! What daily candle close do you guys use? Iām using OANDA and they use midnight NY time. Can you talk on the implications of this a bit? Thanks!
Hey you traders looking at GBPJPY I just thought it would throw in my 2 cents.
I donāt really see anything that stands out there at the moment as that market just seems to be churning sideways just above support, best to wait for a breakout. Most of the Yen pairs are in nasty consolidation. Except for the AUDJPY, has anybody here caught any of this AUD move? I had my finger on the short button on AUDCHF about 2 weeks ago, didnāt pull the trigger and the thing has move down like 400 pips since. Oh wellā¦
A few Inside Bars today across the charts. There is one on EU, I am not sure if I like it. After the friday failed breakout, well just have to watch and see if it breaks itās highs closer to europe open. Also IB on USDCAD sitting on the bottom of itās range, that one looks like it could go if it broke them lows.
I am looking at EURCAD personally, double rejection of a that resistance level there with the second being a nasty bearish rejection candle, last session churned away and close neutral, almost an inside dayā¦
in aud/chf short entry,left the trade because of support level is very close and in that day many pairs are formed inside bar like eur/aud,gbp/aud.
any comments?
Hey there. I execute my trades through OANDA as well. I spent a couple weeks researching the differences. Most of the suggestions, and the conclusion I drew as well, is to analyze the chart using the demo account of a broker that closes right after NY closes. With a midnight close, the chart ends up having a mini-stick for the time right after the Sunday open to midnight that night. So you essentially have 6 total sticks per week instead of 5. The result are patterns that are just slightly off.
For example - Iāve been watching the daily on the EURUSD because of the recent false breakout on the daily. The weekly shows we are at the peak of a crest that could result in a downward swing favoring a short position. When I analyzed earlierā¦ the midnight close stick indicated a slight gain. The NY close stick, however, showed a Bearish inside bar formation.
The midnight close with Price Action on a daily chart appears to have more noise and is slightly off. Research from other, more knowledgeable traders than I, suggested that āit shouldnāt make that much of a differenceā. However, I think that an entirely different signal and direction is a pretty major difference.
So I opened a MT4 demo account with FXDD ( Metatrader | Metatrader 4 | Meta Trader ) for chart analysis and I execute trades through OANDA. FXDD closes their daily candlesticks at 5pm.
I think it makes a difference because you want to know what price Sydney opened and and what price Ny closed at. Sydney Open - Ny Candles provide the data on what happened during that 24 hr forex session. Being an hour or 2 off can throw some signals off particularly Inside bars. When Ny closes and sydney goes live, itās a new forex day and I want a new daily candle to be accurate with my analysis, not overlap forex sessions. So I think youāve made the right choice Grimm.
in aud/chf short entry,left the trade because of support level is very close and in that day many pairs are formed inside bar like eur/aud,gbp/aud.
Did you enter where you have marked that red line, if so well done, thatās the exact trade I was looking at but I didnāt pull the trigger on. Got the jitters because the market is so choppy.
yes i triggered the sell button because before a inside candle ,a bearish bar closed out of the consolidation.and i just ignore a mild support . and sorry for chart posting very lately.
Thatās a nice trade vasude, how many pips is that for you about 350-400?