mm ,375 pips …
its because of your method only…dnb.otherwise scratching the head in news site sitting as audience.
Excellent Man,
GBPUSD is doing a double top on a R level, overlapping with 61.8 fibo retracement with some indecision candles in last 2 days. DNB What do you think of this? I don’t really see a setup, but is jsut interesting to follow the PA of this pair at moment!
Cheers
You’re right, the GBPUSD has rejected that level twice now, there is a bearish rejection candle signal coming off the second test of that level, but it is counter trend. I don’t really like that chart at the moment it just seems too messy and now looking at the chart we’ve had that early Asian session push down, so London is probably going to come in and push the prices right back up. That’s the typical price action behavior I’ve noticed.
On EURUSD right now, there has been a real early Asian breakout to the downside, it’s most likely going to be a false move. These Asian breaks are the biggest traps.
I’m actually Short on the EURUSD at the moment. I came in Monday after the bullish rejection and after I checked the weekly charts. Check out the picture. The bottom left corner is the daily, you can see the magenta trend line. The primary chart on display is the weekly. I interpreted it to indicate a strong confluence trade opportunity.
I came in shortly around the time the daily showed a Bearish Engulfing formation. Stop was placed at the peak of the major rejection. I’ll be watching the trade closely since it’s counter to the daily trend and Nonfarm Payroll is coming up on Friday.
My goal is to take at least 110 pips (55 risked). If I have that with some breathing room by Thursday evening, I’ll move my stop to 110 profit and stay in for NFP. If I don’t meet that goal by Thursday evening, I’ll back out of the trade and take whatever is on the table.
Indicators on the chart are the 10/21/200 MAs. The horizontal hash/dot line is just a marker of where I entered.
Presently up about 70 pips with stop at break even.
And disregard me, completely wrong. Teach me to trade against the trend. At least I got stopped out at break even.
Yeah see what I mean about the asian breaks, they always get eaten up. It’s almost a signal to trade the other way lol. Looks like EU might leave a bullish signal on the daily, will have to see how it closes.
gbp/aud is getting very serious move without any retracement ,has any1 inside this pair for long trade?
Yep, just got in when that OB Bullish Bar closed after the IB.
It was a test of the 200MA on the 4H chart.
market bias changed,a week before bullish bar is formed major support and resistance is tested and failed and later ema is showing other direction thats the thing trade failed.
If i we’re you i haven’t trade the EUR/CAD because the EUR has been very bullish all over the pairs in the past few weeks.
Besides it was a test of resistance level. Why don’t you wait for support to be broken or to re-test that level before enter short? It was much safer to do that.
The CAD/CHF trade didn’t get you PL if you put it right under the pinbar. So i’m betting that you’ve close the trade. It could go up meanwhile…
Better luck next time.
Cheers
As I understand it, and anyone feel free to correct me if I’m wrong, but pinbars shouldn’t be read as indicators unless they stand out from the general flow of the market movement. For example:
Notice how it is at the peak of that particular wave of movement? The top wick is relatively alone. In turn, price descends. The pinbars you have highlighted on your charts are just part of the general noise. You’ll see pinbars in a lot of places on the chart. But unless they stand pretty much alone, they aren’t a strong signal.
I made the same mistake early on.
I am not fully convinced that these trades failed due to trend change. I could totally wrong but I certainly need something more to it to be convincible.
Let us take for example the EURGBP attached, if you look at the full picture of chart:
- The major trend is down
- It is mostly under 50SMA
- On a strong S/L line, which happens to be a 50% fibo level as well, and W S1 pivot line
- PA Pinbar on 31 Aug,
Any comments ….
Hey Guys just quickly popping in before I have to head out for the day,
As I mentioned before EURUSD has dropped a nice signal with the current trend, Ill be watching the price action movement today possibly looking to get long on this one…
Hi Kimonz,
Is that a screenshot from your iPhone or iPad? Just curious but I’m liking the fact the 10 crossed the 20 and the price action looks strong there.
My GBPJPY trade after 3 days finally moved and reached tp for +3% 
Regarding EURGBP, I’m also keeping an eye on it, That’s my analysis on it:
market flow after the recent pinbar, breakign fractal low, is bearish. Strong R level and good trendline on the way. I’ll get in with this pair if I see a bullish signal on the trendline.
PS: GU todat is probably gonna close with a IB, and msot likely a doji or evry close to. and we are on R level… It’s countertrend okay… but still… 
after a week today gbp/jpy pair has moved 100 pips.