l tend to overlook fibs quite a lot but l take your point!
My thinking is that given it was a strong impulsive move up on this pair you would expect a fast trend to bounce around the 10 or 20 emas at the most and then continue.In this case however the pullback has been quite strong and the Pin is smaller than some of the previous bearish candles -not ideal.It is on support though and it closes a gap from last week. However, given there is big news out tomorrow l may hold on this one and see how it pans out.
Hey Guys just quickly (in a rush lol )
Look at the setup on EURNZD, I like it better than EURAUD because the signal candle made a clear higher low. If you zoom out a bit you can see this level has S/R before.
Ill be back later on in the session. Good Luck Everyone!
Looks goodā¦but with so much talk of Bernankeās statement being a possible big āgamechangerā tomorrow l may just keep my powder dry for the time being.
Hey guys,
Long time reader first time posterā¦
Just wanted some thoughts on this pin on eur/jpy. Took the buy with 2 hrs to go as Iām on way to workā¦
Happy trading
Hey Joe,
On first view it looks tasty.A bullish engulfing Pin Bar which engulfs the prior 4 candles and rejects the BRN of 100.00.However, l am waryā¦its coming up to significant R at the 101.00 area plus the EURUSD is slap bang below 1.30, more important R and its looking a tad over-extended after the big news rush.l am going to see what the Asia traders make of it and wait until London opens to see what happens l think.The good news may have been factored in already and we may see a pullback as reality sets in.In fact l am more tempted by the GBPJPY even though the EUR is performing better than the Ā£ at the moment, its rejecting the 10/20/30 emas too.
Would be interested to hear your views pls Dnb.
As l said GBPJPY is tempting. Its testing the top of the triangle for the fourth time and the 20ema is squeezing price up. We may be on for a breakout and the BOJ may even want/help that as the USD is falling too much against the JPY for their liking, and if they intervene everything would shoot up agst the JPY. But thats just a gamble but the chart itself is interesting.
The cautious part of me says āok then, its the end of the week so wait for a BO and re-test and see if there is a trade next week.ā
Comments welcome.
Thanks for your insight great perspectiveā¦
Youāre welcomeā¦its just my view though and anything could happenā¦good luck with the trade.
Im done with the Gbp/Aud. I got burned again. I work all day so Im going to have to find a way for my stop to move to break even after a 20 pip move. Does anyone have any ideas about that? Is there an EA or something (I dont know anything about this subject yet) that could sell half of my position at 20 pips and move my stop to break even? I trade with FXCM and use their marketscope platform. Maybe I just need to contact them. This has been a terrible trading week for me, everything started in my favor and turned drastically against me stopping me out. Except for the Eur/Jpy. Im still in and up 35 pips.
Hi BT, l thought you were waiting for a 50% pullback before re-entry? lāve kept my powder dry as l mentioned.Staying out is taking a position too sometimes.Better to be out wishing you were in than in wishing you were out, as they say!
Sorry to hear of your bad week.
Best thing l think is to have a mobile app and check your trades now and then if you want to move stops early. There are EAs for MT4 that do it all but trusting them is another thing, they have to be watched too or they can run havoc. imho its best to keep things simpleā¦so get an app for your mobile or look for a method that fits your work hours.A good end of day method shouldnāt need you to move your stop after 20 pipsā¦20 pips is too small for swing trading imo.
Perhaps go back to demo till you find a way that suits your work hours and trading personality.Some systems trade just a couple of hours in the evening etc and may suit you better.
I may have to go back to demo. The mobile app is an option, but tough for me to check often at work. I did wait for 50% pullback, but only on the pinbar candle. Hindsight says I should have waited for the 50% pullback on the entire swing. I may not be suited for swing trading, I started trading intraday moves when i was working nights and it allowed me to watch LonNY sessions. I had some success, but not enough to brag about. Ever since I have gone back to working days, Im trying to trade the daily charts, but without much success. Im really still a newbie, Ive only been trading just under a year, im just ready to be consistently profitable already. I appreciate the feedback Michael and you being a sounding board, thanks
Hey guys,
Long time reader first time posterā¦
Just wanted some thoughts on this pin on eur/jpy. Took the buy with 2 hrs to go as Iām on way to workā¦
Happy trading
This doesnāt look like a bad trade setup, Bullish rejection candle coming off the trend mean, clearly the trend is up here so youāre trading in the right direction. Price does look over extended on your chart, but I mine it doesnāt look too bad, you just might be really zoomed in and price looks stretched out.
You might have to hold this one for a while to get the risk/reward out of it. Good Luck.
My GBPNZD trade didnāt work out. Damm. Next.
Thanks dnbā¦ Hope itās ok to say congrats on such a good course.
I bought it some time ago and still reading itā¦ Dunno if you remember but you knocked me up a quick receipt for tax time a few months back
Anyway happy trading all
Thanks dnbā¦ Hope itās ok to say congrats on such a good course.
Thanks very much joelet, yep I remember that!
I hope your trading is going well.
Yeah it is trying to get around 5 or 6 r per monthā¦ Just have to learn to disassociate once inā¦
Regarding our different chartsā¦ Iām with go markets who I believe are ny closeā¦
I do notice sometimes charts are a little differentā¦ Would you mind posting you chart so I can compareā¦
GO Markets are not NY close, they are offest by about 1 hour.
eur/jpy is stopped out by a few pips fall of price
Oh okā¦ Is pepper stone ny close?
Cheers
I closed out my Eur/Jpy trade with a gain of 50 pips. Of course over night it rose another 100. Oh well, my Gbp/Aud analysis was weak. After looking again last night, it appears to be in a downtrend and the move up was just a retracement of the larger swing. It was exactly 61.8% of the larger swing, hindsight is always 20/20
Hey guys took a little profit and moved remainder to stop lossā¦ For those that donāt know how I did it u might have to buy the course heheā¦ As it describes a unique mm style. Have a great weekendā¦ Big love