Most are in the GBPUSD bullish rejection trade setup, I didn’t get time to post the chart on here this morning.
It was a pretty strong buy signal after those 2x bullish rejection candles demonstrated that support was holding, and the fact the market is marking higher lows and higher highs.
This setup has taken off nicely after we grabbed an Asian session retrace. I hoping that the market will convert into a full on up trend and continue to rise up in the next few weeks to test that 1.5600 weekly resistance. We will see how it plays out.
I don’t trade 4 hour very often, if I do I try to use the daily chart as a guide. I don’t really know how the 10/20 mean value setup works on the 4 hour I’ve never really tested it.
Great setup there Vas, the trade is already at 1:1 a nice start to the trade.
At the moment I am watching the NZDUSD market where I think a significant price action event has taken place…
We’ve seen momentum completely flatten out recently on this daily chart, but this week the market did make a decisive break about the resistance level which was holding as a containment line for price here.
Now the market is trading about this containment level, we’ve seen the market come back down, retest the breakout out and confirm this level now holding as support through displays of bullish rejection.
I am waiting for this daily candle to close, really looking for today’s candle to close as another bullish rejection signal to build value into this potential long setup.
I was looking for short term gain but I realized after DnB’s post that its only Daily Trading and long term. I gained about 50+ pips and closed it due to resistance. I will be posting daily charts from now.
here he taught look for 1:3 rr.if sl is 100 to is 300 it takes a week time to hit out target. suppose if u get sl it takes 2 trades to recover your lost money.
As anticipated this setup has produced some nice bullish price action response. This is the first leg of momentum after the market flattened out in an accumulation period, this could very well be the start of a much greater move upwards.
Looking at the weekly chart of the S&P 500, we’ve had a significant event on take place on the charts.
What’s happened is the S&P 500 has closed into all time highs with an aggressive bullish close to the weekly candle. In fact you can’t get any more aggressive, the close is the high of the candle.
Why do we care? Well the S&P is generally used as a barometer for risk appetite in the market. When the S&P is bullish, the market is looking to invest in high returning assets.
If the S&P and DOW continue to trade into all time highs next week, then we can anticipate bullish activity will be reflected on markets like EURUSD, GBPUSD, AUDUSD, NZDUSD, USDCAD(bearish as CAD gains value) and possibly even gold will rise as the USD weakens when money is moved away from the US and into more high yielding currencies.
We’ve already seen nice bullish price action signals respond well on the GBPUSD and NZDUSD this week, and a small EURUSD bullish signal playing out.
I must say DnB , this has turned out into amazing profit (For people who are in this trade). Very keen to look at more charts and need to read the thread again.
Yes, nibbling at the market for breadcrumb profits is no way to trade.
Going in with large risk/reward targets is the way to really come out on top in the end, but most traders struggle holding trades for a few days because their conditioned to this quick in and out type trading.
We’re playing on the recent New Zealand Dollar strength today looking for breakouts on NZDJPY…
An indecision candle formed under resistance, but the market still looks very buoyant here. So we are looking to trade breakouts with the bullish momentum. Not interested in shorts, if the market does sell off here it will most likely find support back at the mean value as the market gains upward momentum.
Just a quick question, how is this a higher high? Surely a higher high would have to break above (approx) 1.5300 and this is a lower high…
Well because it’s higher than the previous swing high that we made below. I am sure there could be an extensive debate on this as I can see how some people would still see it as a lower high, but I am going to call that one a higher higher, becuase it’s about the previous swing high created down at the 1.49 area.
This trade was a beauty though, it ended up quickly hitting the 1:3 target. There was a chance to get 1:4 out of this but most traders just took the profit while it was on the table at 1:3.
I have a question in regards to the entry of G/U . As per your picture the entry was at the 50%(retracement) of the Bullish candle made after the pin bar. Is that way all the pin bars are played or this has some special characteristics ? I thought entry was made on the 50^ retracement on the pin bar.
the first arrow you marked is a signal candle ,after ny close we set pending order at 50 retrace entry ,the second arrow is the price retraces and order got triggered ie second candle ,it worked well .
