@Dnb @Jinz thanks for the instructions; it’s important to use the proper terms, I’ve learned something new.
@Quezoy, you’re probably right about that support level. the risk reward wouldn’t be the best, but I frankly not even what would be the profit on this trade, simply cause I’m tryng to see if I’m understanding the candles movements. So in this case I wanted to see if that rejection candle below the mean price and the resistance is respecting the “rules” to get into the market. Then we sure consider the R/R but I was simply analyzing the potential formation of a new candle.
However, I’m an exception, cause all the traders have to look to the RR of their trades. I’m still studying…unluckily
These gold bullish rejection signals have produced no bullish follow through, and given today’s failed asian breakout move and this heavy bearish action going into NY I’ve decided to exit the trade early and take a small loss.
This is now really a breakout trap & reverse trade, very common after failed asian session breakouts.
The market is about to breach the short trigger (when the other side of the previous candle is broken). So if price breaks those lows this market could really tank after stalling on the back of the recent bullish signals.
Well gold closed as a large indecision candle, the market just really wants to whip around this week badly.
Due the roll out of high impact news events this week has been pretty unstable and not the best trading week of the year that’s for sure. Given that NFP is out tomorrow I’ve just closed the charts down for the week and will wait until a good setup forms next week.
I think trading now is just throwing yourself into the blender, these type of markets only provoke bad emotions like anger and revenge trading so it’s just best to walk away and come back when things calm down.
DnB what do you think about the long term price action for gold. It looks like it is going to post an inside bar on the weekly chart this week below support and below the weekly averages. The 50% retracement of the huge bull run over the past several years is around 1100. To me this looks like a good trade to take over the course of the next few weeks. It will require a larger stop but for those who like to sit on a trade i think it could run.
It does look like a weekly swing level is forming there, (old support turing into new resistance) but it’s a bit early yet as we’ve got NFP coming up this session and that could throw gold in any direction.
But as it stands yeah it looks like a good bearish situation of the weekly inside low was broken. Unfortunately the daily chart is a mess now and we are probably going to have to wait until next week before a signal is printed that we can work from.
Regards
Hi vasude I joined the war room I hope I wont regret Ill be happy with only a consistent 6% return a month compounding that will yield 100% return a year $$$$$$$$$$$$$$$$$ do you guys in the war room manage to make a consistent 6% return or more?
Be interested in a review after you’ve been in the war room for a while. It’s something I’m considering
I’m also interested with the answer to this question. I tried searching the thread but didn’t find the answer.
Opinions?
I follow about 10 , the majors and a few more. I study them like if i own them, i can feel their pulse, no need to always be in a trade.
To answer your question I have been trading for 4 years, and the last 2 profitable.
I have been a member of the war room for a while now and what you are getting is basically the trading plan/system/guide (whatever you wanna call it), a forum and a chat room.
There are people who are both new to trading and experienced traders on both the forum and in the chat room and we are constantly discussing the different pairs and setups (surprise surprise).
So far have not regretted joining one bit.
Hello Matthgm. I have been a ‘War-Room’ member for just over three months now and I can honestly say that, from a trading point of view, is easily wisest step I have taken. Not only is it sound logical advice/ teaching but the war-room, imo, is the beat chat room I have been a member of.
I have been trading for nearly three years now and it is only these past few months that I have made giant strides with positive pips.
For me personally, I have not had one losing week since I joined.
p.s I have been a member of numerous FX’scams’ that cost the earth with no end product. Dnb is far to cheap but really does produce the goods.
Bye for now. Email me if you like.
Hi guys I would like to add my experience with war room. I recently joined it and have been a keen student of pure price action. This is not some kind of sales pitch but rather my honest review of the war room. If you want to learn the only method (price action) which is the only proven method to be successful in forex no bull**** indicators or fancy chart then price action is the only method to be successful. The dnb war room is very active with experienced PA traders as well as newbies. And you get lot of feedback on any hot potential set up being discussed on daily basis apart from chart of the day which is alone priceless. Best of all the membership is for life. Cheers
Nadeem Alam
Hello garruh,
I am a member of war room and I want to say this It is the best that has happened to me so far in my four years of Forex trading. On your question on how many trades one can conveniently open, I would say it depends on your capital and your money management. A good student of Babypips school of pipsology knows it is not wise to open ten trades at a time. All these and many more are adequately taken care of at war room. I have never regretted joining.
Firsty
Thanks for your kind words guys,
back to the charts. Most of us in the War Room have our eye on the AUDNZD cross pair today, we’ve been focusing on it a lot lately due to the fact at one quick glance at the chart you can tell there is a monster trend there.
We want to make the most out of this situation as trending markets are hard to come by this time of year.
2 bearish rejection candles have been printed and breaks of the previous rejection candle low could trigger the next wave of bearish movement which created the next downward extension in this trend.
I’m also a member of war room for few months now and I’m satisfied with education and support I’m getting there.
Daily setups analyzed by Graham and discussed in chat room are huge benefit of being a war room member.
Especially for newbie traders the learning curve is heavily boosted in much shorter time than hanging on free sites or trying to figure forex trading on your own with no one to guide you or teach you how to correct your trading mistakes.
Pretty quiet last week, to be expected with the whole Summer trading environment, but we are nearly at the end, the light at the end of the tunnel is visible. Liquidity should start coming back next month and get the charts moving.
Just watching the AUDUSD as it’s busted up north this week, watching the overhead resistance for any strong bearish signals for form on the daily chart that we can take advantage of. The downtrend has kind of died of and this is more of a neutral market at the moment.
Hi DnB, What is your favourite book on trading?
Hey vijaim,
I read bits a peices of books over the years but my of my knowledge came from screen time with price action and trading experience. Ill have a look and see if I can find any of the good books I read, a lot of them were just regurgitated stuff with some basic indicator strategies.
I am looking at the EURJPY today where a bearish rejection candle has formed at the top of a downward channel. The channel is pretty straight forward here and has been acting as a solid boundary. The bearish rejection at the top of the channel suggest the market is respecting the channel top and we can anticipate a move downward that will test the channel bottom.
Trading has been so slow this has been the only decent thing in the last two weeks. I am still in a trade on the AUDNZD from the start of last week which has just started to make some progress, and that’s it.
short oppurtunities in eurjpy and cadjpy
anyone still has interest in shorting eurjpy? for me it look like a hot cake.
cadjpy is right under the resistance ,it looks good than eurjpy.
Highs of last daily candle taken out so for me the trade idea to short is invalidated.