I think one or two guys would like to know the same thing across here 301 Moved Permanently
If you’re going to ask for some input & advice rustam, & people take the time to address or reply to your request, at least do them the courtesy of acknowledging & offering a little 2 way dialogue :rolleyes:
Didn’t get a chance to look into this thread in detail. Looks like we have similar trading ideas spread over in different places of this forum.
Regards,
Muthu.
Thank you for your reply. Lets hope UCAD clicks for you.
Lets have a look at EU price action trade for today. Euro 1H chart is shown here. Price was following a channel as marked and i was looking to trade the break of channels formed by these trendlines. This is just before euro open. Price was unable to make a clean break above the days high and started wicking on the upside forming a huge bearish engulfer candle.
Ideally, i was looking to make an entry at the break of the down trendline off 1h chart. However, when i switched to 5m, I saw an opportunity for an early better entry when price action broke a good support which also happened to be a previous resistance area (Marked with white ovals). Entry is marked in this chart. The trendline that we drew on 1h is also see here.
Now this is how the trade progressed midway the better entry that we got before trendline break off 1hr chart is also marked here. Price action broke cleanly our trendline and going strong. It also gave us better pips entry advantage. Stops and Exit area are marked in white lines. This trade had a better risk reward ratio than previous trade. Exits are just above day’s low at that time and stops few pips above the big round number 1.3700
Now, for the exit of this trade. Our target got hit and we are out of this trade. The bearish engulfer candle gave us a good sign of bears taking hold and the big bear candle after that was strong and it hit our target.
Regards,
Muthu.
Chennai.
India.
hi muthu,
thanks for the charts, its a great learning curve for me.
for the engulfing bar, does the body has to engulf or the entire candle ? i mean does the tail count ?
i am regular reader of your London Breakout thread. always like your charts !!!
Roundrock:
Most Welcome. Please have a look at text book bearish engulfer pattern that i use as a reference. (Courtesy & Thanks: Tymen from Joy of Candle Stick Trading thread). Sometimes, text book patterns do not always come by though in real life patterns.
Regards,
Muthu.
thanks muthu for the quick reply. appreciate your help
i live in hyderabad, india. i would like to know what timezone you trade ? i will send a PM to you, when you get time please take a look at it
Welcome Again. I am in Chennai, India. I trade for two to three hours per day. Mostly start an hour before euro open and windup one or two hours after london opens. I will find it more difficult moving forward as my work time is extended to 12 hours from next week and i work in night time ! However, I will try to give something back to this forum from where i learnt forex. Will leave to work soon.
Cheers !
Muthu.
Today’s Price action trade is again off Euro 1 H. Euro broke previous day’s high and bounced off R1 and started forming a bear candle. Fixed a trenline to look for a possible short trade. An evening star looked to form when this screen short was taken.
Switched to 5m chart to see what price action was doing as it retraced from R1. This is what i saw. Price was forming lower highs and It broke a support which was a previous resistance area for several 5m candles (Almost 3 hours !) Look good enough for an early entry before pa got to our 1h trendline which is also seen on the chart. Sold euro at area marked.
A text book Evening star pattern formed as seen on 1 H chart and we made use of the early entry advantage to make additional pips instead of waiting till the third candle in the pattern closed and enter at the open of next candle.
Now for the final part of the trade. Exit was made at the support area marked by white oval. This place was just above the day’s low at that time.
Regards,
Muthu.
Chennai.
India.
The AUD/NZD trade has stopped out
USD/CAD and AUD/USD have both hit their targets and half the position was closed, i’m trailing the other half.
Went short on USD/JPY a few days ago due to an outside bar but that trade hasn’t really moved, currently down about 15 pips on it.
An opportunity to go long on USD/CHF if the daily bar closes as a pinbar. The pinbar is a little small compared to the preceding candles but its occured on previous R now S, near a trendline and the 61.8 fib retracement.
This is a trade off cable on Mar 26. Price action was just before euro open. Price peaked wicked and formed a doji and the susequent candle was bear candle. Was planning to go short at the break of low. Target area is marked with a white line which is the lowest price of the day at that time.
Entry happened at the break of low of the next candle (2nd candle after doji a bear candle). Price action was in our favor and we got to our target off the huge bear candle (Exit marked with a red circle in white line area)
Regards,
Muthu.
Chennai.
India.
HI guys
Great thread, was directed here mastergunner99 and would like to say thanks. Im fairly new to forex and This is the sort of trading that I want to be doing. No fancy indictors, just the basics, trendlines, s&r etc.
I know by now you guys probably scan through charts and are able to just see straight away if things look good and further analysis is required, but when you started trading in this way, how did you go about your analysis and find trades.
Right now I draw trendlines and s&r on daily, then switch to 4hr and do the same then switch to one hour for entries once price closes below trend line and level of support (for uptrend) and vice versa for downtend.
By the looks of it you guys draw you trendlines and look for fibs that align with them and when price bounces off or breaks those 2 line you look for it to be confirmed by a candle pattern.
Hope you guys dont mind the questions, I’m just looking to learn how you guys go about trading and how you started with this trading and improved yourselves.
Thank You in advance for any help you can provide.
DaveP83 -
It looks to me as though M. is using daily pivot point with Rs & Ss plotted off the daily PP. I don’t see any traditional fibs as such.
edit: m.g.99 does post fibs, sorry about that.
