Price Action, Market Structure & Bollinger Band

Trading Systems
23

This looks like a opportunity to me.

Screenshot_2020-09-28-22-45-31-301_com.tradingview.tradingviewapp
Screenshot_2020-09-28-22-45-31-301_com.tradingview.tradingviewapp1080Ɨ2246 330 KB

1 Like
24

It is and I am taking it. BUY STOP order at the high of that bullish candle.

Although I am going to say it is a risky one because:

  • We are trading against the trend here. It has been VERY bearish for days

  • The previous candle (to the bullish one) isnā€™t exactly showing market losing momentum to the downside, in fact, it shows the market tried to go higher but failed and the bears took it down

But, yesterdayā€™s candle is such a strong bullish signal that I cannot ignore. Perhaps it could be a pullback/price correction and it has the potential to go back up at least for a day or two. Only going for a 1:1 RR for now and have my runner going to be safe. Short trade this is going to be and at the first sign of continuation to the downside Iā€™m out.

25

And my trade on AUDUSD and AUDJPY has already hit 1:1 TP :stuck_out_tongue:

2 Likes
26

@Cloudninee nice! where have you placed your SL?

1 Like
27

At the open price of the last candle. Very quick 1:1 RR and now still have my 20% runner going. Will be moving it up as it goes to try and secure as much of the run as possible.

1 Like
28

Yesterday was a nice day on this strategy. I entered 8 trades:

  • AUDCAD - 1:1 RR hit, runner still going
  • AUDJPY - 1:1 RR hit, runner still going
  • AUDUSD - 1:1 RR hit, runner still going
  • CADCHF - 1:1 RR hit, runner still going
  • CHFJPY - 1:1 RR hit, runner still going
  • USDCHF - 1:1 RR hit, runner still going
  • EURAUD - Shown sign of weakness so got out of the market at BE
  • NZDCHF - SL

Thatā€™s already nice profits for the week and with the NFP coming, I donā€™t want to enter into too many other trades at this point unless there is a REALLY strong signal. Will be pulling my SL uptight too for the runners before NFP comes.

3 Likes
29

Hi CloudNinee,
For my understanding onlyā€¦
You told " * You only need to check the charts daily before the daily candle closes (about 20-30 minutes before), maintain your existing trade and/or enter new trades and go about your day".
in UK, the daily candle closes at midnight, 00:00 AM.
Do you mean we need to check daily candles at 11:30PM at night?
No problem for me, just to clarify that my understanding is correct.

1 Like
30

Hi CloudNinee,
Excellent trade. It needs keen eyes to detect correct trade.
So you got this result on 29/09/2020.
For my understanding,
AUD/CAD and others - I see similar good trade opportunity on 28/09/2020 too. Why didnā€™t you pick up the trade on 28th please?

Thanks,

1 Like
31

Hey @supshin,

If that is definitely when the market changeover / the daily candle close where you are, then yes, thatā€™s correct.

32

Hey @supshin,

The 25thā€™s candle is the signal candle (showing market indecision), this needs confirmation of the direction itā€™s going to go so the 28thā€™s candle was the confirmation candle. Hence, I entered my trades on the 29th. Hope that makes sense?

Also, if you have a good general understanding of price action and market structure, strong signals should pop out to you like a sore eye. So shouldnā€™t be overly difficult to detect good entry signals. Anything less, you probably shouldnā€™t take as a trade.

Also, you donā€™t have to rush, because itā€™s the daily chart, time is on your side :laughing:

3 Likes
33

Daily close in Ireland is 10 pm so I presume it is the same in the Uk

34

Hello Cloudninee, How do you usually set you stop loss? Would you use S/R or bottom/Top of Daily candle or is there discretion used in every trade?
Where would you have put your SL with the Cad/Chf short?
Again with the Chf/Jpy long?
Was the N/Chf a short and if so how did your SL get hit?
Would you have taken the G/Chf short yesterday Pinbar 28th?
Whenever you get a chance. Cheers John

1 Like
35

Hi Cloudninee,

Coudl you please send me currency pair you do

Thanks in advnce.

Regards,
Vips

1 Like
36

I have sent it to you.

37

Hi John,

SL and TP as mentioned before is a very sensitive subject as all traders are a bit different when it comes to these topic. But me personally, because I trade with the marketā€™s momentum, my SL is USUALLY the previous candleā€™s open price or high/low price.

I believe thatā€™d answer all your questions about SL in your comment.

For GBPCHF, no, I would not have taken that trade because thatā€™s not a strong signal. Looking at it itā€™s not really telling me anything other than the market itself is not really going anywhere yet. If it was a much longer bearish candle I may consider. At this point for this one in particular Iā€™d be look for price to test the middle of the bollinger band and the previous high and show price action of continuation to the upside, then Iā€™d jump in.

38

Hi CloudNinee,
Can you please send me the currency pairs that you use please?

2 Likes
39

Iā€™ve sent it to you yesterday via direct message? Check your inbox.

40

Gchf
Gchf1280Ɨ984 74 KB

Sorry Cloud I am not too sure what you mean here.
John

1 Like
41

Hi John, I am not sure what you are asking me here? If you can elaborate I will be more than happy to help.

42

Hi CloudNinee,
I didnā€™t receive it. I checked SPAM folder too. Can you please re-send please?

1 Like