You open position bit early and you have only 20 pips SL where price can move down to 0.860 level. If I want to go long on AU pair I will look around 0.8620- 0.8600 price where my SL will be less.
Your bias is correct .
Most of the time markets makes high and low around London open and it is on of the best time to open position.
Also NY open gives another opportunity to open position.
Normally this two time is good as far I have noticed.
Hi Sharebazar,
Ya u r rite. I got stop out. But do do u determine the level of entry? 0.8620-0.8600? So does it mean that if price doesnât touch this level, den no trade for us?
For me I can only take risk maximum of 40-50 pips in a single trade, so I need to wait for the price to come to my entry level area. And anything near 0.8600 level where I will look for entry signal to go long.
I will wait for the daily candle to close today.
We need to determine in advance of our entry and SL price and then wait for the market to do what market want to do, if the price not reach our predicted level then no trade. It is always good to stick with the plan.
Hi Gssg
I made a winning trade on AU, but I went short at 0.86144 and TP was hit at 0.85715
Still looking for short again not long??? I am probably wrongâŚ
It was a pending order that I put in last night and TP was already hit when I opened my charts today. For the rest I am only loosing now
Hi TC Holland,
What makes you look for a short? R u trading on the daily bias method?
Hi Sharebazar,
Can you help me to comment on this trade idea? I am looking for a short on EA today.
Reason being weekly & daily bias sell, especially after seeing yesterday candle close, forming a pin bar just below the resistance line 1.45894. Is my resistance drawn correctly? I would wait for price to retrace back to this line & look for a short signal. Am I correct? Stop loss will be in the region of 1.46350 & TP at 1.44550.
Am I doing correctly? Is my resistance area correct? Is my bias correct?
Really sorry for the late reply, I hope you got the trade, if you donât then you know now what to look for, any way if you are on the trade congratulations otherwise donât worry you will get another one soon.
Hi Sharebazar,
No I didnât get into the trade. But itâs ok, there is always another one. But what I want to know is that am I right on my way of assessing? Am I drawing my resistance line at the correct level? But you see, price doesnât retrace back to my resistance line. So if I were want to open a position, I will have to bear with a bigger stop loss, rite?
244 pips gain from GBP / NZD pair in on trade.
One of the good example according to me.
Daily TF
4 HR TF
1HR TF
Weekly TF
If we follow the rules properly we can have better chance to catch this type of trades.
Hi Sharebazar,
Congrats! Looks like you r done for the weekâŚ
Thanks Gssg,
Closed another trade with 52 pips on GBP / USD pair. Wanted to hold it but hit my SL.
Holding 1 more position on GU letâs see what happened.
15 min TF
4 HR TF
Hi Gssg,
Your analysis is perfect. Yes you can open position with bigger SL but if you check on smaller TF like 1 HR or 15 min SnR you can see the wave down wards.
1 HR TF with SnR
Ideal place to go short where I marked with rectangle, also you have it on your analysis.
But as price donât reach our expected entry area then we can move to smaller TF for entry.
First arrow from left of the chart is the confirmation candle that price shift to downwards. And also our weekly and daily bias is short.
Second arrow from left confirmed the rejection, so we have this level to watch.
Vertical line on the chart is 12:00 GMT open new day where you see the horizontal line at the open (SnR), now we need to wait for the 15 min,1HR or 4 HR TF for confirmation to go short.
3 Green arrows would be the ideal place to go short, previous candle of all 3 candle are Pullback candle, put the SL above the second arrow down from left where I marked with the pointer.
See the wave, how price move down and push up and down and push up and down.
Hope you understand.
Hi Sharebazar,
Yes. I understand. Really appreciate your comments very much. Now I know why sometimes you have entry showing 15mins chart. Ok back to this chart that you have just posted, if our entry is on any of the 3 green arrows, stop loss will be at 1 or 2 pips above the 2nd red arrow rite? Which is about 40-50pips region.
Thatâs correct, we need to put our SL in a area where you are happy to loose that amount but it will be hard for the price to retrace back to your SL price, that way we can minimise the stop hit .
We donât know for sure that our SL is in proper place but we can save our capital by placing SL.
Hi Sharebazar,
Any trade ideas this week? I find most of the charts quite confusing till date. Probably got to wait till Wednesday for the patterns or signs to reveal themselvesâŚ
Hopefully we will get some good setup tomorrow or Thursday. EA looks good just need to wait and see how the daily candle close today. Most of the USD and JPY pair getting in shape but no trade setup yet for me.
I am already holding a short position on GU hope it goes according to my analysis.
Hi Sharebazar,
Just curious, when u say u are holding a short on GU, is your entry at yesterday 1800 candle (pinbar) on the H1 chart? Bcos I also saw the candle but I didnât execute the trade as I donât know where to place my stoploss. Is it just above the resistance line at 1.5720 or should it be above Thursday high?
good post sharebazar
Hit my SL closed -40 pips on GU pair, really wanted to open another short position at 1.5800 but donât want to break the rules. No problem very soon I will make it back. Letâs see where it close today.