Hi Aman,
You are most welcome. Look at GBP/USD pair almost similar situation like AUD/USD and I took a Short position last Friday, hit my Trailing stop today and closed with 50 pips.
I wanted to hold it longer but last week was a good healthy bullish candle so I moved my SL ,so if price pullback at least I can get out with positive pips.
Sharebazar…
We had a bullish candle in that week… after which you took this Short trade in GU in the next week.
However that bullish candle formed at Resistance… is that the reason to Short then ?
Thanks
Hi Aman,
I shorted because overall GBP/USD price is down, look at monthly TF you will understand. Price still not broke the higher TF resistance and last week candle close below the resistance so I took the short position in the view that price will move down before it break the resistance.
I took the trade before confirmation of weekly bias. I should wait until this week close and then open the trade. If this week close bearish then I will go short again in next week. But this week we need to be carefully because of big news, once everything settled down then we can look for trade opportunity. If the price broke the resistance and close higher then we will wait for the price to come near the support area to go long position.
Look at the USD / JPY pair
Almost similar situation. I will look for long opportunity.
Yes,UJ is looking good.
Watching it as well.
US $ is looking strong across the board.
However, we have big news tomorrow.
Let’s see what unfolds tomorrow.
what is the app u r using? is it any good?
thx
Hi, i am freshman here, not good english,
So i spent half year reading this thread through 451pages.
I have a question need your help, thanks. Try to upload picture.
Hi priceactionmaster,
It is FXCM trading station mobile app, good app, you can try.
Hi sheldon,
You can use daily and weekly candle for your bias, but it all depends on your trading style. Suppose you want to trade 15 mintues to 1HR TF then you can use daily TF for your bias and if you want trade like 4HR and daily Time frame then you can use weekly candle for your bias.
In weekly bias you will get less trade but good chance that you will have positive trade and in daily TF you will get more trades but not all them will be positive trade. I use both of them but mostly weekly bias.
If you have any further questions please feel free to ask, don’t worry about your English it is very good.
Hi Sharebazar,
I see you are very busy around here. Good to see some action and see some nice trades from you. Unfortunately I am not doing to well, It feels like I can not get into a trade
Hi sharebazar,if we find both bias in daily and weekly, is it better to pick higher bias. Like usdoil, yesterday,day tf show strong up bias,but check weekly tf, it reach resistance,show down BPC. Today usdoil turn down.
Hi TC,
Do you know what is your main problem not to get into a trade.
Just explain how you look at the market and what you see when you want to open position.
Hi Sheldon,
Yes you are correct, it is always better to stick with higher Time frame bias. We need to understand that market moves in a waves, just open any TF we can see price move in BPC pattern and waves.
With this method we can trade in both TF like Daily and weekly. But in daily TF our profit target is 30-40 pips or may be 50 pips and in Weekly TF our profit target can be 50 - 100 + pips but we need to hold the trade longer than a day and also the stop loss need to be more in higher TF.
If you are comfortable to hold the trade longer then stick with weekly bias and trade with it.
Thanks,Sharebazar. I totally understand now. That’s why it’s so important to enter trade only at same daily bias and weekly bias. If only based on day bias, still could lose money, need check week S&R and bias.
Then we can see clear.
The most important i think it’s how to figure out price move from which big S&R level to which big S&R level.
Yes it is very important to understand the BPC pattern and see how the price respect the higher TF SnR.
In my opinion small TF SnR is just a horizontal line on the chart without any potential value. Glad you understand my explanation. I am not very good at explaining, like our teacher Nikita.
Look on weekly imeframe and daily imeframe, this useful if trade as swing trading strategy, but if trade short term trading we can use hourly imeframe and five minute timeframe to determine entry and exit point, short term trading will open and closed sometime less than a hour, and not necessarily use weekly timeframe, just opinion.
Does anybody remember rayner mensioned by Nikita. How do you think this picture from rayner?
These is a very nice flow chart.
I think when we use PA to decide bias, we should have this big picture in our mind, always pay more attention to key S&R, and current market is ranging or trending.
How do you think that?
Method from nikita: most clearest bias at M/W/D tf.
Method from rayner: most strongest/weekest market.
Some considerable opinion in rayner’s page: 7 Lessons I Learned from 7 Years of Trading | TradingwithRayner
How do you think?
