LOL. I meant my prediction that it might go up bit the dust. I was looking at the NZDUSD Weekly candle at that time and I thought this might do a surprise and shoot back up.
So I cut down on the risk I took on the EU trade by 70%. 
I like your charts very much zellwk. They show the pullbacks much more better than mine.
What broker are you using?
What time is your daily candle opening time?
Those are 4H charts. I am using Oanda at the moment, daily candle opens at 12pm GMT +8 these few days. Previously it was different due to daylight savings time.
Edit: I forgot to mention that there are 6 candles in a week, and I know thats not favorable
what is price action?
6 candle weeks are (although inaccurate imo) are not bad as long as you know how to read price. For example If the monday candle takes out both the high and the low of sundays candle (witch happen alot) then mondays candle is valid. Think about it for a second if monday takes out the high and the low of sunday if you were to compine the 2 candles into 1 it would look exactly the same. Also with that concept in mind with a little skill you can look at the 2 candles you can know what the monday candle is supposed to look like if I was a little better with paint I would draw it out for you but that would just confuse every more than what I just stated. I say use 5 candle charts as it makes it easier for beginners to understand. But if you plattform only offers 6 candles well there are way around that to. One thing I have learned in forex (and life for that matter) is nothing can stop you if you dont let it.
Many thanks for the reply NikitaFX. As always much appreciated and have a good weekend.
CovKid73
I see the first 300 pip move for this week.
Im not very sure about the sentiment this week. I currently see a upwards bias for AU and EU though.
I hope Iâm right.
Missed the up move on AU.
Just wanted to share with you guys the trade i took today, please let me know if im on the right wayâŚ
Entered Long in NZDJPY at 67.50(red arrow mark) and Exited at 68.02(correction sign) with overall of 52 pipsâŚ
Reason for goin long - Bullish inside bar on support line D TF which formed on friday, today entered long after there was a hammer formed on the support line in H1 TFâŚ
Did not enter in EU and Gu cause of the news like bernake speech n home salesâŚand moreover bias seemed to be indecisive to me and upon that itâs mondayâŚ
Did anyone trade NZDJPY today ?
P.S - Im avoiding following news most of the time, cause im getting confused on seeing multiple news and results and their effects on the price, does anyone here follow news or can we avoid it.
Spot on man good job. Thats how its done.
No I do not trade the news if it rocks the markets then I will wait for the dust to settle and go from there. Great trade today hopfully if NU made an up move like that today then AU followed suit to set me up with another short coming soon. Hoping to repeat last week.
Well, even im seeing the short trades coming in soon. But as of now im bullish on these pairs, do u think the price will break the previous high or is the bull wave over from here ?
And one more thing i just wanted to ask you, isnât the news if for traders who hold the trades for long term ? I see many day traders worried about the newsâŚlike what would happen to greece or is there going to be another QE now ? why do we need all this when we open n close the trade for few minutes or hours ?
Trade what you see and only what you see. My bias on AU is short and looks like I might get an entry tonight or tomorrow. If you look at a 4hr chart at the swing trade I took last week you will see to intermediate term highs. I would expect those stops to get run and end up at the 62% fib level of last weeks swing. That is where I would be looking for candle formation to signal a reversal. If I do not get a signal I do not trade. If you do I would advise having a long bias untill a reversal signal appears on a higher time frame such as the 4 hr to daily charts. far as news people look to that when daytrading I believe mainly to get that signal from the somewhere because they dont see it in the charts. Again trade what you see and only what you see not what you hear. What you hear will usually be wrong. Trust yourself and nothing else. I am not saying you cant trade new events but you better know what you are doing and I dont when it comes to that.
Well, looking at the AU⌠Today it has formed a spinning top at the monthly support level 2âŚand has retraced from there heading north, i see key resistance at 1.5800 and also a round numberâŚ
At times, i get confused looking at H4 and D timeframes, cause sometimes, itâs bullish in D tf and bearish signals in H4âŚTrading Daily and H1 charts really helping me, but how to use H4 charts ?
Zellwk sorry man I forgot about this here is a screen shot of a page of last years trade journal. Hope it comes out ok at least good enough to make out. Sorry had to find something that was worth showing and yet not going into personal details.
Thanks bob I roughly get what you mean by the journal now. Its really antagonizing how I saw quite a few great trades coming but managed to miss them all. What I do get in is however the bad ones⌠Iâll work on my entries for a while.
If I may share this trade for advice,
This is a trade done on GU today. The yellow line at 1.5990 is a strong level of resistance that I had marked on my weekly chart.
I know this trade is against bias because yesterday is a buy according to this method.
However, the two different retests on the yellow line while eventually closed off as a hammer really stood out to me and I decided to do a short at the close of the hammer.
I also see AU and NU hitting considerable resistance, which gives me more confidence for this short.
To minimize my risk, I have shifted stop loss to BE+1 just a few moments ago when price hits some support at the 1.595 area.
Hit stop loss right when I posted lolâŚ
Lol well entry was valid and you did the right thing whenever you go against bias limit risk witch you did and now you see why. Congrats on the new pip added to your account lol.
Its a consolation to have at least 1 pip bagged though. Lol.
I have a trade that I entered in AU at about the same time. Probably I shouldnât post this, everything that I posted up ended hitting my stop loss. Curses. lol
Mind if I use your trading strategy as a link to my post on 21 ways to beat the market?
After 4 years in trading I finally give in to price action taking into consideration the support and resistance and candles with high wicks or full candles.
I use to use MACD, Stoch and Volume and RSI. But now I use basket trading with correlation and confirmation from futures market as inverse confirmation/correlation.
I really like your strategy on trend definition. Please continue.
Regards
David