From the Weekly Analysis the pair moved a bit lower first two days of the week. Yesterday it close above the resistance area. Currently Price is retesting the resistance area, it may turn now as support. (1.0460)
Possible long entry now at 1.0460 or by the commy system enter a long at break of the yesterday high. (there are lot of threads here teaching day break) I think it’s the best one.
Support 1.0435-0460 area. Stop will be below the yesterday candle or according to MM. Target is next resistance which is 1.0550.
Well call me crazy but I shorted this resistance. The daily is not really showing strong signs it is going to break this level on this go. Price ran up hard and stalled. Looks to me like it hit a brick wall. Now overall market flow is up no doubt about it so my short is risky.
Sorry for showing a 4 hr as you want daily charts but it shows the resistance a little better.
Your Crazy view right here. I have a level 1.0460 few days ago and it retraced lower then break above. So I thought it going up. Eu and Gu printed also Bullish Pin bars.
Your chart showing a strong resistance and it surely work for you.
My GU triggered at break of the nose. Now fingers crossed. EJ didn’t retraced to the entry level and considering tomorrow friday I canceled the order. Will watch the pair if something happen in 4H chart before I sleep then I will consider to enter.
I noticed you said your original entry would be the 50% retrace of the wick and stop below the wick, but now based on this chart, it looks like you bought on a break above the wick which is around 1.6024, but it looks like your stop is the same, which would have increased your risk as your target looks like 1.6125 or (100pips from entry) and your stop is about 70+pips which makes this now a 1:1.4 risk:reward play.
Any reason why you adjusted your entry from what you originally planned?
Also, if this doesn’t hit its target or stop by tomorrow, are you planning on holding over the weekend?
Just curious how you are handling all this.
Anyways, looking forward to your answer and good luck on this.
Initially I had a pending order at 1.6000. When I open my chart at office it missed by one or two pips. I thought I’m gonna miss the trade. So I placed a entry at break of the high. Later it triggered.
Considering the price action on other correlated pairs now, it will go down IMO (I’m out now. Closed the trade station) But I’m sticking with the trade. If it show a bearish bias tomorrow (friday), I will adjust the position.
I placed the stop below the wick because that is safe and reasonable one. Actually I aim minimum 2:1 R:R. But the trade is exception. No worry at all.
My GU trade move up today around 40 pips and retraced. Now at negative area. I’m leaving this trade over the weekend. Evidently GU resisting 1.6050 area this whole week and also EU. EU can’t break 1.3000. These levels are so strong. Same there is AU. But AU retraced deeply.
GU and EU monthly chart showing clear Bullishness. So I’m leaving this trade over the weekend. Not closing the trade because I experience many times when I cut loss then the pairs move my favour. One of my exit point kick me out.
By the way I should have taken EUR/JPY instead of GU. EJ hit my predetermined TP. But I picked the GU because it show some movement. This is how we loss money from the market. We will spot trade setups and pick wrong one.
I am sure I dont have to tell you that you are playing with fire with that type of thinking. If your trade set up proves to be invalid then its time to cut and run.
Just because we more often than not cut out just to see price spike in our favor does not mean to leave it open. There is nothing saying price will turn till your bank account is empty either. But somehow I think you already know this.
Considering above Bob’s comment and a second thought about the pair movement I closed the trade with a small profit. GU Initially failed to move my direction and hovering around my entry and struggling to break above 1.6050 I thought It’s good to close the trade.
What I learned from the trade is the Pin was formed middle of the range (hanging man) and the pair is clearly moving like HL LH LH pattern. So the lesson is buy from the bottom and sell at the top (I know I know this term very well… But hey we will make mistake when we are going to trade)
hi, Bob… That was a good advice I should consider. I’m not blaming on this trade at you. It’s okey for me. You have more experience than me. I’m still newbie and I didn’t keep a journal so that why I started this thread and write my trading log here. I looking forward your advice to my future trading setups.
This pair will go either way which is we can’t predict. Better safe than Sorry
Last entire week the pair failed to break above the resistance area (1.2990) and Print a Pin bar that closed below the 1.3000. Today it break above the resistance area. The question is will it go north to next resistance (1.3130)or it will go south for the near term support?
My view is the pair will retrace down to the near term support which is anywhere between 1.2875-1.2910 and resume its uptrend.
Monthly chart Showing a clear Uptrend yet it struggle to break and establish 1.3000 level last three month. Last Month it print as a clear bullish pin bar and ready to break the level. (may be
Since the pair show us a Pin bar it’s good to wait a 50% retracement of the wick. Again the 50% retracement come at 1.2850-1.2900 area.
Both chart showing a clear uptrend, so I will buy it if the pair will come down to these levels. It might shoot up beyond the near resistance due to the news coming days.
You analysis seem sound but I want to mention the pinbar on the monthly chart. It is forming on a resistance level (first low made OCT 2008). This could be forming a hangman (I think that is what it is called)and braking to the down side. Also in your chart I see lower highs which signals a down trend
Yes… It forming lower highs so that why I draw a line below the last lower high. It may form as a hanging man so that why I’m waiting for entry. If it come down and show a signal then I will enter. Other wise I’ll short from resistance. Now I’m sideline…
My view on EU Daily. We’ll see what PA does by the end of this week. There could still be a retracement in store however I think its going to gun for the 1.3200-30 level. Confident theres still a bunch of sell orders sitting there judging by the way it fell in May.
EDIT: Don’t know why its coming all blurry but heres the direct link for a better shot. Sorry
Since Monthly showing a Pin bar we could see a move higher. On Weekly chart next resistance is showing 1.3240. But can’t say anything now. Tomorrow NFP is due. Let’s wait how this week close.
No worry at all.
