Regarding the GBP trades, this was a big news week for GBP, which caused a lot of volatility. Hence the zones were broken in my opinion, because the price started moving in the intended direction later.
Regarding the zones point you make above, I agree 100% with you. Finding the H4 zone within the Daily zone would be a perfect trade, but based on what I have seen over my career of 4 months, that it only happens 30-40% of the time that you find a H4 zone within the Daily Zone.
The key is to identify the strongest Supply and Demand zones!
"The key is to identify the strongest Supply and Demand zones!"
Yes absolutly thats the key to success …
Personaly i prefer to trade the 1D Chart …sure i have a look at the 4h chart from time to time but 1d is my favorite dont know exactly why but this chart gives me the best results…
everytime i trade the 4h chart i have many more trade set ups but far more loosers
the daily chart gives my less set ups but also less lossers and more winners…
so for me the daily chart is one part of the road to success
by the way the NZD / JPY is stoped out with nearly +150 pips
hey truman nice work once again buddy I wanted to ask you do you look at the higher timeframe zones as well ? like weekly/monthly or you just see the daily timeframe and do your analysis from that?
90 % daily tf … after spoting some set up i take a watch at the weekly just to see if i trade in the right direction (bigger odds for a winner ) also i take a quick look at 4h tf to confirm the entry point …but mostly its 1 d what iam looking for …
i know most people say multi tf is the key but at moment the 1d works great for me…
what i learnt since this thread is running is that patience is sooooo important but soooo hard
…waiting for the right moment and than baaang pull the trigger…
Usd/Jpy 1d
price has not reached our upper zone ( shorting area ) but i think maybe we can see a drop without reaching it due to that “doji” followed by a nice bearish candle
…so for everybody who likes it risky there could be a short right now
gb/jpy 1d
same pullback trade here resistance turns to support.for a risky entry but if resistance is taken out price could go to the upper zone or respect the trendline …so lets watch and wait
eur/usd 1d
just for watching purpose
the little resistance could lead to a nice short move to the next demand zone
maybe i will take it with a small position size …
Aud/jpy and cad/jpy 1d
waiting booth to rise and touch the trendline (which is near to a supply zone in booth cases) then hopefully we see a nice short.
alternative we may see a drop without rising before…so for risky guys we could have a short now
( but remember we need patience and stick to the plan…better miss a trade then loos one )
however iam no expert ( not yet ) so dont take my set ups as an trade recommendation just my point of view…
lets see which trades we can take this week and what the price will give us
greetz and keep it piping
So here is a Daily NZDCAD chart
I can see that the price is hitting the downward slope line, so it should be good to SHORT right now, but I think I should have more reasons to SHORT other than just the downward sloping line.
What other things do you look at for more confluence ?
Ideally the right place to short is the supply zone, but the downward slop comes in first.
Agree with all your analysis for this week Trueman, except for EURUSD. Based on my analysis it is going to breakout towards the north as it is closing the acute triangle.
If it breaks wait for supply area? but when it reach supply area, how to make sure it will drop from it rather than breaking through again? still 50% 50%?
jap you are right …we just try to take the trade with the higher probability
( supply = higher probability of a drop ; demand = higher probability of a rise )
unfortunately nobody can predict the future and tell you exactly when a price drops and when it rises…
thats our problem we need some kind of magician or a wizard
) so dont take my set ups as an trade recommendation just my point of view…
