Watching exactly the same thing
The H1 also looks good. If only we got a bearish reaction.
On the M5 Aussie/USD we got a ND, but the difference in Volume isnāt that spectacular and the background doesnāt inspire confidence. Probably not gonna take it
I followed up in my analysis of USDCAD this morning.
Stopping volume on the hourly chart (the bar that closed 15 minutes ago), and NS pattern on M5 happened right at the end of the same hour. Iām in, letās see what happens.
Short @ 1.3184
SL @ 1.3223
TP @ no idea yet. 618 Fib maybe
currently not looking good as it came again into range after testing the AR
50 EMA working as support
I broke even as I didnāt like the indecision on the H1 chart:
Over aggressive imho. This is going against a strong down trend. For that I like to see very high volume and wait for bullish close for confirmation. That is technically correct in VSAā¦to wait for the reaction, which was eventually a bearish candle. Very dangerous for counter trend.
I also NEED to see high volume at the lowest prices. The actual low was made earlier in the day with medium volume.
And, there isnāt much of a pin on that 1hr, that would have been a stronger signal as well.
Also, NS are safer when they appear during an up move, or you could be looking at lack of demand by pros on a down move.
Sorry to crap all over it but most people like a straight forward answer lol.
I like a straight forward answer too, and your observations are true. I came out with a break-even result after being down by 20 pips, which is a lot for USDCAD and his 40-50 pips daily range.
I was lucky enough to place my stop below the 618 FIB area, large enough to survive the drawdown, but anyway, a wrong entry point.
See, these are the rules I need to start writing down. Time to go back through the forums tonight and comprise a page full of Peteās Essential Rules Beyond the Setup lol
I added some to the first post.
Let me know if you think of others to add.
I took that same NS on the GU but closed out after that first big pin bar appeared on the 5 min. Live and Learn lol
this one is really to help to understand your method, more detail ,rules and information. Thanks
this one is really to help to understand your method, more detail ,rules and information. Thanks
Read more: 301 Moved Permanently
This morning I liked the idea of going short EURUSD after supply showed up yesterday. As you can see, even this morning, price was rejected at the same area:
There also was a good ND setup on the M5 chart:
In the end I didnāt go, would have been another over aggressive trade, going against the main trend. Instead I will wait for a long setup, if this phase confirms to be another re-accumulation.
Thought the same thing! But I would want to see that ND lower, not there.
I guess weāll just have to wait and see. 100 Fib was almost tested already.
EURUSD: http://s1.directupload.net/images/130723/2o82uerl.jpg
Instead I scalped USD/CHF after seeing USD going high for no reason at all
Watching USDCAD at the moment. Nice confluence (channel, daily pivot, 50 EMA). Waiting for some VSA confirmation to short it. What do you think? I donāt usually trade this pair.
USDCAD: http://s1.directupload.net/images/130723/zx4d8yxb.jpg
There goes my win streak, made it to 11. Took a loss today on E/U short. Take a fresh look tomorrow.
I wasnāt here yesterday (again) to catch the good trade buying EUR. Another re-accumulation after yesterdays top, letās see if I can catch some pips today.
I expect EUR to turn between 1.33 and 1.34. Very cool how all this uptrend from 1.27xx has been made with basically 100% of the reports saying EUR was going to fall further. Ahhh, the herdā¦
Haha nice. I put ona E/J long before bed (a couple hrs into Asia). Good morning.
As did I, good to wake to see my UJ long all the way in profit.
Long taken in the GU. Stopping volume appeared on the down move with a bullish reaction, then a NS appeared. Iāll admit itās aggressive but I wanted to have a USD trade open while I head out for the day. These are the closing days of my practice account, with a real one I would of taken minimal risk on this trade since were are coming off a down move and the Up move hasnāt really begun yet.
Good setup! Iām watching it to see it if it breaks the Resistance and waiting for the news.