i wasnt active here for nearly 2 years i think ive learned alot and finally found my way of handle the market .
I decided to open a new thread cause the last one was more about finding supply and demand but today the s/d is just one part of my tools not the only one like back in the days .
i will post some of my possible set ups while the week or at weekend and try to do it regulary
Hope you will find benefit in this thread …every critic ,comment, question, pics of your charts or what ever is very welcome
so lets keep it simple and short and start with one of my set ups for the week :
usd try on daily chart
… nice SHS with rsi divergence …waiting for a break down to get in short
so far no trade here …looks like an entry candle today in case we see further short action and a close under the neckline but due to weekend and xmas i wouldnt advice to get into a trade now …
just doing my weekly watchlist and i want to show you this chart here
EUR AUD ,daily Time Frame
.looking for a short if price is able to break n close through the trendline and the s/r zone here (resistance turned into support) will also have an eye on the other direction if a strong bullish candle forms…no matter which direction iam prepared
Hey Traders ,
just want to give you an update to the 2 set ups i posted so far …
last day of trading this year and i wouldnt risk something big …just check out what we have so far
Same for Eur Aud here looks like the short scenario is ready to play out … no nice follow through so far but as long as we stay below the s/r zone and trendline everything is ok
we see some little sideway move due to xmas and new years eve but last candle looks pretty good for a short we broke the trendline and the support … next week the market should be moving normal again …holidays are over and the big players should be back again driving the price
-we see 3th touches of a falling trendline ( 3 touches means the TL is confirmed)
-price had formed some nice wicks to the upside right at the TL also a supply zone (Bearish evidence)
-now i want to see a clear and strong break of the S/R zone right below price
again patience is key and as long price stays above the S/R zone i will sit on my hands
a break above the Trendline and supply zone will invalid the set up for now and we need to revaluate the situation again
-We see a pretty nice SHS formation while price is breaking through the neckline support
-the rising Trendline is already broken this indicates a possible shift in direction
-we also have a falling rsi divergence giving us some more confirmation
patience is the key so as long as price didnt break the neckline there is no need to do anything
a new higher high will invalid the set up and we have to revaluate the situation again
-we see this trendline but it is not confirmed right now we need to see at least one strong bearish candle to see this TL as confirmed
-we have a S/R area below price and i want to see a clear break here before considering a short entry
looking for a short after a break or waiting for a pullback into the S/R zone to enter.
In case of a break we have again a lot of space to the downside.
In case of tl break set up would become invalide
the question is can we break through the neckline and close below it ?!
If yes we have a nice short trade here with a lot of space to the downside.
What i also like for a short is the 200 sma lines up with the neckline and in case of a break i see this as an double confirmation.
On the other hand a long scenario is also possible.
We already see a bullish daily candle as an reaction to the support last friday .
Booth of the last 2 set ups were not triggered yet …
needless to post it in detail here
but if you are interested in more details feel free to check out my weekly review here :
-we see price is near a confirmed resistance area where it shows strong reaction to the downside before
-we also see a rising Trendline (very steep)
-also 2 pretty nice supply zones (the 2 highs to the left)
I look for a short entry in case of a strong bearish candle which breaks n close through the rising trendline
Alternative a long entry is justified after a break of the resistance to the upside .
Again we have 2 “If then” scenarios and we just can wait for price to show us what to do and take action after one of this possible scenarios is triggered.
The Gbp Nzd trade was a perfect example why i use the “if then” scenarios and why we need to trade what we see and dont stick to one bias! Go with the flow is the Key word here .
I entered this short trade after the rising trendline was broken and price was able to close below it (first yellow circle)
Price showed no follow through and was just grinding higher again closing above the rising and the falling trendline this is was a evidence for me that it would be hard for prce to drop instead.
Time for scale out/closing the short position .
As i said in last weeks post i want price to break the falling Trendline and the ma to drag me into a long !This happend at the second yellow circle as you can see. Prce breaks and close above the moving average and i was ready for a long here .
The long trade made up for the loser before + made some extra $ as well .
Now there are different ways to manage this trade once you are in and depending on your hunger for risk this trade could be closed with a nice gain or still open .
I personaly already took my profit but will keep an eye on this trade for a possible pullback to enter long again.
