After being at sea for 8 days, I have finally returned and am settling in (slowly).
Started looking at the markets today, and am watching the GBPUSD intraday price action charts which suggest more downside, perhaps after a short rally.
On the daily chart below, you can see the pair formed an inside bar, along with an inverted pin bar (a failed attempt to rally). I’ll look to sell on rotations back towards resistance around 1.5365 targeting the May swing lows around 1.5015.
I’ll be back for my regular posts from today on, so make sure to check back daily. And if I missed your questions, feel free to re-ask them here so I can get to them all easily.
So what I understand, its time to enter and I set my TP around 1.5300 just below the resistance ( to be more sure that my target will hit) and your expectation (the resistance area) and I set my SL at around 1.50100 where there is a strong support! I placed my SL there to stay in the game…
Hi lads, hope your enjoying pre season/ holidays (or whatever else you want to call it).
Im starting to fall back in love with PA trading as I become a more seasoned all rounded trader. and I saw a fantastic price action oppertunity on the USDJPY, so if anyone is on this move, I would have eliminated all risk by now and continue to ride the wave.
Been trading for a while, clocking more EXP points… The next stage of my trading development is twofold:
To automate my systems, and
Start posting some daily analysis on the markets!
So Ill end by saying hope you all are enjoying a blessed summer, and try and destress for the new season ahead!
Probably the most exciting year of my life ahead - I am Sooo ready!!!
Maybe a little late to the party, but looking at the AUD/JPY, the downside action looks all set to continue as we saw the formation of a hanging man on the lower side of the EMA 20 by close of business yesterday. Well even from the beach, this is a definite short for me.
Okay, well a nice inside bar has formed on the EUR/USD 4 hour, if you shorted this, I think the move is going to exhaust itself shortterm - It doesnt seem like a sustainable long term move. I would have eliminated all risk by this point, I expect an exhaustion of the move very soon, unless the momentum slows down a bit…
Going to edit this post to add another analysis of a Outside bar forming right now in real time on the GBP/USD! I think this is a very real signal IMO.
the sudden plunge of 50 pips on a rather low volume came as a surprise to me… i was expecting 13045 correction before heading further south… overall i still feel bearish on this pair but doesnt seem to be aiming that low any more, probably around 1282 instead of 126xx levels…
Hey Guys,
An update from setup that I spotted earlier on the AUD/JPY.
Placed my trade just before the European open, had four hours of sleep and here we are 80 pips later.
Hope you got this one.
EURJPY is first, the 4 hour chart below shows what I think is a key sign of continuation, what I find particularly interesting is the strong impulsive selling candle breaking the 20EMA being followed up by a pin bar and then a strong impulsive bull candle - So I guess the party poopers have to test the 20EMA, Kijun and trendline before even thinking of reversing!
Next up is GBPUSD, after bottoming out at the 1.51220 level, there was a beauty of a outside bar which didnt retrace - suggesting strength IMO, the follow through isnt so convincing, but there is yet to be a red candle which has to count for something right?
We have crossed the 20EMA which has relative confluence with the ichimoku cloud. Right now im waiting for this move to mature and then Ill consider long moves, at the moment im on a red alert! High probability of catching something soon!
My thoughts on both pairs also. Am just waiting for something to happen now. The GU pair I think quite possibly will continue its trend after a little rest. Although there is a strong possibility of it reversing. My thoughts are with a continuation xx
