for some reason those last 2 charts that i posted did not update the candles. Anyway is this similar to what you have
Bearish Outside Bar
Trendline
.8700 RN and previous S/R
Bearish Outside Bar
Trendline
.8700 RN and previous S/R
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DislikedHi Danku,
Ok... hopefully this little GBP/USD example should explain it a little better.
The first chart shows March/April this year where the previous high (in the downtrend) marked with a red arrow was broken; now this could have been a signal that the trend was changing but I was also interested in how price would react at the key s/r level around 1.5500 - as you can see, in this instance the level held price back and the downtrend continued.
The second chart shows May/June this year - again the previous high (marked by the red arrow)...Ignored
DislikedI should just mention to anyone considering the E/G short - it is not an A+ setup; reason being that the most recent high at the s/r level around 0.8500 has been broken which suggests the trend may be turning.
I would say this trade is a last attempt short - if it fails longs will be in play.
Regards,
DanIgnored
Would this be a good analysis of this pair Dan?
DislikedI should just mention to anyone considering the E/G short - it is not an A+ setup; reason being that the most recent high at the s/r level around 0.8500 has been broken which suggests the trend may be turning.
I would say this trade is a last attempt short - if it fails longs will be in play.
Regards,
DanIgnored
DislikedI should just mention to anyone considering the E/G short - it is not an A+ setup; reason being that the most recent high at the s/r level around 0.8500 has been broken which suggests the trend may be turning.
I would say this trade is a last attempt short - if it fails longs will be in play.
Regards,
DanIgnored
DislikedHi all - I've put together a very simple summary of Dan's method - it's very small - in fact I printed it, laminated it and it fits in my wallet! It doesn't go into any detail at all - just the bare bones of the strategy (I just wanted a check list so that I don't do anything stupid), but feel free to use it as you like, or use it as a basis for making your own more detailed synopsis.
I ran it past Dan first by the way....
Cheers, GIgnored
DislikedHi benem,
Nice pin bar but not for me, reason being its at a swing high! If this pin was forming at a swing low with the trend it would look allot better to me.
If price had retraced maybe another 50 pips then formed a pin to go long it would look tempting for me.
Thats just my humble opinion.Ignored
Dislikedfor some reason those last 2 charts that i posted did not update the candles. Anyway is this similar to what you have
Bearish Outside Bar
Trendline
.8700 RN and previous S/R
Attachment
AttachmentIgnored
DislikedHi Dan,
By major S/R areas, I mean areas that have been tested many times and stood strong as opposed to S/R areas in a trend that are tested lightly before trend continues.
Cheers.Ignored
DislikedHey Dan,
Great explanation, were you in from the pin from around the 15th of June? Can't tell exact date from your chart. Did you add on the BEOB around 3rd of feb?
Seems like it would have been a great trade, shows it really is worth it to be patient for these trades.
How long have you been trading like this? What have your results been so far?
Thanks,
PIgnored