Hi Guys (and Gals),
I have been lurking for a couple of weeks while reading and finally got a FF account. I’m not sure I have a lot to contribute as I am mostly learning from you all, but maybe my questions will stir up some thought.
Prior to Strat and others posting about NZD/USD and NZD/JPY and…I was watching the setup. I am confused however since I don’t see a good entry this point and resistance is above (.6000). Perhaps you guys can set me straight. On my chart I see a Pin bar for the NZD/USD which I figured is an opportunity to trade down to support (38.2 Fib from March low to Monday’s PIN around .5555 and Boss 20 around same area). I attached a chart to show my thinking.
So, what do I do?
If I had Baba G’s experience and cahones, I would have traded the PIN as the confirmation bar was forming (100 or so pips if you caught the meat of it). I left it alone and have not entered a trade (I have a live account, but have started trading demo until I can read PA like a book).
I see the possibility that the long term trend has changed from down to up (price is above Boss 20 and other factors), but I don’t see a good low risk entry point at the moment and I am suspicious of overhead SR level (.6000). Am I missing something?
I guess the question is what will price do at that level? Looks like it already rejected it.
Corbett
I have been lurking for a couple of weeks while reading and finally got a FF account. I’m not sure I have a lot to contribute as I am mostly learning from you all, but maybe my questions will stir up some thought.
Prior to Strat and others posting about NZD/USD and NZD/JPY and…I was watching the setup. I am confused however since I don’t see a good entry this point and resistance is above (.6000). Perhaps you guys can set me straight. On my chart I see a Pin bar for the NZD/USD which I figured is an opportunity to trade down to support (38.2 Fib from March low to Monday’s PIN around .5555 and Boss 20 around same area). I attached a chart to show my thinking.
So, what do I do?
If I had Baba G’s experience and cahones, I would have traded the PIN as the confirmation bar was forming (100 or so pips if you caught the meat of it). I left it alone and have not entered a trade (I have a live account, but have started trading demo until I can read PA like a book).
I see the possibility that the long term trend has changed from down to up (price is above Boss 20 and other factors), but I don’t see a good low risk entry point at the moment and I am suspicious of overhead SR level (.6000). Am I missing something?
I guess the question is what will price do at that level? Looks like it already rejected it.
Corbett