DislikedYou should draw the fib from the top pf the wick, of the pinbar.Ignored
DislikedFirst, I need to clear something up.
I watch my daily chart and spot an interesting area, where, for example, a breakout may happen.
So I decide, to go down to H1 to catch a better entry.
Is this what we are talking about here?
Cause when I look at your chart, it seems to me you went for a retest (and fail) of the 1.30 resistance. So price isnt breaking out of anything here.
A breakout would have been if you would anticipate a break of 1.30 and consequently a move up.
May be mixed up terms on my side.Ignored
DislikedThanks Quezoy. I checked the fib. Its from the high of 13278 to low of 12520 which I think is correct?Ignored
DislikedI am long on his trade.
Took it after the 2 day pinbar. SL below 1.28 area.
Price got rejected at 1.28 RN 50fib confluence area. Nice space to the upside.Ignored
I am watching this one also.
IMHO a lot of resistance/confluence above the BEOB. Swing High, Strong PPZ, both 150 & 365 EMA's, RN and 61.8% fib retracement. I am hopeful that this will hold and send price down.Ignored
DislikedMy mistake, i thought you were refering to the last wave down, but I see now you are refering to the whole move.
Thats acctualy a good question: is the whole move down still relevant?Ignored
DislikedInteresting Quezoy - Yes 1.28 does seem very strong, price shot straight back up, and didn't even notice the 2dPB (assuming you are talking about 1&2 May?).Ignored
DislikedYes, going into lower TF to look for trades which are independent but complimentary to whatever breakout we are anticipating, be that breaking a BRN or horizontal TL or rising/falling TL - whatever.
I dont think i need to say that this is more dangerous if you're not careful so i'm not advising it. It's something i sometimes do.
And i must apologise. 1.30 was the number i had in my head for EU not EC although it's still something i was looking to get under and have as a protective resistance, something it's failed to do since forever....Ignored
DislikedHere's EU, finally showing signs of a down move. My order is in but fingers crossed....
Has any one else been looking at this from my perspective??
DislikedThanks Ghous. Definitely understand your comments re the strength of the bar being fairly weak - would you compare to recent bars to determine the "strength" of the PA?
As more or less a newb in this, finding that the hardest part is determining the quality of the set up/PA, rather than finding one.
If you don't mind, can I pick your brains on this one then? Fairly similar but yet to close though (for tmr). This time price has pierced the BRN/PPZ level and bar is somewhat stronger when compared to prior bars. Its also bouncing off a Fib...Ignored
Dislikednotice how that pin broke then shot ALL the way down. That's what happens at less confluenced areas. So it can be trickier to manage and why we say manage them tightly (with less confluence). Markets look like they are wanting to retrace some of the previous weeks moves a bit so that could pull this higher but I would still be protecting my risk trading back into the last swing high with such a short amount of space.
I will wait till that 1.6 though, the more confluence is just easier to wait for in the long run
Thanks for posting the link!
DislikedI made my pips and now am at break even with the rest !Ignored
DislikedInteresting Quezoy - Yes 1.28 does seem very strong, price shot straight back up, and didn't even notice the 2dPB (assuming you are talking about 1&2 May?).
However, what Bud Fox is saying also makes sense as it seems that there is a lot of resistance to the upside...
Perhaps this just means price will just now consolidate and range between 1.2800/50 (which is also between 50 and 61 fibs)???
Thanks both for comments. Still learning.Ignored