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Attachments: Beyond the Candles
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Beyond the Candles

AUDNZD in interesting situation right now:
Monthly: Price is at extremly important resistance.
Weekly: Price closed outside of bullish TL and above important resistance -> I will wait for bullish PA as confirmation on daily
Daily: A bullish inside bar has been formed, but can not be taken as an entry, as the candles belong to this weeks close and we need a daily confirmation of this weeks close next week
Attached Image(s) (click to enlarge)
Click to Enlarge Name: audnzd m.PNG Size: 25 KB
Click to Enlarge Name: audnzd w.PNG Size: 23 KB
Click to Enlarge Name: audnzd daily.PNG Size: 45 KB
Quoting ponchofx
NZDJPY I would be cautious with longs at these levels. I am actually looking to short this pair. 1. From technical perspective - Look left on the M chart, we are near major MR. {image} W chart shows dynamic S broken in the past and is tested at the moment from the underside as R. To resume bullish bias at this point P needs to close above TL and confirm on retest {image} On Daily we have a nice bearish Quasimodo pattern forming. Support has been breached, P retraced and tested DR and couldn't close above Monthly open. {image} 2. Fundamentally, the...
Some opinions against to go short.
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: NZDJPYWeekly.png Size: 85 KB
Quoting ponchofx
EURNZD I see a potential for about 1000 pips to the upside if the right conditions are met P is supported by both static and dynamic S. Bulls have shown strenght as they managed to engulf previous swing high and close above M RM. P has been since then compressing and is back in the RM at important MM level. {image} On D P broke TL and RET to it + MM level and we will see how today candle closes. So far it looks good. {image}
The monthly chart give as the clear picture. This is what i think...
Attached Image (click to enlarge)
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Quoting Ttf
AUDNZD in interesting situation right now: Monthly: Price is at extremly important resistance. Weekly: Price closed outside of bullish TL and above important resistance -> I will wait for bullish PA as confirmation on daily Daily: A bullish inside bar has been formed, but can not be taken as an entry, as the candles belong to this weeks close and we need a daily confirmation of this weeks close next week {image} {image} {image}

I think we are in a no rade zone. Why? Go to short? Important M level. Go to long? The market is not ready to make a break out, we are stil in downtrend. We want to catch big moves to make profit, and big moves need time to form.
Attached Image (click to enlarge)
Click to Enlarge Name: AUDNZDMonthly.png Size: 94 KB
Quoting Beertje
{quote} I think we are in a no rade zone. Why? Go to short? Important M level. Go to long? The market is not ready to make a break out, we are stil in downtrend. We want to catch big moves to make profit, and big moves need time to form. {image}
I couldn't say it better !
Nothing personal,just business
Quoting fxgroup
{quote} I couldn't say it better !
Thx
Thanks guys! I appreciate it
I think Ttf did spot a significant area on the AUDNZD M chart, that is worth noting and tracking, yes?

We need to watch the development, either for a confirmation of the break of M support before looking for entry in joining the downtrend or clear sign of reversal, before entering the market long, correct?
What do you think of EURCAD?
There was a weekly range, the candle of the last week closed above the RM.
On the daily a PB formed yesterday. Is this the confirmation we are waiting for? Would this have been a good trade?
There are very similar situations on GBPCAD and NZDCAD...
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurcad weekly.PNG Size: 22 KB
Click to Enlarge Name: eurcad daily.PNG Size: 53 KB
Quoting Ttf
What do you think of EURCAD? There was a weekly range, the candle of the last week closed above the RM. On the daily a PB formed yesterday. Is this the confirmation we are waiting for? Would this have been a good trade? There are very similar situations on GBPCAD and NZDCAD... {image} {image}
This pinbar is not good. If we want to go long, the candles PA must stand on a swing low.
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Quoting vinke
{quote} This pinbar is not good. If we want to go long, the candles PA must stand on a swing low. {image}
Right Vinke..very good...it eas a simple continuation bullish candle and from its tail we could understand that the buyers are defending in a very strong way the old R that now acts as S !....sometimes, candles like these , did work but most of the times it has a weak momentum with makes the MM very difficult !
Nothing personal,just business
This is not a pin bar... tail lenght must be atleast 3 times longer than the real body.
Have you guys noticed how P reacts when it reaches the yearly open price. Now look at the EURCAD- reaction of 100pips. Now waiting to see if it will test S
Attached Image (click to enlarge)
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AUDUSD
P is entering an area where we might expect reaction. Look at the confluence
And if it closes below further downside action is expected towards old RM limits at around 0.71
Attached Image (click to enlarge)
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Quoting savoy
This is not a pin bar... tail lenght must be atleast 3 times longer than the real body.
I don't know... I used to have very strict rules for how the bars have to look like before I enter, for example PB:
wick =3 times body
open and close within previous bar
large bar, whose wick sticks out from all the others
....
But I don't think anymore that this is the best way. I guess the level and the overall picture is far more important than if the wick is two times or three times the body. It already tells us something if the wick is only as long as the body, doesn't it?
What do think of GBPAUD?
The weekly bar closed above a weekly resistance. There's still an uptrend.
On the daily chart we can find a Bullish Engulfing Bar. But I'm wondering if we can consider the indecision bar before it as a valid pullback ....
Also, there's a pretty similiar situation with the AUDNZD
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: gbpaud d.PNG Size: 47 KB
Quoting Ttf
{quote} I don't know... I used to have very strict rules for how the bars have to look like before I enter, for example PB: wick =3 times body open and close within previous bar large bar, whose wick sticks out from all the others .... But I don't think anymore that this is the best way. I guess the level and the overall picture is far more important than if the wick is two times or three times the body. It already tells us something if the wick is only as long as the body, doesn't it?
Great, you are on a very right track
Remember that the name of the thread is "beyond the candles"
Quoting Ttf
{quote} I don't know... I used to have very strict rules for how the bars have to look like before I enter, for example PB: wick =3 times body open and close within previous bar large bar, whose wick sticks out from all the others .... But I don't think anymore that this is the best way. I guess the level and the overall picture is far more important than if the wick is two times or three times the body. It already tells us something if the wick is only as long as the body, doesn't it?
What I think about pinbar...

You dont need realy rules. There are some times 2 or 3 candles at the M or W level. 2 bars can make 2DPB. And when you alredy have a swing L/H and the price come back to this point, a smaller PB or 2DPB is enough too. Experience will tell you....
Most important is to identify good levels, PB have only worth at strong levels.
Quoting Ttf
What do think of GBPAUD? The weekly bar closed above a weekly resistance. There's still an uptrend. On the daily chart we can find a Bullish Engulfing Bar. But I'm wondering if we can consider the indecision bar before it as a valid pullback .... Also, there's a pretty similiar situation with the AUDNZD {image} {image}
It is a valid pullback, but this pullback have made swing on H4/H1, on this forum we talk only about HTF, so I will not explain it. I think it isn't good to trade on D.
The big move on the rubel killed my trading plans on some pairs. Watch the east europian pairs, was not possible to entrer.
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