Swing Traders Welcome

ok, fine, lets take a look when it gets there...

Dollar vs Franco at the same point yesterday. Hopefully, go south.

If not for GBP interest rate news within an hour, I would have considered going long near the current levels.

On daily we do indeed have very strong bearish candle touching the daily trend line but there is a bounce as well.



On H4 we are are also bouncing from 61.8 fib.



The divergence on H1 and M15 is strong.




But again...the news

Ok, some charts for GBP and EUR indices

Euro:

You can have two arguments in your head and both will be relatively correct.

On Euro Daily, we have clear bearish chart. One can argue that there might be some correction at the current level (not really a significant support unless you consider the left swing).



On Euro H1, we have a range that we need to clear.




I would say, Euro is very bearish unless we have a clear attempt of correction.

GBP:

Daily and H4 are the same thing.

We bounced from a daily trend line and testing a very sloppy H4 trend line.



Great there are news coming to find out what where we are heading to.

Hi mtharwat. Good analysis of your graphics. Within my trading strategy is the option to enter the market when the price reaches significant supports or resistances. As you can see the Euro came to a weekly support and did a pull back. The advantage of these entries is the management of the risk benefit.

[quote=cesar8;11631964]{quote} Hello Patterncode This is my view point. There are two ways to have taken the trade that you raise. The first one as aggressively as you did, which requires a well-placed stop, which I think was what your operation lacked.


Quote: Hi mtharwat. Good analysis of your graphics. Within my trading strategy is the option to enter the market when the price reaches significant supports or resistances. As you can see the Euro came to a weekly support and did a pull back. The advantage of these entries is the management of the risk benefit.


There are two schools with price action:

1- put pending orders at supply/demand zones and trade

(Problems with this technique) a bit aggressive, Stop loss could be huge depending on the "Zone" of supply/demand.


2- Wait for confirmation:
ex: Price has to move by a certian percentage
LTF patterns, Break of TLS, etc..

Problems with this technique: (Missing some opportunities. the trader could keep hitting and running and exploit the whole potentials of the bounces), or the entry is bit far from the anticipated bounce and thus entering late.


Conclusion: All styles of trading are right and legitimate. Every setup has its own story and circumstances and reasons in the head of the trader, whether he enters with a pending order or wait for confirmation or "finding a happy medium between the two".

I add to the above two "techniques" is paying attention to bounces of trend lines and patterns on daily and weekly. So a supply/demand zone is not the only reason to trigger a trade. Bounce of a H4/Daily/Weekly trend line or the alternate trend line is a strong reason to consider the a setup.


Add to all the above "Waves" trading which includes Fibonacci clusters, Eliott, Wolf, Harmonics, etc..

Some traders use the later as a stand alone while others combine them with PA or they just trade PA.

There is nothing more with techniques of trading. And they are all correct and are profitable.

-------------

With the indices I posted before, they are means to look for more variables to consider a setup either confirming or weakening it or totally dismissing it. same story with stocks indices to evaluate strength of the currency. when US stocks prices increase, it is reasonable to anticipate the US dollar to follow.

There is no one way of trading. We are simply trading based on "probabilities" and every trader tries find "Better Odds" in his setups.

Cheers my friend.

Interesting chart of Daily AUDCHF

NZD/CAd looks interesting too. I like the inverse H&S

Hello all,

What do you think of AUD JPY.

we may have a bounce from the daily/weekly trend line.

I will wait for some H4 PA if the pair gives us a chance. Any thoughts ?

Update: Before and after..... still busy dropping.

Good job with Eliott

CHF JPY

I do not have clear bias.

All what I see is may be there will be a bounce from the daily trend line. But the nose dive was very bearish.


Edit: I had the weekly chart on my PC a while ago. When I posted I realised price already moved 40 pips (H1/H4 Chart).

Let's see how H4 will evolve..

thanks mate.

GBPAUD also followed suit nicely.

Stay Green

EURNZD (LONG)

depending how we close, maybe we are getting ready for another push higher.....decent looking chart...

Looks like not too much trolling here, so I'm gonna post a chart ...

AUDUSD D1 still down trend, but back above 0.7150 levels and not real follow through of bears ... could be worth the risk ...

Hi mtharwart,
from weekly point of view the price is in range...

from key support lines, if you followed this pair on H4, you could have easily made profits entering right after the swing direction has changed (shown on the chart)...

and I can see why people are selling dollar/swiss, its up near all kids of R, but it just feels strong to me for now, still favor buying dips....have a good weekend...

tell you what, I'm putting the AUD on the back burner for a while, its turned into Yuan/tariff/Tweet sensitive.....not that everything else isn't, but I'm gonna let it settle a while.....