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Identifying great set ups with MTF & PA

  • #21
  • Jun 20, 2020 4:28am Jun 20, 2020 4:28am
NZDCAD

WEEKLY CHART:
From the weekly perspective, we see that price is now reaching up into a potential area of resistance.

DAILY CHART:
The daily chart is showing us some nice consolidation at this area and price is now giving us some nice signals that a reversal is likely to take place.

Ill be monitoring this pair and looking for an entry IF I see the right kinds of price action behaviour and conditions that align with my trading rules. Like always, please only trade if this set up aligns with your own trading rules!
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  • #22
  • Jun 20, 2020 5:30am Jun 20, 2020 5:30am
GBPCAD

WEEKLY CHART:
In previous weeks, we can see that there has been a nice reaction to a strong resistance area (shaded blue).

DAILY CHART:
Here we can see a nice looking impulse correction / ABCD pattern forming. First we had the impulsive move (from weekly resistance) and then we had a picture perfect corrective move taking place up into a nice daily resistance area. I saw this one a little late but still managed to get in at a decent entry point.
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  • #23
  • Jun 20, 2020 8:54am Jun 20, 2020 8:54am
Quoting MTFMarty
NZDCAD WEEKLY CHART: From the weekly perspective, we see that price is now reaching up into a potential area of resistance. DAILY CHART: The daily chart is showing us some nice consolidation at this area and price is now giving us some nice signals that a reversal is likely to take place. Ill be monitoring this pair and looking for an entry IF I see the right kinds of price action behaviour and conditions that align with my trading rules. Like always, please only trade if this set up aligns with your own trading rules! {image} {image}

I have taken this NZDCAD trade on Friday 16 June, a pending sell order initially.

I was looking for price exhaustion, that would lead to a reversal based on the BBs and ESI. So far so good, I am a few pips in the money with some potential for a whoosh down.

Marty, do you take trades on Monday Oz/Kiei time before London opens?
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  • #24
  • Jun 20, 2020 4:30pm Jun 20, 2020 4:30pm
Quoting BillyF
{quote} I have taken this NZDCAD trade on Friday 16 June, a pending sell order initially. I was looking for price exhaustion, that would lead to a reversal based on the BBs and ESI. So far so good, I am a few pips in the money with some potential for a whoosh down. Marty, do you take trades on Monday Oz/Kiei time before London opens? {image}
Hi Billy,

Yep, Ill be looking to get into the NZDCAD on monday morning I think. I also fancy a reversal / retracement on this pair, given what I am seeing on the charts at the moment. I already entered into the AUDUSD pair last week and I'm also in the NZDJPY as well so that's enough AUD/NZD pairs for me, given that these are all correlated.
  • #25
  • Jul 5, 2020 9:03pm Jul 5, 2020 9:03pm
Marty, What pairs are you looking at this week. I have your book/bible "The BSB Trading System" by my side.
  • #26
  • Jul 6, 2020 12:52am Jul 6, 2020 12:52am
Marty,
I have taken this pending AUDNZD buy trade. It will kick in @ 1.06350

first screenshot shows charts for the 3 highest timeframes, and I think confirms a long bias
second screenshot shows lower timeframes

What do you think?
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  • #27
  • Jul 6, 2020 3:08am Jul 6, 2020 3:08am
Hi Billy,

Due to some life circumstances, Im needing to take some time out from my trading at the moment. Im not sure when Ill be back but it will probably be some months I would say at least. I wish you all the best for your trading though and best of luck with the BSB Trading approach!

For the AUDNZD, this is what I see:

A nice impulse correction move with a nice trendline breakout that we could have entered and taken some conservative profits. I would expect a bounce now at this area of support but with an overall downward bias, based on the higher timeframe analysis. Hope it helps :-)
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  • #28
  • Jul 6, 2020 3:41am Jul 6, 2020 3:41am
Thank you Marty.
I wish you well over the coming months.
I look forward to your return, as I digest the bible - The BSB Trading System.
Best rgds
  • #29
  • Last Post: Sep 3, 2022 2:22am Sep 3, 2022 2:22am
Marty, I am just wondering if you are back trading?
Anyone else out there using MTF approach?
I am keen to compare notes.
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