The EUR/AUD is my favorite: This nice long-legged pinbar hit a PPZ at a round number that is visible on my monthly chart. It also has touched a 61.8 fib on my chart and I believe I see bullish divergence. Assuming the pinbar breaks on the up-side, I do not see any obstacles until a PPZ near 1.8. That's about 140 pips if I am seeing the chart correctly. After I studied today's charts and read the forum, I am seeing a few other folks who agree that this is the most appealing setup of the day.
The GBP/USD BEOB is my second favorite. It crosses what I see as a monthly PPZ and it's hard to find a better round number than 1.5 . I am also seeing some bearish divergence on this one. From my interpretation of the charts, this one seems to have a nice amount of space. I do not expect to see any support until price reaches a PPZ near 1.4850. That's about 80 pips away from my entry point.
There are some other decent looking setups I have filtered through today. I jotted down some reasons why I do not consider these as A+ worthy as the two mentioned above:
- EUR/GBP - too much traffic
- GBP/JPY - too much traffic
- CAD/JPY - too much traffic
- GBP/CHF - too much traffic and the location was not at a strong PPZ on my chart (only a minor PPZ)
- NZD/CHF - my broker does not offer this pair
- EUR/CAD - not as much space as EUR/AUD and GBP/USD
The EUR/CAD is actually my third favorite setup. If not for the EUR/AUD and GBP/USD, I am pretty sure that I would trade this one. I am surprised at how picky I can be when I see 7 or 8 price action bars at PPZs on the same day! Some of the pairs I have considered as having "too much traffic" would have normally been a lot more tempting (probably even tradeable for a trigger-happy rookie like me). I have a feeling that if I learn to be this picky when I see only one chart with PA at a PPZ, I will stand a good chance of making it in this business.
I am very excited about what I have seen today and am trying not to let my emotions get the best of me. I have seen how that can cause problems in the past.
I heard about the "Bank Stress Test" results today and I think the results are complete BS. I have a feeling the markets will agree with me, but I do not want to get into fundamentals too much on this thread.
I have already read quite a few opinions about today's charts and am curious to see what others think? Are you trading today's bars? Why? What are your favorite setups?
What price areas do you see as possible trouble spots?
I know that some of the senior members here do not want to have too much influence on decisions made by rookies like myself (and I understand your reasons completely), but I think it would be great if you could tell us your favorite setup(s) of the day (and whether you traded any of them) after the dust settles.
Sorry for the long-winded post, but I have been trying to learn the methods of this thread for more than six months and I do not remember seeing a day like today.