Price Action and Trading Discussion

Nice work ipnee, looks like you got out at the right time too, gone down past the asian range now.

Wait and see if price can make it back up the area of the lows of the asian range, RN right at that area also.

What do you guys think of this short setup on EU

Confluence of RN, S1 (pivot) & trend line



DW would you still be waiting for a retrace all the way back up to asian range ?

Cheers
Dan

Hi Dan,

The initial pullback continuation has taken place, so me personally what I would be waiting for now is another high to take place, draw a sloping down trend line and then wait for the next touch of the trend line, but thats just how I would play it.

When I was looking at that earlier I had only just fired up the charts and not drawn any lines on. I flicked to the hourly drew my lines and had one slightly lower than the RN area. This area turned out to be the area that it stalled but that was after the fact and it just happened to be at that area, missed opportunity I guess for me as I didnt have the lines on already. Although I am trying to stay away from actually trading the 5 min chart I am still watching and putting lines on etc.

Where is that upwards trend line you drew coming from ?

There could be a few potential options of what price may do. It may simply consolodate from here for a bit, then use that boxed area as an area to trade from. You may get a trend line form, or you may simply get a nice PA from the horizontal area again.

Be patient and let price show the way, but have all the bases covered on what you may be looking for.

The lines I drew were after the fact on that first move so a little bit irrelevant.

Was that trend line you have from the hourly view ?

it was drawn off the 30 min chart ... let me get a chart .. 1 sec

edit: here you go

Hi there guys,

Seemed like a good opportunity to short at this level after a 2Bar Reversal Pattern appeared, would of been better to see it appear a bit closer to the 3750 level, however there's some intraday resistance evident around here.

See what happens on this one.

If the daily trend continues down we can see a retest of the daily lows around the 3700 levels, quite enough room to get a decent r:r

Indeed plenty of room to get a good r:r

+36 pips open trade going for 1.3675 at this point

Well price has broken down below the RN so im looking for a retrace and PA to enter short

Hi Musashi,

Good entry by the looks.

The previous horizontal line that I had on turned out to be an area that held again. The hourly trend line also extended up to that level for a bit of confluence as resistance.

This hit BE

Good strategy, I'm holding a bit longer to see if price can make a full measured move based on previous swing.

RN to RN with congestion in between is how prices move typically..

A few potential areas to keep an eye on.

We could be looking at a nice quick move down to the 1.36500 area there is a support area around the 1.36613 level though.

euro under my h1 trendline, at the tf 5.
Go more down? sell trade?

Yes unfortunately that does happen... Very frustrating when it does though, but if it was on the flip side and it went the other way you would be happy. The joys of trading

No one can know exactly where prices will go at this point. Going with the direction of the daily move is a good choice however.

Short AUDUSD 4 hourly @ 1.02786

Looks like a pretty good target area to me though Musashi

EUR 15min closed above RN ...

Edit: price testing the lows of the 4th Nov ... looking for PA

And we stall...

Another bulls meet the bears area.