this looks good as well..
i do like the level 1.32..
(now only if we have proper opening of price next week )
i do like the level 1.32..
(now only if we have proper opening of price next week )
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DislikedThis wedge pattern on GNZD is interesting to me as is the confluenced resistance @ 2.100.Ignored
Dislikedthis looks good as well..
i do like the level 1.32..
(now only if we have proper opening of price next week )Ignored
DislikedThis wedge pattern on GNZD is interesting to me as is the confluenced resistance @ 2.100.Ignored
DislikedI posted the same setup in the PF a while ago and said exactly the same thing about lack of space - it's not an easy one in terms of trade management.Ignored
DislikedMe too! I was away making me lunch when price started moving fast - had nice 'correlated confluence' too with UCHF and USDx (and other USD pairs of course). I doubt I would have been able to trade it though - takes me a while to get all my orders ready.Ignored
DislikedI actually looked at this setup on the Daily TF a while ago and passed on it because:
(a) although its a while since it last hit this area its still the 3rd time it's testing it as resistance following the last test as support...Ignored
QuoteDislikedHi LJ. I was watching this wedge and the 2.100 resistance too, but had no idea how to enter. Would appreciate if you could share some inputs on trading such wedge formation.
QuoteDislikedI am a bit lost here: where you mentioned about lack of space... This actually ties in with my question above as I couldn't see any set up. Would appreciate if you could please enlighten me on the set up you have in mind. Thank you.
DislikedAre you saying that this is not a valid FTB set up because price had tested the area as resistance previously in early and mid June on the daily? But if you were to look at the weekly, don't you think it's a valid FTB set up?
I had the 1.3200 level marked but somehow missed seeing the weekly FTB set up. Being late I started to focus on the H4 t/f, hoping price would break the 1.3135 support thus presenting an H4 FTB short set up.Ignored
DislikedI caught this one. Good thing is that the market is very generous with good set ups, we just need to ask it to not give them all at once at the same time.
Have a good weekend, everyone.Ignored
DislikedAlso -you could have been in the long trade prior to the breakout of the wedge - you can see that we had the same style breakout FTB following the breakout of the daily S/R.Ignored
DislikedI'm talking about the touch trade setup at the technical confluence area around 2.100.Ignored
DislikedI did this on USD/CAD daily given the daily BUB that closed above the weekly R level, my entry was at 1.0272. I noticed that there was a correlated confluence with EP which was reacting to a weekly R then. So when both charts were stalling and not moving fast as I was expecting them to, I moved my stop to BE+2 and I got stopped out about a couple of hours later.
The reason I didn't do the same on GBP/NZD was because the daily bars didn't close above the weekly R level of 2.0550. In fact they had long upper wicks. And when price finally did close...Ignored
DislikedAh I see you are referring to the 2.100 TT short.
Yes, I would have that 2.0860 as an FTA. But I think it's still a set-up worth taking considering the possible S/L at 2.1050 which will generate at least 2.5R if full exit is taken at 2.0860ish. Not to mention if that level is broken on a strong note.Ignored
DislikedI'm talking about the touch trade setup at the technical confluence area around 2.100.
There are IMO two approaches in this setup - as you can see if we look at the the the area below the confluenced S/R in the past there is a complete lack of space here - it's just a choppy consolidation area. Thus if we go by this we can say there is not space for our TT setup.
The other approach is to say that price has been moving up 'cleanly' and we have lots of space since the last consolidation area and thus we ignore the past choppiness in this area...Ignored