LJ Forex Group

Quoting lovejoy80

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Some Technical setups on the watchlist:

UCHF - Technical confluence @ 0.9095

GJ - FTB @ 119.05

AJ - FTB @ 80.15 (a short @ 81.40 is a possibility too)

ANZD - Technical confluence @ 1.2833

CADCHF - technical confluence @ 0.9005

Watching the EAUD wedge

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Quoting lovejoy80

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Was recovering from an illness over weekend and today so only caught one trade (EJ FTB long) but there were some nice setups on UCAD and EG today - UCAD shown below.

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Quoting lovejoy80

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Some Technical setups on the watchlist:

UCHF - Technical confluence @ 0.9095

GJ - FTB @ 119.05

AJ - FTB @ 80.15 (a short @ 81.40 is a possibility too)

ANZD - Technical confluence @ 1.2833

CADCHF - technical confluence @ 0.9005

Watching the EAUD wedge

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Quoting lovejoy80

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Some Technical setups on the watchlist:

UCHF - Technical confluence @ 0.9095

GJ - FTB @ 119.05

AJ - FTB @ 80.15 (a short @ 81.40 is a possibility too)

ANZD - Technical confluence @ 1.2833

CADCHF - technical confluence @ 0.9005

Watching the EAUD wedge

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Quoting lovejoy80

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I wasn't watching charts at the time, but some analysis on an EU Touch Trade setup from earlier (normally I would only want to really take a trade based on a HTF S/R but this LTF one was very clear and obvious and that is the important aspect).

There was also another FTB setup on AU @ 1.0600 area.

So, two days into the week have produced at least 7 good probability technical setups - all that have gone at least to an FLR/FLS. If you don't have a series of methods that can produce good probability trade setups day in day out then you need...

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Quoting lovejoy80

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Highlights exactly what I was saying about strong moves into a trade entry area being stopped in it's track and reversed, if you think about why price should reverse at areas like this then you'll start to understand some basics of order flow and why you don't need to wait for a PA bar (you'll realise it's a lagging indicator) for the good probability setup off an S/R - this is what the professionals do, they don't wait for confirmation they enter at the S/R. Learn to think more like the professionals and less like a retail trader and you'll go...

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Quoting lovejoy80

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Another one, this offered 1R to the FLS, %R does matter in trading cos you can't grow an account at a good pace trading low %R setups all the time - another reason why looking for good setups at S/R's is the professionals approach to trading price action (hint: all PA bars do is provide you with (a) the same probability trade setup - it is not higher probability waiting for a PA bar and (b) a lower %R - it takes people a while to realise this and most never do, but if you do you'll never look back).

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Quoting lovejoy80

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Quoting lovejoy80

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Trade setup I saw during the day - false break of daily support followed by 1HR BUOB - 4HR Pin.

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Quoting lovejoy80

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Highlights exactly what I was saying about strong moves into a trade entry area being stopped in it's track and reversed, if you think about why price should reverse at areas like this then you'll start to understand some basics of order flow and why you don't need to wait for a PA bar (you'll realise it's a lagging indicator) for the good probability setup off an S/R - this is what the professionals do, they don't wait for confirmation they enter at the S/R. Learn to think more like the professionals and less like a retail trader and you'll go...

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Quoting lovejoy80

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I don't trade Dax but this location is one to be watching if you do!

I'm watching Dax because I'm also closely watching EU - it's inability to stay above 1.32 when the other USD majors have been rallying well is a slight bearish sign. We also have a potential new down channel forming (though need to be careful this doesn't turn into a bull flag).

I have a small position short right now (swing trading - won't go into details on here) and watching price action closely.

Something else to note - look how UCAD can't sustain its downtrend though...

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Quoting lovejoy80

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Gold hit my first main target on my long trade - a clear daily support/resistance zone.

On the LTF we have converging wedge in place - the series of lower highs as we approach the daily level (lower highs relative to the higher lows - hence the converging wedge as the highs get lower and lower) is due to a drop in momentum in price on each bounce which of course forms divergence on the RSI.

This is of course a bearish sign - not something I'm trading right now but something I'm watching closely.

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Quoting lovejoy80

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A look at a breakout trade I took recently on NCHF - it sums up for me what for me what real price action is truly about - reading price movements on multiple pairs / timeframes to predict good probability trades setups day in day out.

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