LJ Forex Group

Care to share why you think so?

sorry, 1,5250
why, strong down trend, possible area where it may find some res

Just came home from work. Bought EU at 1.2585.

Looks like I got in too early...

Got stopped out at 1.2570 for -15 pips (-30 pips in total).

Yes, price was always more likely to have a bearish reaction of that level.

My overall picture on GAUD has price bouncing from a daily demand zone (the zone on H4 is shown too) and is thus now moving between this demand and the resistance level it hit earlier.

Took a silver long this morning as per my tweets. This was based on the H1 bull flag that had formed and price moving into the obvious place where it should meet demand - of course the bull flag is literally just the clearing of supply so price can shoot up easily when it meets demand.

If you zoom into the the M5 (have to use Oanda feed for this as Fxpro is to illiquid on this TF) you can see there was also a sellers trap here like the ones discussed yesterday - price breaks an obvious SR - novice traders jump into shorts - price hits demand and gets swiftly reversed. Price closes above the SR and of course these traders stuck on the wrong side of the market look to bail out causing price to shoot up (combine that with the bull flag order flow too etc). On this occasion we can visually see this as a 30M pin - but as per yesterday's discussion a) we can't always get a simple visual representation like this and b) the type of bar - i.e. whether it's a pin or not is irrelevant.

Didn't get too much out of this setup - price hit a H4 SR and start of the supply on fxpro chart and retraced - I was looking for a move nearer the highs and was too focussed on my Oanda chart to see the location of price - I should have scale out in the 30's area.

Another sellers trap setup from this morning...

GU - price moves below the H1 and daily SR and closes above. If you look at M15 you can see that price hits an SD flip zone - this is why it bounces - in doing so it is trapping all those traders who would have sold on the break of the clear SR (fancy that a lower TF showing something a higher TF doesn't - opposite of traditional teachings isn't it..)

There wasn't much space on this setup as there was a lots of potential supply not far above - I was looking for a quick move into 65's, didn't quite get there so bailed for some small profit.

This is what Pro's are doing every day - looking for places where retail / novice traders will be buying / selling from/to the professional money (the professional money sitting at demand / supply zones - the novice money selling a pure break of a previous swing or SR).

Objectively looking at price and certain locations on a chart and understanding who is buying and why is the fundamentals of price action trading...no-one makes serious money by following some mechanical 'rules' or by scanning the chart for certain bar patterns and only getting involved if your arbitrary TF displays such a bar.

The number of traders from a public forum such as FF who would have understood why Silver was likely to bounce where it did and why GU was likely to bounce where it did and made money from it is probably in the <1% category judging by the threads I've read over the years.

Sold AU at 1.0277 with a tight stop.

I would wait for the flag to resolve, if price breaks the flag to the upside, you could sell it somewhat higher @ QM-level which is also the base of the flagpole

scalped Ozzie, entry @ pullback to broken flag, will close @ 10290-ish, looking for a bulltrap setup and QM-trade combo

allright part 1 of my trade is done, banked some nice and easy pips, will now watch PA @ bulltrap/QM, more nice confluence is that price is compressing upwards .............. could sell Ozzie to play the compression

So I did, closed sell and now really waiting for some bearish PA @ bulltrap/QM, tempted to buy again though ............

Cut the trade near BE-5.

Not really a great setup there as it looks more like supply consumption - if price has closed lower than it would be of interest but it's right in the supply zone which is looking weak.

Update Ozzie bulltrap - well price didn't gave me a sell PA @ my anticpated pricelevel, instead price spiked (LQ) and dropped. But I didn't see any supply where price could've spiked into, so I had to let the trade go ........... only caught some pips playing the CP

Fiber - very nice beartrap in play today, which I didn't trade by the way, you had to switch to a weird TF (25m-TF) though for a PA

Same beartrap at E/J ................

This is also an ignored supply zone too...

What software do you use for charts BTW, it looks like Pro-Real-time that IG used when I was with them?