Chart of the 4H EurUsd from the past week where price turned broke through the recent Daily upward TL. We have passed the 61.8% retrace of the recent upward moveand are heading for the 50% retrace of the entire upward move at the 1.2875 level. This area is a Support level and price may coincide with the Daily 200 SMA here as well. Price could turn back or continue on to the 1.2700 mark which is also close to the 61.8% retrace of the entire upward move.
A really nice entry point presented itself at the first S turned R line where price reached back up through the Daily TL to the 50 SMA on the 4H chart. A look at this point on the Hourly chart shows a Pin Bar whose tail just pushed above the resistance line before price turned and fell rapidly, forming the 4H Bearish Engulfing candle that closed back below the Daily TL. The base of the Bearish Engulfing candle also formed another good entry point with a stop above the Daily TL. There is a later Hector style BPC entry that only had about 35 pips to reach the low of the prior swing. However, a move to breakeven at this point put you in a free trade if price continues down. Or a partial close here would have banked some pips with a move to breakeven on the rest for a free trade.
Looking at GBP/AUD30m, not a lot of confluence around the DASR, will see how price action reacts around the fib zone retracement (if we get it). 1.4600 would be a nice 1st tgt if we get the bounce. all theory at this stage lets see how it plays out!
ozziematt.....you are really having your way with nightmoves system. After flirting with so many systems, I have decided to stay put with this system myself. I am trading this system strictly on 4hr Tf, because of my 8-5 schedule, and i think am loving it. lets see hw it goes until i go live, jst keep the nightmoves card flying....cheers
Hey rosaferno, good to see another post!. I have been playing with this system for a few months and found the h4 the best time frame results wise so far. I also work full time but will consider anything 30m upwards.
I see a few setups, though not the best they might work out ok with good tight risk management.
audnzd triggered for a long, usdchf pending long (see charts). I like the price action around DASR for the USDCHF long. How are others finding it, still trading those trends! As mentioned my best results with this system have been on the longer time frames.
I only had two setups on 4hr TF this week, GBP/AUD and EURAUD both came out positive. Just keep on posting charts..........we are in this together. Jst a reminder, though 4hr TF gives very few signals , am not ready to move lower.
No worries rosaferno, H4 is a preference of mine too. I generally like H 1 and H 4, I find 30 min charts ok but not ideal. Good to hear you got involved in EURAUD. im looking at another possible swing down maybe later tonight (I am Oz based) if we get to that DASR. otherwise could be an option early next week. I took a few silly trades this week and a few solid setups. Note to self only opt for optimal setups. I seem to get trigger happy, haha. anyway enjoy the w/e.
Hello! First post. I've been using this system for a few months now. I just seem to be having trouble with the pullback part. For it to be a good pullback, does it have to touch back the resistance / support line it broke?
Someone droped my laptop and got the screen broken over the weekend, i will ♓ανε to wait till month end to get the screen fixed(dts when the pay check comes in ℓ☺ℓ) till den i will be watchin from my android fone. When i get my laptop fixed, i will be posting setup here. Meanwhile, i will also be goin live after 9months of demo trading. I think am mature enough to test the forex trading waters wit only one feet. Ozziematt, pls keep up the good work of posting charts. I will be joining u soon.
Not seeing any solid setups at present, will post a chart when I do. Wicker, If the pullback can retrace to touch prior resistance before the next swing, that is the ideal scenario, but I mainly look for a retracement back to the DASR as a minimum. Not sure if you have Hectors course but I highly recommend it (I have no affiliations), the difficulty I find is only taking optimal setups.
I didn't see any great setups this week, mainly due to the large Gap on mon, it threw me off a little. I did take 1 trade on the EURAUD (short) last night. first 2 targets are hit and its risk free now. It was not a bad setup, fib retracement zone hit (just), DASR touched (briefly), prior level of S/R touched, nice MA formation to the downside. my entry was based on a break below the twin pinbars circled. This is not the typical was to do it, ie no BPC, but it worked ok and my stops we tight. But all in all a quiet week for trend trades for me.
