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Made a mistake with earlier trade as I moved SL to +11 pips instead of b/e+. Got hit,could have taken 50pips+. Took this short at beginning of 2nd red candle where vertical blue line is

all trades closed.
AUDNZD -15
USDCHF +20

So, +27. Missed quite a lot of good trades. May tomorrow bring better pips!

Took this trade early as candle before was a hammer. Closed earlier trades (E/U, U/C with profits and A/Cad -2pips) Stopped out -19. Damn

Dear Emmanuel Sir and other seniors,
can some one educate me this sudden fall / bearish candle ... without any news?

Thanks in advance ....

I'm curious and surprised and shocked ... as except these two pairs ....
No other pair had this kinda momentum ... That too ... ALL OF A SUDDEN ... without any news ... either on NZD or CHF or USD for that matter ...

No idea but I like it... fall more, go go.

It's not the news that drive the price by the way. It is the banks and the traders. So you can never know. The candle isn't even that huge if you zoom out. There are many at similar size.

Come on ...
Please do not be so modest ...
If YOU do not have any idea ... Where should my kind of kids go?
In between, these just TWO free falls are eating in to my my whole days' profits ....

EURJPY. Another perfect AB=CD. Both 65 pips.


EURCAD was like AB=CD=EF although it got a bit shorter over time.


Definitely something to look for in my future trades...

Hope my questions are not stupid enough ... not to be answered ...
What actually is AB=CD and AB=CD=EF?

MILK! I was caught out too

Two is a company then ... Albeit for wrong reasons ... In wrong trades ...
They are turning Bullish now ....
I'm trading LIVE ... hope they will not eat in to my whole days's profits ...
Wish you LUCK mate ....

ABCD are like, the name of points.

Google harmonic trading and you will find the AB=CD pattern plus others. I personally do not trade harmonics but good to know AB=CD pattern but I would put candlesticks chart reading first

Same on all the NZD crosses. News out on lower milk prices. New Zealand is the biggest producer of milk exporting to china etc.

trail behind 2 candle?

Maybe I'm missing something fundamental but I'm not sure why you bought where you did?

Hello adikashyap,

I do not have the correct answers. But I learned that what moves the market is not the news but the market' reaction to news. It is the smart money which can move the market.
Takes time to follow the behaviour of currency pairs. I stay away from CHF cross pairs becasue of the SNB factor. NZDCHF daily range average is only 38 to 52pips, better to trade NZDUSD. Therefore I do not trade the NZDCHF pair.
You need to know that both AUD and NZD are commondity currencies and are correlated.
Being a technical trader, I do my top down analysis of the currency pair. Always look at the Monthly, then the Weekly to see what the market type is.
Down to the low timeframe tradeing, look at the previous Week candle and the previous Day candle when I trade intraday on H1 and M15, I do not look at M30 chart timeframe. The ratio of chart timeframe to use is 4:1 i.e. H4>H1, H1>M15, four candles in each of the lower TF make one candle in the higher TF.

Look at both AUDUSD and NZDUSD pairs, Monday were a very bearish candles, so today we should be sell bias and look for sell at the retracement of the Monday candle. You can trade counter trend against the Monday candle seeing H1 setups, but know where the ADR is for these pairs. Both these pairs could easily give 20pips trades in counter trend everyday. You just need o pick the H1 setups with lots of patience waiting for that right moment. Bpoth pairs hit their ADR and reverse back downwards.

Post your H1 charts everyday and I'll try find time to comment to help you look for intraday trades. This is a better way to share and discuss in the thread in live market conditions.

Sorry for this lenghty reply. Trading isn't easy as it looks. It can become easy only when you have achieved mastery in trading. Keep it simple, I fully agree but only when one achieved trading mastery.

regards,

EMMANUEL

Edit: SNB=Swiss National Bank, centralbank.

Hi pastecopy,

I will trail behind 2 APB candles only when I am in a trending move and after I have banked-in profits. But this pair has not start trending yet, now it looks like a correction to the previous week and month. Market can go wide range sideways, we never know. The correction can last one week, even 2 to 3 weeks if we see fundamental support for this pair.
To trade higher TF like D1, it is better to have a Entry and Exit Strategy different from lower TF trading.

regards,

EMMANUEL

Hi omomnisha,

Good entry level...
Price pull back from 1.4890 but has not touch its ADR yet. It is looking good as PA is above it weekly pivot
60% of its weekly average raneg is near 1.4920, my first TP, that would give me ~ 100pips.


regards,

EMMANUEL

EURUSD Week23 4Jun trading:

Tokyo will open in about 50mins.
Today I see buying opporunity on D chart.
Intraday may retrace, so I look for how deep the retracement would be. .. 1.3610 was broken, now can be support if retracement.
If shallow retracement, then buy where PA is at Fib 38% and Fib 50%... look for H1 setup and use the ADR for target.




Trade Well.