Beyond the Candles

And the 2nd scenario. This is an early entry with closer SL and much bigger profit potential. I would like to hear fxgroup's comments about how valid this entry is

Ponchofx,

EURHUF I guess price was rejected from W levels, but M strong bullish, so nw we need to wait for more information to close W above 310,31 to see move up again. Thats my short notice based upon my datafeed.

Helloooo! can u see what i'm seeing on the GBPCHF Wkly & Daily charts?
WPD;
Wkly = trending up: closed above most recent R
Daily = price retraced to the wkly R turned S & dropped a bullish PB.

Wake up. its time to trade. but today is Friday.

Thank u fxgroup
Chris

I think it's too early yet to trade GBPCHF. I prefer to see a M close above R since this is a M RM and last month P failed to close above R which means M RM is still valid. I would wait to see this M close - if it's above R then I will wait for confirmation. If it stays within the RM then I will trade the RM. I will wait for the sellers to take out the most recent low and TL on W and then upon D confirmation look for short opportunity.

Hi Dariusz,
Note that this example refers to the beginning of June when P was around 302. Now at this level you are pointing it's time for MM

Hi Ponchofx,

@EURHUF, If you handling with long position I would close partly(half of it) at this point, but rest of it let run freely up to M R level. Of crouse if price cl abv W R.

Anyway nice and clear outlook.

Thanks Dariusz for your input!
Now EUR/CAD is setting up nicely for a long trade but we have to wait for confirmation


Now here is my question: On D do we have to wait for RET to M level(purple line) for confirmation or RET and bullish PA at DS (see next chart, yellow line) would also provide confirmation for a valid entry.

I hope fxgroup would also share his thoughts on those examples I posted

Hello Fxgroup and everyone here. Can you guys help me how to label at the Left Horizontal line with etc "M"?
I tried to edit at the Horizontal Properties - description.... but nothing appear at the MT4 chart.
Thank you very much.

Tp-link,

You can do it in three ways:
1. Horizontal line properties type M as description and then show it visable on all time frames or any specified TF.
2. MT4 look at insert bookmark - you can chose insert TEXT icon.
3. Download free "Jet screenshot" software to make screens of your platform and describe screenshots.

Thx for your replied Dariusz. Is there anyway that if i drag the horizontal line, the label description will follow the line? just wondering...
Maybe some kind of script?

Yes, of crouse description should be any place you move horizontal lines.

Found the error. Common properties must be TICK.

Don't forget, HUF is an exotic instrument, do not treat it as the EUR. At the weekly level you need to wait for better entry signal. When you find a pinbar withc try to break below the level and close above it, you have the signal to enter. The market say, no way down.

I agree, the first scenario is much more conservative and reliable. But since fxgroup sometimes uses inverted PB as confirmation I was wondering how reliable they are compared to the classic PB. Fxgroup says we have to learn to read beyond the candles and my reading is this: market is in correction, it makes new lows but the distance between them is very small, the rallies instead are deep(more than 50% of the swings). That means that bears are having hard time gaining ground. Then the P reaches major S+ WTL and stalls. For 3 consecutive weeks it cannot break below, P is in acumulation. The 2 consecutive IPB to me mean that the buyers are probing the market to see how strong the sellers are (probably the big players are positioning themselves with small orders to get filled at a good price cause if they placed huge buy orders they would scare the sellers off and get filled at higher level). Note that the second PB makes a HH. As Beertje has pointed out HUF is an exotic currency and therefore not a very liquid market.
Anyway, the fact that the direction is with the trend, the IPB are at confluence makes me think that the trade is justified, given that we get entry signal on D. Again, like Beertje said it's not a crystal clear set up, the first scenario is more reliable, though less rewarding.

EURCAD

The hollydays are gone so now back to work !

This is how I see the the EURCAD in an overall picture :

Thanks Fxgroup, the AUDCAD is printing a nice candle on monthly at good place too...

Thanks from me as well, I was watching this area too in EURCAD.

Here is Weekly, I see a bullish engulfing at this support area, which has no real strength so far / in terms of follow-through ). If Price does drop beneath, we have to be very careful, it was a resistance/support switch area, and we have to be careful if a real further down swing is initated, or just a spike in order to get at the stops of the bullish engulfing candle buyers....wait a bit would be my advice.

Great to have you back fxgroup, now you can correct our charts and tell us to return to clarity and simplicity !

M.

Hi Thenew...and welcome to the thread !

You right ..the AUDCAD wants to put a buyers information to a very important level and I am expecting to see a RM forming betwen 1.0050 and 1.0320...but all this anlyse ( very important ! ) only with the M cande closed !

I am sorry if this has been discussed before. I was reading through the thread and I have a question.
quote: "This - as said above - involves another FXGroup method called "Daily". It's a fairly high risk method though so not suitable to be used by new and even "medium experience" traders".
This is taken from DFUMAGALLI'post a couple of years ago. Is there any other methods by fxgroup and if yes where can I read about them?
Thanks