Would this be another example of that entry technique? We've also got price rejecting a downwards sloping trendline.
Attached Image (click to enlarge)
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It is interesting to note that price is struggling at precisely the level I illustrated on my chart, the one that you rather poo-poo'd. Will it finally go on to break through, who knows?
My point is this. Of course, you will always have levels on charts, equally you will have areas of clear space. To me, it makes sense to try to trade into wide open spaces.
Looks like your level ended up holding Jack
I guess that doesn't help my argument very much lol - but hey if that support level is breached, which it probably will be because that looks like some serious bearish pressure... then I will be watching for any sell signals to develop off the underside as it holds as new resistance.
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The EURAUD bearish trade we've been talking about here actually hit 1:4 last session *cash register sound*
If you're interested here is a post about some of the other price action setups we've been talking about on the site and in the war room....
VERY CLEAN PRICE ACTION SIGNALS FOR SWING TRADERS – RECAP
If you're interested here is a post about some of the other price action setups we've been talking about on the site and in the war room....
VERY CLEAN PRICE ACTION SIGNALS FOR SWING TRADERS – RECAP
Obsessed with Price Action Trading, Swing Trading & Breakout Strategies
- #470
- Mar 7, 2015 3:56am Mar 7, 2015 3:56am
- Joined Dec 2010 | Status: Never Stop Learning | 7,326 Posts
{quote} {image} Looks like your level ended up holding Jack
Hi DnB;
I hope you don't mind my interpretation of how I look at things.
I find by highlighting a Weekly failure to make a New High or New Low can help when Trading the Daily TF.
After a Daily Breakout from these Weekly Levels look for PA that will confirm the Breakout.
Be aware, when taking a Trade, wether you are Trading with the Longer Term Bias or against it this will determine the TP that can be expected.
No problems Steve.
Check out where the S&P is sitting right now, will it cave back into the range?
The S&P has recently broken out of range-bound conditions and make a leg up into new highs.
Last week, we seen the market come down off those new highs in a bearish counter trend correctional move. There has been some serious selling action in this correction which is typical on the S&P where you see bearish markets trigger panic.
Last session the market found support back at the old breakout level, where for now is holding as support.
The indecision doji candle that formed here did close with some bullish tone it the body. If the upward momentum is to stay intact, this level really needs to hold as support.
If price breaks the doji high, we could see the uptrend resume, but if it fails and the lows are broken the market could fall back into the range and head down to test the support level.
www.theforexguy.com
Check out where the S&P is sitting right now, will it cave back into the range?
The S&P has recently broken out of range-bound conditions and make a leg up into new highs.
Last week, we seen the market come down off those new highs in a bearish counter trend correctional move. There has been some serious selling action in this correction which is typical on the S&P where you see bearish markets trigger panic.
Last session the market found support back at the old breakout level, where for now is holding as support.
The indecision doji candle that formed here did close with some bullish tone it the body. If the upward momentum is to stay intact, this level really needs to hold as support.
If price breaks the doji high, we could see the uptrend resume, but if it fails and the lows are broken the market could fall back into the range and head down to test the support level.
www.theforexguy.com
Obsessed with Price Action Trading, Swing Trading & Breakout Strategies
EURCHF looks very flat on the daily chart, but indeed we could see a breakout from those Inside Weeks. But I generally like to play my signals from the daily chart.
I wouldn't be too keen on trading against the trend on USDJPY, you may catch a correction there but at the moment the market looks bullish. it's just broken upwards out of a consolidation pattern which generally follows through with good movement. But hey, it's FOREX, anything can happen right
One of the things we look out for after consolidation breakouts, is the re-test of the breakout level. It’s here we target ‘breakout & re-test’ type signals
We’ve got something here today on the USDJPY daily chart, but it was not as convincing as I hoped it to be at the New York Daily Close.
The candle didn’t have a very strong close, and actually closed slightly negative for the day. Generally the strong signals will have a strong close in the direction you’re aiming to trade.
I am not writing this off, the locations is perfect, the signal is a little weak. So it’s just missing some elements to be that text-book perfect type setup.
Traders could look for breakout entries here to confirm bullish breakout momentum. If the setup does play out, we could see a nice long extended up move as the weekly chart plays out another cycle of it’s consolidation -> push -> consolidation -> push pattern.
I wouldn't be too keen on trading against the trend on USDJPY, you may catch a correction there but at the moment the market looks bullish. it's just broken upwards out of a consolidation pattern which generally follows through with good movement. But hey, it's FOREX, anything can happen right
One of the things we look out for after consolidation breakouts, is the re-test of the breakout level. It’s here we target ‘breakout & re-test’ type signals
We’ve got something here today on the USDJPY daily chart, but it was not as convincing as I hoped it to be at the New York Daily Close.
The candle didn’t have a very strong close, and actually closed slightly negative for the day. Generally the strong signals will have a strong close in the direction you’re aiming to trade.
I am not writing this off, the locations is perfect, the signal is a little weak. So it’s just missing some elements to be that text-book perfect type setup.
Traders could look for breakout entries here to confirm bullish breakout momentum. If the setup does play out, we could see a nice long extended up move as the weekly chart plays out another cycle of it’s consolidation -> push -> consolidation -> push pattern.
Obsessed with Price Action Trading, Swing Trading & Breakout Strategies
The markets have been very slow to kick off this week, Wednesday is usually a good mover. The market seems to be hanging out for the FMOC statement, which can generate more volatility than NFP at times.
Due to the quiet trading start to the week, the market has taken pause here and created a double inside day setup on the daily chart of the USDCAD.
Double inside days are a nice catalyst for strong breakouts and one of my favorite setups. If the Fed statement supports a strong USD, we could see this market explode upwards out of this consolidation pattern.
Just make sure you’ve got your money & risk management hat on for this one in case it doesn’t play out your way.
www.theforexguy.com
Obsessed with Price Action Trading, Swing Trading & Breakout Strategies
Well the fed really destroyed the USDCAD chart last session, that one was definitely a wipe out. I usually advise traders to only take breakouts on USDCAD in the New York session since both currencies are from active economies in that timezone. Anyone who took the breakout from the opposite end of these double inside days would have a big smile on their face lol.
Some pairs like the EURUSD seen new year highs in volatility.
Check out EURNZD, a market which wasn't really churned up by the volatility...
Most markets look like a bit of a crime scene after that volatile event, but the EURNZD actually didn't get shaken up too much - with the trend remaining pretty stable.
An indecision candle which is positioned right at a swing level here in the trend has just seen it's lows broken. If price continues to weaken from the Doji breakout we could see this market make it's next reach down into lower lows.
www.theforexguy.com
Some pairs like the EURUSD seen new year highs in volatility.
Check out EURNZD, a market which wasn't really churned up by the volatility...
Most markets look like a bit of a crime scene after that volatile event, but the EURNZD actually didn't get shaken up too much - with the trend remaining pretty stable.
An indecision candle which is positioned right at a swing level here in the trend has just seen it's lows broken. If price continues to weaken from the Doji breakout we could see this market make it's next reach down into lower lows.
www.theforexguy.com
Obsessed with Price Action Trading, Swing Trading & Breakout Strategies
I haven't had much to talk about lately with the markets being so churned up. Most major pairs falling into violent consolidation...
I also missed a good trade on the GBPCHF... no retracement entry...
I also missed a good trade on the GBPCHF... no retracement entry...
Obsessed with Price Action Trading, Swing Trading & Breakout Strategies
