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Trap the Market

  • #21
  • May 22, 2016 4:36pm May 22, 2016 4:36pm
GA weekly chart attached.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPAUD_Weekly_Top_Down_Outlook_May_22,_2016.png Size: 19 KB
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  • #22
  • May 22, 2016 11:50pm May 22, 2016 11:50pm
GA has rejected the DPP and testing the WPP. The RSI on all relevant HTFs, 4-hourly, daily and weekly is southwards; GA is bearish and the nearest significant barrier southward is around 1.98690s. Going short on GA.

See attached charts.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPAUD_Daily_Entry_Short_May_23,_2016.png Size: 27 KB
Attached Image (click to enlarge)
Click to Enlarge Name: GBPAUD_4H_Entry_Short_May_23,_2016.png Size: 22 KB
Attached Image (click to enlarge)
Click to Enlarge Name: GBPAUD_1_HR_Entry_Short_May_23,_2016.png Size: 25 KB
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  • #23
  • May 23, 2016 4:06am May 23, 2016 4:06am
Quoting KeenPips
GA has rejected the DPP and testing the WPP. The RSI on all relevant HTFs, 4-hourly, daily and weekly is southwards; GA is bearish and the nearest significant barrier southward is around 1.98690s. Going short on GA. See attached charts. {image}{image}{image}
My stop loss was hit. The WPP aligned with the immediate 4-hour support level and pa turned from it to the north. I'll wait to see what happens to pa at the next 4-hour resistance.

KP
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  • #24
  • May 23, 2016 4:23am May 23, 2016 4:23am
The GA market structure favors the bull. On the 4-hour tf, the bullish candles have been big and the corrective bearish candles have been very small for a long while. Much likely the bulls will still have their way this week. Besides, the alignment of the WPP with a strong support area\level on the 4-hour chart, together with an indicative role or level flip, may favor a bullish thrust.

KP
Do your homework, follow the footprints of smart money
  • #25
  • Edited 11:42am May 23, 2016 11:12am | Edited 11:42am
The DPP and the WPP on the GBPNZD appear to be acting as a confluence factor for a bearish push, more so with a bearish rejection candle formed in the zone and piercing the 20 EMA on the 1-Hour chart. Trade safe.

KP
Do your homework, follow the footprints of smart money
  • #26
  • May 24, 2016 1:52am May 24, 2016 1:52am
Quoting KeenPips
The DPP and the WPP on the GBPNZD appear to be acting as a confluence factor for a bearish push, more so with a bearish rejection candle formed in the zone and piercing the 20 EMA on the 1-Hour chart. Trade safe. KP
I made an avoidable mistake on this. I do make mistakes and my market analysis will not be right 100% of the time. But if I get it right 70% of the time, what I really aim for, I am OK with that. But yesterday's prediction on GBPNZD was easily avoidable. I use a top-down approach to market analysis, usually beginning with the monthly through the weekly and the daily, and ending with the 4-hourly, which is my set-up tf. I never use the 1-hour tf for analysis but for trade entry. But in the above case I mistakenly looked at the 1-hour chart which I had opened: I usually have two windows for each pair, one for analysis (weekly/daily/4-hour) and one for entry (1 hour/30 min). In my analysis, I started with the weekly but along the way I mistakenly clicked on the 1-hour chart. Earlier, I had analysed GBPAUD for a bullish direction, of course both GBPAUD and GBPNZD are correlated pairs, so should go the same way - somewhat. This post is not done to make me look better, only that the mistake was avoidable. In fact, if you look at the 4-hour chart, it was obvious that the pa was positioning for an upward push from the WPP. Trade safe.

KP
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  • #27
  • May 24, 2016 4:12am May 24, 2016 4:12am
If you want to successfully trap the market, your timing is key. Beyond price, timing is everything. You have to know when to wait and when to strike. If you enter a trade at the wrong time, you know the result may be detrimental to your account. To trap the market, S/R zones and other boundary-definition factors are important. However, it is very important to use the strong zone-definition factors or levels. I rely much on the zones defined from the weekly tf. But recently, I have seen that I am not getting much by way of trade entry because I wasn't incorporating fresh zones contemporaneous with my set-up tf, the 4-hour chart. This has led to my using wider sl or entering trade poorly. The solution? I now draw an S/R zone freshly created on the 4-hourly tf; then wait for the price to pull back to that level. Trade safe.

KP
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  • #28
  • May 25, 2016 9:12am May 25, 2016 9:12am
Once you map out the trade-stalking boundary, it is important to wait for the right signal and the right time to strike. Doing otherwise will lead to bad trading. Trade safe!
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  • #29
  • May 27, 2016 2:42am May 27, 2016 2:42am
I am watching EURGBP. I have framed a zone contemporaneous with the immediate 4-hour resistance zone above. However, if the pa tests the DPP and holds as support, I will go south on EG. Trade safe.

Attached Image (click to enlarge)
Click to Enlarge Name: EURGBP_Daily_Outlook_May_27,_2016.png Size: 19 KB
Attached Image (click to enlarge)
Click to Enlarge Name: EURGBP_4H_Outlook_May_27,_2016.png Size: 18 KB
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  • #30
  • May 27, 2016 3:06am May 27, 2016 3:06am
I am amazed at what is happening atm. All the pairs on my watch list - AU, EJ, EG, GU, GN, NU, and UC - are testing their DPPs. Trade safe and well.
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  • #31
  • May 29, 2016 3:06pm May 29, 2016 3:06pm
With the holiday in the GB and the US on Monday, together with low-level fundamental news, are we to expect low volatility and choppy pa tomorrow? Trade safe, trade well.

KP
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  • #32
  • May 30, 2016 6:00am May 30, 2016 6:00am
If you would do well trapping the market, you need to plan your approach to the market very well. You need to know where and how to frame the market, how you will track and stalk the market, and when and how you will strike to make the most of the best trade opportunity that presents itself. Imho, a lot of this would require using a top-down approach. What do you think? Trade safe, trade well.

KP
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  • #33
  • May 31, 2016 7:23am May 31, 2016 7:23am
Quoting KeenPips
If you would do well trapping the market, you need to plan your approach to the market very well. You need to know where and how to frame the market, how you will track and stalk the market, and when and how you will strike to make the most of the best trade opportunity that presents itself. Imho, a lot of this would require using a top-down approach. What do you think? Trade safe, trade well. KP
I am looking to short GU when pa rejects the DP. Trade safe.
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  • #34
  • May 31, 2016 7:42am May 31, 2016 7:42am
Tip: Mastering one method at a time is key, mastering one signal for good results pays.
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  • #35
  • May 31, 2016 12:09pm May 31, 2016 12:09pm
If the pa on NU confirms the pin bar just formed on the 4-hour S/R level for a bearish push, it will be time for a southward move imho. What do you think? Trade safe.

KP
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  • #36
  • Jun 2, 2016 1:24am Jun 2, 2016 1:24am
How could you successfully trap the market on a consistent basis? Operate within significant S/R zones.

KP
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  • #37
  • Jun 2, 2016 9:08am Jun 2, 2016 9:08am
Quoting KeenPips
How could you successfully trap the market on a consistent basis? Operate within significant S/R zones. KP
It is important to define and frame your significant S/R zones based on at least the daily TF. Trade safe.
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  • #38
  • Jun 2, 2016 1:37pm Jun 2, 2016 1:37pm
If you use too many technical indicators, technical indicators that do not perform complementary roles or use technical indicators as signals rather than as part of a few significant confluence factors, you will get stitched. Trade safe.
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  • #39
  • Jun 6, 2016 10:51am Jun 6, 2016 10:51am
EURUSD is at a weekly resistance zone but there is room for further northward move, USDCAD is making a bearish push through a weekly support zone, GBPUSD is retesting the weekly pivot which corresponds with a weekly resistance zone possibly for a further southward push. Trade safe.

KP
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  • #40
  • Jun 6, 2016 11:07am Jun 6, 2016 11:07am
One of the pairs I am currently watching is GN. If it retraces to the weekly pivot, which is in confluence with the immediate 4-H resistance zone, I will be disposed to go southward with it. Trade safe.

KP
Do your homework, follow the footprints of smart money
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