THE only Pattern

Still lots of considerations for GBP going forward...
http://www.forexlive.com/
"Court ruling won't derail Brexit timetable - Statement from Theresa May's office."
"If the case goes to appeal, and loses there, I believe we could then head off to the Supreme court for a final ruling."

Gbpnzd... Lived To Tell the Tale Novel.

Market threw a lot of tricks to try and get sellers into it, so they could power long on this pair..

I somehow managed to avoid selling this pair, due to looking at NZDUSD and GBPUSD.

Before a nice pop and move higher on this pair.



NZDUSD: Look while trading the GbpNzd


GBPUSD


While this is a good example for avoiding bad trades, it does not mean we can avoid every loss, however be alert, diligent and wait for the good setups..

Update.. this pair ended up 190 pips higher.. plenty of opportunities on the way there..

EurAud breakout trade with The ONLY Pattern

Regular price pattern that occurs in the market.


Really simple when you see it, really simple to trade..

Trading Asia breakout.. very simple to trade with and can help you get trades, but remember there is market manipulation so train yourself to get good trades, Cut losses quickly and Let profits Run..

USD Jpy part 1


Part 2


P,S
I have the indicator here, good luck ...

USDCAD Monday Trade review.

I normally don't look at daily charts for 5 min Single entry/single exit trades, but this week presented a special opportunity that fits with what atheer teaches here so I thought to share here.

USDCAD daily chart.


USDCAD 5min chart.


Price level was 1.33522, it bounced of it by the pip no less no more, I was astounded myself with this...

Avoid chasing big candles, don't be typical retailer that like's to run after everything.. say patient and wait for price to come to you and your A + setup to appear.

Hi Atheer! First post here.

Could you check if my analysis (of your UJ trade) below is matching your thought process? I also have few questions that hopefully you can shed some light

First, I look at D1 SR and I found a nice level with a lot of touches:



On Oct 28, price touch the level again, bounce away and close below as a big bearish bar. Nice sign of sellers winning the battle. So it's time to find a selling opportunity in H1:



In H1, I found yet another nice area of Support, after the big bearish bar, it should turn into a nice resistance level. On Oct 29, price open with a gap, closed immediately and price slowly move back into the SR area. This where where I put my alert, to let me know when price approach the proximity area. So when price arrived there, I'll start to look for The Only Pattern (TOP) in M1:



Price arrived at 10 level, huge spike up, and a pin bar. So I need to wait for a nice bear bar close below this bull bar. However, price didn't close below it, instead, it made new bull bars and finally a bear bar that close below the open of last bull bar. This is where I would enter with stop at the top end of the wicky green/bull bar, which is about 3 pips.

--------------------------------------------
Question 1:
Did you or would you enter here?
--------------------------------------------

Price move away and down to the minor SR area, then price flip back. If I use 1R breakeven or closing part strategy, I would have been either stopped out at BE, or stopped out at SL. I choose to close part at 1R, so the trade is going to close at the SL level.

Now price move up again, and going into the next level. At 10 level, price did the same spike up, and drop down. Another Top setup appeared, and there is my next entry. SL is about 5 pips to the top. So price traded down, and again, it got rejected from minor SR level.

Price move up and finally, a big spike (I guess it's a news) touching my SL at the top, and move down mercilessly without me.

----------------------------------------------------------------------------------------------------------------------------
Question 2:
May I know where did you put your stoploss initially?

Question 3:
Do you put like 2-3 pips space/wiggle room above the top to avoid getting stop out prematurely?
----------------------------------------------------------------------------------------------------------------------------

Since you said you will start a trade as a scalp and swing it if possible, I'm assuming that your stop should be small as well, like less than 10 pips or so. Then this lead to the next question:

-----------------------
Question 4:
When you get stopped out two or three times in a row at a level (but I believe your winrate explained you don't get such thing!), do you stop and look for new PA at higher/lower SR level, or just keep trading the next price action in M1?
-----------------------

From what I observed, using M1 TOP setup with tight stoploss (above/below the wick) could be like getting 1-3 stop out before I can nailed the one that really move the price. For example, on UJ at that 10 level on November 1st, there is two TOP setups to take:



I'll lose on that first one, and nail it on the next. Is this the common scenario that you get on daily basis?

That's it! Thanks for creating this nice thread Atheer1, your style of trading has some nuances that I like very much.

***your analysis of daily and hourly for this situation was very right
*** 1minute: for major level like that I like to watch the 1st reaction to the line which was in the rectangle you highlighted..............1st crossing candle of that 10 level is bull which is ok,but its upper wick was not crossing any of the fine 1 pip lines so not good.........then followed by a bear candle which is fine but what makes this bear not fine as 1st reaction is that it has had an upper wick with a high higher than the high of the bull candle which is mostly not good as 1st reaction...........so I considered bears at that level not satisfactory...........so I decided to wait for the next R at 20 neglecting all price action in between
***at the next level at 20 all things were fine as 1st reaction so I decided to sell at the rectangle and a little bit lower between 10 and 20
***I use the only pattern to scalp a move that is an established trend...............that may solve the puzzle of stop loss........and for major levels that are near the daily BB which I suspect as daily swing point I use a protective stop loss of 10-20 pips and not a hard stop based on one minute then if every thing gone right I move stop accordingly.............

sorry for short answer...........
Regards

Awesome! Thank you so much for your answer! It cleared up many things in my head
I forgot to use BB for analysis as I never use that indi. And the way you avoid that first touch in 10 level is brilliant. A fast spike up followed by slow retrace down often a sign of weak bear. Cheers man!!

buy usdcad from 1.34-1.3410

I am a buyer this week too. Looking for 1.3477 to take profits.. buyer from 1.33663..

Oil sudden pop higher.. hurting usdcad..

Aah! I have no been able to come here for some time so I didnt see your post.

Thanks for the advice and insight on how to trade this method. I definitely will follow.
Cheers.

USDCAD if this week closes bearish................may be it will be the turn of bears to swing it down

I think your right.. have 5 hours to decide weather to hold over the weekend..

For those that are learning this method, can i make a simple request,,, please post charts Of what your doing? lets us make some comments and help you trade this...

atheer1, please clarify: you either trade on H1 or M1 or you first look for R and S on H1 then switch to M1 for entry (top-down)? It shows that you have profile with all H1 charts and you have profile with all M1 charts? I passed through thread and couldn't make clear cut on this question.
Thank you.

yes pick the level from 1 hour chart...........then watch for price action on one minute at that level

Thank you...you have profiles for H1 and M1 because setup for HLs is different.

you chose pair to trade just by looking if there is crossing(line/wick)?...Is there any other indication/criteria that get your attention what to trade?