took 35 pips out of it, 2.2%, sell order was placed before I went to class, news coming in 25 minutes. it can go either way....only one trade today.
Done.
Trendline Trading Strategy by Myronn vs Tom Demark Trendline
took 35 pips out of it, 2.2%, sell order was placed before I went to class, news coming in 25 minutes. it can go either way....only one trade today.
Done.
Hi Fugazsy. I hope you had a pretty good weekend. Ok so I just scanned the charts this evening and I have 2 possible set ups forming on the EUR/JPY and AUD/USD. By the way how many pairs are you watching (out of curiosity)? I watch 18 pairs. Coming back to the 2 opportunities. Please correct me if I'm wrong. Let's have a look at the EUR/JPY pair first. Screen Attached.
EUR/JPY Reasons for going short on the 4 hour TL (entry on the 1-hour chart)
1. Throughout the previous week, the bulls were trying to break the 114.00 level but they have failed on 3 occasions. It happened repeatedly on the 4 hour downward TL.
2. Also, It looks like the previous level of support turned resistance is holding up.
3. Shooting star formed just at the top of the 4 hour TL.
4. The pair is also strongly overbought following the large bull candle.
AUD/USD (Screenshot below). I just want to point out that I am going to be careful here as the decision rate in Australia is coming out on Tuesday.
Reasons to go long on the break of the 1 hour resistance
1. Break of the 1 hour TL.
2. Retest of the resistance turned support level,
3. Bull Flag forming.
It would be great to see your take on those 2 charts, as I would like to see what have I missed if I missed anything.
Thanks
David.
EUR/JPY Reasons for going short on the 4 hour TL (entry on the 1-hour chart)
1. Throughout the previous week, the bulls were trying to break the 114.00 level but they have failed on 3 occasions. It happened repeatedly on the 4 hour downward TL.
2. Also, It looks like the previous level of support turned resistance is holding up.
3. Shooting star formed just at the top of the 4 hour TL.
4. The pair is also strongly overbought following the large bull candle.
AUD/USD (Screenshot below). I just want to point out that I am going to be careful here as the decision rate in Australia is coming out on Tuesday.
Reasons to go long on the break of the 1 hour resistance
1. Break of the 1 hour TL.
2. Retest of the resistance turned support level,
3. Bull Flag forming.
It would be great to see your take on those 2 charts, as I would like to see what have I missed if I missed anything.
Thanks
David.
Attachments
Hi David
I do not trade ej but I trade au.....chart is coming
I only trade 10 pairs GU, EU,GJ,UJ,GA,EA,NU,UC and EC.
Blue horizontal line is the begging of the month: slightly bullish, prices went very high and very low.
Previous week slightly bullish and again prices went very high and very low.
Last couples of days we had a bear day and a slightly bull, prices went lower (3 pushes down also a double bottom bull flag with the low of the week) Following me?
What happened in this month? We had a bull a bear and now a bull where bears broke a few major trend lines after a wedge, is this bull channel a flag of the previous bear?
Previous week slightly bullish and again prices went very high and very low.
Last couples of days we had a bear day and a slightly bull, prices went lower (3 pushes down also a double bottom bull flag with the low of the week) Following me?
What happened in this month? We had a bull a bear and now a bull where bears broke a few major trend lines after a wedge, is this bull channel a flag of the previous bear?
Attachments
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now before I post my chart close to price I want you to understand that there high probability set ups and many other set ups, for the little I understand H/P set ups are: (1)Major trend reversals, (2)high 2 bull flag/low 2 bear flag in s a strong trend and (3) Fading the new extreme in a range market.
It will be helpful for you to try to spot them on my previous chart and get back to me on that.
It will be helpful for you to try to spot them on my previous chart and get back to me on that.
By now I have an idea of what has been but I am very careful no to biased, because if I am biased my view will be narrowed....
Close to price I draw my trend lines and trend channels lines (remember prices travels always in channels)
Here I am looking if my favorite patterns will develop. Did you study them?
NOW, There is Break out of Trend channel line with a bull trend bar followed by a pause bar (flag), a test of the previous day high (slightly bull day went lower) , a possible double top bear flag, just above there is the major TL broken.....
Lets see...
Close to price I draw my trend lines and trend channels lines (remember prices travels always in channels)
Here I am looking if my favorite patterns will develop. Did you study them?
NOW, There is Break out of Trend channel line with a bull trend bar followed by a pause bar (flag), a test of the previous day high (slightly bull day went lower) , a possible double top bear flag, just above there is the major TL broken.....
Lets see...
Attachments
Hi Fugazsy touching on the AUDUSD, the analysis I posted yesterday. There was a triangle forming or pennant forming (continuation pattern). It also broke the support level and retested on the 15 min chart successfully. In my opinion it would be to go long on the pair as they long term trend is still bullish.
I lost you there when you said you would like me to analyse the chart and If I can spot the opportunities which chart are you talking about?
Was my AUDUSD analysis good or not?
P.s
I studied those patterns in the past, just answering your question from the previous post.
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That is a bit too strong for me.......
Yes your analysis is good but I would not take it. Why? I explained it before in my previous posts.
How do you determine the long term trend is bullish?
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Anyway, I suggest you carefully study all my previous posts and make a search and study the patterns together with the best probability trades I mentioned.
If you find them valuable after you carefully studied and practice them then maybe we can chat again.
Fzsy
Hi. I will study them... maybe we can chat again in the future.
and here we go:
A major TL break, a trading day reversal in combination with a wedge or 3 pushes up.....
