₦airaland Forum

AwesomeDuru:
EURNZD and GBPNZD looks like a sell now. But I will be staying on the sidelines if two big bosses like you and Pipnator have a Buy Bias.

I'm looking at USDCAD too. I'm waiting for a pullback to join the buyers.

Big boss? ��
Not a boss at all
I just started learning like you too. I just post my opinions. What I see. Sometimes they are wrong.

USDCAD looks up. But like pipnator noted, there is a high impact news coming up. Better to wait until after then to see what happens.. Interest rate decision for CAD.

PIPnator:
USDCAD at major resistance.
We see what happens today close to or after the CAD interest rate decision today.

Alright. Thank you.
Will be waiting to see what happens.

PIPnator:
EURNZD
The way I see this now,we may likely see a breakout to the upside.
NZD is weak and fall and this is likely to shoot up.
However all options are on the table. Buy/sell depending on what price does.

EURNZD... I am also watching it. Also waiting to see a clear direction. Thank you for the update.


USDCAD... Looks like that one has left me behind . It's unrelenting for now. Was unable to find an entry. Well, we move.
Maybe it will still give me a chance.

PIPnator:
Right. We both get/understand it.
Flexibility is key.

Forgot to add..
Biko drop the "sir" when you refer to me.
I prefer just Pipnator.

Bro, I have heard o

PIPnator:
EURNZD..
If im to add this to my watchlist, I will be looking for a sell.
Note, a buy might happen. We look at chart and see different things based of what/how we trade.
Buyers make $$$. Sellers make $$$ too on same chart.

Back to the chart..
You see the red circles, price is consolidating. When you check past price action, whenever price consolidated as seen in the red circle, it falls.
Also, the past 2 daily candles (last Thursday and Friday) failed to break the resistance. It tells me that area is strong and price is finding it hard to break out from it. So I will consider a sell before a buy.

Yes. It is why I included that for a buy to happen. One should wait for a break of the trendline. Infact one must wait for a break of the trendline. Then wait for correction.. And then buy on the breakout from the correction. Like I say.. One must be rigid when it comes to entry criteria. One must always wait till all criteria is fulfilled. A simple waiting for the criteria to be fulfilled will prevent a wrong trade in this instance. Because if the trendline holds.. Then, according to the criteria, we can't buy for now.
We have the same trendline. I was thinking it would be broken.
You think it will not break it and it will hold as resistance. Which may be absolutely right. Because truly, there could be an opportunity to sell. At the end of the day, it's what the market offers that one has to follow. Buy or sell.. The market will go its way. We just have to adjust quickly.
Thanks bro.

AwesomeDuru:
Pipnator

What are your thoughts on GBPNZD and EURNZD? Bullish on both?

EURNZD
Here is what I think.
I have a bullish bias. Again, just my opinion.
I also think it's a matter of finding the right buy setup and entry. A break above that trendline, then one should wait for a corrective structure, then one should buy at the break of the corrective structure.
Let's see what happens.

bojbest:
Happy new week bro, Usd cad is ranging{up trend continuation flag pattern}. please share your analysis because I'm seeing a buy if price can break above 1.33046

I also think it will go up. I think it's a matter of waiting for the right entry. If I find a setup to enter. I will post. Also I will be waiting for a break above 1.3310 area before starting to look for a buy setup. Infact, there is a double bottom. And 1.3310 is my neckline area.

PIPnator:
Bro..will go with you analysis on this one.
You can see the double bottowm. Price broke out (blue arrow) from the resistance and made a retest of the break out area. At the moment, price is consolidating on the resistance turned support. Hopefully and most likely it will shoot up to the nest resistance.

~But for this pair, na to use patience sow cloth and wait. It only ranged between (about) 55pips in the last 2 weeks just like wetin EURUSD do me. Everly will be watching it based on your analysis.

Thank you so much for the compliment.
A confidence boost.
Hopefully the pair moves decisively in the desired direction.
With EURCHF, I think the issue is CHF was quite strong for a while.
Opened a long position two weeks ago or so on EURCHF. Had to close manually. It wasn't particularly going anywhere, Infact at times looked like it would drop or even started dropping.

PIPnator:
No p bro'
Will try as much to post the white background charts.
Just that some times, the black background is more convenient.

But better refer to me as PIPnator.
You don ever see where student dey call him fellow student, Oga/Sir?

Thank you. I will probably get used to the black background with time. Thank you for the charts @PIPnator. They are helpful.

EURCHF
I have enough reasons from a technical point of view that if the upper trendline is broken.
Up we go.
We should see 1.1470, then 1.1650 longer term...
But then what do I know?
You could look at the pair maybe you will find a setup.

PIPnator:
EURCAD..
Possible..

Oga @PIPnator.. These white background charts are easier to read, see and follow for me than the black background ones. If it is convenient for you to post these ones and nobody else prefers the black one. Please sir.. Help with the white background charts.
Signed : One of your fans.

kozmicity:
Please I have some questions to ask concerning the broker you use (FXTM)... should I go ahead?

I don't use FXTM for live trading again.

kozmicity:
Thanks a lot man, I always open my demo accounts directly from the metatrader platform, I'll try this... once again thanks!

You are welcome.

EURJPY
Clean set up.. Simple too. Price broke the descending trendline. And the resistance (125.6 area) too. Next resistance (127 area) was like 100pips away to the upside.
One could have dropped to one hour chart for an entry.. As shown in the 2nd picture. The arrow around the break of that one hour trendline. It's what I did on the demo trade I took.
3rd picture.. A couple of pips away from target.
Essentially.. Price retested the trendline and broken resistance at 125.6 area (they held as support) and headed for the 127 area resistance.

kozmicity:
that's my broker, but it wasn't there... the $100 demo funds credit option I mean.

When you log in my FXTM. Go to 'open an account.
Click on demo....
It should bring this...
I already edited to put 100 in the balance

kozmicity:
Lol... I checked almost 50 brokers on metatrader, and none of them offered me demo funds of less than $3000 ... I just opened a naira account and chose 25000NGN since its kinda close to $100 value..

You can help me with a broker if you know one please..

FXTM.. Allows you to do that. Select dollar as the currency for the account. I am very sure FXTM allows you open a demo account of $100

PIPnator:
I guess thats the news that caused the big drop of AUD.
Terrible drop.

Yes sir. That's it
Or maybe a part of it.

PJAMES1:
I remember talking about AUDCAD. And I explained why the best entry would be at that arrowed pinbar.
Look at the chart now... Looks beautiful..
Another demo trade.
To be honest.. Won't say I completely knew what I was doing entering at the price I did yesterday. I still don't know whether to just close or leave it to hit tp.
Could be fluke or sth.Even so when one considers that this today candle's move is probably fundamentally (news) driven. Let's say one had a sell price-action signal such as another pinbar or bearish engulfing pattern at that fourth touch (0.9446 area) of the trendline, would have been a perfect trade.
But then I think the charts serve the purpose of part of why I post. Could be of a little benefit to just starting to look at charts.. Especially if it's just price action they do.

Closed the trade. For about 110 pips.
RRR.. About 2.3
That's the news I was talking about.

PJAMES1:
AUDCAD
Price is currently trading more than 70 pips below the price level as at the time this call was made. The next key level to watch in my opinion is the 0.9367 area.
I expect more downside move.
Note the pinbar on the diagonal resistance line. The one at 0.95310 area. Also the setup looks like a symmetrical triangle. And the pinbar was formed at a retest after a break out of the symmetrical triangle. Also looks like a diagonal H & S. The pinbar would have been the best place to enter the trade. One would be in profit of more than 100 pips now if one entered after that bar.
Overall bias is still bearish. But there could be some correction now.
For any setup you identify, Always be patient till your entry criteria is met.

I remember talking about AUDCAD. And I explained why the best entry would be at that arrowed pinbar.
Look at the chart now... Looks beautiful..
Another demo trade.
To be honest.. Won't say I completely knew what I was doing entering at the price I did yesterday. I still don't know whether to just close or leave it to hit tp.
Could be fluke or sth.Even so when one considers that this today candle's move is probably fundamentally (news) driven. Let's say one had a sell price-action signal such as another pinbar or bearish engulfing pattern at that fourth touch (0.9446 area) of the trendline, would have been a perfect trade.
But then I think the charts serve the purpose of part of why I post. Could be of a little benefit to just starting to look at charts.. Especially if it's just price action they do.

redsox11:
What PJAMES1 is saying/ teaching us, whenever you get your entry signal, could be Bullish , Bearish outside bar or Pin bar "AT THE RIGHT PLACES". Don't enter the trade right away, wait for 50% retrace on the entry candle.

This helps lowering your SL and increasing your TP. You will miss some trades too, the ones that move in your direction without 50% retracement.

Yes sir.
At the right places. Cannot be overemphasized. Like there is a buy or sell setup one has in mind already and then the pinbar or engulfing pattern forms at that important resistance or support area one has been looking at.
It's not every pinbar or engulfing pattern that one trades o. One must put everything in context of surrounding price action and all.
Again.. AT THE RIGHT PLACES
Thanks boss.
Nb:
What I refer to as engulfing pattern is what the boss called outside bar. They mean the same thing.

AwesomeDuru:
The 50% retracement you talked about is on Fibonacci right? I agree with you, I have read quite often that the 50% and 61.8% are very sweet sweet zones to look out for.

I am not talking about trading fibonacci retracements as such. I will explain with these diagrams. There are traders who use pinbars as entry signal. Some enter at market price after the pinbar formation. Some would wait for the break of the high/low of the pinbar. Let us assume I wanted to make an entry following that black pinbar in the first picture (not a perfect pinbar, but let's just say it's a pinbar) below. I can enter at whatever the market price is whenever I am sure the candle would end the day as a pinbar. I can decide to wait till price breaks the high of the pinbar.
Or the last method. A 50% retracement entry.
So I draw fibonacci levels on the pinbar. That specific candle. Like in the 2nd picture. Then put a buy limit order at 50% (price will be at 1.0000). In this case it will be filled because price came down. In some other cases, one misses the trade.

The USDCHF I talked about. I took the bearish engulfing pattern as an entry signal. But I bought at market price (1.0045). Now let us see what happens if I had used a 50% retracement entry. Again I would draw fibonacci levels on the engulfing bar.. Then place a sell limit at 50%. So now entry would have been 1.0070. 25 pips higher. Considering my stop would have been the same essentially. Some pips above the high of the bearish engulfing candle. The 50% retracement entry would have been much better.

Last picture shows the problem with the entry. Price may not retrace at all and you miss the trade altogether. See that pinbar, there was no retracement at all. Let's say I wanted to trade that using the method. I would miss the trade.
Is this a bit clear?

AwesomeDuru:
Yes boss. GBPUSD closed at Break even. I didn't like the candle that was forming so I moved sl to BE and now it has been taken out.

USDCHF is still open though. If sl is taken, I would lose very little (22 pips - $2.20). This is why entries should be fine tunned to ensure good RR.

I still have a bearish bias for USDCHF unless last LH is taken out conviniently. Which other pairs are you looking at?

Exactly.. A good entry is very important. Did you see my post on a 50% retracement entry. I know it might not be part of how you trade.. I mean engulfing pattern and all. But check out the difference if one had entered at that point... Works for pinbars too.
I moved the stop to BE. I am hoping it bounces down the zone of the trendline(s). I still have a bearish bias too. Trade based on a daily setup. Still looking doooown but what do I know. One has to adapt to whatever the market is saying. Let us wait and see what happens.

PJAMES1:
Essentially saw this setup somewhere. Then, drew on my charts. It's a very good and beautiful price action setup. One could learn a thing or two.

1st picture.. Shows an ascending trendline with the first touch in December 2017, 2nd touch in September 2018. Our focus is on the 3rd touch in December 2018.

2nd picture shows our focus. When it touched the trendline the 3rd time. There was a bullish engulfing pattern. Also notice the place was a confluence of 2 supports. The ascending trendline being one, then the descending trendline of the downward movement that started in October/November 2018.
The bullish engulfing pattern signaled an upward move. This upward move led to a breakout of the descending channel. Entry after the bullish engulfing pattern would have been a good entry and would have fetched about 250 pips.

The upward move that followed the bullish engulfing pattern is now at an important resistance area.. A bearish engulfing pattern formed yesterday. Could this be signalling a downward move to test the ascending trendline for the 4th time?
Let us see what happens....

Re. USDCHF...
The 2nd picture is a Demo trade but the two pictures give me an opportunity to talk about a 50% retracement entry.
1st picture showed the formation of a bearish engulfing pattern. I essentially took the demo trade at market price after I was sure that candle would end the day as a bearish engulfing pattern. Not the best of entries. Sigh, I need to really finesse my entries.

But a 50% retracement entry would have been far better. And would have given a better entry.
A sell limit order at 50% of the engulfing candle would have been a far better entry. Price did retrace up in the next candle and the order would have been filled.

The problem with this kind of entry is price may not retrace at all. And one misses the trade. But when it works.. It can be great.

Again.. Let's see if USDCHF will continue downwards.

NZDCAD.
I think it will go down. Let's see what happens.

BullBearMkt:
...gold desperately looking for direction in H4 channel. Will there be breakout above upper channel/breakdown to lower channel today?

On 8th February, @BullBearMkt posted a 4 hr chart of gold in a descending channel. It broke out to the upside.
Here is my interpretation of what happened after it broke out of the descending channel.
Overall target would be the inception of the descending channel (The upper resistance line)
There was a retest of the upper trendline of the descending channel and the formation of a bullish engulfing pattern. This would have been a good place to buy. The first target would be the area of lower resistance line. Price hit the first target, reversed and completed a triple bottom following the reversal.
Then finally a rally, that eventually got the price to the final target.
It also looks like the 1st bottom to third bottom looks like a ranging market. And a break to the upside happened during the rally to final target.

Update NAS100
Price is moving (slowly though) towards the overall target I had in mind when 1st picture was taken, as shown in the 2nd picture. About 140 pips up from the first picture.
We could see price reach the 7350 area as long as the trendline holds. A daily close below that trendline however may change my bias and may negate the bullish outlook.

EURCHF
Daily.
Personally, I have a bullish bias.

Essentially saw this setup somewhere. Then, drew on my charts. It's a very good and beautiful price action setup. One could learn a thing or two.

1st picture.. Shows an ascending trendline with the first touch in December 2017, 2nd touch in September 2018. Our focus is on the 3rd touch in December 2018.

2nd picture shows our focus. When it touched the trendline the 3rd time. There was a bullish engulfing pattern. Also notice the place was a confluence of 2 supports. The ascending trendline being one, then the descending trendline of the downward movement that started in October/November 2018.
The bullish engulfing pattern signaled an upward move. This upward move led to a breakout of the descending channel. Entry after the bullish engulfing pattern would have been a good entry and would have fetched about 250 pips.

The upward move that followed the bullish engulfing pattern is now at an important resistance area.. A bearish engulfing pattern formed yesterday. Could this be signalling a downward move to test the ascending trendline for the 4th time?
Let us see what happens....

CADCHF
Weekly.

priceaction:
Bro check daily nas100 candle, pin bar loading downward to continue downward trend. It may mean something south in large quantities.

NAS100
I checked Weekly chart too
Last week was a pinbar at 61.8% retracement level o
Hmmm

priceaction:
Bro check daily nas100 candle, pin bar loading downward to continue downward trend. It may mean something south in large quantities.

Thanks boss.
I just checked. It's a possibility. I checked US30. Looks bearish long term.. I have two close support lines very close by. One horizontal and the other diagonal. If it breaks both.. I will change my view to bearish

jammer777:
Still holding the sell trade, test of patience...

I expect it to go down too.. But that 0.9367 area might prove stubborn. Nevertheless, I expect it to break the area and go down.