AS MENTIONED IN MY PREVIOUS IDEA. WAIT FOR BEARISH PRICE ACTION AT THE RECTANGLE AREA BEFORE RE ENTERING A SHORT INTO TREND.
SUPPORT TURNED RESISTANCE H4 50SMA RESISTANCE D1 20SMA RESISTANCE
SO AGAIN, BASIS FOR TRADING THIS IS BECAUSE ON THE D1 PRICE HAS BROKEN THE TRIPLE BOTTOM AND MADE A NEW LOW. THUS, IT IS ALREADY CONFIRMED BEARISH BIAS AND WE WILL ENTER AT FAVOURABLE PRICE ACTION NEAR THAT MARKED AREA.
D1 CHART FOR REFERENCE
SUBSCRIBE LIKE COMMENT MY IDEAS IF YOU AGREE OR DISAGREE.
Sorry for those who took this trade together with me. One loss trade every once in a while is imminent. Even when it looks highly likely that it will be a good trade. Will post new ideas next week when this USD mass selling ceases.
NZDUSD and GBPUSD looks pretty tradable for now.
moneymaking
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Hey price action, I agree with you. There are going to be loss along the path of trading but as a trader our FIRST and foremost job is to protect our capital. This as you know is achieved by keeping control of risk per trade. Having a small loss is much easier to handle and recover from than having a one big loss. It only takes one bad trade and poor money management to wipe out all the profit gained from the market. I have seen people having 8 winning trades without any loss and they gave all profit right back to the market on a one BAD trade. So our main goal should be to risk less and as you know most the trading is actually staying on the sidelines and entering only when you see money lying on the floor, just waiting to be picked up. So you really don't have to apologize for this loss. This website is about sharing ideas with each other and learning from other peoples mistakes BUT some people take this website as a single service kind of thing and those are the people that are highly likely to get their accounts blown up. I believe this website is for people who are truly 100% passionate about the market and are willing to put in the effort in trying to becoming a better trader day by day. Even though this was a loss, I am still with you and I believe in your analysis. So keep up the good work and I am 100% sure that there are more winners coming ahead.
So what's your outlook on NZDUSD and GBPUSD? Both NZDUSD and GBPUSD are testing their previous resistance levels. I think it would be a good place to short if the resistance level holds and we start to see bearish price action. What do you think?
PriceActionTrading
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GBPUSD will be a good short on touch. However, i am not sure for how long more the USD mass sell off will continue so we have to trade with confirmation, not sell on touch for now. Though 1.5000 is a good pyscho resistance level. I am stopping for this week now. Anyway, a pro trader once told me to not to enter a trade on friday as liquidity is lowest and banks will be closing out their trades as it is the last day of the week. So you do not want to be buying onto what they are selling, you get me? (taking the other end of their trade). You want to be taking what they are taking to make money.
moneymaking
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Agree, Friday is usually a slow day especially after 12 pm. But we might see some good movement before 12 pm due to high impact news out of US and ECB Draghi speak. We'll see how it plays out :)
crossmxn
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No need to apologize, most of us agreed on this trade. It's everyone "fault". :)
moneymaking
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Hey priceaction, Great analysis as always. Will wait for the pin bar. Thanks for sharing and Good Luck :)
PriceActionTrading
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Good luck mate. Always waiting for my pin bars.
moneymaking
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Pin bars are easy to find but the only problem is to filter out the bad ones from the good ones. That's why I just stick to price action movement :)
PriceActionTrading
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A good one is coming i guarantee it. The 50SMA is always a magnet for strong pin bar formation.
50SMA on the D1 is stronger though but we do not have the luxury of enjoying price reaching D1 50SMA for this trade, so we will have to do with the H4 50SMA.
moneymaking
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What I am worried about is that we did not get a Daily close below 175.77 level (previous daily support). And instead we got a bullish pin bar on daily at this key support level. Need to be cautious if wanting to short.
NZDUSD and GBPUSD looks pretty tradable for now.