We have reached a deep point in the retrace of the GBPUSD move, and hit an area that tends to be somewhere people lose money.submitted by whatthefx to Forex [link] [comments]
We are now trading at the 50% fib, and forming some short term reversal looking patterns here. It might reverse, but it's more likely it will stall at the 50%, make a false sell off and then spike out these early sellers and then reverse from the 61.8%.
I explained this 50% - 61.8% spike out trap in this post https://www.reddit.com/Forex/comments/cko0d1/shorting_noobs_tweaks_improvements_and_parabolic/ (and others in that series in more detail)
A forecast of this specific GBPUSD move to this point was made in this post, as well as explaining in a lot more detail how we can see this is a likely scenario before it happens based on commonalities in moves that have formed like this after a trending move. https://www.reddit.com/Forex/comments/ctifde/forecasting_the_end_of_major_corrections_and/
This is a good time for us to do two things.
1 - Set small pending orders on the level, just in case it pings it and then crashes quickly.
2 - Set alerts on this level so we are told when price meets there. Then we can use price action confirmation strategies to enter into moves with less chance of being whipsawed (because, remember, this level usually spikes us out if we are arbitrary in it's use. No easy meals in the market. It'll shake you out if it can.
We are looking for classic things. Double tops. Pin bars. Engulfing candles. 1 tick trap spike outs. All of these sorts of things on 15 min and 5 min charts on this level give us a 10 pips stop (20 if you want space) and we have at least 30 pips to the low (target one). If we are to continue trending we should see the next fall dropping at least 50 pips from the entry. Good trade. 1.1986 is the area we have the first big risk of a retracement, this seems like a good target area.
From there, if we bounce a little, we can scalp for a slightly lower low around 1.1820. Then we stop selling. This is a strong risk of a bounce against us area. This is probably where I look for buys on the GBPUSD.
Remember the price action should look strongly bullish as it meets the 61.8 and possibly spikes it out a little bit. It is a horrible place to buy. Prepare, and do not panic. That's the only real secret to profiting in the market, IMO.
A Range Bar Chart (RB) is a specific chart that depends on the price change and is independent of the time at which this change occurs, because successive candles called in this case range bars have the same size in pips (determined by setup parameters of the script generating the chart). In case of traditional charts using Japanese candles, the size of the candle shows what happened to the ... 10 Best Forex Engulfing Candle Chart Pattern indicator Download Free. December 25, 2019 Indicators. Engulfing candle A bearish engulfing sample is a chart sample that consists of a small white candlestick with short shadows or tails followed with the aid of a large black candlestick that eclipses or “engulfs” the small white one. As implied by way of its call, hammer candlestick a bearish ... The Engulfing is a useful forex indicator based on candlestick patterns analysis. To be precise, this indicator detects on the charts a specific candlestick pattern called “Engulfing Candle Pattern”. It may be bullish engulfing or bearish engulfing, whenever such a signal is detected the indicator draws red or blue arrow pointing up or down. The […] A basic engulfing bar pattern happens when a candle on the chart completely “engulfs” the previous candle or candles. This can indicate a change in sentiment which may in turn be a sign of a reversal in the current trend direction. Engulfing Patterns. Without filtering of some kind engulfing bars are quite common on any chart and the weaker cases often don’t provide a useful signal. For ... The Engulfing Pattern is a candlestick pattern in which the second candle's body covers the whole body of the previous candlestick. According to Investopedia, both the body and wick of the previous candlestick must be covered by the Engulfing candle.That will give you a better accuracy when trading those patterns. Submit by Joy22 This system is fairly simple. Only 2 requirements need to be met before placing a trade 1 an engulfing pattern combined with moderate volume.. First off I’ve modified the way I look at engulfing patterns.Because FX has tight charting and little to no gapping on most platforms the body of the bar does not have to engulf entirely. Candlestick Scalping Trading Strategy with 45 EMA Last Update: 28 January,2017 . Scalpers don't want to use candlestick pattern during trading which is the biggest mistake for them. Most of the indicators has lagging in real time trading. But candlestick pattern is one of the finest indicator to trade with the live market price which has great success rate. So this strategy is design with ... Forex Engulfing Candle Trading Strategy Entry Point. There are a number of reasons for entering before the bar completes. Mainly, a timed price bar is arbitrary. Also, it helps to reduce risk. Engulfing candles show a powerful change in direction. If we wait for a bar to complete it may have already run significantly, which means our entry is work, which means our stop loss is bigger and our ... The “correction review period” is the number of bars ahead of the engulfing bar over which the correction is measured. Data and setup. The data covers a ten-year time period for the following currency pairs: USDJPY, EURUSD, GBPUSD, USDCHF, USDCAD, and AUDUSD. The results here are for the M5 chart (five minute bars) because it contains the most data. Engulfing Candle Indicator MT4 - engulfing candlestick indicator mt4 - Engulfing Candle Indicator MT4 Free Download - engulfing bar indicator mt4 Forex Trading. Research and publish the best content. Get Started for FREE Sign up with Facebook Sign up with Twitter I don't have a Facebook or a Twitter account . Already have an account: Login. Try Plus Plans Resources . Join Free. Research and ...
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