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.
Double Pin Bar Patterns. It is not uncommon to see back-to-back or “double pin bar patterns” from at key levels in the market. These patterns are traded just like a normal pin bar, except they provide a trader with a little more ‘confirmation’ since they reflect two consecutive rejections of a level… Pin Bar Trading Tips. As a beginning trader, it’s easiest to learn how to trade ... Price action – double pin bar 1. PRICE ACTION – DOUBLE PIN BAR Price Action – Double Pin Bar Forex Trading : Usd Cad h4 One pin bar right after the after pin bar. This is in confluence with the 365 moving average. If you missed the first pin bar, you should have seen the 2nd one. Price is giving you a second chance to get into the move ... How This Pin Bar Indicator MT4 Will Look On Your Chart. There are many forex traders that simply cannot tell the difference between a doji bar and a pin bar. So this pin bar indicator mt4 makes it easy for such forex traders. When you place this pin bar indicator mt4 on your mt4 charts, this chart below is what you will see: Pin bar pattern are formed when prices are tested and rejected, which is visually depicted by the long wicks the pin bar leaves. While pin bars can form anywhere on the chart, they are considered a strong pattern when pin bars are formed near support and resistance levels. Pin bars can also be commonly formed near a moving average as well as trend lines. Pin bars are valid across all time ... Double Pin Bar Forex double hammer strategy. if you find pin bar in Forex MT4 very high chance of Forex Trend changing. when in market double pin bar then put trade. if you trade buy then your stop loss in low of previous candles. for more information about this strategy watch below full video. Double Pin Bar Candlestick Pattern. It’s not uncommon to see consecutive pin bars form in a market, often at key chart support and resistance levels as the market is ‘testing’ these areas to see which party is going to win between the bulls and bears (buyers and sellers). You will more commonly see double pin bars or two pin bars back-to-back, but I have even seen three in a row before ... Forex Trading : Usd Cad h4. One pin bar right after the after pin bar. This is in confluence with the 365 moving average. If you missed the first pin bar, you should have seen the 2nd one. Price is giving you a second chance to get into the move. It is already gearing up. Bang! Off it went. How could we had missed it? And if we looked further for more confirmation and confluence. Lets look at ...
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