Technician
Short

#AUDJPY: How to Spot a Potential Trade(Example) | #forex

FX:AUDJPY   Australian Dollar/Japanese Yen
*Correction: It's a LH not LL on the weekly chart

This is an attempt to demonstrate one way I use to approach the market and find potenital trades.

Starting from the higher time-frame - Weekly Chart

Going to the lower time-frame - Four-hour Chart
  • I have identified all the higher highs and higher lows for the recent major upside pullback.
  • The price has recently broken the latest "HL" and thus has damaged the structure of higher highs and higher lows. and started a new possible structure of lower highs and lower lows.
  • A pullback towards the area of interest or near that, then a bearish pin bar or a double top pattern could be the trigger for my short position,

If no confirmation, no trade
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Technician
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Thanks for the post, following with interest..
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Really appreciate you giving us insight into your thinking. I see a pin bar forming..... :-)
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Hi thank you for the post .... it really helps ! please write more like this one !
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Thanks Technician, Great advice. I just started using this method after watching your webinar recording. I also believe that price action is the most important indicator and the only indicator you need to do your analysis. It's better to use other fancy indicators AFTER you have done your analysis and want to look for extra bit of conformation. Thanks once again for sharing your valuable experience with all the traders!!
+2 Reply
Double top confirmed!
Reply
MuathAlBulbul mogyimark
Did you short this yet?
Reply
mogyimark MuathAlBulbul
yes
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thanks for this very interesting analyze, you can see mine here for a short :
Level To Watch: #AUDJPY Short on Upward Trendline
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Nice analysis! Thanks for the insight of your trading. Did you pull off the trade at the double top around 09:00 ? If so, you'd have a very nice trade going!
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Technician, do you have any thoughts on this pair?
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Technician TOP MuathAlBulbul
I remain bearish mate as long as 93.60 resistance is holding. I already have a short position opened. http://s4.postimg.org/bbs0mdugt/Untitled.png
+1 Reply
MuathAlBulbul Technician
Thanks for the reply, wish you luck.

Can I have an addition to your wonderful work? It could be amazing if you could update you're stance on a still-valid analysis. Believe me it would be really helpful if you could give us an update on whether to short or long at a certain time, or if this trade is canceled or etc. or at least how to know when to enter this trade. I know it is too much to ask, but the majority of beginners (like myself) have a problem of deciding the exact time to enter a certain trade.

Thanks a lot buddy!
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Technician TOP MuathAlBulbul
Thanks Muath,
I do publish that a lot, but sometimes I dont. I prefer not to direct ppl to exactly follow my trades.
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MuathAlBulbul Technician
I allow you to direct me! Haha.

Kidding aside, I lost money on this one, while I could have waited a little bit just like you did, and entered in a more suitable place. This is what I am talking about.

It's not directing in the sense of the word, more like a tip that people are responsible of how it turns. No one says you're responsible for our profits/losses, it is alone a treasure what you give away for free! But this could be a big addition IMO.

I wish I knew how to decide when is the right time to place an order.

Anyways, thanks again :)
Reply
Technician TOP MuathAlBulbul
I understand, i try my best to help. Good luck
+1 Reply
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