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
identinfied highs and lows to clearly identify the trend(Bearish)
Drawn the main falling trend line, and the fibonacci retracement levels.
The latest upside pullback have reached the trend line and near the latest "L" and 38.2 retracement level
The price formed a long-legged doji candle then a shooting star candle near that resistance area and trend line
The price is retesting the low of the doji candle which is in my view key to a bearish resumption of the overall bearish trend.
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 ----------------------------------------------------------------------------------------------------------------------------------------------------------- Be one of the first members of my new trading portal, check my new website thefxchannel.com/ , vote and subscribe. Thank you
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!!
MuathAlBulbul
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Technician, do you have any thoughts on this pair?
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!
Technician
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Thanks Muath,
I do publish that a lot, but sometimes I dont. I prefer not to direct ppl to exactly follow my trades.
MuathAlBulbul
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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 :)
Technician
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I understand, i try my best to help. Good luck
jeppeudesen
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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!