I recently had the opportunity to watch one of Nick B's free webinars. For those who have not heard of him, he is a price action trader with clean charts and only s/r zones that he plots on his charts.
His trading method is looking for price reversals at s/r zones using H4 and higher time frames only. Sorry this is not a promo for Nick but I wanted especially newer traders to have a bit of background about what I wanted to really say in this blog.
The one thing…Continue
I just finished looking at some daily charts and this is what I see:
AUDCAD - tried to penetrate MR1 at 1.0058 and did, but got rejected. The last attempt to break that level was in Oct 2013 and did not succeed either. Is this pair headed down?
AUDCHF - This pair is already in a downtrend and I am attaching this chart. Note the symmetry in price action between 17 Dec and 07 Mar (today). …Continue
There was an opportunity to go long in this pair on 27/28 Jan. But even though price went this low for the first time since Dec 2005, I was still not sure. The price action signal was also there, yet there was hesitation in my mind. See daily chart below.
Price did go up about 300 pips, but…Continue
I have never seen a chart like this one. Shown below is a monthly view. The 20 EMA you see is useless. I put on the Ichimoku even though it is perhaps the most lagging of them all. For the first time I saw price below the cloud on all time frames, even the 1 minute. I am sure any oscillator will only show oversold status.
I am a price action trader and cannot at this moment see a trade. While the 4 hour view shows a double bottom, a continuation down cannot be ruled out or rather is…Continue