A very interesting period began on the markets. I wrote yesterday about possible signals on many pairs, and today there are even 9 of them and I wrote about 2-3, which may also appear. Several trades were opened, you can read about them in the following article:
AUD/JPY:
The pair has reached support and soon there may be some signal to trade. If there is a rebound from the current level and a Price Action signal will appear on D1 (Price Bar, Fakey, Inside Bar) then you can play long. However, if this level is broken down, then I will move to a 4-hour chart and wait there for re-test of this level from below and a sell signal.
AUD/USD:
On Aussie I opened yesterday a short. Outside Bar, which I wrote about, came to life, then there was an adjustment that almost reached Stop Loss. However, it missed it by few pips and now short with SL about 30 pips, brings a profit of 60, and TP is set another 130 pips lower.
EUR/AUD:
The pair broke the key resistance yesterday and we waited for a re-test from the top of the level. The price has fallen sharply and is now below the level of previous resistance that should be a support. Now we need to watch the situation and if the price breaks again over the resistance, it will return and this time will respect this level, then I will enter long after a PA signal on H4.
EUR/JPY:
Beautiful sell signal on this pair. Pin bar reflecting from resistance and at 50% correction I set the sell limit order. Unfortunately, the correction stopped literally a pip from the planned opening levels and fell down. Unfortunately, sometimes the pending limit orders are missed, but of course I am prepared to react. As the price has fallen much further than 2xSL (which was 22 pips and the price went down by 150) I cancelled the order.
EUR/USD:
It broke down from the long-term consolidation! Yesterday’s session closed below support and now there is one direction – south. Now we need to wait for a bullish correction which will test earlier support (now resistance) and than we can open shorts. The next support is about 220 pips away.
GBP/AUD:
After breaking the resistance and closing over it with a very long bullish candle, the next one that appeared was a pin bar, testing the previously broken resistance (which should now work as support). Currently the price is firmly under 50% of its range, but for us it is even better when it comes to opening positions, because the SL is only 20 pips with a target of 600 pips! The probability of a risk return is 1:30, of course its hard to predict how the position will develop, but at the level of TP it would add 60% to the account, with a risk of only 2%.
NZD/JPY:
The pair dropped below key support and is now testing it from below on H4. The current candle may form a pin bar and you will be able to set the sell limit order on 50% of its range. But, of course we need to wait for the closure. Never enter a candle that is in the process of being created (unless it is already after a signal candle).
NZD/USD:
The second pair with the New Zealand Dollar is currently reflecting on key support. If you get a clear buy signal from Price Action on D1 you can play long against the trend. However, if the support is broken, as in the case of the previous pair, we will wait for the re-test and sell signal from the H4 charts.
USD/CAD:
There is a sharp bullish trend on the Loonie. Yesterday was an interesting buy signal just above the previous resistance (now support). It was a Outside Bar candle, at 50% of which you could open the position. Stop Loss is 20 pips and the target is 180 pips to another resistance. So far the position is developing well, but it’s a long way to Take Profit.
Summary
This is a very interesting time for the PA system and a lot of positions are oppened that have a very profitable R/R ratio. Of course, it is important to remember that, firstly, they can end with Stop Losses, and secondly not so often we can enter into such interesting positions. Nevertheless until Christmas a lot will happen on the markets, which will give us opportunity to trade.
