EURCAD at Key Resistance Level

The EURCAD Pair has reached a key resistance level which is looking like it could hold. I will be looking for price action at this level to take a long position.

CADJPY Reached Key Resistance - Pin Bar

CADJPY has reached a key resistance level which also is a key downward trend line. On the H4 chart, a shooting star has formed giving me an indication that I will be looking to sell this pair. 10 minutes left until the bar closes and it is looking pretty good so far.

CADJPY H4 Pin Bar

What is the best time frame for beginners to trade?

Ok, so I had this problem when I started learning to trade forex. I loved the action on the 1 minute and 5 minute charts, I loved being able to see the price moving and being right in the action, but the fun soon came to an end, sure, I had a good winning streak for about a month on a pair that was in an mad uptrend (EURAUD) but little did I know, that the trend would be coming to an end soon and I kept buying hoping it would go up.... bad move.

Now, I only trade the H4, H6, H8 and Daily time frames, sometimes weeklies depending on how strong the signal is.

So, the question, which is the best time frame for beginners to trade? Well, it's personal preference really, but, I really do believe the H4+ is best for beginners, even try and stick to the daily charts, the signals are so much stronger, support and resistance levels are defined easily and trades can be managed well.

I know you are probably thinking, but I want to make money NOW! Well, thats just not possible being honest, you might have luck for a short period of time, using lagging indicators and having your chart looking like a christmas tree might be cool and impressive looking, but does it make bank? Remember, good things come to those who wait.

What looks better here and easier to understand?

A nice clean chart using no indicators and taking a signal from a good level of support. (A 2 bar reversal trade I actually took on US Oil on the 8 hour chart)

Or this...

Motto of the story, keep it simple and clean, learn to read the price and you will succeed.

USDCHF Reached Key Zone

I have been watching the USDCHF Pair for the past days waiting for a chance to short it, and now price has reached the level, I am now just waiting for a good signal to enter on.

Gold Technical Analysis

Over the past weeks, Gold XAUUSD has been in a pretty solid uptrend, but that might be about to change as it has reached a pretty significant level. Gold has hit the $1400 level, which is in line with a falling trend line which has held from November 2012, and to confirm this, it has put out a Pin Bar on the weekly chart giving a sell signal to price action traders.

Gold Weekly Chart

If we take a closer look though, on the Daily Charts, we can see a Pin Bar has formed at a swing high, prices retraced but a bullish rejection candle has formed giving a buy signal.

Price has broken below the daily up channel and it will not act as resistance. What may happen is a possible up move further to the $1425 area, then price may begin to retrace, I am not quite sure on this one, so I have decided to wait it out and sit on the side lines.

Gold Daily Chart

Gold (XAUUSD) and Silver (XAGUSD) Counter Trend Pin Bar on Daily Time Frame

Gold and has formed a pin bar in an obvious uptrend, this is signalling that there could be a pull back in the market as higher prices are being rejected.

This type of trade is not ideal for new traders, and should only be taken by traders with experience. It has to be managed very tightly in order to secure profit as soon as possible.

The near term support level in both these pairs is a very good level for traders to go long off on a valid PA signal.

Gold / XAUUSD Counter Trend Pin Bar

Silver / XAGUSD Counter Trend Pin Bar and Big Round Number of $25.00

GBPCAD H4 Pin Bar formed at Key Level

I have been watching the GBPCAD pair for a while now waiting for a good opportunity to go long
with the trend.

A Pin Bar has formed at a good level on the H4 time frame, with the trend and it meets my trading plan, so my orders have been placed.

US Oil 2 Bar Reversal at Support

So I have been watching US Oil and for the past few weeks it has been ranging, so I have been trading within the range.

Here is a trade I made based on a 2 bar reversal, which was actually spotted by a mate of mine who is also in the trading business.

My first take profit target has been hit and I have now moved my stop loss to break even to secure my gains.

EURCAD Price Action Kill Zone

Price has broken out from resistance on the daily chart for EURCAD, now what I will be looking for is a pullback to the previous resistance, now support and then I will be looking for price action to go long.

If price does break back down to this level and holds, we will be looking at a high probability trade as we are going with the trend and first targets would be set around the 1.94517 area.

EURAUD Fires off a Large Bullish Engulfing Bar

The EURAUD pair has been in a nice uptrend for the past 5 months, higher highs and higher lows. Recently it stalled and broke from its swing high to make a new high before retracing to support at the big round number of 1.4500 from which I took a trade on a bullish engulfing bar.

GBPCHF Pin Bar Setup on Daily Chart

I took this trade on the GBPCHF based on the daily pin bar at a key resistance level and at a big round number.

NZDUSD Pin Bar on H8 Chart

A Pin Bar has formed on the H8 Chart at a key resistance level on NZDUSD which I have entered, I will post results in a few days time.

AUDCHF Bearish Engulfing Bar on Daily Chart

A Bearish Engulfing Bar has formed on the AUDCHF pair on the daily time frame, I have my orders set and they are now filled, so waiting to see the outcome in a few days.

UPDATE: US Oil Trade

I have taken half my profit off the table and set my stop loss to break even on the other half of my position.

XAUUSD (Gold/USD) Shooting Star

So I found a pretty well formed shooting star on the 8 hour chart on Gold. It meets my criteria, wick twice the length of body, formed at good resistance area, with the trend and closed within previous bar.

I set my orders and now 1 position is in profit and the 2nd has just beed executed.

AUD/CAD Reversal Went Pear Shaped

So I seen what I thought was a good Price Action Signal on the AUD/CAD Pair, but what I didn't think about was, that it didn't meet my trading plan, the pin bar didn't close within the previous bar making it an invalid setup for me, hence the reason the trade went tits up.

US Oil Pin Bar on H8 Chart - Friday 9th August

So tonight I found this massive Pin Bar at a good support level on US Oil on the 8 Hour Chart. I Placed my entry order above the pin bar so it would be executed on the break, so far I am in £2300 profit on this trade. I am planning to take some profit off the table once we reach the 105.83 level.