Back-Testing Jam Session: Forex Trading Strategy
Hello. Welcome to our back, testing, jam, session, we have been, away, or I had to say I have been away for the last a. Few. Days here so haven't been able to do the packs back, testing jam sessions, but. Now. That we, are back. It's time to get back into it so this. Is our first. Back, testing live session, for, this, week so let's get, started. So, just to recap here. What exactly are we trying to do we, are trying, to improve our trading. Skills so this is just price action trading, and, I find, a lot of times we, complicate, things away, too much, so, things don't need to be as complicated, as we make them we, can just a trade, easy setups. And we, can take trades. That are a fairly, simple, however, I find, that a lot of times we tend to over complicate the process and in, doing so our, results. Are not as good and I do that. We all do that so, this is a good exercise, for all of us to. Get. In touch with price, action and to. Really. Understand. What, the market, how, the market, moves how, we can take trades based on this and how, to. Become successful, going. Or in the future one. Of the things that we're, doing here is this a simulated, environment, we are back testing, which means this is actual, life price action that happened, years ago, and all. We're trying to do is based on that it's kind of like doing like. The pilots do, their flight training so it's a simulated, flight training it's not I'm not real in the sense that it's not live, but, because, we don't know what's, happening, in the future we, are actually it. Is like, almost, like live, price action the only thing that we do not have here is the. News so we don't know what happened, we, don't know the full, behind. It but it's just purely, technical. Analysis. So that's what we are working on all, right so the strategy, that we are testing is based off of our daily, chart, so, we are looking at a DV, candlestick, this is one of the simplest, strategies. That I have come across all. We're doing is looking at what. The. Daily. Candlestick, looks like and based, on that we, are taking. Our trades, and of course we are factoring in support. And resistance, levels and, that, type of stuff but that that's pretty much it we're not really using any indicators. The idea, is to just take. A look at what happens in simulated, moment and based, on that we, will take. Trades going forward, so for example. Here just, comparing. This to the live market is here I can, see that what, price, is doing in this area here. Okay. So what price did, here, this is similar to what, price was doing for pound. US dollar over, the, last few, days at please a couple of weeks here prices, traded, in the range and now it has broken down to the downside, so, if we look, at it with the price leaves clues and, based.
On This this is what we are doing we are taking this type of information, and then we are applying that in our. Under, life market, conditions, so, similarly, what. We have here. What. Was that looking at sorry so there it was a pin bar that I was just looking at so, this one here this is similar to what we are seeing in, pound. I, want, to say New Zealand but let me double, check pound, New Zealand so if you take a look at the daily Pound New Zealand chart it is, very, similar to this. Particular. Pin bar and I've, talked about a trading, pin bars so when we see a pin bar last, last. Night we had pin bars on all the daily candlesticks. For, pound. All the yen crosses basically. So Ponyo euro yen. Aussie. And New Zealand yen mcaddy and all of them had daily pin bars and of, course what happens we see a big bear move off of that, so those are the type of things that we're trying to learn from here so we are just focusing on our, daily. Candlestick. And based on that we'll, be taking taking. Trades, so, let's. See so we'll start the test here, we go and we. Have to pause it I have to pause it right away so that I can. We. Can go bar by bar so, one candlestick, at a time so, just, zooming, out here, as we can see prices. Move, down and now it moved up you're, at the neck support or resistance level, here and from. There price, has now, dropped. Surprise I'm into this for the resistance dropped, pulled, back and now, we, have this daily, pin, bar here, so, question. Now so are you guys ready to, play here, all. Right, so if you are let's, get going, we have this a bearish, pin, bar looking candle what do we expect from here. What's our direction, so I'm looking for a, directional. Bias here so where do we expect the price to go next, okay. Perfect, all right so. Tell. Me what do we have where do we expect the price to go. Okay. So here, I will be looking for price to drop, we are close, to support, here so my first bias, is to. The downside, but. Just, like when we have a big candle moves here we look for price to pull back a bit and then, drop, down further. So. I will look for a bit of a pullback and then a drop, so let's see if the price may pull back into this level, here so this support resistance level, so I'm looking for a pullback and drop. Into, 1.58. Ad level, and potentially. Even lower into, the bottom of this pin so that's what I am looking at, let's take a look so Sonny says he's. Looking for it to go a bit up and then bounce off with level okay, so let's. See there we go so didn't quite pull all the way back. Based on this bearish, pin that we had priced it come, down and then a price now we are in too close to the support level we have a good, solid, bearish. Candle, close here, what, do we expect. So. From here I would be looking for price to pull back into this previous support resistance potentially. And then, drop further first, target, will be the bottom here a one point 57 50 level right into here and then, next, will be to. The downside, here, so looking for price to drop further, so my bias here is a bearish, so, as I'm going through feel. Free to comment and in the comments, give me your directional. Bias where, you're expecting, the price to go so, for this more after this candle close. My. Directional. Biases, to the downside and. Yes. Elena I did draw, the support, level support. Resistance levels, by. Hand, Shuman. Say is looking, for it to drop I agree. So let's see if you can get that drawn so here we are it dropped into the next support or resistance pulled. Back a bit pulled back just into the previous, pin, here and then it has dropped and now we have, a small candle close we have pins on both sides and, we. Are seeing, a very tiny move, here so would we expect price to do after, this now. So. For me I. Would. Be looking for a, price to perhaps pull, back a bit more, here so bias, is still to the downside, but, we are in to support the last time price came here it pushed, up higher, so. This. One here this one's a little bit tricky because we are into support so, in this case we good we. Can pull up higher, and that's, why yeah, so we do have two we, have pins in the bottom here so it could do similar stuff, to this so let's see if that happens but overall bias still stays to the downside, I'm looking, for a pullback and then, see if your price will continue so, let's take a look, okay. So it hasn't quite pulled back but, hasn't, been able to break the support, here either so there's still opportunity, for it to pull back but overall by it still, stays to the downside, but, we could have we.
Could Have price, playing back here, so under live conditions, of, what I would do in the cypher situation. Is I would I would, go to a smaller time frame like a 15, minutes or one hour time frame and see, how price reacts. At this level here if the, price holds below this level then I'm looking for price to continue lower otherwise. It could start, pulling back so, that's what I would do under, live condition so here overall, biases to the downside we could get a pullback back, into this, 1.58. 85, levels, let's take a look, okay. So it doesn't quite do that and this is where I'm going to a smaller time frame is it's, very important. Because once, we start to see that price is breaking down and it, holds below this support level on the one hour chart chances. Are it's going to continue and so we can get into that trade so now we have, a solid, bearish, candle. Close here, that looks quite. Nice what. Do we expect price, to do from here now where are we, expecting. It to go next so. Your, response in the comments there. You. So. For me here I would be looking for price to drop further biases. Still to the downside, we. Could get a pullback into this level here but it is a bearish, bias so, Sonny, jimin's, is down and. Uncle. Beck says pull back likely and then down yeah. So my bias is to, the downside but we could get a pullback so we have to be ready for that but overall bias still stays to the downside so let's take a look here. We are it pulls, back a bit doesn't. Quite make to the very top it just, goes. Into this. Previous, pin here so pulls back a bit and then drops further so, now we have a nice looking pin bar here, what, do we expect price, to do next. You. So. With this one here we have a nice pin bar so I'd be looking for price to drop further my target, is 150. 490, level it could go lower here all. The way into the bottom of this pin or all, the way down, here, as well so, overall my bias is still to the downside. So Greg says bias still, to the downside Sonny says pull back not possible, so. Let's take a look so a buy still stays to the downside, we could pull back and then I'm still looking for a drop and the, potential target levels will be first. One will be, this. One here so actually we should start with this one so there are two or three different levels here and reason for that is because we have this, big support. Resistance area, and once we come into this kind, of a messy area like they see how there, wasn't a lot of back-and-forth chop, here so when we came back we, had similar, move to the downside when we come into a choppy area, we can expect price to chop around as well so. Let's, take a look. Okay. So it, came down, to, our second. Level, here right over here. And. Now. What. Do we expect price, to do so, we have, a bullish, pin bar now, what are we expecting. You. All. Right so as, soon as is going up so we do have a bullish pin bar I see. Just like this one and, exactly. In the same place, so what happened here we had a bullish pin bar and then, price moved up and. And. Went. Into the next see we had very very simple or move here so this is exactly, like a.
Photocopy. Of the same this, is actually quite crazy so. We have. So. We have sorry. My news feed were coming, up here okay, so what we have see how we had a bearish candle than a bearish pinbar we have a bearish candle, it looks like it's, repetition. So it does look like a repetition, so something's going on here but. It's the same kind of move so maybe we get this type of a move here but. It, looks like there's something going on, with, the data I think we kind of moved, in. A weird way all. Right but, anyway so when we have a bullish pin bar like, this we expect the price to go up but now we have seen what happens here so I guess that kind of destroys. The point but let's take a look so we will look for price to go to the next one. So. Here we are I think it's the same one, okay. So we have to not, see this, all. Right so. Reverse. Having children Greg yes it does look like an inverse. Head and shoulders so I would expect price, if it breaks, this level. Here I expect, price to go, up go. Up higher but I'm, thinking our data is repeated, here so. Okay. So forget, that we have this here normally. What happens is once we see price drop if we see it pull back over all bias still states to the downside, but, now we are into the support resistance area right so for. The price to continue, higher we need a close above, this level and this is again where we would go to a lower timeframe a fifteen-minute, our one-hour time. Frame, and then we, would we. Would see price, if. It breaks higher then, it could go higher. Here. Welcome. Sofia Sofia, is that that will go sideways yeah so it can it can go sideways here, and this is what tends to happen we, have big moves here and then, price tends to get choppy, and goes sideways so, what are we looking for here if price closes on the other side here I would go to a smaller time frame if price closes on the other side then, looking for it to pull higher if it, stays below here then we, could see chop here or once. It clears this level and then a continuation, to the downside so let's take a look so. Here we have so we literally, it's. The same, ones yeah. So it looks like it's repeating, the data hey. Suraj ok, so what, I'm gonna do is I'm gonna quickly. Run, through this so we won't guess because we already kind of know so projector don't look on this side and we'll just we'll, just sort of power, through this so, we can get to the new data so it looks like this is where the, data ends and it's, repeating. Alright, so here we are making, lower. Sorry. Higher lows. This. One is a very under. Light market, conditions, this would be a very very neutral, candle for me and this is where I would go to a different chart, to, find a better trade setup, so I, would, just go to a different chart and look for something that has a clear bearish, engulfing candle. Or care pin, bar or a bullish, pin bar or something like that something. Where the signal, is very clear and take. It from there so here it's messy, so, I would, skip that so let's see what happens so we have a bullish, candle close down so we have a big bullish candle close and, after. A big bullish candle close we generally look for a pullback and then continuation. To the upside so let's take a look, so. We have a pullback and a lot of times the pull backs tend, to happen with a pin to pin pin pullback so, what. I mean by pin to pin pullback, is that so let's say you have a candle, in the middle and a pin on the other side when. Price does a pullback it generally, will come to the same level. Before, it stops, to do that pullback, before it continues further. So, this one I would consider a pullback, and I'm looking for price to continue, higher you could go all the way up here so let's take a look. Okay. So we have a pin bar here price is struggling, so, now we need to see a break. Above here. Above this level or at least a hold above, the support and resistance level. For, price to continue, higher so let's take a look. So. Now we have a bullish pin bar and, after. Bullish, pin bar there is a little pin on the top here but. Bigger pin in the bottom, which means price still has momentum to the upside and it, could continue higher.
So. Here we are so that's a very indecision. Candle, prices stuck going sideways here, it's slowly trying, to make its way up so. Bias, still stays to the upside but it's kind of flattening, out now so at this point I would look for a different chart. To trade so. Here we are still slowly. Making our way upwards, here bullish, momentum still. Okay. So here we have your still bullish, and, now. We are, into this next, support and resistance, level we have talked about okay. So now it gets interesting, we have a bearish, I don't know how to hide this part of the chart so, we have a bearish, engulfing. Candle. After the, bearish engulfing candle. Would we expect price to do. Okay. So I'm looking for it to drop and actually I'm just gonna quickly go through this one here let's take a look. I'm. Just gonna go through it because it's repetition. Of piss, did. I hear. It's. Not as much fun to play this game when we can see what happened. Hey. We are almost there. Alright. So this is where we are, okay. So this is where the data started, repeating. Okay so let's zoom out a bit so we can see where. We are in the grand scheme of things we. Are breaking. Above, okay so it looks like we have closed above, this support and resistance level here so, looking for price to go. So. We are quite bullish here, momentum, is fading, a little bit and. The. Candles are getting smaller, but, the momentum is still to, the upside, so. What. Do we expect price, to do here what's, next. Okay, so I am, looking for price to go higher because we still have we've broken above this previous high I'm looking for a pullback and the, pullback could come into this pin, here and then. Looking. For price to move higher. Yeah. Sherman it would be nice if you could see the future in real time. And. The data was repeating. Itself that would be great but, market. Does leave, leave. Tracks, and that's what we're trying to do read, the tracks that the market leaves, so. We can do, a better job of it in the future all, right so what are we looking for here, I sent, you and say we're looking for price to go higher I agree. I'm looking for a pullback and looking. For it to go higher, so. It went higher and, now we, have a pin bar with the big bearish. Candle. Close here, Sophie zoom out a bit see it bent into the next pin so, a lot of times price does, like to test these pins over and over again so, it went higher and now, we have a bearish, counter, close what, do we expect price, to do from here. You. So. For me this is a bearish, signal so I'll be looking for, price. To drop further it could pull back into this level here and then, do a drop but overall I'm looking for price to come in to the next level here and then into, the bottom of this candle body here, so. I'm actually looking for. I'm. Looking for it to drop so I'm saying I'm, seeing a lot of you guys saying it's it's bullish, so let's take a look. Okay. So see how it pulled into this pin here and then dropped, into the next support and resistance, level here so, here we are and. Now. We are starting to. So. Now we have, a, pins, on both sides so bias, here. Prices, looks, like it's pulling back here so if it stays above this. Level here, then, we, could do another leg higher so it could be price. Moves up pulls, back and makes another leg higher so, right now we are at an interesting level here prices, pulled back into this previous, support or resistance level, so here, this is where I would be looking for price to come and test the bottom once again and we. Go into a lower timeframes see how price reacts s at this level and then, see, if the price will go up, higher so if it closes below then, I'm looking for price to go into, this, consolidation, area. Otherwise I will be looking for price to go higher so let's take a look. Okay. So it. Sort of just, went, up from there and now we have a pin so we are in a sideways, move here two, pins to the upside, which means it could come and test this level once again so, I'm looking for it to drop a bit here, overall. Bias is still to the upside, but just looking for it to come back and test this level once again. Here. We go so, now there, we are where. Do we expect next, what's our next move. Where. Are we looking for the price to go to next. So. With this one here I am so. This is interesting so again we I would go to a lower timeframe I've got, to light lower timeframe hane here and see how, price reacts, and, if. It closes below this level here the support level, which it hasn't broken in. Twice, here if. It closes below then I'm looking for it to drop into, the next support and resistance area but. If it holds above this level then, we could either consolidate. Sideways, still or it can go higher but, now it has it, does have a bit of momentum to the downside so let's take a look so. I, see, comments, going down going sideways let's, see. Okay. So we. Are holding.
On The support here what next, what, do we expect price, to go, next. So. Now, that price is holding above this one I would look for price to go and test. The, test. Higher here again the top here so we are in this range so cover to remove this, let's. Move this out of the way as we can see price is going back and forth in this range so we are in a sideways move now so I'm looking for price to go and test this, level a once. Again overall, bias yet, still stays bullish, Greg so, I'm, looking, for it to go into the high, of the range so let's see. Okay. So it comes in test the bottom once again and now we have a doji, do we have, we. Have pins. On both sides price. Opens, and closes at the same time so we get this spinning, top doji. Thank where it's very very, neutral. Candle, so we have indecision, here, price, is still holding so as long as price holds above, this double we're, still looking for it to go higher, so let's, take a look so I have, comments. Here saying go up so let's see. Okay, now, so we have finally, closed below, this level so that's why tests. Are looking, at it at this level is very very important, so we can see how, price reacts, at that support resistance level so, now that we have closed to the other side here, what, are we expecting price, to do next. You. All. Right so here I would expect, the price to a. Drop. Further, here, we are we. Have a bearish candle, close we could see a bit of a pullback up here, but I'm looking for price to come in to the next. Support and resistance, level, and, so, that. Is, so. I'm seeing comments. About it dropping, Sofia sunshine. Without. Everybody, says down. Greg says still bullish, yeah. Okay. So we, are into support there is support here as well for sure so, right now it seems like we are drifting. A lower here, price is making lower highs. And lower lows, so, let's take a look I'm looking for it to go into the next support on this ins level, over here so let's see, okay. So we. Are, still, here prices, pulled back but, it hasn't quite closed, with, a bullish. Engulfing. Candle. Yet but. We do have green, candle, here so what do we expect here. You. So. For myself here, because. We have a pin higher here so I would be looking for price to drop still, so. Let's take a look, okay. Now we are bullish. So Greg is very, correct, here price just tested, a little bit lower. Into. The support we have a ton of support here, all, right yeah so we are still in an. Uptrend here, price went, higher pulled. Back went. Higher, again, pulled, back tested. Right here into this massive resistance. Which became support, now, we have a bullish candle closed, so, what, are we expecting. Here. So. Sofia says go back up or sideways yes that's that's. Right, so here we are into the support, and resistance here, sorry so, price could just start going sideways, here, but for it to continue higher, what we need to see is a close above, this resistance level so. Once so this is again where we would go into a lower timeframe and then. We. Look to see you how price reacts at this level overall. Though we are looking a bullish here price had pulled back a bit but, we. Still had bullishness, in this candle, and price, has moved up higher so. Let's. See what happens, yes it could range or it, could go higher but, not looking, very, bearish. Here so right now looking sideways or higher. And. We're, still sideways, we have, fries it went from, all the way to the height all the way to the low and now, closed. Right, in the middle, where. To from here. What's. Your guess. You. All. Right so, we. Are still range-bound and, when, the market is range-bound really, all we can look for is sell at top buy at the bottom unless, price. Closes. Outside. Of the range then, we. Would be, buys the buys with shift to that side so right now very, neutral, it is holding, the, support, so overall still, bullish, but, within that it's sideways. Its range bound so, we need to see the range break. So right now price. Goes and if price goes into the bottom I will be looking for a potential, buy at the bottom again. I would do that but at the lower timeframe to see how price is holding if it. Holds I'm looking for it to go all the way into the top if it, goes into the top here or once it goes into the top here I would, be looking for a reaction at this level and as it holds below I will be looking for ourselves so it's telling you the high buying, at the bottom which is our normal. Range, bound trading. So let's take a look all, right. So now I like that candle. So now we have, finally seen. Candle. Close into, the high so what do we expect next. You. So. In this case overall, bias still states to the upside, and but. It could range more but I do like this candle, close we do need to see it clear. To clear the others to the other side to close on the other side but, I would, be looking for a bullish continuation to, the upside, sunjin, says UPS and it says up and regularly.
And, Sophia. Everyone, is saying up alright alright, you guys let's see, so. With this one I would be cautious, just, because we are still at the top of the range and we haven't seen, price close, on the other side so, this is where timeframe, and, would be import, are important, so we would go to a lower timeframe but, overall it is looking bullish so let's see if you can see the price go to the next level. Here into the high there. We are price, goes almost into, the high here so it did a bit of a back test here and then. Went. Higher, where. To next so we have that bullish. Continuation. Type. Of move setting up here where, do we expect price to go next. You. For. Me here we are into, the top here so again a lower timeframe will, be very important, but, we are bullish, so because, we're into the high we would have to be careful because this is where price, had reacted, previously. So. We are right, into the high and it could give us double. Top so that's what we have to be cautious about so. Once we go into the smaller time frame we, have to see how price closes, in relation, to this high so, if it closes on the other side we are continuing, higher or, it. Could give us a double top so that's what we have to see so, let's see. So. Gregory. In terms of past, history this is where we are this is where price had, struggled. With previously, and. So we are there. Okay, so now we have a little red, candle, here where, do we expect price to go from here. So. For me here price is still into, the high so we haven't seen a good solid close on the other side yest. Had. This side yet and so. We could be setting up for a double chop or we could be setting up for a breakout to the other side so at this point we don't know and we, would go to a lower timeframe to check so, let's take a look. Okay. So that and. This is where we can capture these moves on a lower timeframe because that candle, is too small to be taking a trade on we, do want to see a good solid counter close but, once, we see that price is holding, below it could, be traded to the downside, so now we have price, moving. Lower. What. Do we expect now. Okay. So great says. Sorry. Greg I'm not sure food to. This candle the previous one and all, right so what do we expect now. From, here, so. What, we have we have price, has, come, down it has. Pulled. Down, we, have a bearish candle, here or whatever expecting, chances breakout so, in this case over, overall, bias still states to the upside, but we could see price drop into the next support and resistance level and come. Down further, so let's take a look. Okay. We are into resistance nice, one Sofia and we're. Into resistance once, again so what. Do we do here. All. Right so here, the bias is still bullish just like the previous one because we're still making lower. Sorry. Higher lows and we, are into resistance I would be cautious overall, bias is bullish but with caution because if you get another candle close to the downside, here then price is likely to move lower, so. Right now bullish, with caution I would go to a lower timeframe and see what price does at resistance, let's, take a look. Alright so now we have. Confirmed. Double. Triple top here, now. What do we expect. King. Craig says it is bullish, and testing resistance again and again it, is testing resistance again and again and if the thing is if it holds above this level here this previous, high it.
Very, Well could, break, to the upside because, then we start getting a putting pressure, into, this becomes, a little bit for triangle, here start, putting pressure into, the highs and then it find the breaks. So. For now I, see this as a. Bearish, candle, close I'm still looking for price to come lower, into. This support, level here so, let's take a look so right now we are kind of going sideways here. But, so again we'll have to see which way the candle breaks here so let's, see if it comes down here or goes higher. Okay. So, came in to the next support and resistance level that we were looking for we, do have a big pin here, with a red candle, close, here so now what do we expect what, do we expect price, to do here. You. So. In this case price, could do a test of this level once again or it, could just go higher, so we are we. Are in a sideways, bias, or sideways, move here, price, has rejected, this, the, support level so, couple, of options either it pulls back to double, test or test this once again and then, go higher or just could go higher from here so, let's take a look so, we. Have a lots, of comments here, let's, see, okay. So it pulled back a bit didn't quite come and test the same bottom. It kind of got stuck at these pins right here so, now we have a big, bullish. Candle. Close what. Are we expecting here. Now. So. For me here I would. Be. My. My, bias would be bullish here and. I. Would. Look for a breakout. To the upside but, again I would, look, at a lower timeframe I do like this big bullish, engulfing candle. Close engulfs, all of this previous, price action which. Suggests that we. Could move higher because, overall, the bias is still a bullish, so. Now a, sudden. Says we are range bound yes we are very much range bound at this moment so we do need to see a close on the other side and this is where I would go into like an hourly or some some. Lower timeframe chart, and see. If, price stays, up above. This level excuse me and then see if we can go higher okay. So. We definitely, went to the next level here so, that's our next support and resistance, level right into those pins and this is why supportive resistance, is very important, as you can see price goes into these will, test the same levels over and over again so this is where, that support, resistance level, was coming from right into the pins there. And it went right, into that level so it was bullish went higher and now, we, have a pin bar what. Do we expect the price to do. You. Okay. So here with, this bearish, pinbar I would look for price to come back down back into this range once again so. Oh so it, could go sideways, here. Back into this range bearish. Pinbar I'm looking for it to drop back, into this range so, Sonny. Says still up so overall bias is still I'm still bullish. But. After this pen bar it could come back down, maybe to test this level here but kind of sideways here, still so let's take a look. Okay. Not so much it dropped, and. It. Dropped, into. This, previous. Pin here then, didn't even come, to test lower into, this level so I was looking for a drop, further, drop right, into this support and resistance, level, right here which, is this, big, big. Level but, here all we are seeing is a pullback and then, we, have a bullish candle close so, what, are we looking for next. So. Here I think we could go higher so we are looking bullish, overall, still, bullish, here, so. Let's zoom out we need more, support and resistance, level that's. There. And prior, to that we have these pins, here so those will be next to support resistance levels, and, I'm gonna go ahead and mark that there, as well as the price, goes higher okay. So those are the next few support and resistance, levels, so here what we have seen as price has closed, above, the previous support, resistance, level we are right into this resistance price, is pushing, higher, so, it could go to the next support resistance I'm looking at so right now I am bullish, and looking for it to go further, so let's take a look Greg says bullish. Sunjin. Says, bullish. Okay. Perfect. Let's take a look.
All. Right we're going sideways, but, see prices holding, above this level so if as long as it stays above this one I'm looking. For it to go higher if it closes below then, looking for it to go back down and into, this range so right now it's kind of indecisive. So it just hasn't, done a whole lot so let's take a look. That's. An indecision, candle, here as well we have pins on both sides a very very small candle, close here it is staying below the resistance which means it could drop lower, but. It hasn't, quite closed, back, into this level here either. So. At this point this is a very, neutral so let's see. So. There we have it so now we have. We've. Seen the price do the tests of the high so. It's just a quick tip, as when. We trade this live, so. If you see price go up and test, this level once again I would look for reaction. At this level because if price hasn't, broken. This level multiple, times here it could give us a nice or it, could set up for, a. Nice. Move to the downside so, so. This is a tradable. Tradable. Move because, this, is a very strong supporter resistance area so if we were to look back here, we. Are in today's these levels here right so that's a good support of resistance level so I would look, at that level so just a little you, know kind of a. Point. There, alright so now we have a bearish counter, close what, are we looking. For, so. It says further down yes. I will look for a price to going to the bottom of this range here we could do a bit of a pullback and then drop but, overall my, bias is for it to go back, into this range and maybe go and test the bottom of this range so let's see here, we are going, lower, candle. Is getting smaller here, though so what do we expect next. Okay. So for, me I would, look. For, look. For further continuation, to the downside but we are coming into supports, I would be cautious I'm looking for price to go into. The bottom here see if it will come back and retest the bottom so, let's take a look Greg, says go further, down, okay. So we so that's a bit of a pullback we're still in a sideways, move at, this point it could go either way so I am neutral. On this. Since. They test the support lower yeah. It is holding, it's, all making lower highs let's, see but it could go here as well and then drop let's see. Okay. So there, we go so that's a nice, bearish. Candle. Close so sunny yep it has gone to test the support lower. What. Do we expect. Here. All. Right so here. I'm. Looking for it to drop, further, we, are into the bottom of the range though so we have to be mindful of that so, in this case we do need to see and so, it is closing right into the bottom here so I'm looking for it to talk further but I could pull back as well pull, back and then drop so that's something we have to watch out for and. We have this exactly, where the pullback comes either here, or back into these pins but, my bias is to the downside, so, I'm looking for it to test the next support level so. Let's see. Okay. So it comes and test the next support level and now. We, have a bullish pin bar where. Do we expect the price to go from here. So. For. Me here, price. Is holding the support we are back into the support resistance level, we. Have a very bullish. Pin bar so I've been looking for price to go up higher here, alright. So let's take a look. Okay. So there's the. Lenses. Up yeah up Craig's ass up yep so we went up so now what do we expect price, to do, where. Do we go from here. All, right so here I am expecting. Sentences, back-to top-of-the-range, all right so I'm I am expecting, price to go higher here however now, we do have this. Support, resistance see how price had struggled, with this level and this. Is also.
Kind Of in this area so, now if, the price stays below this level it could drop but it is looking bullish, so I would be looking for price to go and test the next level higher here, so, let's take a look. Then. Says higher pullback. And test 161. Alright, let's take a look okay. So, see how it stayed below the support resistance level that's, something to that's. Something that I have noticed before, where, price if price has struggled. Even. If we have a good solid, bullish, candle, close it may still struggle, again so, now we, have a bearish candle, close there, are pins in the bottom, what. Do we do from here what's. The expectation. All, right so for, me here I would, be this. Is interesting we are sideways, here there's no clear, direction overall. Biases still up prices. Is consolidating. Sideways, here, I will be looking to see if the price will come and test the bottom here once again and then push up higher but because, it's sitting in the middle of the range it's from, a daily, chart perspective. This is not the best one to trade again. I would be looking for price. To to. Go at go, to both, like either one of these levels and then. Basically. Look for an opportunity from, there. Okay. So price. Dropped. From here now you're right into support, so it went and tested, this previous. Pin. Here so we have pin to pin test now, price has dropped right, into the support, so. Suddenly railroad tracks yes that you were correct though or railroad. Tracks. All. Right so here, what do we expect I'm, looking for price to, drop further, here, so now we are, starting, to make lower, highs and lower. Lows. Here, we are into support so we'll have to be careful but, I'm looking for price to drop up further, here, so let's see if it does that. Not. So quite so this is where we got stuck previously. Here like that as well so, it kind of turns around so we are still in this big sideways. Move this, is where we are it's, going sideways, now. We have a big bullish, candle. Close but. What, next. It. Is range-bound. So, here, I would. Look to see if price will cross to the other side so I would look for price to go into this resistance level and then, potentially, higher into, that resistance, level see. If it does that but if it stays below this one here then it could turn around once, again, so that's what we have to be careful but, we do have a nice bullish bar so, I'm looking for price to go higher, and test the resistance but overall we are still sideways. Here. We go we are into the next. Resistance. Level here what, now. All. Right so here because we are bullish. Or it's a bullish clothes we are into resistance so again we have to be cautious we want to see price, go to the other side of this and then, looking, for price to go higher so we have two bullish candle. Closes here, so I'm looking for it to go higher, again, so we, have. Sunshine. Greg saying bullish let's see there. We go, we are into, the high or close, to the high once again where. Do, we go from here. Okay. So for, me, here, I would be looking for a price, to, test. The high once again, and this is where it will get really interesting, because we are back into this resistance once again and as. Such. How. Price, reacts here will be the key so we go boo I would go to a smaller time frame and, see what happens here and if it closes on the other side on a smaller time frame then, I'd be looking for price to go, up again, but overall Greg. I'm with you we are still bullish. Because price is still bullish overall. All, right so let's, take a look. Okay. So here, we go price has gone to the other side. Now. What. So. Now I will be looking for price -, lets, go zoom, out - bets because we need to see where we are in the grand scheme of things we have broken above the high so. Premiere price is looking bullish but we are right into here this support, resistance, level here so, we'd have to be cautious but. It could go and test the high once again so let's take a look. Not. So much so this is what I was talking about being cautious. And the reason for that is. This. So I like to look so when I'm looking at charts I like to go back like, to the two previous. Levels, and as, we can see this is why I was saying being cautious, because we were right into that resistance. Level and sometimes this tends to happen so. I'm. Actually. We're. Getting a repetition, of data again, oh boy. Alright. So pretend you didn't see that.
What. What. Do we get neck - what happens, next what. Do we look for next. My. Computer. Restarted. And I. Think I may have to download the. Data once. Again, but. Anyway, for our purposes. Here we'll continue on. Pretend. You didn't see any of that. Too. Late you saw it all right now online don't, worry, bearish. Candle clouds let's let's put, it into context. All right so, we have a bearish engulfing candle. Close price. Try, to go higher and, then. It, dropped. From the, resistance. Here and we, have a bearish engulfing candle, close after a bearish, engulfing counterpose. So, personally, for, daily. Daily. Charts. I. Really. Two of my favorite, things to trade on a daily, charts are either. Engulfing. Candle sticks or pin bars right here, and bullish. Engulfing. Candles, and be reasonably, bullish, pin. Bars so, in this case we have a bullet bearish engulfing candle. Clothes what, do we expect I. Would. Expect. It to go, down, so lenses, go down breakers, go down all, right let's. See so you guys didn't see it so let's see what happens. Okay. So Goes Down and now we have another, a bearish, candle. Close so that's a nice big bearish, candle close what, do we expect from here, actually, I don't remember what I saw either so, what, do we expect from. Here. After we get that bearish, engulfing candle, close. Okay. So personally. I would, be looking for price. To drop, further, here because that's a nice bearish, camera close so, I would be looking for price too, I'll, be looking to see if the price goes down lower it could go into that pin or it, could go into the bottom. So suddenly. There's another move down sentences. Very bearish, continuous. Biases, still down Greg says yes okay, so let's see if we can, get to the support. Okay. So there we are that's, a nice candle. Close here. What. Do we expect next. All. Right so here, I'll be looking for price to drop further, we are into support, so we would have to be cautious because, we still haven't broken technically. We haven't really broken, out of this range we have just been price, has been testing, it so, we, need to see it closed below, here, but, bias, is bearish, so I'm looking to see if it will break, down here, again going into a lower timeframe would be important, here to, see if we can see, a break, so I'm, looking for price to see if it'll go into the next support or resistance level, here, Greg. Says, it will hit the support and then go up I mean it's done that so many times that it, is, very. Likely, so. That's. Why I would go into a lower timeframe and, see how how it does there so let's see. Okay. It it's, right into the support again it, tries, to break down and then it has pulled back. So. Now what. Alright so now. I'm looking for price chief price will drop further, into, the next level here but, this is very very cautious, and. Again. I would go to a small timeframe so, let's. See. Yeah. So now we are kind, of hovering right in to that support, we do have. Tweezer. Bottom. Type of trade. Setup, here price, has rejected this. Level, let's. See so, here what can we expect so, we could see. We. Could see price go higher. Into. This next, level right into this area. Here so, let's see. Ok. So here, we are now. What do we expect. So. I would be looking for. We. Could get a bit more pushed. Up here, price could go higher. Into. Perhaps, that support, and resistance, level we're back into the into this level here so basically.
Bias. Down pull. Back another, drop so. Let's see. Okay. So. Alright. So we had a draw, prices, pullback so we went to the next support and resistance level and now, we, have a nice. Bearish. Candle, close where. To from here. All. Right so here, I would be looking for price to go back down again. So now by, it's my bias has shifted from bullish. To bearish. Now so, we have a drop pull, back and I'm looking for a drop back into this support, the resistance level, so first would, be this, support, area so. Sophia, says go down yeah. Let's take a look not. So much here, sideways, Greg says bearish, yeah we're still sideways, here so. What we need to see what. Happens, here so as long as price stays below, this level my advice would still be bearish, so let's take a look but, if it closes above, this pin here then we're looking for price to go all the way back, up let's see. Okay. We have a bearish. Little. Pin bar what do we expect next. Alright. So here I would be looking for price to drop back down towards, the bottom once, again I do, like this bearish, pinbar price, is holding the resistance, level so I'm looking for it to draw oh. Now. We have a big bullish, candle, close that did not work, out too well that, was our little small, pin. Bar here did not work, out too well so. Now. So. Intro to the Penn bars it, is. It. Is my one of my favorite candlesticks. To trade, especially. On a daily and hourly but. Sometimes, about. 20%. 20, to 25 percent of the time they will fail and that's. One of the examples and, I. Must have been the news yes of years a lot of times it's the news that will, just. You. Know make a big difference in all of this and as we saw with the news today or the. The, market, sentiment, today with all the yen crosses yen. Crosses dropped. Because there. Are problems, so President. Trump sent. Out our, comments, from President Trump said that the, Chinese. Negotiations. Were not going too well and then on top of that that North Korea submit may not happen so, North, Korea talks are falling apart Chinese, talks are falling apart so Wall Street didn't not like that too much so we saw a drop in the Wall Street we saw, the. Safe, haven assets, go up so Swiss franc Japanese, yen both of those are safe haven currencies, when there, is uncertainty in. The market those safe haven currencies, go up which means all of those crosses, will, go down and that's why we saw Japanese, yen crosses, drop.
Today So just kind of from. The news so that's the market sentiment, stuff so here we are very, bullish. Now. What do we expect. Sunjin. Says go back to 153. Third yes I would expect price to go, higher, up here we could get a pullback, but. This, is a like a big strong, mirror bosu here, which. Means prizes. Right. Close right into the top that means there's a lot of momentum to the outside so, I'm looking for price to go higher let's, see. Okay. So now we are into this previous, support and resistance, pulled back a bit went up higher and, now. What. All, right so here, it's, it's. A little tricky, from here so we could still go and test the highs which, is what I would be looking for but. Now the, month the candle is smaller which means we could be running into resistance so, if it closes on the other side then we're looking for price to go up higher but if it doesn't then it could turn around just. Like this so I'm looking for price to go higher into, there but. I, would be cautious so let's take a look. Okay. Hasn't gone anywhere it's, still looking bullish, let's. See. Okay. So here we are into, the next resistance level and we, have a large pin. So. From, here, which, means there are sellers. Sitting. Up there that, have come in and pushed the price lower. Of, once again so. Candle. Close is still bullish, but we have a pin, higher. Up which, means price, could turn here, so I would look for I would go to a smaller time frame and I would look to see how, price reacts, at this level now, if it turns around and closes lower then, we are back again if. It closes higher then, I'm looking for price to go up higher, so let's take a look. Okay. We are I have a bearish, counter close kind of starting to look like this one here so. What's the guess what's, next. Okay bullish with caution. I, would. Be yes, I would be very cautious because, it's sitting, in that top, level. Again so it, could go test, the level, high again and if, it closes below I'm looking, for it to drop. So, I'm. Kind of sideways here. And looking. For whichever way but I do like the bearish, candle let's see. Okay. Nice, drop, what. Next. For. Me I would be looking for price to draw back down here into this pen or this pin here or into this level here so bearish. Basically, let's take a look. Okay. But if I pull back still looking for a bearish, drop here, not.
So Much so now we are pushing into the high once, again. So I think we, should wrap. It up here and, we. Will pick it up again tomorrow and. See. What we can do with it so hopefully. You guys enjoyed. This. Session, and. Enjoyed. Playing the game here and and. We'll pick it up again so this is just the this exercise really, it helps us train our eyes, on, price action and the, price action can be applied to any timeframe, right now we're, looking at the daily timeframe but. This can be applied to an hourly timeframe, as well it's just that the moves will be smaller. Than the, than. The daily, so just, keep that in mind but it's the same price action whether we are looking at an hourly timeframe, daily or weekly so, so. That's everything, you guys have a wonderful evening, and we, will be back again tomorrow.
2018-05-27 10:38
