How to trade price action signals from 50% retrace levels
When you have a price action signal present on the daily chart, you then match up the fib 50% retracement level if there is one present,if the price action candlestick signal matches up with the 50% swing
retracement level then you’re good to go and potentially have a valid trade. If you can also find a relevant horizontal level to match up here, its a ‘double whammy’ of confluence (a reason to get excited).
The process of trading the 50% retrace is simple,this is one example of a recent trade on the AUDUSD pair.
4 80an hour ago
XAUUSD - I am expecting a nice 200+ pip drop by the end of next week! 💀📉
What Makes a Good Shooting Star (Pinbar) Pattern?
Some of the filters that I use to qualify a good shooting star make taking the entry completely different than the standard method. In my experience, these filters have drastically improved my strike rate with the shooting star candlestick pattern.
The tradeoff is that I get fewer qualified setups. I’m personally okay with that because it’s always preferable to trade quality over quantity.
If you’re only interested in the standard shooting star trading method, you can skip these filters (qualifiers) completely.
The first filter that I want to talk about is the confirmation close. This is probably the most important filter that I use on the shooting star, and it’s also the filter that changes the way you must take your entry with this pattern.
Basically, as a sign that the uptrend is actually ending, after the shooting star signal, you want to see a bearish candlestick that closes below the real body of the previous candlestick.
The sooner this happens after the shooting star appears the better.
if you want to learn how to trade the market using my price action trading strategies,
i highly recommend purchase my ebook (the candlestick trading bible). if you are interested,check it out in my bio, or send me a private message.
The culprit was caught. Now we can enjoy our Friday. #fibsdontlie
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