John, one of the traders that visits this Forex trading site of mine, made this comment and asked some questions and since I had issues trying to upload image to my comment.
I decided to write a quick post about it in reply to him but maybe this will also help other traders that may come cross this:
Thanks Rkay for your website. I’ve noticed a bearish harami form on the daily EURUSD CHART with a confluence of a downward trend line.
Also As feedback, I’ve drawn a fib retracemtent level from 1.16150 as swing high and swing low at 1.09521 which is where a bullish hararmi was also found !!! Is that correct procedure in drawing fib levels. Thanks feedback would be greatly appreciated
Here’s what I think about the Fib and Harami:
- bearish harami forming when price hits 61.8% fib level and some will consider it as a good sell signal but I’m not a big fan of taking trades just based on this kind of situation. I’d rather have one other layer added to it to make me confident of taking this trade setup.
- trendline is IRRELEVANT…there’s no confluence at all with this downward trendline.
- I wouldn’t be trading this setup at all based on the daily timeframe.
- note the potential resistance zone above? Price is also not even close. So confluence here is really out of question.
Here’s a chart showing what John was talking about:
Not an ideal trade setup in my opinion. You should stay out of it.
Look I just want to compliment this site, this is the best site, on like other fufu traders that makes money marketing there products and services that are not good, I’m like if there so good they should be making money through the forex market and help others who wants to learn but for me ain’t paying money for no services but I’ve been making it through this site, I’ve been learning in this site for weeks now and I’ve improved , RKay u’re the best, keep doing the good work.. .
I’m not going to sell anything to anyone on this site apart from third party ads that on on this site to help pay the running costs of this site.
every information i publish here is all for free so learn what you need to learn.
separate the good from the bad and take only the good and wish you success in trading forex.
Aha. criticism is Healthy especially from older experienced heads. Potential life saver here (this trade could potentially move 30 + in opposite direction.)
Once again I would like to say everything you’ve done for your community is greatly appreciated ! Respect.
Those are qood questions, John.
It takes a while a while to ‘SEE” but you’ll get there.
Spend a bit more time with the charts and see how price behaves around support and resistance levels, you’d be surprised because price leaves clues as to what direction it will take.