Please analyze my PA charts

Hi. First of all, thank you for reading my thread. I’ve been studying the Forex market for the past year. Started with EAs and various automation software and realized that they fail or will fail in the end. For the past week or so I started studying hard the PA (in babypips school) and candle sticks trading (book) and I can really say [I]it’s beautiful[/I]! It’s so liberating to free yourself from lagging indicators and messy busy charts. Now I rely on one single indicator: me.

I will be posting charts showing my analysis and I want you to criticize it - especially how I plot[B] my trend lines, SR and Fibo levels[/B]. Maybe some of the terms I use are incorrect or even my thought process - please point that out as well.

I only use a couple indicators: Semaphore - but its sole purpose is to make easier to spot the swing lows and highs candles. You might also see a green or a red dotted line on the charts - these represent trigger points to either buy or sell, according to how I plot them on the chart (part of an EA - however I control the EA, it doesn’t tell me what to do). The last candle shows a time - that’s the time left until the candle closes.

So let’s look at my first pic: AUDCAD pair. After a little bit of ranging, price fell sharply then an uptrend started to form. Like the majority of uptrends, there should be some occasional pullback and those areas should be monitored closely as they could bring the most pips. I use the Fib retracement tool whenever I see a pullback.

In this case, the Fib levels didn’t tell me much: level 61 was tested by the 2nd newer candle - I can’t say that is a support level as I need at least 2 attempts at testing it. I also know that a retracement at level 61 or higher labels the uptrend as weak, which means it could collapse anytime. However, some good news to sort of strengthen level 61: it intersects with the purple uptrend channel line I plotted. I am tempted to buy now. What are your thoughts? Is my judgement right?

Thanks.

Eddie


photos upload

Hi,

The issue with asking a subjective question like that is you’ll get an infinite number of different answers, based on that persons interpretation of the PA; people will justify a buy and sell based on their understanding - or lack thereof.

You started on the right track; the only indicator to use is you. So let me answer your question with a question: based on your internalized understanding of PA based on previous experiences, what do YOU think you should do?

Eddie,

Hello, realizing I am about a month too late to analyze your price action analysis on AUDCAD…so thought I would do an analysis of the pair today. Maybe that could be of some assistance?



With the current position of price I would not be looking to buy…

[QUOTE=“MysticMM;734387”]Hi, The issue with asking a subjective question like that is you’ll get an infinite number of different answers, based on that persons interpretation of the PA; people will justify a buy and sell based on their understanding - or lack thereof. You started on the right track; the only indicator to use is you. So let me answer your question with a question: based on your internalized understanding of PA based on previous experiences, what do YOU think you should do?[/QUOTE]

This is great advice. I’d add:to write everything down what you’re feeling, how you see things and what you think may happen. Even trade that thought, small amount so that the learning experience will help your analysis.