My Basic Chart Analysis Method

[mumpips]

Originally Posted by phil838

It's a Babypips forum thread by Mastergunner99. It's very similar to the way I trade.

Price Action Hero

Since is similar to yours I do not want to waste my time looking at others as it will confuse me further especially I am a turtle trader now. I would prefer to stick to your ebook and sunday breakout strategy and practise as many times as I can.

Btw, can you pls tell me more abt price action, how can i use it to see mkt movement?

Thanks

[phil838]

Originally Posted by mumpips

Since is similar to yours I do not want to waste my time looking at others as it will confuse me further especially I am a turtle trader now. I would prefer to stick to your ebook and sunday breakout strategy and practise as many times as I can.

Btw, can you pls tell me more abt price action, how can i use it to see mkt movement?

Thanks

"Price action" is just another word for what I call "chart analysis." Whatever you call it it's what my whole ebook is about.

[phil838]

Originally Posted by phil838

We've got a possible trade forming on GBP/USD. It's not a confirmed trade yet, but if the current candle goes down or forms an IB it will be.

It's not a perfect trade because it went pretty far past the trendline, but most trades aren't textbook perfect anyway. It's good enough!

If you're not familiar with this type of reversal trading please read the ebook on the first post before you place any trades!!

Scratch that last trade call. Price went the other way and broke through the S+R zone.

I traded the break and I'm up 60+ pips right now, but that will all be covered in Part 2 of the ebook.

[mumpips]

Originally Posted by phil838

"Price action" is just another word for what I call "chart analysis." Whatever you call it it's what my whole ebook is about.

Great, I will go thru your ebook again and looking forward to your 2nd book.

Thank you my Hero

[Bruce Willis]

Hi to all,

I have been reading the forum for quite a long time, but never wrote, so now I have the opportunity to say - Great Forum with great people!

Second comes my question - Phil (or anybody trading PA), do you see a trade opportunity on EUR/USD for short at 1.4079? I have been trying to follow your rules and trading advice?
Also the GBP/USD trade you were talking about - still do not see it as short at1.6595

Thanks!

[johnnykanoo]

bruce i see a nice pinbar forming on the daily (maybe) and the last 4h was a pinbar. A pinbar by itself doesnt mean much but when it forms at a swing high or swing low than i pay close attention.
short at 1.4100
p1 1.4000
p2 1.3925
s/l 1.4200

its only my ideas on the pair and phil may say something different.

[Bruce Willis]

Thanks for the opinion Johny! I am using a 4 hr frame and I saw the pin bar that was in the S+R zone and then bounced off, that is why I saw a possible trade. The same with GBP/USD where the pin bar was a bit too high as Phil said, but still came back, forming a swing high. I was wondering to what extend should the bar cross the S+R zone, so that we can qualify it as a bounce or as a break. I supose this knowledge comes with practice only, but till now I have learned that DEMO trading has NOTHING to do with real trading. So now I am trading real money and I am learning as well, which, for the moment hasn't beet financially satisfactory to me...

[phil838]

Originally Posted by johnnykanoo

bruce i see a nice pinbar forming on the daily (maybe) and the last 4h was a pinbar. A pinbar by itself doesnt mean much but when it forms at a swing high or swing low than i pay close attention.
short at 1.4100
p1 1.4000
p2 1.3925
s/l 1.4200

its only my ideas on the pair and phil may say something different.

I agree with Johnny, but for different reasons... And that's a good thing! If two different types of analysis give you the same result it usually means they're both good methods.

My reason for a short around here is the same as the GBP/USD trade I called earlier, but didn't work out. The two pairs are mildly correlated, and the same scene is playing out on EUR/USD right now.

You'll notice we actually missed the entry, but it retraced anyway so we can still get in. It's a good short to me because there's a long wicked candle that formed a bit past the trendline area and in the S+R zone, which signals a possible reversal. Then the next candle dipped below the reversal candle, and that's your entry!

[Bruce Willis]

WOW, that is weird, if I look on my chart here I see sompletely different... the current bar never sink below LWC's low

[phil838]

Originally Posted by Bruce Willis

Thanks for the opinion Johny! I am using a 4 hr frame and I saw the pin bar that was in the S+R zone and then bounced off, that is why I saw a possible trade. The same with GBP/USD where the pin bar was a bit too high as Phil said, but still came back, forming a swing high. I was wondering to what extend should the bar cross the S+R zone, so that we can qualify it as a bounce or as a break. I supose this knowledge comes with practice only, but till now I have learned that DEMO trading has NOTHING to do with real trading. So now I am trading real money and I am learning as well, which, for the moment hasn't beet financially satisfactory to me...

You're right, it comes with practice. One thing to remember is that it can be both a break and a bounce. It may turn out to be a short-term break, and then a long-term bounce.

I traded the break and got 50 pips, and then I traded the bounce when it reversed and am in the trade now.

With experience you can learn to make money twice on these failed breaks!!