Forex Price Action - Page 113
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  1. #1121
    Quote Originally Posted by Forex School Online View Post
    Just on the EURGBP short trade you are looking to take. This level is the same level I have marked and also the level I will be watching like a hawk to get short with all the momentum. Pull-backs with the trend to logical areas are my speciality. So yes I agree let the counter-trend pass and get with the trend.

    Good luck,

    Johnathon

    Hi guys, on EURGBP daily, a solid pin bar is formed. But the nearest support seems to be at 0.815.

    Thinking for a good setup, shd the entry price be somewhere in the middle of the pin bar?

    Any comment is appreciated. Many thanks!

  2. #1122
    Join Date
    Jan 2012
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    Quote Originally Posted by ywboo3 View Post
    Hi guys, on EURGBP daily, a solid pin bar is formed. But the nearest support seems to be at 0.815.

    Thinking for a good setup, shd the entry price be somewhere in the middle of the pin bar?

    Any comment is appreciated. Many thanks!
    What would you say about this level it formed at and swing low/high etc?

  3. #1123
    Quote Originally Posted by Forex School Online View Post
    What would you say about this level it formed at and swing low/high etc?
    Hi Johnathon

    The level 0.82208 which the pin bar got rejected is a recent swing low in early Jan12. We can also see that price respects this level in the past few days.

    In addition, we would be selling into downtrend which is good.

    If the entry price is in the middle of the pin bar, it would give a reward risk ratio close to 2 and we are also shorting at the upper end of the downward slopping channel.

    This is about all I can see. Not sure whether I answer your question.

  4. #1124
    Join Date
    Jan 2012
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    Quote Originally Posted by Forex School Online View Post
    I know you were trying to help somone and now looking back on it ig I had realised it was you JayonBeach (which I didn't) I probably would not have said anything as it must seam every time you post I pick on you! Haha

    As I said it's not that I disagree with anything you have said or are saying just that I am really keen on keeping this away as a thread on news and keeping as a thread on price. That's all. Just between you and me I also won't trade going into the NFP but other than that I never look at the news. Ever.

    Thanks for taking the time to warn that person and next time I will leave you be!

    Johnathon
    Yes I think we do have a different way of thinking for sure! We both trade PA just in different ways, for example I watch trendlines and patterns closely as well.

    Indeed the NFP can be another doozy, nice for trading spikes if you're a scalper otherwise best avoided imho

    I hear you on the whole news though, too many people get hung up on it all.

    Cheers

  5. #1125
    Join Date
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    Quote Originally Posted by ywboo3 View Post
    Hi Johnathon

    The level 0.82208 which the pin bar got rejected is a recent swing low in early Jan12. We can also see that price respects this level in the past few days.

    In addition, we would be selling into downtrend which is good.

    If the entry price is in the middle of the pin bar, it would give a reward risk ratio close to 2 and we are also shorting at the upper end of the downward slopping channel.

    This is about all I can see. Not sure whether I answer your question.
    Yes agree with strong recent trend and also agree rejecting resistance.

    What I am asking is are you not worried that this is formed at a swing low? And where we would expect buyers to look to buy? (Buy low sell high, and sell high buy low etc)

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  6. #1126
    Quote Originally Posted by Forex School Online View Post
    What I am asking is are you not worried that this is formed at a swing low? And where we would expect buyers to look to buy? (Buy low sell high, and sell high buy low etc)
    Johnathon
    I am afraid I am lost on this part. I thought the swing low which acts as a support in the past has become a resistance when the pin bar is formed yesterday. From the chart, I don't know how to see where buyers would look to buy.

    If I am bullish on this EURGBP, probably I would wait for price to come towards 0.815 (where it reaches support and lower portion of the channel) before buying it.

  7. #1127
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    Quote Originally Posted by ywboo3 View Post
    Johnathon
    I am afraid I am lost on this part. I thought the swing low which acts as a support in the past has become a resistance when the pin bar is formed yesterday. From the chart, I don't know how to see where buyers would look to buy.

    If I am bullish on this EURGBP, probably I would wait for price to come towards 0.815 (where it reaches support and lower portion of the channel) before buying it.
    Okay, my personal rule is to only trade reversal candles as reversals. So when I trade a Pin Bar I am always looking to pick a reversal in price. This means that if I am looking to pick price to go short it has had to have been trading higher. This way when I go short I am trading from a swing high. This does two things. It make me not sell straight into trouble and I am also selling high and buying low.

    When we trade reversals from the incorrect swings we will always be selling into trouble as they will be sitting on a support or resistance area.

    So the EURGBP for me is formed at a swing low and because of this a no trade. Okay that being said I am NOT saying it will not go lower. That I am def not saying. As we said it is with trend and bounced of resistance level I am simply saying I only place trades where the edge is overwhelmingly in my favour.

    An example of what I am talking about is chart I put below. Do you see how the pin below is from a swing high and selling high and buying back low? And because of this not selling straight into trouble. If you look at chart I put up about EURGBP price is selling straight into trouble. And it always will be when you sell from a swing low.

    Does this make sense?

    Now lastly a DO NOT change orders or take trade of because of what I have said! I only post like this knowing that people will not change their trade ideas. If they do I will have to stop as it is not trade advice but rather something to think of next time.

    Good luck,

    Johnathon

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  8. #1128
    Join Date
    Feb 2012
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    30
    Hello All,
    Any comments on AUDJPY (pin on daily)?
    It is a bit small.
    Thanks

  9. #1129
    Quote Originally Posted by Forex School Online View Post
    Okay, my personal rule is to only trade reversal candles as reversals. So when I trade a Pin Bar I am always looking to pick a reversal in price. This means that if I am looking to pick price to go short it has had to have been trading higher. This way when I go short I am trading from a swing high. This does two things. It make me not sell straight into trouble and I am also selling high and buying low.

    When we trade reversals from the incorrect swings we will always be selling into trouble as they will be sitting on a support or resistance area.

    So the EURGBP for me is formed at a swing low and because of this a no trade. Okay that being said I am NOT saying it will not go lower. That I am def not saying. As we said it is with trend and bounced of resistance level I am simply saying I only place trades where the edge is overwhelmingly in my favour.

    An example of what I am talking about is chart I put below. Do you see how the pin below is from a swing high and selling high and buying back low? And because of this not selling straight into trouble. If you look at chart I put up about EURGBP price is selling straight into trouble. And it always will be when you sell from a swing low.

    Does this make sense?

    Now lastly a DO NOT change orders or take trade of because of what I have said! I only post like this knowing that people will not change their trade ideas. If they do I will have to stop as it is not trade advice but rather something to think of next time.

    Good luck,

    Johnathon
    Johnathon
    Thanks for the quick reply. It is enlightening as I have never considered this in my selection criteria for trades.

    Unfortunately, I am not fully enlightened yet. Will sit down and digest this again.

    Thank you!

  10. #1130
    AU hitting an interesting resistance level at 1.03848

    U guys may wish to monitor closely for price action to enter into short position. Too bad, I am stepping out soon. Never seem to have any luck with this pair. Sign....

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