Forex Price Action - Page 114
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  1. #1131
    Join Date
    Jan 2012
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    1,814
    Quote Originally Posted by bitizhu View Post
    Hello All,
    Any comments on AUDJPY (pin on daily)?
    It is a bit small.
    Thanks
    Hi bitizhu,

    I believe you're talking about the pinbar below.
    Actually, this is also under the category of discussion that ywboo3 and Johnathon have been having.

    The catch is: the pinbar has not formed at SWING LOW; if, say, the body of the pinbar was at the support line, with the tail stretching out downwards, and it had closed within a previous candle, that in my opinion would have been a valid setup.

    As Johnathon said, trading this kind of pin (like the one below) would be trading right into an S/R *zone*. It may work out a couple of times but in the long run will punish you more than it rewards.

    Took me some time to get it too and sometimes i forget and begin to get excited, then realize it's a fake (or have someone point it out to me). Johnathon's written a pretty good article about PA that sucks traders in, check it out here: Price Action That Sucks Traders In... | Forex School Online

    Bottom line: SHORT from RESISTANCE (swing high) and LONG from SUPPORT (swing low)

    Cheers!

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    Last edited by dudest; 04-26-2012 at 06:39 AM.

  2. #1132
    Join Date
    Feb 2012
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    30
    Thank you very much, Dudest!
    Makes lot of sense. I was attracted by the Support and did not pay attention to the Resistance above.
    I was lucky, managed to move the SL to BE.
    Will read the article...
    Safe trading to All

  3. #1133
    Join Date
    Nov 2010
    Posts
    28
    Hi friends,
    I've a question about swing high/low,
    And try to ma,e it with an example:
    Look at audusd right now, 4H,
    (i cannot upload image coz i'm with the ipad and i'm not yet able doing this),
    Now it is forming a beeb,
    Yes, we wait till the close of candle, but the question is:
    If this candle close as a beeb, is correct to say that it is at a swingh high?

  4. #1134
    Join Date
    Jan 2012
    Location
    Melbourne, Australia
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    Quote Originally Posted by dnagolf View Post
    Hi friends,
    I've a question about swing high/low,
    And try to ma,e it with an example:
    Look at audusd right now, 4H,
    (i cannot upload image coz i'm with the ipad and i'm not yet able doing this),
    Now it is forming a beeb,
    Yes, we wait till the close of candle, but the question is:
    If this candle close as a beeb, is correct to say that it is at a swingh high?
    Yes that is correct.

  5. #1135
    Join Date
    Feb 2012
    Posts
    30
    Hi Dnagolf!
    Would not you be worried that on the Daily was a PB from the Support?
    And on my opinion BEEB is not so nice, because of the upper wick.
    Any comments from our colleagues?

  6. #1136
    Join Date
    Nov 2010
    Posts
    28
    Quote Originally Posted by bitizhu
    Hi Dnagolf!
    Would not you be worried that on the Daily was a PB from the Support?
    And on my opinion BEEB is not so nice, because of the upper wick.
    Any comments from our colleagues?
    Hi bitizhu,
    The pin you pointed out, is at a spport, but in a very strong down trendand it's near 1.4000, BRN and recent resistance area,
    So, i think that IF it close as beeb, i'll consider to trade her breakout short.

  7. #1137
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    Jan 2012
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    Melbourne, Australia
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    Quote Originally Posted by dnagolf View Post
    Hi bitizhu,
    The pin you pointed out, is at a spport, but in a very strong down trendand it's near 1.4000, BRN and recent resistance area,
    So, i think that IF it close as beeb, i'll consider to trade her breakout short.
    This will be my last post for a few days as travelling.

    For me looking at the daily chart I would only short if price was a little higher from a more important and logical area.

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    Safe trading all,

    Johnathon
    Last edited by Forex School Online; 04-26-2012 at 07:57 AM.

  8. #1138
    Quote Originally Posted by bitizhu View Post
    Hello All,
    Any comments on AUDJPY (pin on daily)?
    It is a bit small.
    Thanks
    bitizhu I think Dudest covered this very well (nice post dudest) but there is one thing you can answer straight away that almost automatically cancels out the trade (for me at least).

    As soon as you mention it is small, before anything else then we have a major problem. As Price Action traders one of the first things we need to check off the list is that is LARGE PA

    Once you can recognize that the PA is quite small it already has a fairly significant tick against it. Dudest has pretty well covered the rest.

    For what it is worth here are the FIRST 3 things that have to have a tick on my trading plan before I can even consider taking a trade.

    1) Is price at a significant S&R level?
    2) Is there LARGE PA?
    3) Is it at a swing high or swing low?

    Unless I get all 3 ticks there then I don't go on to the next stage, which is to look at trade management, is it with the trend or counter-trend, how many lots etc. At this point it is a 'no' trade.

    Safe trading everybody.

  9. #1139
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    Jan 2012
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    Melbourne, Australia
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    Quote Originally Posted by bhops View Post
    bitizhu I think Dudest covered this very well (nice post dudest) but there is one thing you can answer straight away that almost automatically cancels out the trade (for me at least).

    As soon as you mention it is small, before anything else then we have a major problem. As Price Action traders one of the first things we need to check off the list is that is LARGE PA

    Once you can recognize that the PA is quite small it already has a fairly significant tick against it. Dudest has pretty well covered the rest.

    For what it is worth here are the FIRST 3 things that have to have a tick on my trading plan before I can even consider taking a trade.

    1) Is price at a significant S&R level?
    2) Is there LARGE PA?
    3) Is it at a swing high or swing low?

    Unless I get all 3 ticks there then I don't go on to the next stage, which is to look at trade management, is it with the trend or counter-trend, how many lots etc. At this point it is a 'no' trade.

    Safe trading everybody.
    Yep and at the same time if someone knows themself it's small they already know they shouldn't take it. They would be just convincing themselves.

  10. #1140
    Join Date
    Nov 2010
    Posts
    28
    I agree with you john, when you say to look at the daily,
    But i've marked a level little lower,
    Look at todays max, 1.0394, how many times it reacted in the past,
    From last year around end of april, so if daily close with a pin i surely short it!

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