Forex Price Action - Page 141
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  1. #1401
    Join Date
    Jan 2012
    Location
    Melbourne, Australia
    Posts
    1,511
    Hey all,

    I have just written an article I have been wanting to write for a while now to explain to people exactly why no method or individual trade can be relied upon to be 100% correct. Traders will say "oh I know nothing is certain" but they have no idea why and the next time they see an A+ trade the will be the farm. Hopefully after reading this they will see things from a new point of view and actually understand why trades and methods/systems no matter how good can never be 100% correct or certain!

    Safe trading,

    Johnathon
    Last edited by Jess; 01-31-2013 at 04:04 AM. Reason: cleanup

  2. #1402
    Join Date
    Jan 2012
    Location
    Melbourne, Australia
    Posts
    1,511
    I was personally taken out at profit on some and break even on the rest on the trade a lot of played on the BEEB on the EURGBP last week however if some are still in and looking to manage a little less tightly, one possible way to play is instead of leaving your stop and risking a full loss you could slide the stop down to being above the bearish rejection candle that formed on Firday.

    This is def not trading advice!!

    Is anyone still in and if so how are you managing it?

    EURGBP DAILY CHART

    Name:  EURGBP.jpg
Views: 2774
Size:  19.4 KB

  3. #1403
    Join Date
    Mar 2012
    Posts
    100
    Hello, what u think about pin bar on H4 XAG/USD is not too small? I think it's on good resistance level. Maybe someone can post chart because i can't now. This USD/JPY that i wrote in last post it's going good. I'm on break even right now.

    On eur/gbp i TP on 0.8010 but i started from 0.8075 on H4.

    Cheers.

  4. #1404
    Join Date
    Jan 2012
    Posts
    1,814
    Quote Originally Posted by Forex School Online View Post
    I was personally taken out at profit on some and break even on the rest on the trade a lot of played on the BEEB on the EURGBP last week however if some are still in and looking to manage a little less tightly, one possible way to play is instead of leaving your stop and risking a full loss you could slide the stop down to being above the bearish rejection candle that formed on Firday.

    This is def not trading advice!!

    Is anyone still in and if so how are you managing it?

    EURGBP DAILY CHART

    Name:  EURGBP.jpg
Views: 2774
Size:  19.4 KB
    @Dudest:
    -> Thur 24th: closed portion #1 (partial profit) at 0.8004
    -> Fri 25th: portion #2 taken out at new SL of BE+19pips

  5. #1405
    Hi.
    What do you think about this trade.
    The price rejected the resistence zone.
    The last 4h candle break's the lows off last 2 doji's candles.
    There is also a nice down trend momentum


    Uploaded with ImageShack.us



    Uploaded with ImageShack.us

  6. #1406
    This is my favourite setup.
    Nice Down trend like we can see on Weeakly tf.
    And on 4h chart we can see a nice spin candle in a important resistence zone(old suport)
    I'm short!


    Uploaded with ImageShack.us



    Uploaded with ImageShack.us

  7. #1407
    Join Date
    Jan 2012
    Location
    Melbourne, Australia
    Posts
    1,511
    I have to say something that is driving me nuts not in this thread but all over the net with many price action traders.

    As traders we need to be getting in at value areas. What does this mean? it means we should buy low and sell high, Or sell high and buy low. Pretty simple right? Apparently not.

    What we don't want to do is try and get into the market once the move has been made or in other words short from the bottom or buy at the top.

    WE NEED TO ENTER AT VALUE AREAS........ We can not expect to being consistently profitable if we are entering at areas that no1 else is.

    This means that if buy high and try to sell higher the chance that price hits resistance and turns is very high. The same if you buy from a swing low and try to sell lower.

    When you enter from value areas example: Buy from swing low and exit at swing high, we do two things: 1: We give our trade somewehere to trade into i,e: space and 2: We increase our chance of having a winning trade.

    I have said this many many times and I keep repeating it because a) I care and b) you don't have a shot in hell of making money time and time again if you are entering trades from areas that are not value.

    So I will give some example.....

    The first is of a pin bar. Notice this bearish engulfing bar the trader is trying to sell low (from swing low) and then trying to buy back lower. As I said above the chances of this hitting support and going high (stopping trader out) are high...

    Name:  no.jpg
Views: 2781
Size:  17.1 KB

    Now for the second example I am going to give the very revent trade most traded around here on the EURGBP. this was also a Bearish engulfing bar. Now notice here price was at a swing high? We were selling high and buying back low. We were entering at value! This gave us space to trade into!

    Name:  value.jpg
Views: 2748
Size:  17.6 KB

    If anyone doesn't understand this please post your questions please.. I would much rather explain something over and over again until someone got it than to not to and people lose money trading bad setups from rubbish areas.

    Lastly I have to say of course these setups will occasionally work!!! But they will not over time. You will be whipped and smashed. Whilst you may get away with a few trades from bad areas trust me when I say you can't get away with entering from rubbish areas forever. The market will get you! So stop now and start entering from value!

    Very lastly, especially watch out for pins that form at the incorrect swing low or high i,e: a bullish pin from swing high rather than low. The are actually inverted pins and signals to go the other way. These east new Price Action traders up. You have no reason to be caught out now.

    Safe trading to all,

    Johnathon

  8. #1408
    Join Date
    Jan 2012
    Location
    Melbourne, Australia
    Posts
    1,511
    Quote Originally Posted by nctrades View Post
    Hi.
    What do you think about this trade.
    The price rejected the resistence zone.
    The last 4h candle break's the lows off last 2 doji's candles.
    There is also a nice down trend momentum


    Uploaded with ImageShack.us



    Uploaded with ImageShack.us
    Awesome charts and posts NC,

    the AUDCAD went lower for you and is now stalling and could go either way... PA was not convinging enough for me to enter at all but area looked solid for shorts.

    GBPNZD is a bit of a sell from low and buy back lower. For me to enter I would need a much greater pull back to enter at a value area where I would expect others top also short from.

    Solid area to short from on the weekly but the 4hr (for me only) just does not represent a high enough probability of a winning trade.

    Don't get me wrong I think this will eventually go lower but whether this small pin from a low is the catalyst for it I am not sure yet.

    Good luck and I hope it falls lower for you,

    Johnathon

  9. #1409
    Thanks for your opinion Johnathon

  10. #1410
    Join Date
    Nov 2011
    Posts
    398
    Most of the pairs seem to be consolidating for a while. Is this a signal for trend reversal ?

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