Forex Price Action - Page 35
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  1. #341
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    Quote Originally Posted by Spongybob View Post
    Hey Johnathon

    I would help you out in here, but im having too much fun with your course and in the members section, sorry bout that! lol
    Haha,

    the thing about in here is I can only teach and help so much but I will keep on trying! Soon you will be able to help along! That would be great!

  2. #342
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    Hi guys!, what do you think of this?

    GBPUSD Daily:

    Name:  20120229_gbpusd_d1_bueb.jpg
Views: 8124
Size:  57.7 KB

    -> Is it with the trend? YES (uptrend)
    -> Is it occurring at a relevant Support or Resistance zone? YES (resistance)
    -> How big is the BUEB? Engulfs previous bar; closes in the last 1/3rd of itself
    -> Is the BUEB from a pullback within a relevant trend? YES (pullback seems to be ending)
    -> Conclusion: good probability for bullish trend to resume

    Holla!

    PS: my thoughts: after breaking through the resistance at 1.5907, may climb a bit, then come back to test if the resistance is now support and if yes, continue trending upward.
    Last edited by dudest; 02-29-2012 at 02:27 AM.

  3. #343
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    Quote Originally Posted by dudest View Post
    Hi guys!, what do you think of this?

    GBPUSD Daily:

    Name:  20120229_gbpusd_d1_bueb.jpg
Views: 8124
Size:  57.7 KB

    -> Is it with the trend? YES (uptrend)
    -> Is it occurring at a relevant Support or Resistance zone? YES (resistance)
    -> How big is the BUEB? Engulfs previous bar; closes in the last 1/3rd of itself
    -> Is the PB from a pullback within a relevant trend? YES (pullback seems to be ending)
    -> Conclusion: good probability for bullish trend to resume

    Holla!
    First question you need to ask is did it form at relevant swing low or high?

    Basically pin bar and engulfing bars are reversal correct? As in the Pin Bar Reversal

    And if we are to pick a reversal in the price we need to pick price to go the other way.

    What you are doing on this chart is picking price to continue (which it very well may do as price is in upmove of late) however that's not for reversals.

    So when trading in an uptrend like we are here we need a pullback to support and then to go long. In other words price would have been going down, we get a reversal signal and we trade the signal looking for price to "reverse" and go long.

    Make sense?

    I know I keep sending you to these articles but i do it because all the info with charts and explanations are there. Engulfing Bar Intro

  4. #344
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    Quote Originally Posted by Forex School Online View Post
    First question you need to ask is did it form at relevant swing low or high?

    Basically pin bar and engulfing bars are reversal correct? As in the Pin Bar Reversal

    And if we are to pick a reversal in the price we need to pick price to go the other way.

    What you are doing on this chart is picking price to continue (which it very well may do as price is in upmove of late) however that's not for reversals.

    So when trading in an uptrend like we are here we need a pullback to support and then to go long. In other words price would have been going down, we get a reversal signal and we trade the signal looking for price to "reverse" and go long.

    Make sense?

    I know I keep sending you to these articles but i do it because all the info with charts and explanations are there. Engulfing Bar Intro
    You're right Johnathon, i see my wrong. PB and EBs are *reversal* signals, and in this case, it's more of a continuation. So my analysis was not correct in the sense that it's not occurring at the swing low. Thanks for making me think

  5. #345
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    Quote Originally Posted by dudest View Post
    Hi guys!, what do you think of this?

    GBPUSD Daily:

    Name:  20120229_gbpusd_d1_bueb.jpg
Views: 8124
Size:  57.7 KB

    -> Is it with the trend? YES (uptrend)
    -> Is it occurring at a relevant Support or Resistance zone? YES (resistance)
    -> How big is the BUEB? Engulfs previous bar; closes in the last 1/3rd of itself
    -> Is the PB from a pullback within a relevant trend? YES (pullback seems to be ending)
    -> Conclusion: good probability for bullish trend to resume

    Holla!

    PS: my thoughts: after breaking through the resistance at 1.5907, may climb a bit, then come back to test if the resistance is now support and if yes, continue trending upward.
    Firstly I really must say you are uploading some really clean and nice charts that are uncluttered and beautiful to watch!

    The other thing I really need to point out is something I think you maybe getting confused with that a lot of people do.

    When I say to trade from good areas I mean to trade AWAY from these good areas. So in your questions you have put down that yes it is from relevant support or resistance when in fact it is the exact opposite. Instead of looking for longs at this resistance we should be looking for short to trade away from the resistance. Opening a trade here is trading right into the important area, in other words opening a trade right into an area that others are looking to sell at resistance. Is this making sense? Please let me know as this is SUPER important

    Put it this way if I got a nice bearish pin bar at this same level I would short, where as you are looking to go long. So remembers this: Long from support and Short from resistance and trade away from levels not into them.


    On another note,

    What I favour happening in this market is resistance is looks to be possibly breaking. If it does this is very important for market structure. Price will be above a very important area and will then look to stay above it. Longs will def be confirmed as the right play if this area can break and close above as for people shorting this area would need to break again which would be tuff to do. Hope that hasn't confused anybody. Just how you can read a market and learn what it is telling you as a story.

    Johnathon


    PS: So I have just found an example to explain what I was trying to say. This is also on the GBPUSD and a trade I actually took and covered live. I even made a live video for public on this one. Anyway what I am trying to say is this is quite similar to the story you are now looking at with your support and resistance levels. Notice the pin I have 3 touches of resistance and kept selling of? Price has also touched your resistance 3 times but instead of looking to sell away from a resistance zone you are trying to buy.

    Name:  usdchf.jpg
Views: 8015
Size:  21.2 KB
    Last edited by Forex School Online; 02-29-2012 at 04:46 AM.

  6. #346
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    Its just a waiting game now

    The part I need to learn to do

  7. #347
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    Quote Originally Posted by Spongybob View Post
    Its just a waiting game now

    The part I need to learn to do
    Haha and you got another about 3,000 words of reading to do soon also. A surprise for you that will help your trading heaps!

  8. #348
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    @Johnathon: Opening a trade here is trading right into the important area, in other words opening a trade right into an area that others are looking to sell at resistance. Is this making sense? Please let me know as this is SUPER important

    Hi Johnathon,

    After several reads of your post, it has made sense.
    Condensed in my head as follows:

    ** REMEMBER:
    *** you LONG from SUPPORT
    *** you SHORT from RESISTANCE
    *** you trade AWAY from levels, NOT into them

    Thanks once more for the in-situation coaching, invaluable.

  9. #349
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    Quote Originally Posted by Spongybob View Post
    Hey Johnathon

    I would help you out in here, but im having too much fun with your course and in the members section, sorry bout that! lol
    Envy you; would like to join but $ constraints.....
    All good, will make the most of the fellowship here

  10. #350
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    Hi all!

    Check this one: EURAUD D1

    Name:  20120229_EURAUD_D1_BEEB.jpg
Views: 8039
Size:  56.4 KB

    My thoughts:
    -> PA signal seen: BEEB ( bearish engulfing bar )
    -> Is it with the trend: YES (downtrend)
    -> Is it occurring at a relevant Support or Resistance zone: YES (support turned resistance)
    -> How big is the PA signal: STANDS OUT
    -> Is the PA signal occurring from a pullback within a relevant trend? YES (occurring after a pullback from a downtrend)
    -> If it's a reversal signal, is it happening at a *relevant* swing high/swing low? YES ( occurring at swing high (resistance) )
    => My conclusion: worth SHORTing

    Comments welcome please!

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