Forex Price Action - Page 40
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  1. #391
    Join Date
    Dec 2010
    Posts
    136
    Quote Originally Posted by Forex School Online View Post
    Hmmm okay. Well how many do you normally have?

    See the post I asnwered you previously. The middle chart is the chart I use to mark my lines. I use that much info.

    I will answer your question tomoz morning my time as 1am here and going to bed.

    On another note I have now just take part profit on the two recent daily trades on GBPCAD and AUDCHF. To see the setup I traded here which were a bullish engulfing bar and bearish pin bar please see previous posts. See charts:

    AUDCHF
    Attachment 22534

    GBPCAD
    Attachment 22535

    Night all,

    Johnathon
    Good night....
    Anyway i normally work with 2 lines on any chart
    - the resistance above the current price
    - the support below the current price

    I draw other lines as soon as the price brake the S or the R...

    I look for 2 things when i have to draw a S/R:
    1- I wanna see the price reaction in the past at that level
    2- I wanna see the retest of that level

    Nothing more.... I assume that the more the retests the more the IMPORTANCE of that level

    Cheers

  2. #392
    Join Date
    Mar 2012
    Posts
    2

    Cool Hello

    Hi Johnathon,

    Thank you for opening a Price Action thread here at babypips. Your trading experiences and valuable comments are highly appreciated. It is a goldmine to all of us who desire to learn true PA. Good luck and more power to your Forex Online School.

    elPips

  3. #393
    Join Date
    Jan 2012
    Posts
    1,814
    Hi guys,

    Was checking EURCAD daily chart and saw the kind of pattern we've been talking about (downtrend -> reverse_to_test -> downtrend). Seeing no obvious PA on the daily, i quickly popped into the weekly, and....(see below), seems like a BEEB (though the candle has NOT YET CLOSED!)

    What do you guys think?

    Daily:
    Name:  20120302_eurcad_daily.jpg
Views: 5691
Size:  58.3 KB

    Weekly:
    Name:  20120302_eurcad_weekly.jpg
Views: 5689
Size:  57.6 KB

    Cheers

  4. #394
    Join Date
    Feb 2012
    Posts
    97
    Hey dudest

    Yip, thats a BEEB alright! Now check out your stop and potential profit target, RR is no good in my opinion

  5. #395
    Join Date
    Jan 2012
    Posts
    1,814
    Quote Originally Posted by Ang101 View Post
    Hey dudest

    Yip, thats a BEEB alright! Now check out your stop and potential profit target, RR is no good in my opinion
    Hi Ang101
    Thanks for the feedback!

    With respect to RR, what Johnathon said earlier comes to mind:
    --> "...but I know this setup is from a very solid area and the price action is very large and obvious I will take it..."
    --> And: if you're consistently profitable ( more trades won than lost), you need smaller RR.

    Well, anything can happen in forex, and nobody knows what exactly would happen, but this is how this newbie sees it may go:

    -> My S/R line is at: 1.34499
    -> I would put the stop at just above the previous weeks' highs: 1.32538
    -> Entry at the low of the weekly BEEB: now at 1.30265
    -> First support area (read: take profit ) at around: 1.29707
    -> Second support area (read: take profit) at around: 1.27950

    Name:  20120302_eurcad_weekly_tps.jpg
Views: 5468
Size:  59.6 KB

    Let's see if it comes to pass in the following week(s)...

  6. #396
    Join Date
    Jan 2012
    Posts
    1,814
    Hi guys!

    How about these setups on Silver (XAGUSD daily & weekly), what do you guys think?

    Daily:
    Name:  20120302_xagusd_d1_beeb.jpg
Views: 5420
Size:  56.0 KB

    Weekly:
    Name:  20120302_xagusd_w1_pinbar.jpg
Views: 5343
Size:  54.5 KB

    Cheers

  7. #397
    Join Date
    Jan 2012
    Location
    Melbourne, Australia
    Posts
    1,511
    Quote Originally Posted by dudest View Post
    Hi guys,

    Was checking EURCAD daily chart and saw the kind of pattern we've been talking about (downtrend -> reverse_to_test -> downtrend). Seeing no obvious PA on the daily, i quickly popped into the weekly, and....(see below), seems like a BEEB (though the candle has NOT YET CLOSED!)

    What do you guys think?

    Daily:
    Name:  20120302_eurcad_daily.jpg
Views: 5691
Size:  58.3 KB

    Weekly:
    Name:  20120302_eurcad_weekly.jpg
Views: 5689
Size:  57.6 KB

    Cheers
    Hello Dudest,

    Yes it is a BEEB and also great level marked on tge daily chart. Well done mate. However, swing points! Swing points. We want to go long from a swing low and short from a swing high. We need space to trade into.

    If we don't do this we are trading right into the most recent and important support or resistance area.

    Okay so on the weekly chart of the EURCAD you are looking to go short from a swing low. This should be going short from a swing high. Because you are doing this you are trading into the most recent support area. Or price is sitting right on it.

    Name:  swing.jpg
Views: 5457
Size:  21.6 KB

    Ok the other point is the longer the time frame generally the more important the support or resistance. For example it is fine to mark you S/R on a daily and weekly chart and then look for PA on a 4hr or 1hr chart. You should not mark support on a lower time frame and then go looking for PA on a higher chart as the S/R is not as important. For example, you have marked your levels on a daily chart and then gone to weekly to look for PA at that level. I would def recommend marking all your levels of the daily except for the longer charts your are going to trade. For example mark you S/R on a daily and use these for trading daily,4h and 1hr charts but when trading weekly mark your S/R on weekly. Make sense?

    Another thing I want to talk about is something that is called Big Round Numbers (BRN). These are major psychological levels in the markets such as (in this market) 1.2500, 1.300, 1.3500 etc etc. These levels can act as support and resistance a surprising amount of times. The reason these work is because people tend to set orders and take profit at these levels. People either round of to the round number or like Dudest has done, they shave a pip of either side if the BRN (Dudest planned take profit). Notice that price hasn't been able to break the BRN of 1.300 in this market yet? For this to go lower a clean break will be needed.

    Name:  1.30.jpg
Views: 5479
Size:  18.2 KB


    Lastly I do think this will probably go lower in the coming weeks. I am actually looking to sell another euro pair next week. That doesn't mean for me this is tradeable as because of the reasons stated above it is not. As I always say it is the trading habits you get in. So yes you could get away with this trade if it drops lower but over time you will not and you will lose more than you will win. We must only take the best setup and part of that is taking them from good areas. And then not being sucked in and kicking ourselves when price does go the way we thought and we are not in the trade.he next five times the trade will go onto lose and so what if you got away with this and have a win occasionally, the other five will get you!


    Safe trading,

    Johnathon

  8. #398
    Join Date
    Jan 2012
    Location
    Melbourne, Australia
    Posts
    1,511
    Quote Originally Posted by elPips View Post
    Hi Johnathon,

    Thank you for opening a Price Action thread here at babypips. Your trading experiences and valuable comments are highly appreciated. It is a goldmine to all of us who desire to learn true PA. Good luck and more power to your Forex Online School.

    elPips
    Thank you elPips and welcome to the thread.

    I look forward to reading your posts!

    Johnathon

  9. #399
    Join Date
    Jan 2012
    Location
    Melbourne, Australia
    Posts
    1,511
    What does everyone think of the following two setups?
    I would like some comments instead of me giving them all the time.................


    Gold weekly chart

    Name:  gold.jpg
Views: 5566
Size:  18.4 KB

    EURUSD weekly chart

    Name:  eur.jpg
Views: 5585
Size:  20.8 KB
    Last edited by Forex School Online; 03-03-2012 at 05:22 AM.

  10. #400
    Join Date
    Jan 2012
    Location
    Melbourne, Australia
    Posts
    1,511
    Hello all,

    i have just finished a new Price Action video. The video covers the two daily trades I played this week on the GBPCAD and also the AUDCHF.

    The last part of this video cover what I am looking for this week and how I analyse the price action story.

    To watch this video click the play button. Feel fee to leave comments or questions.

    Name:  play.png
Views: 5526
Size:  138.9 KB

    Safe trading,

    Johnathon

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