Forex Price Action - Page 78
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  1. #771
    Join Date
    Jan 2012
    Posts
    1,814
    Quote Originally Posted by Alienonweed View Post
    Hi Dudest
    Hi Alienonweed!

    I had the same setup earlier on the Usd/Jpy 4hr chart. My trigger showed up as an inside bar though as I'm using a different broker.

    Attachment 23861
    Sweet [ Although i don't trade Inside Bars myself, their whole topic just honestly confuses me...as in they could signify reversal, but could also signify continuation...so i just leave them out altogether... ]

    Missed a nice pinbar on Eur/Usd earlier.

    Attachment 23862
    I also did not 'see' the pinbars on EURUSD (i watch the pair, but i'm not a 'fan'; i have more GBPUSD trades than EURUSD trades, personal preference). Though even if i'd have seen them, i don't think i'd have taken them. The 2nd pinbar looks more like a pinbar, but that upper wick just didnt go with my 'gut' on simple/big/obvious/slap-in-the-face (even though it may probably work out, since it's rejected an important S/R level).

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    Cheers!
    Last edited by dudest; 04-03-2012 at 03:24 AM.

  2. #772
    Quote Originally Posted by dudest View Post
    Hi Liangko!
    Thanks for your post, adds value to this thread

    My views on AUDUSD: lemme start by posting my D1 chart:

    Attachment 23893

    Here's how I'm reading the PA story:

    -> Price managed to decisively break resistance in Jan and make new receent highs (around 1.08100)

    -> Price has now pulled-back to test whether what the earlier resistance is now support. So far, the level is holding as support

    -> If price decides that the level is support, we hope it will form PA showing that it will want to go long; usually this will be in the form of: (a) a big bullish engulfing bar (BUEB), or (b) a big 2-bar reversal (2BR), or (c) a big pinbar! NB: the PA clue could show up in the H4, not necessarily on the D1
    [ note: i said 'usually' because (in my short experience), it could just start climbing without giving us much of a clue! ]. The long scenario is the one I'm hoping plays out.

    -> ALTERNATIVELY, price could break support! Then i would be looking for it to pull-back and test if prior support will be resistance, and hopefully give PA to go short in that case.

    PS: the 2pinbars you mentioned ( 1 pinbar on my chart ) are not as big+obvious as they can(should) be. Since an upswing would be a reversal of the current downward trend, it would need to be REALLY decisive (i.e REALLY BIG/OBVIOUS) to show that price wants to reverse from the strong recent downtrend

    Cheers!
    Hi Dudest,

    Nice observations on this pair. Price has also retraced to around the 50% Fibo level as well in this current uptrend. I don't particularly hang my hat on Fibo's but it is another tick in the box.

    If a really cracking PA signal developed here, like if that PB had been a whopper I would've been looking to go long as well. As it is I am probably looking to get more bearish on this pair and have my zone highlighted to look for shorts.

    Having said that if you took a long from the level price is at nice you could bank some nice profits before changing tack and looking to go short from the area I have highlighted!

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  3. #773
    For those of you looking at what a 2 bar reversal should look like I have an example that Johnathon has highlighted. Not sure if he has posted it on this forum.

    Remember like all PA we are looking to trade them from swing points (it is number 2 in the 1-2-3 sequence) and both bars, wicks included, should be the same approximate size. It is not just enough to have a bull bar followed by a bear bar.

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  4. #774
    Join Date
    Jul 2008
    Posts
    30
    Bearish Engulf at resistance formed on Aud/Usd 4hr. Will be looking to go short once the low of the bar has been taken out.

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    Last edited by Alienonweed; 04-03-2012 at 04:20 AM.

  5. #775
    Quote Originally Posted by Alienonweed View Post
    Bearish Engulf at resistance formed on Aud/Usd 4hr. Will be looking to go short once the low of the bar has been taken out.

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    Nice, I'm in the same trade.

  6. #776
    Join Date
    Nov 2010
    Posts
    28
    about audusd,
    don't you think this channel could reject price?

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  7. #777
    Quote Originally Posted by dnagolf View Post
    about audusd,
    don't you think this channel could reject price?

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    To be honest I don't pay much attention to channels. I am looking at horizontal Support and Resistance as the levels from which I play my trades off.

    Who knows what will happen in this particular trade. I am looking to move to BE due to the short term support I can see to my left but to be honest no I don't pay any attention to channels or even too much attention to trend lines, but each to their own.

  8. #778
    Join Date
    Jul 2008
    Posts
    30
    Hi Dnagolf

    Depending on how you draw your trendlines the channel might already have broken to the downside.

    Name:  AudUsd 1Hr.jpg
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    Bhops, if you don't mind comparing target areas, my initial target is 1.037. Will look to move to break even at that area with remaining targets: T2 - 1.034 and T3 - 1.031.

  9. #779
    Quote Originally Posted by Alienonweed View Post
    Hi Dnagolf

    Depending on how you draw your trendlines the channel might already have broken to the downside.

    Name:  AudUsd 1Hr.jpg
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    Bhops, if you don't mind comparing target areas, my initial target is 1.037. Will look to move to break even at that area with remaining targets: T2 - 1.034 and T3 - 1.031.
    1.03653 will be my BE target. I will actually take a portion off the table here, one third and then target recent lows at around the 1.03353

  10. #780
    Join Date
    Jan 2012
    Posts
    1,814
    Hi peeps!

    What are your comments on this?

    USDCAD H4:

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