Forex Price Action - Page 97
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  1. #961
    Quote Originally Posted by Spongybob View Post
    Sorry to go off the topic but, have you seen this thread is fast approaching 1000 posts and 45 000 views!

    OMG!
    Yeah, this is getting exciting. This is the only thread where I am alerted on updates through email

  2. #962
    Join Date
    Jan 2012
    Location
    Melbourne, Australia
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    1,511
    Just to recap for those that were looking at that trade on the 4hr EURAUD. What Spongy and myself were trying to highlight was that when trading either engulfing bars or pin bars we must look for swing points.

    Both pins and engulfing bars are both reversal signals so we must be looking to pick price to reverse. We do not pick price to continue. Basically when looking to go short we need price to have been going up to a swing point and then produce one of these signals so we can then pick price to change direction. I hope this is making sense!!

    So here is chart of that EURAUD 4HR bearish engulfing bar that was highlighted. Now notice there is a valid trade to short on here and it is a pin bar. Notice how this is from a swing high and price had been going up and we then pick price to change directions. The BEEB then chosen by a few in here was from a swing low which is incorrect as we would need price to continue and not change or "reverse". Please tell me if this does not make sense.......

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    I am still holding part of the AUDJPY 4HR trade and also entered other daily trades which I will recap tomorrow as they play out and will cover in hindsight in here for you.

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    Safe trading all and if anyone has any questions at all please just ask and I will get to them as soon as I can,

    Johnathon

  3. #963
    Potential pin bar in the making in AUDNZD H4.

  4. #964
    Join Date
    Jan 2012
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    Check the 1hr chart if you want a pin bar.

  5. #965
    Quote Originally Posted by Forex School Online View Post
    Check the 1hr chart if you want a pin bar.
    Yeah, the pin bar in 1hr chart was perfect. Waiting to see whether the 4hr chart can match it that.

  6. #966
    Join Date
    Jan 2012
    Location
    Melbourne, Australia
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    Why wait when you get something like that? Now I am def not giving trading advice I am simply asking a question. If that is as you say perfect why wait?

  7. #967
    Quote Originally Posted by Forex School Online View Post
    Why wait when you get something like that? Now I am def not giving trading advice I am simply asking a question. If that is as you say perfect why wait?
    Hi Johnathon
    I may be wrong. My understanding is that the signal on H4 is more reliable than H1. When I noticed the pin bar in H1, the candle in H4 is about to close in 1 hr time. Hence I decided to wait for the candle in H4 to close since price has not really retraced in H1 to the middle of the pin bar in H1.

  8. #968
    Join Date
    Jan 2012
    Location
    Melbourne, Australia
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    Quote Originally Posted by ywboo3 View Post
    Hi Johnathon
    I may be wrong. My understanding is that the signal on H4 is more reliable than H1. When I noticed the pin bar in H1, the candle in H4 is about to close in 1 hr time. Hence I decided to wait for the candle in H4 to close since price has not really retraced in H1 to the middle of the pin bar in H1.
    Heya of course you are correct. The longer the time frame the more reliable the signal is going to be because the more information we can gather. i,e a daily signal is going to have 24 times the information a 1hr signal is going to have etc All I was saying is if you are presented with as in your words a "Perfect" setup are you not better simply taking it? Or are you better waiting?

    I am simply asking to see if you have thought about it and whether it is in your plan at all??

    Do you trade the 1hr chart?

    Do you only trade the 4hr chart and no lower?

    Either way is not wrong and the only reason I asked was to get you thinking.

    I will say though you are far far better of sticking with 4hr and above until you have become succesful and profitable. Until you have worked out the longer time frames the smaller charts will eat you so I must say good on you for having the discipline for seeing the pin and staying away from it!

    Safe trading,

    Johnathon

  9. #969
    Yeah, I am definitely not good at the H4 and above yet. Will keep in mind to stay away from H1 for the time now.

    Tx!

  10. #970
    Join Date
    Jan 2012
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    1,814
    Quote Originally Posted by dudest View Post
    Hi guys,

    Any comments on this?

    Attachment 24347
    There were no comments on this so i'll comment myself
    Though it was a pinbar at important (but maybe not nice) level, it wasn't big enough to signal a pushdown (esp given the bigger bars on the way up, and previously on the way down)
    A better level to work from (I think) is the 1.0018 level.

    Cheers

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