Forex Price Action

Hello any thoughts on the recent 4hr pin bar formed on eur/usd?

Daily also looks like it may close as a pin bar still a few more hours to go though, 4hr PA is rejecting daily support. Apologies for no charts

Dipak

Hey dipak

Remember you looking for PA at swing points, lows and highs.

Cheers

Hey spongybob
Defo agree and that’s how I like to trade PA at swing points. However I see the daily consolidating the past 4-5 days. And the 4hr pin has formed at the support of this range rejecting previous support.

What do you make of this tight consolidation on daily frame at support?

Hi Spongy!, thanks for the feedback.
The main things that convinced me about this was:
-> the bearish bar’s body matched the preceding bullish bar’s body almost 1:1
-> formed at a great swing point


Hi Liangko!
Thanks for your post, adds value to this thread :slight_smile:

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


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 © 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 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.


Sweet :slight_smile: [ 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.


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).


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!


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.


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.



Nice, I’m in the same trade.

about audusd,
don’t you think this channel could reject price?


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.

Hi Dnagolf

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


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

Hi peeps!

What are your comments on this?

USDCAD H4:


Not really from a swing low, a tiny bar when compared to it’s immediate predecessors and against short term momentum. What’s not to like? :eek: Just kidding Dudest, but really not for me.

Thanks Bryce!, good stuff :slight_smile:

Hey guys

Here is a link to a stunning 6 monitor setup, enjoy! :33:

Check out the youtube video at the bottom.

NTI QuadStation 6 Display Computer for Trading. Fast, Quiet, Rock Solid.

Hey all,

I have had two days of and spent time with my son. I am now back around and will be more lively again.

Okay so what a killer setup on the AUDCHF 4 hr chart we have had today!

1: With strong trend,
2: At previous support now new resistance
3: 50% fibo pullback

Very obvious and nice signal.


Hi J,

Didn’t see it unfortunately :frowning: Have noticed I miss out on the ‘non-conventional looking’ BEEBs/BUEBs