Forex Price Action

Yeah, the pin bar in 1hr chart was perfect. Waiting to see whether the 4hr chart can match it that.

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.

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

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!

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


Hi dudest
Personally I would prefer the pin bar structure in the daily USD/CAD. Just my humble opinion.

Think it was wise what you did.
Seems 1.3000 is a very strong support and price seems to be attracted to it like a magnet (not conclusively climbing)


Checked today morning, it’s formed a BUEB


Hi Szatek,

What did you use as clue for long entry on GBPJPY?
( a chart would be nice )

Thanks!

This pair is also on my watch list, but I have my potential trigger zone just a little further up around the 1.0040 to 1.0070 area which acted as support 3 or 4 times since last November & has resisted the price action as many times so far this year.

Hi dudest,

Sorry for not including charts but I don’t have much time because I’m checking graphs while at work. There was a nice pin bar on the 4 hr chart. If you check daily chart for that pair you can see that it might be a really important level as it acted as resistance back in late October 2011.

Cheers,

What do you all think of NZDJPY 4HR? I don’t normally post live charts in here…


same with my analyze, i am also look at 4H PB and declined at important S/R so for today i win…for it thanks for john who share this technic…

This my chart, sorry already TP :


Look Good PB at that level…is that Grade A++ PB ?

Dude,

do you not think that price did enough? or what would have been expected? In other words you can only expect so much. Basically when we enter a trade we can only expect price to reach the next support or resistance area. From there it is anyones guess… Do you not think this did reach that level and then turned around?

What were you expecting?

From such a small signal I think it did very very well and gave you a chance to A: Take profit and B: Move to break even and manage your trade.

This was not a trade for me but it was rejecting a very important round number on this chart of 1.000 and it did reach the next logical support.

You maybe need to look at trade management a little closer??

Johnathon


looks good doublebottom, with a bueb @ swing low,
i think we will go up, but just a little, because of the resistance you’ve marked

Is there anyway you can zoom your chart in to make it clearer so I can see? I can’t see any candles… Then maybe I can comment.

On my chart I do not have a pin bar at all so we most likely have different time frame brokers. So if you can make your chart a little clearer or make it more zoomed in would be great.

Johnathon

Hi Guys, this may be a horrendusly noob type question but I have noticed today that I came home from work to see at least 3 very nice signals that I am too late to take - short AUD/CHF, long CHF/JPY and and long EUR/AUD (all on dailys). Firstly would welcome feedback on those signals as they all seem solid to me, but my main question is how do I know when the daily candle will close for the different markets? I am in Australia and don’t get to check the markets until around 7pm Sydney time (its 8pm right now)

Thanks for your help!

Hi Johnathon,

You are getting me really worried now. I was convinced I was using NY close time charts but I’m beginning to doubt it. Please find attached 4hr pin bar.

Cheers,


Would it not be better to wait for the price to reach the previous support level that you have marked and wait for a signal to go short? Such a clear downtrend and not much breathing room from current long entry signal to the marked level (1st target), vs where we would have to put our stop…