Forex Price Action

forgive me for asking what must be the blindingly obvious, but what does BEEB mean?

Bearish engulfing bar

Hey cuddles

Price Action must stick out and make a statement. Here is a BEEB, (Bearish Engulfing Bar) and BUEB (Bullish Engulfing Bar)

Cheers mate


Two bars reversal on USDJPY ?


Yeah it is but look at the size of the PA. It’s not very big is it?

The level looks OK and it is a nice pullback in an uptrend but what makes this a pass for me is that the if you look to your left the bearish bars are a lot bigger than this.

So it is this failure to put a tick in the 'size of the PA’column that would make this a pass for me. But I think you’ve got the general concept, and you never know this could well end up shooting higher an being a nice winner. I just personally like to stack the odds a little more in my favour.

1 Like

Worked out okay? I was taken out at BE but it did manage to get to the level we though it may.


Please read through the first 15 pages or so of this thread and read and watch free article and vids here: [B]Price Action Trading[/B] and then you will be right up to spead.

Hope this helps,

Johnathon

Hey guys,
Can help me out? I entered into a short position yesterday when I saw the pin bar on the AUDNZD H4. As it turned out, I incurred a stop loss on my demo account.

Can you comment whether the setup is sound so that all of us can learn from it? When I entered into the short position, I thought it’s okay as the pin bar is formed at a resistance level. This pair is also in a downtrend before it started to consolidate beginning this month. It also seem to promise a good risk reward ratio.

Thanks in advance!


Hello yes I can help you. The trade or Pin you are talking about is technically NOT a Pin Bar as it did not close with in the previous candle. This is one of the first rules to pins which defines whether they are pins or not. Sure you can be like most price action traders and trade all price candles that “look” like pins and you can be like most traders and loose, or you can be like the few disciplined traders and only trade the bets setups and the “real” Pin Bars. For more info read this article: Pin Bar Reversal Will take you two secs and explain it a little better.

Okay so what I did was take the trade on the 1hr chart that we were talking about yesterday. Price did go lower and ran into trouble and I was taken out at BE. See charts for explanation:

AUDNZD 4HR NOT A PIN


AUDNZD 1HR PIN STOPPED BE


Johnathon

Hi Johnathon
Thanks for the quick reply! Will look out and bear this in mind in future trades :slight_smile:

Anyone spots a good trade setup to enter? I tried just now with no luck… At least not to my untrained eyes

i got today 50 pips on H4 EU PB…

try look at that if that setup still valid and can generate some profit…1 hour 15 minutes till 4H GJ new candle, lets see if it make 2BR pattern…

Worked out brilliantly :slight_smile:

I took the same trade yesterday. The only difference is that I didn’t manage it so aggressively and got stopped out with a loss.

Hi Johnathon,

You’re right, price did reach the next logical intra-day support, then turned around. Trade management was my problem.
Thanks for pointing it out.

BR,
Dudest

Hi All,

Just wanted to check your opinion on EURAUD Daily chart. Do you think the pair can still recover ? I entered on the break of the bullish engulfing. I guess it’s against the trend and maybe a bit too small.

Cheers,


Very much so, thank you

Its not over yet! : )

I went long on this as well and felt quite good about it. Be interested to see others thoughts about it…

As long as it didn’t yet hit the SL yet it is still a valid trade (as long as you have smart SL placement). It also has stalled for the last few hours which means there is a “good” chance it’s getting ready to reverse. If it does decide to go back up I’ll be looking to take another long (as long as there is valid PA) with hopefully a much smaller SL off the 4H.

That’s my take. I’m not a pro by a long shot haha and could be completely mistaken. Besides that there is always going to be losers (I’m still working on incorporating this fact into my stubborn mind). I hate to lose in anything and unfortunately that translates over into this sort of thing as well. Every time I lose a trade I can’t stop thinking about it for days and it makes me pretty ill tempered which is really not acceptable. Unless of course I lost because of greed, error, revenge trading, etc… then I have reason to be ticked at myself.

Hey guys

I personally only trade the 4H TF, having said that I demo traded these two pairs from the daily setup. I am now looking for big PA in direction of daily on the 4H TF, so to answer your question yes I hope it turns.

Cheers