Forex Price Action

Hi friends,
I’ve a question about swing high/low,
And try to ma,e it with an example:
Look at audusd right now, 4H,
(i cannot upload image coz i’m with the ipad and i’m not yet able doing this),
Now it is forming a beeb,
Yes, we wait till the close of candle, but the question is:
If this candle close as a beeb, is correct to say that it is at a swingh high?

Yes that is correct.

Hi Dnagolf!
Would not you be worried that on the Daily was a PB from the Support?
And on my opinion BEEB is not so nice, because of the upper wick.
Any comments from our colleagues?

Hi bitizhu,
The pin you pointed out, is at a spport, but in a very strong down trendand it’s near 1.4000, BRN and recent resistance area,
So, i think that IF it close as beeb, i’ll consider to trade her breakout short.

This will be my last post for a few days as travelling.

For me looking at the daily chart I would only short if price was a little higher from a more important and logical area.


Safe trading all,

Johnathon

bitizhu I think Dudest covered this very well (nice post dudest) but there is one thing you can answer straight away that almost automatically cancels out the trade (for me at least).

As soon as you mention it is small, before anything else then we have a major problem. As Price Action traders one of the first things we need to check off the list is that is LARGE PA

Once you can recognize that the PA is quite small it already has a fairly significant tick against it. Dudest has pretty well covered the rest.

For what it is worth here are the [I]FIRST 3 things[/I] that have to have a tick on my trading plan before I can even [I]consider[/I] taking a trade.

  1. Is price at a significant S&R level?
  2. Is there LARGE PA?
  3. Is it at a swing high or swing low?

Unless I get [B][I]all 3 ticks[/I][/B] there then I don’t go on to the next stage, which is to look at trade management, is it with the trend or counter-trend, how many lots etc. At this point it is a ‘no’ trade.

Safe trading everybody.

Yep and at the same time if someone knows themself it’s small they already know they shouldn’t take it. They would be just convincing themselves.

I agree with you john, when you say to look at the daily,
But i’ve marked a level little lower,
Look at todays max, 1.0394, how many times it reacted in the past,
From last year around end of april, so if daily close with a pin i surely short it!

Hi Jonathan, sorry to interject, and I agree with you conceptually of course, but are we talking about the AUD/JPY Daily bar from Tuesday this week? 24th April? I think that that is the one that others are discussing, but is it really that small? It looks about normal to me, some are larger, sure, but many are smaller. Or am I missing something? Sorry to butt in and take things down a blind alley, just feel I must be missing something.

Thanks,

ST

No. Not talking about the setup. I am talking about someone saying Price Action is small and then asking about it. I was then simply stating if someone already thinks a particular trade has a downside then it can’t be A+. If it can’t be A+ they should not be trading it and if they do they have convinced themselves to make a trade even though they could see faults with it.

Yeah Simon I think he is. Actually if you like at some of those Bearish candles since mid-march they look kinda big compared to that PB discussed. And if you actually look at some of the PB’s they have crushed on the way down they have been very similar in size to the one now in question.

To halt such a strong bearish move like we are in currently I would want to see a PB of a similar size of the bearish candle on the 10th of April.


Cool, I get that, thanks for clarifying. I obviously agree with you about needing certainty in trade selection, was not quibbling that.

Okay, thank you for clarifying that, I get the idea, just still don’t agree that the bar is that small - it’s 115 pips or something, I trade this Pair a lot and they come much smaller than that - most of the strong move up since late November has been through similar-sized bars; I know that we have had a sell off recently, this Pair doesn’t much like the 88.0 (ish!) level so that is no surprise, but Price treble bottomed on the 240, few other Support factors kicked in, so to me we’re currently sitting in mid-range congestion rather than necessarily looking at a continuing fall… but I’m digressing, I just wanted to check that I was following the discussion and not missing the whole point, we don’t need to agree on what constitutes a small bar lol. Thank you for the prompt response.

ST

No worries, I do see where you are coming from and I will trade 115 pip PB’s myself on occasion but when looking at this set-up where we trading against what I think is some fairly aggressive mid to short-term momentum I would like to see something of a larger size to compel me to go long against this strong Bearishness.

That and it is not trading from a strict swing low. But each to their own.

First of all, I would like to Thank for the comments!
It is greatly helpful and interesting.



I think, we might have a nice BEEB on daily EURJPY with the trend and at swing high.
I have marked my ideas about SL 1TP and 2TP.
:wink:

My answer from indo-ivestasi forum could analyse from all new different ways.

Hello

I’m grateful for you to come here.

First and foremost is the price action that I use but not only.
There is also money management is extremely important.

But first of all we must understand what the market is and how we can make lots of money here.
Market is simply buying and selling. Let us understand the factors that lead to buying and selling. There are factors that part of the masses at certain points is identified as areas of stress, greed and fear. Are essential.

I’ve given a look in his comments in babypips and on their website. And I respect any opinion. What was attempted was to know how you approach the markets.
I noticed in the areas of support and resistance candlesticks, also I have identified their areas and times: all over 1 hour (all the standards that is above 1 hour are also reflected in the times which are lower in the conduct of buying and selling , everything is identified, it is a matter of perception and the way you see a graph, which goes beyond a mere reflection of the price.
Because most important is to identify the area where there is a likelihood of mair very important decisions, step up and buy when it expects to buy after us, for profit, works well and will continue to work, because humans are predictable).

You could even offer your system, but if people are not determined and focused on putting in does it work never had generated profit.
Because people’s thinking is predictable, especially in forex where the psychological level is extremely important, you can check the average number of people who make money consistently and see the difference.
Do not just be good, we must be excellent and extremely focused for success.

You can offer but in this case market your course, see if people are not targeted and focused to win, even with its course could change that.

My idea of ​​what the market is, and how to benefit from it is much more extensive and complex as I’ve been commenting here in the forum, and I am in appreciation for you comment here.

Hi Bitizhu!

If you did take it, I’m happy for you that it’s gone lower (and I’d quickly move SL to breakeven if i were you)
But that actually wasn’t a valid BEEB.

  1. It did not engulf the previous bar (they have the same high)
  2. It did not close within the last 1/3rd of the candle in the down direction (which would show decisiveness to go down)

Cheers


Heads up:




Take your pick :slight_smile:

Thanks Dudest!
I did not take this trade, the candle did not look convincing.
And have to learn more about the PB and EB.
I will keep reading posts and studying charts.
Regards

Hi Dudest!
A newbie opinion.

EURGBP looks good to me.
Risk 45pips and Reward 45 pips, approx

GBPCHF nice too.
Risk 75 and Reward 85, approx.
But the entry is on 1.7000.

Both were rejected of an important Support and Resistant levels.
But! Both are against the trend(Daily).

Here’s how I’m looking at it (using EURGBP as an example)

=> On the Daily, we’re looking for price to retrace to resistance so that we can go short with the trend


=> On H4, a BUEB has formed at swing low (previous S/R area) that could trigger the climb up to the same resistance (swing high) at which we’re looking to go short. ( PS: had the bueb closed within the previous candle, it would have been a pinbar )