Forex Price Action

No problem, always happy to help where I can :slight_smile:

Of course trend lines can go with price action, i only mentioned that it isn’t something that is practised in this thread or a part of how we trade here, just so new readers of this thread don’t get confused.
At the end of the day we all have the same goal here which is to consistently trade profitably, so don’t change your own plan or analysis because of something I have said, stick to whatever you are doing as you are definitely doing something right! Especially if you are profitable over 13 consecutive months! :slight_smile:

Steve

Eheh thanks. I’m profitable with technical analysis, without price action. I’m trying to introduce price action in my strategy.
Now you can think “why a trader who wins, now want to introduce a new thing in his strategy?”, I just want to improve, if my strategy has a 60% chance of success, then it is good, but I will always try to get 61% and then 62% and so on :slight_smile:

Definitely, always strive for better results! I would recommend sticking to a proven method on live (if you are live) and demoing new techniques, then incorporate new techniques when you are confident and profitable for a few months on demo, just my thoughts!

Steve

It is exactly what I want to do :wink:

Hei bhops!

You are reading my thoughts - I have excatly same levels on my charts, u have drawn there, and idea how I would enter the trades too! Glad I’m going the “right way”, altho there is no wrong or right in forex.

Cheers,
Richard

Hmmm, it looks like I should rethink my SR drawing as I have been treating 4h and 1d time frames separately so far as per the initial post with the chart…

Thanks folks!
Fil.

Hei!

Can anyone smart give me his opinion about the green support zone of this pair. Should the red support lane be lower or higher and why, or maybe it’s already correct?

AUD/CAD D1


Richard

Dunno about smart, but I can see a s/r level that started on 29 june (1.044ish) that the current pin respected and bounced off…the prior down trend way over on the left is irrelevant the way i see it atm

pw

also dunno about smart however i think your green zone above is the most relevant and recent support which Friday’s low came within 20pips of…you’d need to logically put stop below 1.0413 with not alot of area above having resistance @ 1.06…maybe wait for strong PA off of 1.0413 imo. Also question to all, does a pin need to be ‘green’ for a long?

Personally I have the zone a tad higher to take into account that short term resistance from around late June.

Also anyone thinking of taking this PB just be away of what is looming overhead and the BRN.


Hi bear,

No, it doesn’t need to be green to go long, although some people take it as an extra reassurance.

Fil.

Hei!

Thank u very much bhops and all other, who answered. Was a bit confused about that zone, cuz if we look in the past, then there are pretty much places, where u could draw the support lines, but now I’m totally clear, where it should be as this was one of my versions as well!

As for the PB, I’ll pass it, cuz I would like it to be a bit more obvious (it would have gone deeper into the support zone and then pulled back) and, as u mentioned, there is this BRN level 20 pips above.

Richard

Hello so I will try to answer the last few questions I have seen in the thread.

For me the 2 levels on the AUDCAD are below. My level for support is made up of where price found resistance in the past and then when price was above it held as support and price could not close below. This pin is trading into traffic.

AUDCAD DAILY CHART


The next question was about close for pin and as long as it is technically a correct pin i,e: the close it does not matter what way it closes.

And lastly about the different time frames. The very best thing for traders who are not yet profitable to do is to mark all their levels of the daily chart. So this means if they are trading from the 4hr chart they will be trading from levels marked on the daily. This will ensure they sray only trading from key important levels.

For more advanced traders they will be able to spot levels on any chart. What this means is whilst levels on the daily chart will be seen on the 4hr chart, the 4hr chart will have levels that you cannot see on the daily chart. It is these levels an advanced trader can make trades off but it is these levels which will hammer less experienced traders.

We always manage trades from the same time frame. For example if you enter on the 4hr chart you work out targets, stops and trade management of the 4hr chart. This is really really important. You do not go down to the 1hr chart to manage a 4hr chart. A lot of traders will do this thinking they are smart but all they will do is start seeing levels that they didn’t on the higher time frame. These “new” levels will worry them out or make them make stupid trade management decisions and the will over manage their positions.

Hope this helps and if there are other questions please let me know.

Safe trading all this week,

Johnathon

bhops , in bottom rhs corner of your pic shows usd/cad daily ??

Obviously that was a slight mistake. I am sure everyone knows what he was talking about.

Thanks for replies.

Is this a good setup for a Long on the Daily NZD/USD.


What are your thoughts on it? What are the pro and cons etc? What could you see happen? Are you very confident? Is there a big edge in your favour?

If you want some help you have to give a little…

Yep, Bingo!!! Johnathon re timeframes … thanks heaps for that … I draw key level s/r on daily as is more significant…imo… wait for PA there , preferably screaming out PA …lol…then drop down to H4 to enter and manage … as am still a learner … stops dont need to be as wide on h4 as on daily and are more affordable there …ie within my comfort zone of risk.
Both you and bhops drew in same level that confirmed my prior post to FaRS… so guess i’m on the right track with this PA trading concept …
Actually dropping down to H4 on AUD/CAD the overhead traffic you mentioned really stands out …didn’t notice that b4 … Thanks once again Boss, really helps with different takes on a chart that it thrown up for scrutiny…

pw

Hi guys,

Just wanted to check that at the begining of the thread it says you use New York close charts. I use Oanda MT4 platform for analysis which it says is New York close but my charts always look differnt to yours so I am finding it difficult to follow what your posting. Is anyone else using Oanda’s MT4 platform or have any suggestions please?
Just to say as well this is my favourite price action thread and although I have not been contributing I have been following for a while and reccomending it to other forum users. Once i get these charts sorted I look forward to posting more.

James,

Oanda’s MT4 daily candles close at midnight US Eastern time and provide a Sunday candle, so they don’t use NY close, which is 17:00 US Eastern time. Open a demo with Pepperstone or FXDD to get an MT4 with NY close charts and five instead of six daily candles. I use Pepperstone for charting and planning my trades, then place my trades with Oanda with either the iPhone app or the Java platform.

Nick