Forex Price Action

dudest · January 23, 2013, 3:56am

I know what you mean… it makes the wait to the next wave feel longer

[B]BUT[/B] new setups [B]will[/B] come, you can count on it.

For what it’s worth, I also didn’t take the USDJPY and EURNZD for same reasons as yours (thought they were running into trouble areas). It could have gone any way; no-trade is also a position (credit:Bryce)

Cheers!

EJ_2301 · January 23, 2013, 5:05am

I’m looking for entering short on USDCHF on H4 time frame.
My reason are :

previous candle showed that price was rejected several times by the resistance and big round number of 0.9300.
several previous candles cannot close beyond 0.9300

any thoughts and inputs?
thanks
EJ

Forex_School_Online · January 23, 2013, 5:22am

Not a trade we would take. i have posted about why not a lot in this thread. I have even covered it again in posts in the last 10 pages or so.

That’s not to say it wont work out mind you.

Johnathon

michalkraus · January 23, 2013, 5:29am

where is your swing with lower high since you are in downtrend and want to short it?

dudest · January 23, 2013, 6:05am

Trade opp I’m watching out for: USDJPY H4 (shorts)

Cheers!

EJ_2301 · January 23, 2013, 7:45am

Could you please explain a bit about “higher high” “higher low” “lower low” “lower high” ???
I’m still confused about that terms.

thanks
EJ

EJ_2301 · January 23, 2013, 7:46am

Thanks, I will read it again

EJ

Gangman_style · January 23, 2013, 8:16am

Hm, mi opinion is that your upper line is incorect, see how I drawn:

walker · January 23, 2013, 9:26am

depends on what time of the month

wigglez · January 23, 2013, 9:33am

I thought it did make a higher high.

Merchantprince · January 23, 2013, 10:01am

Had a nice Bullish Engulfing Bar off Support on 8H GU yesterday before the BoE president decided to briefly torpedo the Pound with his little speech. Got stopped out but today brings another Long signal on the 8H:

Larger image, Click Here

johnblack09878 · January 23, 2013, 10:11am

i would add confirmation like breakout of pivot before entering

Merchantprince · January 23, 2013, 10:21am

Pivot points are not a part of this strategy, nor any other indicators.

EJ_2301 · January 23, 2013, 10:34am

Dear Johnathon,
I know what is wrong with this setup after reading some previous posts :

this is a swing low PB
this is not a value area
this is not a “Reversal”

lesson learned.
thanks
EJ

maxryan9999 · January 23, 2013, 11:30am

THank you summary for me . my reading skills not good
I have mistakes like you but on EU

I’m buy on blue arrow with Pinbar and
hit stop loss on red arrow

Someone help me recognize mistakes , tonight =.=

snipip · January 23, 2013, 11:40am

Hi maxryan9999,

I am still newbie in PA, so please correct me if I am wrong.
I think the pin on blue arrow does not stick out enough to be considered a A+ setup.
And to me, the market is currently ranging.

varnuunas · January 23, 2013, 12:48pm

A close above 1.5858 would buy my gbpusd.

screenname · January 23, 2013, 4:57pm

Hi all,

This is my first post. I’ve read 110 pages of the thread. What about this pin bar? What I’m not sure is

It’s likely to close as a bear candle instead of a bull one;
It’s a good size bar, but previous bear candle was huge, so was the bull candle four bars earlier;
Some (although not that much) traffic in the past two weeks.

Otherwise it looks good to me.

Thanks for your opinion.

EDIT: Please ignore the moving averages. I don’t use them at all, just forgot to remove them.

Paddymctaff · January 23, 2013, 5:00pm

Its tiny (look at the preceding bars and then look at some of the pin par examples Jonathon posts at the start of this thread and compare them to this one

it doesnt stick out at all (quite the opposite in fact)

its not at a swing low

it doesn’t close bullish

it doesnt have space to the left

Forex_School_Online · January 23, 2013, 5:46pm

Heya welcome aboard,

question for you… from that oin bar would you say it is clear and obvious the bulls have wrestled back control?