Forex Price Action

Hi shanon)Also one more thing.We should always trade away from our S&R lines not into them.Avoid setups where the high/low of your PA signal barely touches your S&R line.

Really great multiple timeframe signals on USDJPY… 12h BEEB already formed; on 1D still to form and on 2D timeframe very nice bearish pinbar to form… It really shows how 2bar reversals and engulfing bars are actually ‘‘pinbars in 2 candles’’…

Still learning and demoing PA trading… Thank you all for contributing and thank you Johnathon for this great thread!

12h chart USDJPY


You’re welcome mate

Further encouragement that periods of no action happen even to the best, and how to deal with them:

Removing the yearly income goal also removes the pressure to perform a little each month. The best trader I know at my office will happily sit on his hands or trading with next to no size for nearly a year without feeling pressured. If he doesn’t have an edge (that is, if his systems aren’t good for the current type of market) he doesn’t risk, that simple. When his type of trading becomes in favor, BAM, the guy can turn out 10+ years of an average worker’s income within a few months. His goal is to be financially independent, not make a given amount each year, and that allows him to be happy to sit all day long watching the markets for months at a time not doing anything of significance with his capital because risking outside of his edge/plan violates the goal of being financially independent.

Source: Trading Psychology and Professionalism - Non-Monetary Goals

Cheers

so far i think gbpusd is the best form. but it is against the trend. do anyone here trade against trend too?

I do not want to give any recommendation because this is just a detour, anyway, how I do it: I have my main account where I place only trades at daily TF and then I also have smaller account where I place some nice 4H trades or something else, it’s for trying purposes. Yes, this does not solve the problem but, it satisfies my urges to trade and then if I look at daily close and do not see anything, I have no problem to close main account with no trade.

About that GBPUSD, I’m in doubt again.

If I look only at the very recent weeks, I would rather wait for correction upside and then wait for sell signal (red arrows), but when I look more longer term (black arrows), it can be reversal signal from possible higher low. So, how do you see this guys and Johnathon?

If somebody wake me up at midnigt and show me this chart, I would say uptrend :32: so, what is the trend, that is the question :33:


May be it’s not a real trend - just a big range - from the end of December? I would try this, but - oh - it’s (again!) not on my SR line:56:

That’s my thoughts exactly - and I assume we’re building some tremendous willpower here:cool:

I’m wondering the same thing.

The BUEB formed right on my SR line (bearish bar went below it but the BUEB has now closed strongly above it).

But i was looking to go short with the big trend which is down :33:
So i guess i’ll take my position along the sidelines on this one :slight_smile:

Remitu

I am with you remitu. Pass mainly because FRA bit too close, and the recent strong down momentum.

ps. having said that, the BUEB on the previous swing low worked pretty well though

Thanks mate this may also help haha :slight_smile:


Thought it was a good place to enter. Although the Pin is not that obvious but i thought it was ok. Got stopped out lol

And ya, i enter with retracement instead of breakout, if not i wont be in the trade :confused:

That is not a pin bar mate.


I’m in this trade guys. Its still not too late to enter!

BUEB at support + 50% retrace!

RRR 0.83:1

Not bad!

Why not ??? :o:o

[QUOTE=“jackson905;506219”]<img src=“301 Moved Permanently”/>

I’m in this trade guys. Its still not too late to enter!

BUEB at support + 50% retrace!

RRR 0.83:1

Not bad![/QUOTE]

Where did you enter the trade?

Near 1.6531

[QUOTE=“jackson905;506222”]

Near 1.6531[/QUOTE]

Where you planning on taking a retrace entry? It’s good practice to play your PA signals at the break of the signal especially for us newbies. There’s a method to taking retraced entries on engulfing bars and your entry is something that’s not taught using this method. Don’t change your trade plan now but maybe something you can think about for your next trade.
Good luck with this one. Hope it works out for you :slight_smile:

Regards,
Eddie P.

Sorry i mean it is not a valid pin bar to trade.
to be a valid pin bar,
1st : long tail rejecting resistance/support line (not fulfill that pin bar)
2nd : formed at swing high/low ( this one fulfill in that pin bar)
3rd: for bearish pin bar must have a close below the open , for bullish must have a close above the open
4th : is better to have a small head and small body

Thanks man just one thing though, as long as the body of the pin close within the previous candle, its fine :slight_smile: but yeah, i agree that wasnt a nice pin. I took it because i was out of patience i guess lol