Forex Price Action

Hi pedramslhr,
to quote Johnathon “when trading engulfing bars, we want the price to finish in the last 1/3 of the direction we want to trade”

In this case, i would like the close of the BEEB to be lower - it may be in the last 1/3, but it is not obvious. Also, i consider this 4hr to be in an uptrend and would need to see a bigger PA to convince me it had turned.
Just my tuppence worth.

Hell again,

I see a 2BAR setup on gold and I’m going to trade it. But I do appreciate your opinions too.


Thanks and sorry for many posts today!

I know Johno will address this as well, but please allow me to clear some confusion I’m seeing regarding gaps.

a) We do not trade gaps on their own. That is, we don’t see a gap on Monday morning and simply enter a trade looking for the gap to close.

b) It’s been said in here before that gaps often act as S/R. For example:

http://forums.babypips.com/free-forex-trading-systems/42378-forex-price-action-138.html#post353748

…We look for gaps to act as S/R and that’s what has happened here…

I read the NZDJPY article as well, and Johnathon did NOT say that gaps can be high probability trades; he said “gap closing trades can present high probability trades when they line up with support and resistance.”

In the NZDJPY trade, the gaps lines up with S/R and then a pinbar was formed. There’s nothing new here.
(i) Gap = S/R (key horizontal level)
(ii) Pinbar = PA signal

Hope that explains it. I know when Johno comes back in, he’ll tackle it as well.

Cheers!


.

Keep 'em coming! :slight_smile:

hey eveyone
a question about timezones . My broker timezone is Eastern European Time (EET) Standard Time = UTC+2 (Summer Time = UTC+3)
and I think these candles are not good for this way of trading .

I’ve opened and account in FXpro ans asked them about the timezone . this is the answer :Please note that the time zone set to the MT4 platform is set to GMT+3 and that is not possible to change

so this is not set to new york either.

which broker I can open a demo account that its timezone set to Ny ?
If I want to trade in live account , Can I analysts on the demo account and trade on my other broker real account ?

Thanks so much

hello abc!

The Broker of my real account is also not supporting New York closing candles.
That´s why i use Axitrader as a demo account for analysing and spotting Setups and then I set the orders on my live account.

Hope this helps!

Regards

hi pedramslhr,

I will not take this trade either. Because below there around 1.0400 is another high which I fear may act as a support which makes the R/R ratio unbalanced against my favor. I believe this pattern (or case like this) was discussed here last year on this thread and as I recall it noone seemed to enter that trade.

Now not for this particular one but for our general interest of knowledge on PA here, I’d be glad if experts share their opinions for future trade opportunities of this kind. Thanks in advance!

Yesterday I took a trade on XAUUSD (bullish) between the two levels I marked on the pic attached and closed it today banking 93 pips (coıld be 140 though).

Now there emerges another one (bearish) but I’m gonna stay out of it due to my margin conditions (4 open positions still running) and also it may try to test 1300 (BRN). Seems better than yesterday’s trade though.


Now i closed my second position on USOil since it reached the lower resistance level. I really must think about to trade Oil more often.

In 8 days i’ve now made a profit of +1217 pips on Oil alone using this method with 2 positions on each trade. Incredible!

Since we are in a range we could now look at a new PA at this support level.


Like some of you i also got stopped out on the AUDUSD 4 hour setup since price continued north. Now we could look for a ratrace into earlier resistance, now support and see if we get a nice PA to jump on a long trade.


Bearish pinbar EURAUD short and bullish pinabr AUDCAD long … AUDCAD already 50% close



I am using roboforex for chart

I think this is invalidated now as it has broken above the setup high. fortunately my sell stop order didn’t get triggered.

Both of these arent very good signals. The first one is tiny and could just as easily have been gone the other way. The second one is not at a swing low, is tiny too and is more an indecision candle than a pinbar. It’s good that you got away with it this time, but you should be way more picky when looking for signals.

Edit: sorry for double post

Thanks dudest for the detailed reply)Also i am waiting for the further explanation from the jonhos side.

My entry orders on the USDCAD BEEB 4 hour setup got filled this morning. And since then the market has rolled over pretty nicely hitting my T1. Trailing my second position and SL is placed 20 pips above the support that now hopefully will act as resistance. Did anyone else take this trade?



Crazy results so far. Must be because i trade this on a demo account. If it would be a real account i would have lost every trade, haha. :smiley:

Wow, nice trade!

Thanks Ruben! :slight_smile:

Yes, it worked out pretty good.

Ho hum, not the best day for me.
Having dismissed the USD CAD BEEB which went on to be a great trade, i did manage to get stopped into the the Gold short and get stopped.
Ah well, another day tomorrow…

Hi, everyone, I just joined this forum

I’ve been trading for around two years with indicators and all kind of methods and most of them are failed, but maybe its because I don’t put much effort on them, but I’m interested in price action now, and I’m totally newbie with this.

I’ve read the thread until page 15 and I want to read the next tomorrow but I have some question.

You said you only make the trade on some really accurate signal so in a month you only make around 3 - 6 trades.

But why won’t you take other opportunities as well even though they have less chance of success, but as long as it has a good ratio like 70% of success, in a high frequency of trades they will be profitable, because I thought Forex is about probability and not about keep getting success. Or is it because those signals that you ignore are below the 70% of success ?

But I just read in this forum that a simple pending order after a support or resistance in h4 time frame has a success probability of around 70 %, I just knew it after I came here in the home page because it received the award of best strategy because of its simplicity.