Forex Price Action

Hi dor4ito,

Nice trade!

You may wanna consider to be over cautious on counter trend (CT)trading,the pin didn’t form on any recent resistance.
We are very fussy when it comes to CT trades, but you had 2 very important things in your favour;

1- a huge pinbar
2-lots of space to move,minimum noise.

A good advice ; always plan out where you wanna take profits and possible scenarios that will make you close your trade.
It saves you from baby sitting.

All in all well done.

Cheers

Thank you very much! I will have your advice in mind next time I trade PA :slight_smile:

Wish everyone successful trading :wink:

Doroteya

Hi adam,

You are analyzing it the correct way…everything is in place, But…but…
that what you call a congestion wasn’t simply that let me explain;

Usually when you see lots of candles cluttered together you may call it noise.
However looking at the daily chart you would have noticed price was winding up in that area, Engulfing bars one after another.

Now that tells us that, that area is a black hole! Meaning stop losses are most likely getting hit.
It is an area of interest in terms of a break out but not a pullback/reversal.

This is very important when looking at noise areas. They are quite dangerous.
You had the right approach,just missed the reason behind that area.

I hope that helps.

Cheers.

Sounds like you are not convinced, do what you think is right and not what Krugman,Myself or anyone else tells you…

As Krugman said even if you end up profiting(which by the looks of it price pushed higher and you got stopped) the reason is not price action methods…

Hell, there are PA reasons to go against your trade!

I won’t keep going on about it, bottom line you need to get the right mind set.

Cheers.

Hi johnathon)Thanks for the reply buddy and you have nailed it)

Usd/chf 4h
Beautiful big pinbar on Resistance + 38% Fib .


can someone please explain to me why my graph of usd/chf 4 hr looks completely different?


hi davei,

go and check the very first post from Johnathon, He explains where to get your data feed from.

Cheers.

My resistance line is about 20 pips higher than yours.
Are you taking it?

Cheers

You might not be using New York close charts, FXCM does NY close charts, they are who I use. Just download a demo and use the charts from it :slight_smile:

kasravi and adamjn,

thanks for your help guys! however, i’m very confused now! i’ve got a metatrader 4 account with ig, can i change the settings on that to correlate with NY close charts or do i need to open an account with another broker?

I am not quite happy with the level either, if you look back to the last high on the 14th of last month, basically the same thing happened, price dropped a bit, then rallied again to form a stronger 2 bar reversal signal at a higher point. I am not too sure if I will take the 4 hr pin, just going to wait and see what happens.

USDCHF H4


Won’t work mate, just changes the time not the candles I’m afraid.

Cheers.

Prefer the GBPJPY PIN to USD/CHF


I don’t have an opinion on that particular setup but remember that if your trade hits SL, it does not mean that you have missed something :slight_smile: If more than 50% of your trades hits SL, then you have missed something (assuming you have at least 1:1 RR ratio)

i’ve downloaded a FXCM demo account as suggested by adamjn and i’m now signing from the same hymn sheet! i’m still going to use my IG account to place the bets as the spreads seem a lot smaller. is there anything wrong with doing that or is that something that most people do?

I spotted the S/R line on Daily TF . switch to daily and you’ll identify it easier .
now , we’ve got a 12h pinbar too , for me it’s a good setup .
If you check the daily TF , You’ll see from left to right the market direction is down . So I’m trading with the trend .
It’s not triggered yet .

GBP/Jpy is good . we’ve a key level and It could can a good setup .

Good Luck

Greetings everyone. Has anyone seen /set orders for 2BR on USDCAD D1?


I am a little confused on this one, would this be trading into previous resistance? Check my chart :slight_smile:


Yes- I don’t really see any clear trend other than the big bullish candles leading to this new high. I’m treating this as a counter-trend trade though, and my profit level is just above that 2nd S/R line you have drawn. R:R is 1:1.

ref. usdcad D1 2br