Forex Price Action

Thoughts on the 2BR on the EURUSD? The fact that the market shot up and held above 1.3200 by NY close is something to really consider. While I would have preferred seeing an EB and the signal larger, this is still a very key level and the price action size wise is comparable to the last few bars.

it has been stuck at 1.3200 - 1.3211 all day keep hitting that resistance line but not breaking through it so maybe tomorrow

Waiting for the same!
:cool:

Hi Krugman:
Hi see a BUEB on D1. I don’t see the 2BR. Could you please check my chart?
I didn’t take the PB since I expect resistance at 1.32.
Regards,


EDIT: First few pages have helped alot! Thanks guys!

[QUOTE=“mselva;526881”]Hi Krugman:
Hi see a BUEB on D1. I don’t see the 2BR. Could you please check my chart?
I didn’t take the PB since I expect resistance at 1.32.
Regards,<img src=“301 Moved Permanently”/>
[/QUOTE]

Both the body and wicks must be engulfed, in this case the 1st bar in the signal is protruding below the 2nd bar.

Hi apple Forex, welcome.

Answers to your quiestion on pages 1 to 50.
Good luck!

[QUOTE=“Apple Forex;526917”]Hey guys,

I’m still new at this, but here is my live trade with my micro account on a Daily AUD/NZD pair with a sell stop. Incorporating Price action along with Ichimoku can be a powerful combination. Is this a correctly formed pin bar? Does the candle have to close bearish? It has a very small tail as well. Let me know what you guys think!

I’m risking 1% on this one, so I’m willing to wager a few cents to learn something! Helps with the psychology! :stuck_out_tongue:

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

What we use here is pure price action from key horizontal SR levels, simple as that. I believe if you stick around long enough you will see price action alone is powerful enough, adding to it adds no extra benefit and if anything detracts from it. The 5 indicators in Ichimuko are all derived from price history. Candlestick charts tell you what is happening now and in the clearest terms, where as indicators tell you what happened last week or last month and only after altering it through calculations. So you really can’t add anything to pure price because its as fresh and straightforward as it gets. I believe if you stick around long enough you will see that.

Also if you post charts please post them without indicators as to not confuse other followers of this thread.

As another member said earlier the first 50 pages will get you well grounded in what good price action setups are and what ones to avoid. The best trading to you!

Thank you. I use the definition of Steve Nison where only compares the bodies of the candles. I guess if the shadows are also covered will be stronger signal.
Regards,

HI
we’ve a BEEB on 12 h TF .
It’s a good signal.
It’s also 38% .


For me is still in consolidation area. I’d rather wait for a stronger signal to take a short position.
Good luck!

Heya ABC,

not really the best use of the Fibo here. There has been a lot of fibos of late in here and I would really love it if traders got back into concentrating on price and away from fibos. Fibs are just a last confirmatory factor that can be placed on. They would never stop a trade being placed or decide that a trade would be placed and I just think they are creating confusion for traders.

Like everything we do, the fibo should be; Logical and Obvious. Only the obvious levels including 50% + 61% should be used. (Yes I know 50% is tech not a fibo level, but it is the best retrace level). Forget the 38.2% and 71%. Just use the main two obvious retrace levels.

We only want to be using the fibo in obvious trends. That is it. The fibo should only be used for marking retraces from the low to high or high to low and to pick a retrace. That is it! If price is in a range and if we cannot pick the obvious high and low then we DO NOT use the fibo. We only use it when the levels are obvious and logical and when the trend is clear cut. There should be one high and one low. Once a high or low has been tested again the fibo is done.

The chart on the USDCHF is in clear sideways and does not suit a fibo at all.

Here is an example below. It is just a very basic example. The fibo is just taken from the obvious high to the obvious low to find the retrace point which for this example was the 50%.


1 Like

Second that.

Hello,

I see that the Pinbar on EUR/CAD daily chart is mentioned here a couple of times. I think it should be valid to trade but there is something that I’m curious about.
While we know that price is the most important thing we are concerned about, aren’t you afraid of today’s EBC press conference? I mean isn’t it kind of special event that prevents us from entering trades on euro for today?

Thanks!

I understand your concern, although im not watching the EURCAD pair. However, we will only avoid NFP(USD PAIRS), besides that, we strictly focus on PA. :slight_smile:

Hi Pedram,

That is why we place buy stops above the high of the pin bar.

Believe it or not but there is much more to a pin bar than just a square body and a long wick.
There are very profound psychological reasons behind it.
It is a graphical demonstration that the market is lying, and wants to turn around. Given it is at a swing and meets other criteria.

Cheers.

Just an update on the “almost” 2 BR setup (or IB setup) discussed yesterday (USD/CHF)

As we can see it didn’t work out


Hi,

If I was going to trade this pinbar I would set my orders above that too.
But my question is: Should we treat ECB press conference like we do about NFP. Aren’t you for example worried about possibility of getting triggered and the then stopped due to this event. Isn’t it as important for euro pairs as NFP is for USD?
Or I should just ignore that like we do for other events scheduled everyday?

This thread is explicitly for pure Price Action trading,it is in it’s creator’s and user’s interest that it stays like that.

I cannot and I am not interested to comment on indicators,COT data, interest rates, hawkish or dovish Gov,austerity,200 Ma cross over, war or peace or falling trendline…you get the Idea.

The only advice if you don’t mind me giving you is that;

It is all priced in!

I wish you the very bests of luck.

Cheers.


USDCHF H8 Pinbar

This pin has about 30 minutes to go yet but it is something to keep a close eye on. I also wanted to use this as an educational moment. If the market closed like in the picture above I would consider that an A+ trade. I will explain why at the candlestick level and the market structure level.

Price Action: It follows the checklist of what a pinbar is, on top of that it is quite a bit larger than the previous bunch of candles. So when your looking for that “huge” price action your looking for something 2-3X larger than previous candles, and this fits that description. Your looking for a wick that protrudes well beyond the previous candles high and hopefully pokes well through marked resistance, this also fits that description.

Market Structure: The market is in a clear range. In a ranging market there really is no bullish or bearish bias, except what price action says at key levels. 0.9400 is a key level for this pair, so I was watching for any price action at this level.

This 8 hour candle may not finish up as a pinbar, but there is still a potential for a pinbar or EB on the daily.

It seems that a lot of people have been giving their money back to the market the past couple weeks taking completely garbage trades. I know people are thinking if they are not in the market they are not making money, but sometimes the most lucrative position is standing on the sideline. And you may get away a few times making bad trades but in the long run it will never be profitable. I would suggest anyone posting a chart or potential trade do like I did and put some reasons why it is a good trade, and even some things that may not be good about it.