Forex Price Action

dudest · November 16, 2012, 4:16am

Hallo,

As Paddy very succinctly put it, if it does not SCREAM at you with OBVIOUSNESS, it’s not a trade you should be in.

Allow me to share with you a good trick when looking at H4 charts: draw your S/Rs on the Daily, then look for trade on H4.
H4 does have its levels, but an A+ PA on H4 formed on the Daily S/R is a very high probability trade opportunity.

Moral of the story: the S/R level comes FIRST, and then the PA signal.

Cheers

walker · November 16, 2012, 4:25am

I’ve been watching this also mt2, big red candle as I type… shame it didnt kick off at key level swing high

mtaylor2:

I wish I could upload charts… I seem to have issues between my trading platform ( igindex) and uploading charts to here… Any suggestions?

Yes my view is EUR/GBP is bearish on the 4 hr. The pairs swing highs have been lower apart from the larger recent one. I utilise fundamentals to help my trading decisions and it has been fundamental information that has caused this current rally and the previous one which allowed the pair to make a new swing high and in essence ’ step out of line '. We all have our own styles but my view is bearish of this pair fundamentally. Price action is now demonstrating exhaustion and there are some reliable technical signals suggeting a bear trend may resume… On the 4 hour chart soon. It may well carry on rallying, which is why I will take a bearish engulfing pattern as a confirmation of the resumption of a bearish trend alng with price action at key resistances… Hope this helps

OMFGWTF · November 16, 2012, 5:09am

I think it’s bullish now though.

mtaylor2 · November 16, 2012, 6:41am

The price action, candle formations , 50% fib retracement and the sloping trend line resistance suggest otherwise… may I ask what gives you a bullish stance?

Jeff5796 · November 16, 2012, 11:01am

For EUR/USD, The price retrace. I agree with some senior here saying that we lose this time due to sandy storm disaster.

Also, I should look at daily chart instead. Experience, experience…

bearOZpips · November 16, 2012, 11:39am

Well done in the end…its very bearish now. omfgwtf you’d be standing in front of a freight train if you went long on this one best to wait and see what happens

mtaylor2 · November 16, 2012, 2:46pm

Thank you bearozpips… I couldn’t help myself at took a position as there were so many arguments for this to break down. In the spirit of this thread I believe looking at where the price action occurred and the sort of wicked candles that formed on the 4hr chart provides a great example of a price action trade. I do however utilise indicators to create a case to take every trade… Not had chance todo much analysis ( my three week old daughter had her own ideas) but there looks like some nice potential setups for next week already

meadsie · November 16, 2012, 7:16pm

Hi Guys - Welcome to another Weekend:59:

Just wanted to share yesterday’s exploits with you. Put orders in for 3 trades -all 2BR signals.
KiwiYen - stopped out for 53 pips. Was looking for 103 on this one. Just refused to fire up for me unfortunately and in my opinion
it had the best 2BR set up of the 3 signals. The latest close was lower than the 1st bar.

PoundAussie - 2BR off Resistance. Went into Consolidation before taking out PA’s High. Cancelled my Order.

AussieSwiss - Going to plan. Currently up about 25 pippos. Looking for around 60 on this one. I have moved my Stop to B/Even
just before market close - that last little pin forming indicated some profit taking to me so hopefully it will continue
for me on Monday.:54:

Keep up the posts guys - lets keep this NOVEL a BEST-SELLER :35:

OMFGWTF · November 16, 2012, 11:46pm

Price has broken through the down trendline and made higher highs and higher lows (small squares). That’s just how I view it, purely technical. Plus price is now resting on support which was previous resistance (shaded area) which is also how people in this thread trade. Also made confluence with the up trendline.

I am not in this trade as there wasn’t any signal at all, even when price was still below resistance to go bearish. Right now even if price is at support and suggesting to go long, current PA at support isn’t quite a convincing 2BR.

Now if it breaks down next week then my bullish stance is wrong.

“Anything can happen”

bearOZpips · November 17, 2012, 2:37am

agree its not a high probability trade in either direction…will look to go long if it breaks b wave at 8077 or short through 7967 as just overlapping now

meadsie · November 17, 2012, 2:56am

Ok you guys - Saturday nite here & trading is now done for another week. It’s time for a Bourbon & a Movie before bed.
Have a safe & happy weekend. Catch up on Monday .
:35::57:

jackof · November 17, 2012, 3:31am

I have a question about charts we use.

Some give me a link to download pepperstone, other give me a link to download intertrader4 and obviously I have account on freestockchart. Everyone says that their chart is real-time or exactly.

But prices on those websites are different? What’s wrong?

Or which chart should I use?

Plz give me your advice. I really get confused.

Thanks.

Jaynesh · November 17, 2012, 6:44am

I can see a lot of setups forming for next week. Which one looks the most promising?

walker · November 17, 2012, 6:54am

Well if u paid heed and stopped jacknoff you would be aware that pepperstone is new york close m8