Forex Price Action

Spongybob · July 25, 2013, 2:47pm

Doesnt take a rocket scientist to see the problem here

You have 227 trades from the 18th to the 25th.

Your ave win is $2.30 and ave loss is -$3.89.

Way to much trading and no clue what money management is. There is your hard truth you need!

sarbualex · July 25, 2013, 3:03pm

Thx Matthgm, hope you have taken profit to. This is my first trade using PA on real:D

yenny · July 25, 2013, 3:09pm

Hi everyone, I want to ask you guys about the pinbar of GBPUSD here, is this a good signal to go long? I’m asking this because on daily TF, I can see yesterday candle was BEEB (short signal?). Here’s my screen shot for GBPUSD D1:

How do you guys define a strong to go short/long signal?

I also want to ask you a question about AUDUSD D1, I also spot BEEB candle from yesterday and it was near at the resistance line.

Is this a good signal to go short? or do we wait for the price to retrace back near resistance line? or we wait for an obvious pinbar in lower TF, in this case H4?

Thank you.

gmatav · July 25, 2013, 3:43pm

Imo this GBPUSD it should be sitting in a swing low to go long, and it’s not, and it’s also near a resistance area.

kymberly2000 · July 25, 2013, 3:47pm

[QUOTE=“gmatav;513345”]
Imo this GBPUSD it should be sitting in a swing low to go long, and it’s not, and it’s also near a resistance area.[/QUOTE]

I am more inclined to go short here… Although a tough call!! Depends on what your risks are. Suggesting not to risk to much to begin with just in case it leaves you behind.

yenny · July 25, 2013, 3:56pm

Better wait, after watching the chart carefully, I notice there were 2 pin bars last week and an insidebar breakout, it seems that the buyers are in control.

kymberly2000 · July 25, 2013, 4:12pm

[QUOTE=“yenny;513352”]

Better wait, after watching the chart carefully, I notice there were 2 pin bars last week and an insidebar breakout, it seems that the buyers are in control.[/QUOTE]

My thinking to go short because it has hit the 61.8 fib although will be interesting if it can pass through 73 fib…

pedramslhr · July 25, 2013, 5:40pm

Hello everyone,
What do you think about CAD/JPY daily chart? Is this a valid 2Bar?

I’m new to this kind of setup and I can’t decide if it is a good one. In fact I think it was better if it was closed a little lower (making a smaller shadow). And it seems that we have a trouble area around 96.

It has made me to look at this chart a few times, but I’m not sure yet.

Spongybob · July 26, 2013, 1:17am

Hey Ped

I would call that a 2bar yes, but you need to answer the following questions though.

Is the PA you referring to large and obvious compared to preceding bars?
Are you trading with the current momentum or against it?
Is there room to move to give you a decent RR before FTA?

Cheers

abc2005 · July 26, 2013, 1:40am

hi every one , I’m a new member .
I’ve a question . What is a valid doji pinbar ? Should doji’s body be withing the previous candle ?
I’m watching the videoes , How can I learn more about this trading method ?

Thanks

aujla17 · July 26, 2013, 2:05am

I would suggest read from page 1. Also go through the basics from baby pips school

pedramslhr · July 26, 2013, 2:12am

Hi,

I thought about the size. While a bigger one would be much better, for me it wasn’t that small, But I liked to see it closing a little lower and forming a smaller shadow. What do you think should I be pickier about this?
And the previous momentum is up. But isn’t it just kind of ranging? Esp. that the move before the upward momentum was down with big candles?
In fact the little space to move down was one of the reasons that prevented me from entering. The trouble area was really close. I think if it wasn’t there I had already placed my orders.

I’m asking these questions because it really made me thinking about this setup. And I appreciate your help.

Thanks for paying attention!

Matthgm · July 26, 2013, 3:38am

Morning all, I read somewhere else that commodities are moving better than currency pairs at the moment so I though I’d have a look around and found this. Let me know what you think.

Blue line marked is the daily Resistance / Support level. 3 challenges of resistance with Higher Lows and Higher Highs before breaking through and retracing. Awaiting PA signal to go long. There may be opportunities earlier on the 4hr TF.

Watch out for higher spreads on these (IG = 5 to 6 points this morning)

sarbualex · July 26, 2013, 8:31am

Hi, a Bearish Engulfing Bar is forming on AUD/USD H4, the bar has not closed yet.

The trend is in range, is it a good trade to go short?

youngmoney420 · July 26, 2013, 8:44am

I am looking at the exact same thing, just waiting for the bar to close before I place my order.

sett_burana · July 26, 2013, 9:33am

I believe that the thread talked about to be careful to take the signals of the last two H4 sessions on Friday before the market is closed. The signal may be erratic due to traders close their positions, IMHO.

pedramslhr · July 26, 2013, 10:41am

it’s not completely engulfing the previous candle but I think it’s a 2Bar setup and I like it.

dollareuro · July 26, 2013, 11:54am

Hi Matthgm

Bull, Bear both is on…safe trading option!

Vinster · July 26, 2013, 12:08pm

[QUOTE=“pedramslhr;513644”]

it’s not completely engulfing the previous candle but I think it’s a 2Bar setup and I like it.[/QUOTE]

Yes. This is a great spot to short from and at a great price. Nice find.

guardian09 · July 26, 2013, 12:40pm

Hi all,

I’m kinda new to PA and forex. Just like to clarify a few things.
for trades that are done on a daily TF basis, do you leave over the weekends? and how about during news time?

And i had a trade setup, shorting both USDCHF and GBPUSD. after thinking about it, it seems to “contradict” each other. is this thought right? or are there scenarios that such trades do happen? ie. one trade says USD is weakening, while the other says its strengthening.

thanks in advance! =)