Forex Price Action

[Esser]

Hey Esser!
This Setup is a big NO-GO for me, because you are selling low here. It doesn´t occure at a swing high.

Hope this helps.

Regards!

Oh right! Thank you very much for clearing that up!

[shane]

@Diablo1505

Looks like they turned out real good after the close…

the nzdusd is more like a beeb

[eignerdauL]

Here is what I´m looking for on EUR/USD:

[guardian09]

Hallo guardian, and welcome!

It depends, usually from a few hours to under two weeks.

When should you take profit? Where you [B]planned[/B] to [B]before[/B] opening the trade.

When should you close? Where you [B]planned[/B] to [B]before[/B] opening the trade.

I’m not being c0cky, I hope you get what I’m driving at…

Cheers

PS: as per Johnathon’s request, please remember to post charts without indis

Thanks for the Advice.
as for “indis”, i guess it stands for indicators? forgive my ignorance… i’ll make a note on that =)

thanks again!

[eignerdauL]

USD/JPY H8:

What do you think?

Regards

[abc2005]

I think nzd/usd is not good enough because of the risk/reward ratio .
nzd is very close to a solid S/R level and because of the big stop ( about 90 pips ) it’s not ideal for me to take .

[Forex_School_Online]

@wm247

Well, the D1 chart just this morning shows me that price has fallen beyond the strong support line. Bummer, my trade setup is no longer valid in this case. Canceling it and planning the next move:

On the side note, the pending order saved my ass this time. Had I entered the market order prematurely, I would have had my third strike this week. Starting to see the pricelessness of pending order here.

Thanks dudest and Jon! :51:

Good job mate! Way to go learning from your mistake and moving forward. Many price action traders around the world would have been burnt from this pin bar either taking the “retrace” or just entering at the close, but nice job learning and waiting for price to break.

[Forex_School_Online]

Hi everyone. I’m trying to see if I can get support and resistance right. I think it’s not too difficult to see on EUR-GBP daily, but I can’t figure out where the S&R should go for the EUR-JPY daily. Can anyone help give me some example please?

n

Heya Panupat,

I agree with you and the EURJPY is just a big ball of mess at the moment and the levels are just really unclear. I just could not see myself trading anything on the daily chart to be honest with you. The chance if making a high probability trade in this market is very low because there is just no clear levels like you have pointed out and there is no clear market direction. If the market does not know where it wants to go and there is no clear levels to move in between it makes it very tricky to I personally don’t have any levels marked on this chart because I just don’t clearly know where to put them and I am not keen to trade this pair.

Johnathon

[Forex_School_Online]

Hi dudest,

I want to review this one classic example from Jon himself. So far I’ve learned that we typically put the SL and pending order at the High and Low of the last mature candle plus a little buffer zone. Now on the very first page of this thread at post #6 and #7, Jon himself violated his rule to show how he will do the trade (and it works so well, it’s almost like a sin to question this trade). So there must be time some exception for SL and entry rule then. In this case, why do you think is it alright to put the SL at the middle of the candle? Seems like this is more like an exception than a rule, so what is the right excuse to put the SL at the middle of the candle, and not at its High/Low?

Placing the stop above or below the high/low is not a rule so to say I was breaking a rule or violating a rule is not true. We have different rules for different stops and different setups. We use different levels and price etc it’s just we do not discuss it in here. You will find this out now as you have just signed up tonight so you can read this for yourself and find out the rules about where we put what, but I wanted to clarify that placing the stop above the low or high is not a set rule!

[wm247]

I see. Thanks for clarifying that one, Jon! I think I’ll start right away by introducing myself in the forum there and reading your recommended articles right away. This is it then. I’ll take a break from trading for now, at least until I begin to understand how things work in your place.

Safe trade,
~Willy

Placing the stop above or below the high/low is not a rule so to say I was breaking a rule or violating a rule is not true. We have different rules for different stops and different setups. We use different levels and price etc it’s just we do not discuss it in here. You will find this out now as you have just signed up tonight so you can read this for yourself and find out the rules about where we put what, but I wanted to clarify that placing the stop above the low or high is not a set rule!

[adamjn]

Hey, this is just my view, and I am by no means an expert, but by going on this thread, looking at this chart, the trend is down, lower lows and lower highs.

I have my resistance line drawn at a different place to you, I am not sure if I am right though.

From what I can see, it looks like a nice BEEB is forming on the H8. Check my chart out.

@eignerdauL

USD/JPY H8:

What do you think?

Regards

[adamjn]

Hey guys, on EURAUD H8, would this could as a BUEB? I am not too sure though if it is an A+ setup as it seems to be falling into a boxed range as you can see from other previous candle highs, whats your opinion?

Cheers
Adam

EURAUD H8

[Forex_School_Online]

@adamjn

Hey guys, what do you think of this massive pin bar on the H8 chart on EURGBP. I think I am actually going to take this trade on my real account and not my 50k demo lol.

Bar closes in 1 hours time.

Hello Adam,

I have a question for you…

Why if you don’t normally trade on a live account would you pick one off trade to randomly trade on a live account?

The reason I ask is because whilst it seams like the most mundane and most simplest point, it is actually a very important point in the way you think towards your trading.

I only have a post to explain it so I will try and keep it brief and to the point as much as I can…

Basically we never know which trades are going to be our winning trades. No mater how great they look we can never know. We will never know which trades we be our losing trades. You may have played a trade that worked out as a great winner and you now are seeing another trade that is on the same chart and the same time frame that looks exactly the same. No matter how exactly the same it looks it can still fail. We never know which trades will win. This is why I cringe when I see traders doing things like risking more when they see “better trades”. They trade normal on normal trades and when the really good trades come they risk more. The thing is we just never know.

Our job as a trader is to every time we see our edge play out in the market, pull the trigger without hesitation or fear. If we have a profitable, then over time and throughout the wins the loss and through all the winning streaks and losing streaks the edge will play out and we will come out profitable. This is exactly like a casino. They know they will lose games. They know they will have losing streaks, but they also know they have the upper hand and an edge. They know that over enough games they will make a profit as long as they keep playing games as this is the equivalent of the trader still pulling the trigger every time their edge is formed in the market. The trader does not decide if this trade is a better or great trade. The trader decides if it meets their trade criteria or not. If it does they pull the trigger and trade it and if not the pass.

Obviously I have written this post to you Adam, but I write these for everyone because I realise a lot of traders are dealing with a lot of the same issues.

The last thing is if you are not yet profitable trader on a demo account should you be risking money on a live account? I have seen so so so so so so so so so so so so so many people lose money when learning to trade on their live accounts. EVERYONE thinks they are going to be different and I can guarantee there will be a ton of people thinking “that wont be me”. There is no need to lose money learning to trade. Traders biggest fear is that they are going to miss out of making money. They want to trade their live account because they think they may get lucky or that they will be different. Even though every single person that has come before them has lost money whilst learning to trade using a live account, they still fear missing out on what they could possibly make. It is human nature and completely normal and just another reason why humans suck at trading.

The thing is though; you don’t have to do it! Save your cash and leave it for your live account when you can actually trade profitably!

Safe trading,

Johnathon

[adamjn]

Hey Johnathon,

Thanks for the reply, I have not made the trade on a live account, I am very nearly mostly profitable now, but still have some doubts, so I think I am letting my live account rest for another while as I have already blown 2 accounts trying indicator based systems and the usual stuff.

I fully understand what you are saying mate, and trust me, I don’t want to blow another account, I want this one to be my winning account lol. So my plan is to wait another while until I feel fully confident, in other words, check my charts, see a trade, make the order without having to double think it or wondering is it a good trade or not, like you say, only trade PA that STANDS OUT, which is what I am trying to teach myself still

Thanks for a great thread btw, I got a word doc with over 100 pages of notes and my trading plan done up, sticking to it is the problem, but it is something I am working on and making good progress

Thanks
Adam

Hello Adam,

I have a question for you…

Why if you don’t normally trade on a live account would you pick one off trade to randomly trade on a live account?

The reason I ask is because whilst it seams like the most mundane and most simplest point, it is actually a very important point in the way you think towards your trading.

I only have a post to explain it so I will try and keep it brief and to the point as much as I can…

Basically we never know which trades are going to be our winning trades. No mater how great they look we can never know. We will never know which trades we be our losing trades. You may have played a trade that worked out as a great winner and you now are seeing another trade that is on the same chart and the same time frame that looks exactly the same. No matter how exactly the same it looks it can still fail. We never know which trades will win. This is why I cringe when I see traders doing things like risking more when they see “better trades”. They trade normal on normal trades and when the really good trades come they risk more. The thing is we just never know.

Our job as a trader is to every time we see our edge play out in the market, pull the trigger without hesitation or fear. If we have a profitable, then over time and throughout the wins the loss and through all the winning streaks and losing streaks the edge will play out and we will come out profitable. This is exactly like a casino. They know they will lose games. They know they will have losing streaks, but they also know they have the upper hand and an edge. They know that over enough games they will make a profit as long as they keep playing games as this is the equivalent of the trader still pulling the trigger every time their edge is formed in the market. The trader does not decide if this trade is a better or great trade. The trader decides if it meets their trade criteria or not. If it does they pull the trigger and trade it and if not the pass.

Obviously I have written this post to you Adam, but I write these for everyone because I realise a lot of traders are dealing with a lot of the same issues.

The last thing is if you are not yet profitable trader on a demo account should you be risking money on a live account? I have seen so so so so so so so so so so so so so many people lose money when learning to trade on their live accounts. EVERYONE thinks they are going to be different and I can guarantee there will be a ton of people thinking “that wont be me”. There is no need to lose money learning to trade. Traders biggest fear is that they are going to miss out of making money. They want to trade their live account because they think they may get lucky or that they will be different. Even though every single person that has come before them has lost money whilst learning to trade using a live account, they still fear missing out on what they could possibly make. It is human nature and completely normal and just another reason why humans suck at trading.

The thing is though; you don’t have to do it! Save your cash and leave it for your live account when you can actually trade profitably!

Safe trading,

Johnathon

[Songok]

What do You guys think about engulfing bar @ NZDUSD

[mttee]

What do You guys think about engulfing bar @ NZDUSD

you are direct trading in a resistance.

[Panupat]

Traders biggest fear is that they are going to miss out of making money. They want to trade their live account because they think they may get lucky or that they will be different. Even though every single person that has come before them has lost money whilst learning to trade using a live account, they still fear missing out on what they could possibly make. It is human nature and completely normal and just another reason why humans suck at trading.

Hi Johnathon.

What you explained was exactly me just a few months ago. I was surprised when I read it

Thank you for all the guidance you’ve given us Johnathon. I’ve made it to page 97 so far and have learned so much. I already wiped 1 live account so I’ve made it a goal to stick to demo for another 6 months. Hopefully I will be able to better read price action by then.

All respects to you Johnathon!

[yenny]

What do You guys think about engulfing bar @ NZDUSD

Yeah, I would like to know about others opinions about this setup. It nears resistance line and there’s BEEB candle.

[Songok]

This setup is from the daily s/r line and this resistance is imo not that significant (only one top on 4h timeframe) is it really not good setup in Your opinion?

[chisha]

I’m short this trade.