Forex Price Action

As I promised I will wait with my questions of a setup until I’m done with most of my planned reading.
But this question is outside chart setup so I will ask before I forget. Actually is question for everyone who has answer.
I hope it is not too much off topic. How do you guys store your screenshots and combine it with your comments?
Are you just saving them as pictures in folders of your computer or is there available some good database like program, where you can store many pictures and comments together? If this is too off topic and someone has great idea/tip, PM would also be an option for an answer :slight_smile: Thanks in advance

Thanks a lot for the advice Cams. These things are difficult for me being a newbie but I think I’ll get through this.

You had me going then lol.

this is a great thread with some really knowledgeable people. Just stick around and you’ll be fine.

dARTH

Heya Tweedster,

no dumb questions in this thread. Only the ones you don’t ask that cost you money!

This is common and part of your learning curve and not much that can be done to “rush it”. What happens is you come to trade and your brain has never seen charts or support & resistance and then all of a sudden not only do you learn about support and resistance, but you also start learning about thing like looking to the left for traffic and space.

The problem when you first learn this is that you go from not knowing what this is, to then seeing it EVERYWHERE! Overtime the next step and next “AHA” moment is learning where price is moving to and when there is space within the traffic and where there are levels within levels or in other words you will know when it is high probability to make trades and you sill stop seeing levels everywhere that are stopping you because your brain will readjust again overtime with more experience.

Johnathon

Hello Sivricmarijan,

I don’t think you are getting the idea of the pin bar from what I have seen in your past couple of posts. I know Dudest put up some really handy links for you to go through, did you go through these? On the first few pages of the thread (these have been changed in last couple of days) there are now some videos with pin bar trades, that will show you examples that will really help you. There are also a lot of examples in the first 50 pages. There is also examples on the first page of what a pin bar should look like.

A Pin bar has to meet 3 basic critiera and the pin bars you have traded are not meeting these. To then be called an A+ setups they need to have other qualities such as at key levels, with the trend and sticking out and away from all other price.

What you traded here was actually an inside bar which is an indecision candle signalling that price could have gone either way.

If you have any questions with this or need any help at all please just let me know.

Johnathon

Massive false break 2 bar reversal formed on the weekly chart of the EURCAD. This also converts into a false break 2 weekly pin bar.

EURCAD WEEKLY CHART


EURCAD 2 WEEKLY CHART


Johnathon

AAAAAHHH!!! Kill it with fire!!! :smiley:

Stick to higher time frames like intra day,daily or weekly ,remove all those fancy indicators on your charts.Read this thread from the beginning and ask your problems to seniors.Concentrate on trade management(that’s the main part of trading ) practice,practice and practice .Then i think you are ready to get rich )) But if you want to go like this then get ready to become poor and loose all your money in the trading account :smiley:

On the chart below you can see a good spot to enter this trade on the daily chart. Wait for prices to pullback to the broken support zone then look for a bearish price action trade setup to go short.

EUR/CAD Daily Chart


Hi Johnathon

What do you mean by false break 2 bar reversal? Is it a tradeable signal?

Thanks
Kiwiman

I think what Johnathon means here is that the two bar reversal on the weekly chart crosses over a major resistance level with the first bar and than back below that same level with the second bearish bar, formation which on the 2-week chart becomes in fact a long pin. Being new at this it is interesting to notice the links between time frames (like in this case how a two bar reversal becomes a pin bar on a higher time frame).

As far as this being a tradeable signal, I think it is, much the same as if it were on any lower time frame, eg a two bar reversal on a 2H chart which in turn become a pin bar on a 4H chart. On this case it can be said that bulls raised the price over the resistance but subsequently bearish forces brought it back down, thus forming a long pin bar on the 2-week chart and suggesting that the price will fall in coming weeks.

Whether to base any trade on this signal, it all depends on whether you are ready to wait for a couple of weeks, or however long it will take, to let the pattern develop. I have noticed how trades based on longer time frames tend to be more reliable and bring wider movements in price (and thus higher profits), even though it will definitely take a longer time to harvest any profit.

As a new arrival onto this forum I wanted to thank everyone for the very useful and professional insights (I have read the first 40 or so pages), hopefully I will be able to give back in some way as well.

dude re-read his post he was joking. he has read.

don’t worry he got me first time i read it

darth

not bad idea, lets just hope it doesn’t run away, some strong momentum there. but if it does there is always another trade.

darth

hi all have you all seen the pb on the eurusd 4hr?



bit of a counter trade, but large and obvious pa pin, at a deep swing low and at a khl.

thoughts?

darth

Thanks Goldenfisher for the great answer. Like you I am new to this thread and keen to learn and hopefully help others along the way.

kiwiman

Hi Darth,

correct me if I’m wrong here.

I think the trend on the daily chart is actually up and there is a nice PB forming there as well on a trend line/support running from mid July through to the low on the 8 September until today. I say let’s see how the candle closes today and we’ll go from there.

PS sorry if I can’t include a chart with the levels I’m talking about yet, I am still getting set up with PC and software after having to move house three times this year…

PPS what does khl stand for?

PPPS Let’s see if I can attach a chart with levels anyway…


KHL = Key horizontal level

Hi darth;

I saw this pin bar and ı think it is value pin bar. So ı am in this trade. Good luck to all of us.

you could be right but i was meaning a counter trend on thee short term trend as is a has been very bearish.

Darth.