Price Action trading / learning

donsls · November 22, 2016, 1:27pm

usd jpy 4h: pin bar. Got a bit better RR. Entered a sell stop @ 110.74. SL : 111.38, TP : 111.04
Will be watching the 1H chart (if time permits). And if I see a better entry will be modifying the order.

eur cad 4h - Engulfing formed, but RR not good

MerchantMan473 · November 22, 2016, 10:12pm

Interesting take on price action

forexcrisp · November 22, 2016, 11:16pm

Yes its a good thread, easy to understand the price action strategy as it is giving live setups with results. If a newbie is following this thread he can learn a lot.

donsls · November 23, 2016, 9:07am

usd jpy: Price broke through my resistance line. Cancelled the order.

donsls · November 23, 2016, 9:20pm

nzd usd : pin on 4H and 1H. Entered sell stop @ 0.7012, sl : 0.6970, tp : 0.7062.

alphahavoc · November 23, 2016, 9:55pm

I sell. Market is bearish. Isnt it risky to buy?
Your target 0.7062 seems a bit aggressive. If price were to go up. It can only be considered as a retracement
Minor resistance at 0.7010

Lucky hit target almost instantly

alphahavoc · November 23, 2016, 10:06pm

A Lucky scalp trade for me

donsls · November 25, 2016, 9:42am

Trend in 4H chart was weakening with couple of pin bar. So I thought it could reverse.

donsls · November 25, 2016, 9:45am

nzd usd : Looks like price is on a strong uptrend (buyers in control). Could be a re-tracement as alphahavoc mentioned. Will wait and see.
Price almost hit my tp. Closed half of my position and moved sl to 0.7031 and tp to 0.7135. Let the trade run until next week.

donsls · November 29, 2016, 1:15pm

nzd usd : Moved SL to 0.7097, and TP to : 0.7245 (Being a bit greedy :). Trend on D1, H4 and H1 are showing a strong uptrend. I am hoping it will hit my D1 SR @ 0.7329. However price did find resistance around 0.7245 area in 4H. So if time permits, watching the trade in that area.

Did miss couple of other good trades. Unfortunately, was not in front of the PC.

donsls · November 30, 2016, 9:41am

nzd usd : Hit SL @ 0.7097. Still made few pips
aud nzd : Strong downtrend on H4 and H1 was stalled with few pin bar on H1 and H4. Entered Long @ 1.0450, SL : 1.0412, TP : 1.0505

donsls · December 1, 2016, 9:07am

nzd usd : Pin on 4H. Long @ 0.7092, ST : 0.7060, TP : 0.7154. There were few pin bars and price is stalling a bit. Let’s see what happens.

donsls · December 1, 2016, 1:11pm

eur jpy : pin on H4. Very strong uptrend was weakened with the last 2 candles on H4. Potential reversal trade?
Short @ 121.19, SL : 122.01, TP : 120.10

Comments welcome.

donsls · December 4, 2016, 5:08pm

eur jpy : tp hit
nzd usd : closed half of the position and moved sl to 0.7106 (should have done this last Friday)

donsls · December 4, 2016, 9:37pm

nzd usd : sl hit for the rest of the position. But no loss
aud nzd : tp hit

donsls · December 5, 2016, 11:33am

Any body took the following 2 trades? Nice pin bar on both charts and a good 1:2 RR.
I couldn’t take them as I was sleep (happened at 1 a.m. EST)

donsls · December 5, 2016, 9:00pm

eur usd : pin bar on 4H. There was a strong uptrend but looks like weakening. sell @ 1.0740, tp: 1.0658, sl : 1.0830

Eug gbp : after a strong uptrend, I see a pin bar. But not entering any trade as the pin bar is not that great. So not sure about the trade

donsls · December 6, 2016, 9:13am

Eur Cad : Nice pin bar on 4H. Short @ 1.4225, tp : 1.4086, sl : 1.4315

priceactionmaster · December 8, 2016, 5:26am

donsls:

I trade only using Daily and 4H time frames and mostly during NY session. Got a full time job. Cannot watch 1H, 15m charts.
So won’t be seeing a lot of trades for a month. Last month I only had 15 trades (I watch 14 charts :).
Since I trade using D and 4H, I can afford to look at so many charts. Some of you might not agree with me (especially for a new trader). Otherwise, it is really difficult to get trades, if I am looking only at 2 or 3 4h, D charts.
I go as low as 1H to find a better entry position, if the SL is too high. I don’t use 1H to look for trends.

Setup :
Go to D1 chart and mark SR levels (clear lines on my screens)
Do the same in 4H chart (dotted lines on my screens)

I am not a good teacher in teaching how to draw the SR lines. There are many articles and youtube videos that teach drawing SR lines.

Indicators:

I do use FIBO (mostly if I don’t see a good SL / TP area). I find FIBO is a good indicator (my personal opinion)

Candles and SR lines (I personally believe these also to be indicators). The moment you draw a line, that becomes an indicator.

SL:
I don’t risk more than 130 pips on a trade. This is something that I am comfortable with risking. Even if I see a very good trade setup and if the SL is over 130, I don’t trade.
Might go to 1H to look for a better entry.

TP:
1, 2 or 3 or more times than SL

Method :
Most of the times, I try to stay with the D1 trend.
Wait for a PA signal candle near SR level and trade (that’s it for my method)

Note : Most of my trades are pending. I do get a chance to enter few market orders too.

PA candles:
Pin bar, Inside bar - IB (Second candle forms inside the first candle) and Engulfing - Eng (Second candle is more that the first or reverse of inside bar - RIB)

There might be other PA candles that are better than this. But during my testing in the last 3 months, I noticed that these give me better winning percentage.

Following are few samples :

Lot size:
Following is how I calculate the lot size. I didn’t come up with this. Got it from another successful trader. If anyone knows a better formula, please share.

X : 1 standard lot is $10
A : Risk amount based on % risk per trade
B : No os pips for stop loss
C : lot size = A/B/X

Ex: If the account balance is 500
A = 5%,
500 * 0.05 = 25

B = 50

C = 25 / 50 / 10 = 0.05

Best of luck Donsls

I love Price Action, Significant Pin bar and Key Engulfing reversal r my bread and butter

bearish · December 8, 2016, 7:49am

I am also like with price action analysis, and ever learn also about pin bar, but not always this candle occur and rarely happen so usually often look on support and resistance area that figured by the history trend with trying to draw lines on support and resistance area as trigger