Forex Price Action

[cosminc77]

Hello, everyone!
How would you play Daily GBP USD?

I know is more safer to go with the trend, but with a good PA would anyone take the Sell with the range?

Thanks!

[Matthgm]

Also a pin bar on gold. could do with having dropped a bit further but nice all the same

[dudest]

@jackson905

1 is a 2Bar.

2,3 and 4 are the respective Resistantce(there are more) however i think that the reversal is really strong that 2 is not as significant. What do you guys think ? im in the trade at 0.80437 (SHORT).

Jack.

Nice level + Nice 2-bar with “added plus” false break on the bearish candle & it’s gone down for you pretty quick :), nice trade Mr Jack!

Didn’t take it coz of the level (candle highs) under the entry, glad it worked out for those in it!

Cheers

[dudest]

CADCHF and AUDCHF

These have come off pretty good! Have take partial profit and looking for them to break lower (esp the AUDCHF with super down trend behind it ).

Cheers!

[jackson905]

Nice level + Nice 2-bar with “added plus” false break on the bearish candle & it’s gone down for you pretty quick :), nice trade Mr Jack!

Didn’t take it coz of the level (candle highs) under the entry, glad it worked out for those in it!

Cheers

yeah, i debate quite abit for the candle highs as well…just thought it wasnt significant enough compare to the big pin + false break lol… what u think?

[marketdeal]

Hi everyone)Damn i missed two solid high probability trades .Actually in the past few days i was in a ****ty little town with no internet access.Feeling angry right now((
After producing strong and valid PA signals at support areas the price moved upwards swiftly and successfully hit their first resistance areas(take profit levels).Did anyone else take these trades?

Thanks
Secure Trading

[dudest]

yes, it’s a good setup but a problem , [B]it needs 240 pip stop , What should we do in these situations ?[/B] we take the trade and place bigger Tp es?

Nzd/usd was a 2bar reversal , I didn’t take it because I have 2 open positions aud/cad , aud/chf .

Good Luck

We position size: Position Size Calculator, Forex Position Size Calculator

As Willy found out a few pages ago, we can also use candle highs/lows that can act as relevant S/R to buffer our stop. But that’s a stunt if you’re still coming to grips with the method.

Whatever the case, we always position size [ i.e, SL determines lot size, not the other way around ]

Cheers

[chisha]

Yes things are going very well
Hey Jackson I’m glad that the NZDUSD setup worked. I set pending orders at NY closed to go short but I wasn’t sure if that was a valid 2 bar reversal so I cancelled my orders, woke up this morning and what do you know? lol but I’d like to hear what Johno has to say about that setup.

[chisha]

I’ve got my hands full

1. AUDCHF 4HR
2. CADCHF D1
3. NZDJPY 12HR
4. GBPCHF D1

[dudest]

@Diablo1505

Personally I am not entirely sure. Here is the explaining text from Johnothons website:

For a bearish 2 Bar Reversal the first bar must go up and close near the sessions highs. This makes the rest of the market think that particular pair is breaking out higher, but this is a lie. When the second bar opens it whips back lower and fakes out the market, taking traders stops along the way. The second bar must then close near the session’s lows and preferably below the first bars open.

Depends what you make out of “close near the sessions high/low”…

Upper half of the candle? Upper third?

Maybe Johnothon can enlighten us please?!

How dudest saw it ( literally ):

.

[dudest]

@Matthgm

Nice Pin bar forming on 240 CHFJPY. Charts a bit messy but looks like it could be a nice Pin

Hi Mat,

Question: is it at swing low or swing high?

.

[chisha]

Dudest,
when you say “NZDUSD D1 mod” do you mean converting them into D2 candles? because I used the period converter last night at NY close using Pepperstone MT4 & it wasn’t giving me a pin that’s why I stayed out of this trade.
Another thing, is it possible to change candles on MT5 into D2 candles? I only see an option to convert up to a maximum of 12HR candles.

@dudest

How dudest saw it ( literally ):

.

[dudest]

@chisha

Dudest,
when you say “NZDUSD D1 mod” do you mean converting them into D2 candles? because I used the period converter last night at NY close using Pepperstone MT4 & it wasn’t giving me a pin that’s why I stayed out of this trade.
Another thing, is it possible to change candles on MT5 into D2 candles? I only see an option to convert up to a maximum of 12HR candles.

LOL! No, it’s not a D2 candle, I just blended the 2BR, the other candles are D1

Final candle: open of first candle + close of 2nd candle + high of 2nd candle (highest) + low of 1st candle (lowest)

.

[Matthgm]

[QUOTE=“dudest;520822”]

Hi Mat,

Question: is it at swing low or swing high?

.[/QUOTE]

The whole of the bar covers quite a range but the bottom of the pin shows a rejection of previous resistance I believe (will check when I get back in the office)

[chisha]

How did you do that??
teach me dude! lol

[chisha]

I’d like to thank Diablo1505 for suggesting that the forum members read “One Good Trade by Mike Ballafiore” it’s a good book.
I read this paragraph & I wanted to share it with errrrrbody’. I hope you enjoy it as much as I have.

Comparing yourself to another trader is not in your self-interest. Most successful traders are ultra competitive, and it is human nature to want to be the best trader on the desk… Traders do not focus on how well they are doing, but rather compare themselves to other traders. This can be very harmful, and here’s why. First, what makes you think that the trader you are comparing yourself to is in the same hemisphere as your trading talent? Just because someone sits next to you on a trading desk does not mean that his production has anything to do with your ability. Traders assume that since they are trained in a similar style and trade at the same firm, that they should do as well or better than the next guy. Let me be clear, the person sitting next to you, behind you, in front of you, a few rows from you is NOT you. They may miss trades that you don’t. They may wuss out of trades that you don’t. They may not see the screen as clearly as you. You are your own small business. How well you do depends on you, not comparing yourself to them.
PS: This does not mean you should not work at your game & improve everyday.

I just added the post script :18:

[abc2005]

@cosminc77

Hello, everyone!
How would you play Daily GBP USD?

I know is more safer to go with the trend, but with a good PA would anyone take the Sell with the range?

Thanks!

HI
this is my plan to trade Gbp daily time . Why we trade against the market when we can trade with the market ?!!
I priority is to go long with a good signal on the pullback .

Good luck

[abc2005]

These have come off pretty good! Have take partial profit and looking for them to break lower (esp the AUDCHF with super down trend behind it ).

Cheers!

my top on aud/chf is on 0.8270 ,about 170 pip . my first tp was on 80 pips .
I don’t want to be greedy

[dudest]

@chisha

How did you do that??
teach me dude! lol

Hehe

I did it in my mind (the open/close/high/low thing)

But for the pictorial, I used Paint (sheepish grin)

I think there’s a blending script somewhere, but it’s something your eyes can work out ( give it a try and you’ll see! )

.

[dudest]

HI
this is my plan to trade Gbp daily time . Why we trade against the market when we can trade with the market ?!!
I priority is to go long with a good signal on the pullback .

Good luck

LIKE!

( but please take of the indicators from the chart when posting! )

Cheers