Forex Price Action

[Pippin_it_Old_School]

Hi Can I understand in greater details your point of the BEEB rejecting those previous wicks? Thanks, Marcus

Hey Marcus,

In counter trend situations, price is more likely to bounce of smaller levels than normal. In this case, the BEEB is rejecting a level price slightly struggled at on the way up. This level could cause price to bounce back up, entering you in the trade only to be stopped out. Had price made cleaner moves up to the key level then fired off the BEEB, there would be a lot more space for price to move into the first area. Hope that makes sense.

Joey

[Pippin_it_Old_School]

@Pippin_it_Old_School

Since I see there are still some PA heads out there…

I am taking the EURJPY pin on the daily. The plan is to move to break even once TP1 is filled since this is technically a counter-trend trade.

Joey

Price has now reached my TP1 and I have moved my remaining position to break even.

[tranceaty]

Thought that this PB occurs at a value area, those few candles before it also seems to suggest a diminishing bearish momentum. However, I felt that this PB is still too small to my liking, so will just stay and watch it.

[Pippin_it_Old_School]

@tranceaty

Thought that this PB occurs at a value area, those few candles before it also seems to suggest a diminishing bearish momentum. However, I felt that this PB is still too small to my liking, so will just stay and watch it.

Hey tranceaty,

I think that’s a good decision. The level is superb but the signal is quite small.

Joey

[tranceaty]

Gonna watch how this turns out in the morning. Thought that this is a good level.

From Apr till now, the trend has been slightly bearish, but the bigger trend is actually bullish. So for this situation, should we be looking for short rather than long?

Teo

[tranceaty]

@tranceaty

Gonna watch how this turns out in the morning. Thought that this is a good level.

From Apr till now, the trend has been slightly bearish, but the bigger trend is actually bullish. So for this situation, should we be looking for short rather than long?

Teo

STOXX50 has closed with a bullish PB in what I supposed is a value area. What do you guys think?

Similarly, DE30 has a nice PB too. What you guys think about this one?

I’m more tempted to trade the DE30 as there is more space.

A question that is slightly off-topic, how to calculate position size with indices? I usually use a position size calculator I found in the web to calculate for forex pairs. Not sure how to do it for indices. Is the lot size similar such that every pip in index (i.e. 0.1) is equivalent to US$10 for a lot?

Thanks a lot.

Teo

[Pippin_it_Old_School]

@tranceaty

STOXX50 has closed with a bullish PB in what I supposed is a value area. What do you guys think?

Similarly, DE30 has a nice PB too. What you guys think about this one?

I’m more tempted to trade the DE30 as there is more space.

A question that is slightly off-topic, how to calculate position size with indices? I usually use a position size calculator I found in the web to calculate for forex pairs. Not sure how to do it for indices. Is the lot size similar such that every pip in index (i.e. 0.1) is equivalent to US$10 for a lot?

Thanks a lot.

Teo

Hey Teo,

I do like those pin bars forming at a great level, but there just isn’t enough space for me to take them. I considered the UK100 pin, but price has already begun moving. Looks like it will be the sidelines for me.

Joey

[poopoopotato]

A question that is slightly off-topic, how to calculate position size with indices? I usually use a position size calculator I found in the web to calculate for forex pairs. Not sure how to do it for indices. Is the lot size similar such that every pip in index (i.e. 0.1) is equivalent to US$10 for a lot?

A quick internet search for position size calculators for indexes will give you plenty of results. Just pick any that look good to you as they all do the same calculations.

It’s actually easier to figure out for stocks/indices because there is no currency conversion.

[Pippin_it_Old_School]

A question that is slightly off-topic, how to calculate position size with indices? I usually use a position size calculator I found in the web to calculate for forex pairs. Not sure how to do it for indices. Is the lot size similar such that every pip in index (i.e. 0.1) is equivalent to US$10 for a lot?

Thanks a lot.

Teo

If you download the position size calculator for MT4, it will calculate for any pair, indice, or commodity.

[Aerozzz]

Hey guys just a question , this is on the EUR/USD 4hr chart, would that pin bar be a suitable entry ?

Thanks

[tranceaty]

[QUOTE=“poopoopotato;706387”] A quick internet search for position size calculators for indexes will give you plenty of results. Just pick any that look good to you as they all do the same calculations. It’s actually easier to figure out for stocks/indices because there is no currency conversion.[/QUOTE]

Tried google before i ask in forum. Couldn’t find an answer thats why. Lol… Will try googling again.

[tranceaty]

[QUOTE=“Pippin it Old School;706497”] If you download the position size calculator for MT4, it will calculate for any pair, indice, or commodity.[/QUOTE]

I tried that before but felt that it didnt work well with me. Will look into it again.

Anyway i tried placing a trade on demo to see how it works, found out that for DE30 which is germany index, its based on euro. Its like every pip, i.e 0.1, is 0.1 euro.

[tranceaty]

[QUOTE=“Aerozzz;706534”]Hey guys just a question , this is on the EUR/USD 4hr chart, would that pin bar be a suitable entry ? Thanks <img src=“301 Moved Permanently”/>[/QUOTE]

Hi aerozzz,

A pin bar has to satisfy 3 basic criteria before we trade it:

1. its body closes within the previous candle.
2. it closes above one third of its body ( upper or lower depends on bullish or bearish.)
3. it must stand out from the other candles before it, the bigger the bar the better it is.

So what do u think of the PB u mentioned?

I hope I didnt miss out any criteria? Of course it has to occur at value area.

Teo

[Aerozzz]

Hi aerozzz,

A pin bar has to satisfy 3 basic criteria before we trade it:

1. its body closes within the previous candle.
2. it closes above one third of its body ( upper or lower depends on bullish or bearish.)
3. it must stand out from the other candles before it, the bigger the bar the better it is.

So what do u think of the PB u mentioned?

I hope I didnt miss out any criteria? Of course it has to occur at value area.

Teo

Hey Tranceaty , thanks for the reply, i am pretty sure that criteria number 2,3 have been satisfied but i am not sure about criteria number 1, what do you mean by its body closes within the previous candle,

Thanks

[tranceaty]

Hey Tranceaty , thanks for the reply, i am pretty sure that criteria number 2,3 have been satisfied but i am not sure about criteria number 1, what do you mean by its body closes within the previous candle,

Thanks

Perhaps I can guide you to look at the website where most of us learnt.

Price Action Trading – Johnathon Fox’s Trading Strategy Introduction

Hope you can gain some insights here. =)

If you are still unclear, let me know. I’ll help where I can.

Teo

[tranceaty]

@Aerozzz

Hey guys just a question , this is on the EUR/USD 4hr chart, would that pin bar be a suitable entry ?

Thanks

Just wondering, I couldn’t see the same chart on my broker. May I know the date of the PB?

[Aerozzz]

Thanks so much , the PB is on the 12th

[JamesBr]

Just wondering, I couldn’t see the same chart on my broker. May I know the date of the PB?

The number of pips might help as well …

[Aerozzz]

The number of pips might help as well …

yeap, its at 1.11810

[Exterior]

@Aerozzz

You don’t have New-York-Close-Candles, so your charts won’t be comparable to the charts of most of the price action traders in this thread.