Forex Price Action

As has been stated choose your charts from the above list.

Also read through at least the 1st page of this thread.

ie posts 1 to 8 :wink:

Don’t get caught out this month ,Non Farm Parole is Thursday not Friday as normal, trade carefully.

Great observation by you buster48 will keep a sharp out for the report thanks.

Greece will rock all the pairs in the market!

Hi guys! Any thoughts on this?

EURUSD H4


It looks like a BUEB at a support level but it didn’t engulf the whole previous bar. Do I still need more confirmation on this PA or is it already a good entry?

Also, the pair has been on consolidation for quite some time and I think my SR levels are correctly placed.

Thanks!

You don’t have New-York-Close-Candles, so the other participants can’t check their charts to compare with your chart.

And in addition - why do you call this a BUEB? There is no engulfing so it isn’t an engulfing bar. It’s just an ordinary bar, nothing more, nothing less, so there isn’t an entry signal.

Thanks for the reply, im currently using MT5 and i don’t know how to convert it to new york close candles. I only know how for mt4. :frowning: Is there a way to switch it for MT5? anyway, noted and thanks for the advice!

I doubt you know it for MT4 because that’s not possible. I think you are talking about period converting, but that’s something different.

If your broker doesn’t provide those Candle-Close-Times for MetaTrader, then you don’t have any chance with that.

As written in this post, you may change your broker or you can just use a demo account of one of those brokers for charting and entry point identification and then place the order with the broker of your choice.

Thanks man!

Hey guys,

sorry for the bump.

Am i missing the guide? people keep talking about pages etc, or do you just mean pages of this thread?

Regards,
Moe

Yep, we are referring to the pages of this thread.

As a long term user of this forum ( since its conception)(more in the past to be honest ) you may know I haven’t always been a great supporter of Jonathon’s methods, however I do like his latest bread and butter strategy. I notice of late there has been less and less interest on here and it now seems its in danger of disappearing for good which is a great pity as it could be a great sores of leads to good trading opportunity’s. You can see Jonos vid here if you haven’t already. The ‘Bread & Butter’ Forex Trade Setup You Need to Know Have a look and see what you think. A lot of the long termers have disappeared off here, but it still can be a good sores of information. If there’s lots of people watching various pairs on various timeframes and putting them on this forum it might work out well for all of us. Anyway have a look at Jonathons "bread and butter strategy "and see what you think .Safe trading ,Buster

Still checking this for myself as well.

I have been using some of the basic Price Action methods, both on Forex charts as well as stocks. At one point I had a string of 18 of 19 winning trades. My Forex account had minimal funds so my 5% lot size didn’t get me much “cash” but it did increase my account a great deal percentage-wise. It was more of an exploratory thing but I was very happy with the results potential. I use Oanda and have toggled New York Close for my candle settings - looking mostly at weekly and daily charts. Oanda may not be 100% accurate (as I posted up some charts before and it was noted my chart settings weren’t perfect…but if it is working, hey I won’t care. As Buster pointed out, there are some real gems in this thread (yeah, I read most of the tread). So far I am using only horizontal support and resistance lines (noting minor S and R lines as well). I look for 4 different patterns at the S and R lines: pinbars, double inside bars, spinning tops, and engulfing. So far so good. Since I am putting on trades near those levels my SLs are smaller and my TPs are larger.

I did 22.5% or there about last week from Sunday to Friday. My lot sizes were larger than they should be (I was doing 10% a trade - which is a no no). I need to be more consistent and limit my lot size to 5% of my account at most. So far so good using a loose interpretation of Jonathon’s methods though.

Also wondering if anyone knows of an Expert Advisor for MT4 that is based on Price Action?


Don’t forget to let us know what you think

Sounds like your doing ok so well done for that.Ive never been a fan of Johnathons daily trading as some may know as the potential drawdown has been a bit strong for my liking ,also although he doesn’t use fundamentals I personally feel with the daily so much can happen in a day its never worked for me and I can keep a better eye on the lower timeframes but that’s just me however I do like the bread and butter strategy for 4hr and hourly and think it may have some potential (for me any way) .I’ve not heard of EA for mt4 based on price action but maybe some one else has.Anyway safe trading buster.

Thanks Buster.

yeah the smaller timeframes might be a bit more accurate. I was looking for something I could check once a day since I don’t have time to watch every pip :slight_smile: The weekly time frame is best for me since that is where the major support and resistance levels can be seen better. Then, based off of the weekly lines, I tend to trade the daily (grabbing a fair share of pip profit without waiting several weeks for the move to totally pan out). So far so good. This account was really to test the PA fundamentals. If it continues to do well I may start throwing more money at it.

Good luck to you!

Hey guys,

I am new to FX trading and would like to post a quick question.

Since reading this thread, I understand that we should look to take trades only when,

  1. Price are at swing point
  2. Key Resistance/Support Level (Long at Support and Short and Resistance)
  3. There is a price action signal (PinBar and Engulfing bars)

My question is that, if the retracement is led by series of strong bullish/bearish bar, is it still safe to enter the trade base on the three criteria? Will the pinbar be strong enough to reverse the direction of the retracement??

Thank you guys!

Same, got to check it out a little more before any conclusions …

Always worth checking things out James cheers mate