Forex Price Action

Hei!

Talking about GBP/CAD, 1st portion closed ~14 pips, other 2 S/L moved to BE. :wink:

Love these kind of setups, just PATIENCE!

P.S. IMO, it was definitely A+ trade. Explanation, why this was A+ setup, u can find in previous posts.

Richard

Just saw it and it gave a better explanation of the chart I put up here. :60:

Cheers

Hi again,
Seems you may have thought right ( @waiting to shoot down )
For me, the BUEB formed at resistance level (i.e, at swing high)


See this great article about fake PA: Price Action That Sucks Traders Inā€¦
For now, waiting for price to hit recent lows to see what happens from there.


Cheers!

Same here.

Richard

Hiā€™speculation!

Are you in on this pinbar-looking BEEB? :slight_smile:

Ok so GbpCad on the Daily has retraced a bit. Can i still get in?:smiley:
Or do we not do such things?

Not with anything significant. Iā€™m still a very cautious learner of Forex but I have experience with stocks and was very good at trading the market depth (price action).

Looking at these chart signals is still very new to me but I really like the method you guys use.

I guess this can be credited as my first correct call.

lol

Hi Sicnarf,

If the retrace takes price to where we would have entered had we first seen it, we get in! (speaking on behalf of me, myself and I :slight_smile:

What signal are you taking of the daily TF? Can you please explain it and your thought on entryā€¦


How does this look as a potential 2 bar reversal on Eur/Aud 4 hr

Itā€™s not quite there yet, but looks to be at support

cheers

Martin

Hei Johnathon!

Iā€™m not dudest, but Iā€™m sure they ment GBP/CAD H4 chart, there was a large and obvious BEEB, which bounced from significant level. Sorry, I canā€™t post a chart now, cuz Iā€™m not home. I took that trade and made about 14 pips, other positions were stopped out at BE.

Richard

The questions was meant to be at Sincarf and not Dudest (my mistake) and they are talking about the daily TF of the GBPCAD.

I am interested what they are classing the daily signalā€¦ And if it is a 2 bar then where should their entry be?

I am terribly glad to announce i closed this trade with 75pip profit.

Well done for banking some profits.

Altho it wasnā€™t A+ trade.

Iā€™m not an expert, but cyberbob222, I suggest u to stay away from setups like these, cuz mostly they wonā€™t work out (from my experience and information I have read on this thread). The pair didnā€™t make a new swing low before he retraced from the broken support, what I mean is, that I want to see the price to go lower, making a new swing low, and then retrace from the broken support with a good PA, then I would definitely enter. Hope this makes sense.

But good that this worked out for u! :wink:

Safe trading,
Richard

worked out for me too farsā€¦he he. BIG TIMEā€¦
you just godda learn to read price.

Hey Jonathon,

Yes itā€™s the 2br in the Daily GbpCad. When it retraced I would enter anywhere at that point. Would it be wrong? Or maybe wait for price to break the low again? Please correct me if Iā€™m doing it wrong.

Also anyone watching this:

This is not what I ment, I just wanted to say that we should stick to the idea of this thread and the trading system that Johnathon uses. Ofc there was an engulfing pattern, but still it didnā€™t match all the criteria, what Johnathon mentioned that should be using this trading style. Just wait for the A+ ones. PATIENCE is one of the major things here.

Richard

Well if it is a 2bar which means it is basically a Pin bar formed over 2 sessions the low was made from the first candle which means this trade has not yet broken lower. So all the talk about retraces and whatever else does not apply because the trade has not been confirmed and broken lower as yet.

make sense?

Hey Richard,

donā€™t stress about what others are doing or how they are trading.

Just remember the very worst setups can still work out. The tiniest little pin from an awful area can still work out great. Does this mean the trader who enters rubbish setups will make money over time? No, they will be smashed because over time whilst they crappy signals work out sometimes, they lose a heck of a lot more than they win.

I donā€™t no how many times I have explained to people not to buy high and sell low. This must be the most basic forex rule yet people can never follow it. It is " Buy low and sell high" and ā€œsell high and buy back lowā€ easy right? But still people wont follow it and they want to sell low and buy back even lower.

A very common trait among losing traders is in the way that they think. They are totally focussed on this trade and the next trade. They donā€™t think as a big picture or the results over a long time. What this means is they donā€™t care if they break rules or enter rubbish setups. All they care about is that they made money on this setup. The problem with this is this trade or the next trade donā€™t matter. We can never know what setups will work out and which will lose. All we can know is that as long as we have a profitable edge on the market we will make money overtime. The traders who trade rubbish setups donā€™t have this edge and over time they will be crushed.

So stick to what you are doing and focus on your own trading.

Johnathon