Forex Price Action

[FaRS]

I can’t post a chart becuase I do not have NY close. Anyone seeing USD/CAD boucing of it’s support area of 1.006 ish looking like a possible continuation of it’s uptrend? (4hr is best area to see bar signal)

Bullish trend? I don’t think so. More like bearish.

[fergiebom]

to be clear, there is no daily signal, the 4hr is just showing this area is looking like strong support again and possible PA action to watch for

[FaRS]

@dudest

Hi Rich,

Sorry for delayed response, wasn’t around.
Took the pingulfing bar (sell stop entry order).
TP1 got was hit (line in the middle), SL of the rest moved to TP1. Aiming for recent lows

Which is the moment when u consider to move the S/L to T/P1, but not to the BE?

[fergiebom]

@ Fars:
Yes and No. Looking at the CAD, the bearish retrace on daily started in June, but that 1.01 level is very strong support which prior to May used to be resistance. Until price breaks through that area I am looking for PA for the USD/CAD to continue long and if it does agaisnt the Cad then it likely will will agaisnt the other commods.

to be clear I am only looking for PA to tell me at this area, which it as not yet

[dudest]

@filipl

Out of all AUD pairs giving some sort of signals tonight, I decided to set my orders to go long on a break of AUD/CHF PB. Mainly because it was smaller than other pairs’ candles so I was able to split my order in half and set TP on one and trial SL on the second.

Stay focused.
Fil.

Hi Fil,

IMHO, the pinbar is still at swing high (pullback hasn’t happened yet). Taking the break of the pinbar would be buying HIGH (bummer)

[FaRS]

to be clear, there is no daily signal, the 4hr is just showing this area is looking like strong support again and possible PA action to watch for

What do u mean there is no daily signal? Look few posts back and u’ll find it (a nice BEEB at a resistance level)!

Richard

[filipl]

@dudest

IMHO, the pinbar is still at swing high (pullback hasn’t happened yet). Taking the break of the pinbar would be buying HIGH (bummer)

Thanks for looking at it. It must be the reason why it’s finding difficulties breaking higher.
I got to print and hang on my wall “one bar is not a pullback” in a clearly visible place as I keep doing it recently.

Thanks again,
Fil.

[dudest]

@toyogo00

Hi Johnathon,

I would like to determine how to draw a valid resistance line for either Pin bar or BEEB. Please comment which are valid resistance lines. My take is:
Pin Bar: R1, R2, R3 are valid; R4, R5 are invalid line.
BEEB: R1, R2, R3, R4 are valid; R5, R6, R7 are invalid line.

Regards,
Toyogo

Hi Toyogo,

I’m not Johnathon but for me, given how i draw S/R lines,

pinbar S/R would most probably be around R3

BEEB S/R would most probably be around R2

How I draw S/R’s:

1. I switch to Line Chart (shows line chart of closing prices). Draw line of best fit where sharp points converge.

2. I switch back to Candlestick chart (shows open/high/low/close prices), and adjust line as necessary for best bit

3. I keep in mind that S/R’s are zones, not lines. Hence I’m flexible, PA signal need not form EXACTLY at my line. Hence the need for me to re-draw / fine-tune lines at the close of daily session (where need be).

Cheers

[fergiebom]

I mean no daily signal now, I took this trade. What I am saying is big support area at work on the USD/CAD right now

[dudest]

There is some traffic just below it and the candle isnt’t that convincing compairing to the previous huge bullish momentum, altho overall trend is bearish. And I don’t understand u guys, why do u always enter before the bar is closed and then broken, so it would confirm the entry?

Richard

Hi Richard,

you were absolutely right about the previous huge bullish momentum, Thanks

Hi Wafik!

What about what Richard said about:

1. Waiting for a bar to close?
2. Waiting for the low (in this case) of the bar to be broken in order to enter? [ this is where using stop/limit orders to enter you into a trade comes in, as opposed to pulling the trigger manually… ]

[wafikjabra]

Hi Dudest,

This was very useful on how to draw S/R lines. Thanks for sharing this information with us.

[dudest]

Hi Dudest,

This was very useful on how to draw S/R lines. Thanks for sharing this information with us.

You’re welcome
Note: this is how I do it (as learned in BabyPips School), it’s not the only way. But it works for me

Cheers

[dudest]

Which is the moment when u consider to move the S/L to T/P1, but not to the BE?

Hi Rich!

This was down to personal choice, not a hard fast rule.
If price was dilly-dallying around TP1, i would have moved to breakeven.
But seeing that the push downward seems to be strong, i decided to move SL to TP1 ( hopefully room enough for trade to continue playing out while locking in a chunk of the profits )

Cheers!

[wafikjabra]

Hi Dudest,

I would highly appreciate it if I can get your views on my post 2713, Thanks a lot

[Paddymctaff]

@wafikjabra

I would highly appreciate some explanation please to this situation:
If we get for example PA signal (pin bar or doji) to sell (going with the trend, & with existence of S/R levels, but previous bar was a huge bullish/ high momentum candle as shown for example on attached chart. Would we reject this set up based on this previous huge candle & why? thanks

I took this as it is off a perfect level, the pin is a good size compared to other other ‘normal’ bars and the huge bar is just a freak and I dont think represents the overall trend

[wafikjabra]

Thanks Paddymctaff for your comments

Cheers

[toyogo00]

Hi Toyogo,
I’m not Johnathon but for me, given how i draw S/R lines,

pinbar S/R would most probably be around R3

BEEB S/R would most probably be around R2

How I draw S/R’s:
[B]1. I switch to Line Chart[/B] (shows line chart of closing prices). Draw line of best fit where sharp points converge.
[B]2. I switch back to Candlestick chart[/B] (shows open/high/low/close prices), and adjust line as necessary for best bit
[B]3. I keep in mind that S/R’s are zones[/B], not lines. Hence I’m flexible, PA signal need not form EXACTLY at my line. Hence the need for me to re-draw / fine-tune lines at the close of daily session (where need be).Cheers

Hi Dudest,

I got your point of “best hit”. However, as Johnathon has answered here: 301 Moved Permanently that “need price to[B] close[/B] below the resistance area”. As such, R1,R2, R3 for pin bar are valid; and R1,R2,R3,R4,R5 for BEEB are valid.

Regards,
Toyogo

[toyogo00]

AUDUSD: the mentioned daily candle ended up forming a BUEB and continued higher; hope guys got in the trade

Hi Dudest,

I’ve posted here which is similar to your chart: 301 Moved Permanently I am looking for anyone to comment about the conflicting signal between 4hrly (bearish) and daily (bullish). My take is daily as I believe the higher TF is more reliable! What do you think?

Regards,
Toyogo

[bygjj]

Hi. Need cpmment on S&R level and pin bar. PB looks small.

[Pips_Ahoy]

remember the criteria for a valid pin bar, wick must be at least three times the size of the real body. i marked my s/r lines on the daily and they are exactly the same as yours. even considering, if the pin bar was large and met all the criteria for entry, after such i large bullish candle i would still be hesitant