Hi guys, great job going on here with PA. Still a newbie though to this strategy, but been in forex for over 7 years. Infact became a guru during the good old days of news spike trading and made a killer profits back then, but now brokers frown at that strategy, and it has become highly unprofitable, with high slippages and spreads etc. That puts me back on the search for other strategies to use in playing with the markets and making a living also and so far PA makes more sense to me.
I have one question though, how do we determine a good pivot point? Must the line connect at least 2 or more highs or lows before it is considered valid?
Thanks for helping out guys…
Greetings Fxb & welcome to this little neck of the woods. You mention Pivot Point - if you post a chart to show us what you mean , I’m sure one of us can comment. Just a quick question to you - have you read the first few pages of this thread where Johnathon provides the very basics of PA trades ? Anyway - post away & we will see if we can help out.
Yes, the AUDUSD and AUDJPY may form something good on the Daily
But I’m wary of them, that downtrend is strong, I’m thinking this may just be a pullback before the trend resumes.
So i’ll be looking for short opps on H4 as below.
possible nice set-up look at price action if this thing go’s back down to 1.2500 and breaks neckline possible extra 100 extra pips in trade atleast on this head and shoulders set-up the support at 1.2500 is the neckline break point if it happens i have been playing the 1.2625 level down to the 1.2500 support lately on 4 hour chart and use 1 hour chart for my entry
edit 2
looking at the 1 hour chart it seems to have formed a pin bar in the other direction
now im just gonna have to watch the price action because it looks like price could go either way. its undecided and not a good trade. if it gets much more im going to pull the plug. good job i only sold 0.01 lots
It’s probably a bit late to answer, but it was playing into strong resistance at around 1.59 and was a counter-trend trade. Effects can be visible now.
Signal: Textbook 2BR, reasonable size, sticks out from swing high.
Area: We could either look at the first or second red line from the top. Both levels have at least been tested 2 times and I like to think of them as a rather big zone.
Trend: The trend was straight down and went straight up again without any noteworthy retracements. So in my eyes this was just one really huge retracement and we are now ready to go down again.
Potential: The next level is a good 30 pips away. After that there is much space to breathe.
So what do you guys think? Am I on the right track or just overlooking some really obvious no-goes?
Hi niX,
I’m with you on this one too. Pending set for a short . I know we are running against a fairly long recent uptrend but it has now hit the 50 retrace on the overall move down and the weekly chart is showing us a fairly good looking Pin at the moment. Of course these things can & do change so will be careful with management of this one if I get in.
Sit tight buddy - lets see where this goes ?:22:
Hi there Jui,
Very hard to read your chart - can you enlarge & re-post please. I think I can make out that it is PoundSwiss ?& if you tell us why you have entered & what you see, we will see if we can make a comment for you. I am certainly no expert and I do not usually have this pair on screen but I do get a kick from seeing what everyone else is watching and I am confident it is helping my learning process too. If I can help - I will;)
Hi Bigd, I know there has been discussion on the different charts recently and when the bars re actually formed but I just wanted to show you my one from the same time frame. It shows a pin that does stick out but the close is outside the previous bar - Yours is a great looking setup & it looks like a winner is in progress - well done buddy. Just shows you the difference eh - you in a trade and I’m not. ( even though mine looks good now too - LOL)
Now that Price has gained some momentum , I will be watching for possible PA at that Resistance above - could continue recent downtrend.:30:
I was looking at that pair as well and placed some pending short orders.
Additional factors for me to choose this one (EURAUD D1) over the EB from GBPAUD D1 were:
confluence with 50% fib retracement
2BR having almost exactly the same high and 2nd candle closing below 1st one
GBPAUD playing into 1.55 BRN & having a bit more S/R zones on the way down imho
