Forex Price Action

[Forex_School_Online]

@DefCon

what do you guys think of this GBU/USD 4 hour as a short
the pin near the end
but maybe it is not big enough. or is it

Hello,

edit
i decided to take it a small bet

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

I made a long and detailed reply as to why this is not the type of pin we ever want to trade on page 350 here: http://forums.babypips.com/free-forex-trading-systems/42378-forex-price-action-350.html#post393691

This is not a Pin we should be trading. Too small and more importantly it did not stick out at all. It was formed back in traffic.

Johnathon

[Forex_School_Online]

Hey all,

NFP to day so thing could be quiet and then mayhem later tonight (my time) keep in mind if you are taking positions mainly on USD pairs. This is the only thing I avoid or even know is coming around. All the rest I would not even have a clue but NFP is erratic.

Johnathon

[Forex_School_Online]

Hey all,

NFP to day so thing could be quiet and then mayhem later tonight (my time) keep in mind if you are taking positions mainly on USD pairs. This is the only thing I avoid or even know is coming around. All the rest I would not even have a clue but NFP is erratic.

Johnathon

[fxboss]

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.

Thanks meadsie, yea av gone through a the first couple of pages and then jumped to the last couple of pages too to get on the real time postings and not miss out on the action. I think am catching on gradually, i’ll post as we go. nice work guys

[Forex_School_Online]

Thanks meadsie, yea av gone through a the first couple of pages and then jumped to the last couple of pages too to get on the real time postings and not miss out on the action. I think am catching on gradually, i’ll post as we go. nice work guys

You will gather a lot going through the first 20-50 pages and have a ton of questions answered also.

[fxboss]

You will gather a lot going through the first 20-50 pages and have a ton of questions answered also.

Thanks Boss, will do that… just dont wanna miss some live action while am at it.

[fxboss]

Hey guys, here’s a chat of AUDCHF daily, dunno if i placed that pivot well and if so, i guess theres a 2 BR reversal there, would anyone advise going long on this pair? correct me if wrong pls…

[CaseyAR]

Fxboss, personally, I would not go long there despite that being nice price action off of a level that clearly has reacted in the past. The recent trend is downwards, and I would recommend going with that trend. This PA is likely a signal of the first retracement in this downtrend.

[meadsie]

Hi FXB ,
Agreed that the major trend was down and certainly you would need good reason to go Long here - but to throw the old spanner in the works, I have looked at this one being a strong zone for a bounce , it is at roughly 50 % retracement and the weekly chart is forming a pretty solid PinBar at us.
This is a case for some expert comment from Johnathon perhaps ??:22:

[Bigd41190]

@meadsie

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:

Yes I see what you mean? Do you think I should recheck my closing times? That trade was successful I closed at the first resistance level to lock in some profit and let it run and placed a 20 pip trailing stop on it to give it room but still protect profits.

[Bigd41190]

Can you post example of what you mean?

Will try the next time I see one. But basically if the AUD/JPY was in a recent downtrend and has been closing all red and we get a bullish price action signal, how would you feel on trading against the recent downtrend up to the last support level as resistance.

[Bigd41190]

@fxboss

Hey guys, here’s a chat of AUDCHF daily, dunno if i placed that pivot well and if so, i guess theres a 2 BR reversal there, would anyone advise going long on this pair? correct me if wrong pls…

John this is a great example we would not be going along with the downtrend but its obvious it has to retrace at some point.

[dudest]

Hi there Jui,
[B]Very hard to read your chart - can you enlarge & re-post please.[/B] I think I can make out that it is PoundSwiss ?&[B] if you tell us why you have entered & what you see, we will see if we can make a comment for you.[/B] 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;)

Spot on…

[dudest]

@meadsie

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:

Quoting Bryce:

It is better to be out of a trade and wishing you were in it, than to be in a trade and wishing you were out of it!
[ and only one of those scenarios saves you capital ]

[dudest]

@fxboss

Hey guys, here’s a chat of AUDCHF daily, dunno if i placed that pivot well and if so, i guess theres a 2 BR reversal there, would anyone advise going long on this pair? correct me if wrong pls…

I agree with Casey, i think this may be a retracement of the recent downtrend.
I will look for SHORT PA to rejoin the recent downtrend around the S/R zone lining with 38.2 Fib

Cheers!

[dudest]

@meadsie

Hi FXB ,
Agreed that the major trend was down and certainly you would need good reason to go Long here - but to throw the old spanner in the works, I have looked at this one being a strong zone for a bounce , it is at roughly 50 % retracement and the weekly chart is forming a pretty solid PinBar at us.
This is a case for some expert comment from Johnathon perhaps ??:22:

Hi again,

I’m not the Boss aka J!, but my comments on this below:

1. Switching timeframes is a slippery slope
   -> My earlier post (and the initial query) were on the Daily, so that’s separate and I will not compare the two

2. My opinion for the weekly:

-> The same S/R zone that’s the 38.2Fib for the Daily downtrend, is also the 38.2Fib for the weekly uptrend (just a neat ‘coincidence’, I’m not putting any significance to it )

-> The weekly ‘pin’ ( candle not closed ) can not be a valid pin ( wick != candle body x 3 ). Maybe the best it can close as is a BUEB ( and it has less than 12hours to do so, what are the chances! ). But if it were to do so, then it would close above the S/R zone, and be a valid PA ( in my book ) on the WEEKLY (analysis of the DAILY totally separate)

Cheers!

[meadsie]

Good reply Dude,
I think that it is best to concentrate on a Time Frame and the signals that appear on it.I recall from J’s earlier posts that we should not mix charts. If the daily shows a signal then that is the chart we should use to enter & manage our trade. This point is now well taken on board . Thanks for high - lighting this again. Off to bed now - 10.30 Fri Nite here - see you all on Monday. Have a relaxing weekend.

[fxboss]

Hi guys, thanks for the lessons. This is a recent chart again of the AUDCHF daily. I want to ask, even if it was a retracement couldnt one have traded it and take profit at the resistance point above? cos somehow that could been some cool pips too…

[Spongybob]

Hey fxboss

One could of done as one pleases, question is do you want to trade everything you see good or bad?

Your trading plan should have you in good setups and out of bad ones.

Cheers

[dudest]

@fxboss

Hi guys, thanks for the lessons. This is a recent chart again of the AUDCHF daily. I want to ask, even if it was a retracement couldnt one have traded it and take profit at the resistance point above? cos somehow that could been some cool pips too…

Hi fxboss,

Hindsight is always 20/20 (i.e, perfect).

Many saw the AUD pairs forming bullish signals yesterday (some better than others)
But I personally thought they were all pulling-back before continuing lower.

I could be wrong, but not trading them has saved me capital, so I’m not in the least worried whether or not a trend reversal is occurring, there will be more opportunities. And if I happen to be right, I can rejoin their downtrend in the coming hours/days.

Johnathon & Bryce have put it out before that if one is not yet making money trading the tested PA-after-pullback-to-rejoin-trend, not a good idea to trade counter-trend signals. However, if it’s in your trading plan (as Spongybob has pointed out), it really is up to your discretion.

Cheers!