Forex Price Action

[Spongybob]

Hi liangko

Nice levels and nicely said about EUR/GBP. The pull back was too small and at no key support level.

As for your EUR/AUD setup, I had the same levels marked on my 4hour but had no large PA signal.

Cheers mate

@liangko

Alright, I think we should have confidence and stick to our plan and let the market do its job to prove if we are right or wrong. Let’s see how’s the thing goes.

On top of that, I would like to share another potential setup for EURAUD. A relatively BIG pending bullish pin bar on KEY level (prior resistance turned into support) at SWING LOW of recent uptrend.

[Bigd41190]

IMHO, this particular pair is now in ranging mode as it has failed to make higher high after it retraced to previous resistance level (turned in to support level) at around 0.79520.

For me, it is a BUEB [B]BUT[/B] it’s not a valid signal to go long even though the BUEB formed at swing low and the trade is with current up trend due to the following reason:

1. It’s not[B] BIG[/B] and [I][I][B]OBVIOUS[/B][/I][/I] as compared to preceding candles on the chart.
2. It’s not formed at any [B]KEY[/B] level (major/obvious support or resistance level)

Hope it helps.

Thanks.

I have a short position in on this pair. Its sending mixed signals i’m strapped in and curious as to what will happen

[Bigd41190]

If you are currently short at EUR/GBP, I think there’s level of correlation between EUR/GBP and EUR/AUD, so watch out.

He is right great call on this! I think I will have to sit this EUR/AUD one out wouldnt want to double my exposure here. Kudos Belier!

[Bigd41190]

Whats everyone’s opinion when you get two valid signals but the pairs are negatively correlated. I thought I saw someone mention that you can split your risk? I dont quite undertand this concept. But I’m curious as to what everyone would do especially if both signals are A+. I attached an image also

[Aariff]

I Didn’t take this trade because of the trend and VBRN support near by.

Good…am learning something… so far only one failure trade (only one trade was taken so far as well)in EURUSD H4 few days back for a Pin bar…which taught me lesson of BRN…

Not taking a failure trade also a learning…

Aariff

I have a short position in on this pair. Its sending mixed signals i’m strapped in and curious as to what will happen

[Amanfx]

Whats everyone’s opinion when you get two valid signals but the pairs are negatively correlated. I thought I saw someone mention that you can split your risk? I dont quite undertand this concept. But I’m curious as to what everyone would do especially if both signals are A+. I attached an image also

Not sure about A+ signals you mentioned.
I see the inside bars on both pairs.

[Bigd41190]

Not sure about A+ signals you mentioned.
I see the inside bars on both pairs.

Right I was speaking hypothetically. But this snapshot was the best example I provide. And i meant the pins that were still live. I havent learned much about trading the inside bar

[filipl]

Hi folks!

Long time no posting, but reading constantly. Good to see some new people on the thread. Welcome to all.
Checking my charts today and noticed noone has mentioned so far AUD/CHF D1 BEEB.

• strong bearish close
• with the recent down-trend
• from the swing point
• a bit of distance from VBRN 0.95 giving some space for generating good profit

My biggest concern is its smallish size.
Am I correct?

Any other comments?
Has anyone marked the same level?
Maybe already in the trade?

Fil.

[dudest]

Whoa, JPY pairs forming (what [B]could[/B] turn out to be ) good-lookin’ BUEBs at day’s end…

Haven’t seen any that I liked.

[Jaynesh]

@filipl

Hi folks!

Long time no posting, but reading constantly. Good to see some new people on the thread. Welcome to all.
Checking my charts today and noticed noone has mentioned so far AUD/CHF D1 BEEB.

• strong bearish close
• with the recent down-trend
• from the swing point
• a bit of distance from VBRN 0.95 giving some space for generating good profit

My biggest concern is its smallish size.
Am I correct?

Any other comments?
Has anyone marked the same level?
Maybe already in the trade?

Fil.

Hi did you mean pin bar? I’ve had my eye on this for a while. Are you planning on entering this trade?

[filipl]

Haven’t seen any that I liked.

True, all ended up being more indecision candles.

[FaRS]

@filipl

Hi folks!

Long time no posting, but reading constantly. Good to see some new people on the thread. Welcome to all.
Checking my charts today and noticed noone has mentioned so far AUD/CHF D1 BEEB.

• strong bearish close
• with the recent down-trend
• from the swing point
• a bit of distance from VBRN 0.95 giving some space for generating good profit

My biggest concern is its smallish size.
Am I correct?

Any other comments?
Has anyone marked the same level?
Maybe already in the trade?

Fil.

Hey there Fil!

Yes, you are absolutely correct. It’s way too small comparing to previous candles. I have marked pretty much the same level as you have. This trade definitely is not for me, altho I’m not saying it won’t work out.

Richard

[filipl]

Hi did you mean pin bar? I’ve had my eye on this for a while. Are you planning on entering this trade?

Hi Jay,

Technically yes, it is a PB, you are right, but EB as well.
I prefer calling PBs the candles that have much longer and eye-catching wick.

If it engulfs, it’s Engulfing to me.

No matter how you look at it: this is [U]the kind of[/U] PA signal we are looking for in here; the question is - is level strong enough to hold? Is the PA large enough? Is it according to my plan? (Some ppl have more riskier plans than others…) How many other traders around the world think the way I do?

Fil.

[filipl]

Hey there Fil!

Yes, you are absolutely correct. It’s way too small comparing to previous candles.

As always Rich, good to know your 3 pips on the matter!
Safe trading to you all.

Fil.

[filipl]

One last question before I go to sleep.

Am I looking at too much data when analysing my charts?
Jonathon mentions recent up-trend here:
EURAUD Pin Bar

I marked on my charts level of 1.2636 as a problematic one, as it was a bottom(ish) of a range back in April-June 2012 therefore the PB would be playing straight into it.

Should I be concerned by such an old resistance/support area?
Are you concerned by such data when [U]you[/U] analyse charts?

Fil.

[dudest]

Whats everyone’s opinion when you get two valid signals but the pairs are negatively correlated. I thought I saw someone mention that you can split your risk? I dont quite undertand this concept. But I’m curious as to what everyone would do especially if both signals are A+. I attached an image also

Hi Bigd,

Splitting risk (in this context) means dividing the risk between the two correlated pairs that you want to trade at the same time. So if you usually risk 3% per trade, you’ll now risk 1.5% per (correlated) pair ( total risk remains 3% ).

Cheers

[dudest]

@filipl

Hi folks!

Long time no posting, but reading constantly. Good to see some new people on the thread. Welcome to all.
Checking my charts today and noticed noone has mentioned so far AUD/CHF D1 BEEB.

• strong bearish close
• with the recent down-trend
• from the swing point
• a bit of distance from VBRN 0.95 giving some space for generating good profit

My biggest concern is its smallish size.
Am I correct?

Any other comments?
Has anyone marked the same level?
Maybe already in the trade?

Fil.

Hi Fil!, long time

I think it’s small…

What do you think of the D1 AUDCAD?

Cheers

[dudest]

@fxsrikanth

[B][I]GOOD MORNING JOHNATHON AND ALL…

[/I][/B]

[B][I]hi all…

guys…please tell me what u r going to do if u found the pinbar like this in ur charts…

is there any difference between 1 and 5?, 2,6, 3,7 and last one 4,8…?

and please must give ur answer for this question…that is…

what is the difference between 1,2 and 3,4 …and 5,6 and 7,8…

HOW UR R GOING TO TRADE EACH PIBAR…PLEASE TELL ME…THANK U U U

[/I][/B]

Right! Your cries have been heard!

My opinion:

1. Nice bearish rejection of a key area. But I would avoid trading it ( less movement room, not as swing high as I would like )

2. AKA ‘hanging man’/inverse pinbar -> this one says the truth, that price wants to go down. However, I do not trade this signal, just find it helpful to reading the whole story

3. My kind of pinbar! Entry at break of pin, SL at high of pin, TP’s at key low areas.

4. This bullish pinbar is at swing high => not trade. Shows that support has been rejected and price may want to move higher. But is NOT a PA signal/trigger

5), 6), 7), 8) => all factors constant, same (for me) as 1), 2), 3), 4) above.

Summary: the only ones I’d consider trading are 3) and 7), and of the two, I find 3) best for a SHORT trade.

Cheers

[filipl]

What do you think of the D1 AUDCAD?

Firstly - I do not watch this pair
Secondly - very interesting level:

• rejecting 1.005 from 5/09/2012
• rejecting 1.009 - top of the range from May 2012
• with recent down-trend
• IMHO big chances to get to FPA of ~0.999

Great spot!
Much better than AUD/CHF D1.

Although I’m always getting confused how to treat this kind of bars, as PBs or rather indecision bars???

[dudest]

@filipl

Firstly - I do not watch this pair
Secondly - very interesting level:

• rejecting 1.005 from 5/09/2012
• rejecting 1.009 - top of the range from May 2012
• with recent down-trend
• IMHO big chances to get to FPA of ~0.999

Great spot!
Much better than AUD/CHF D1.

Although I’m always getting confused how to treat this kind of bars, as PBs or rather indecision bars???

I treat this kind of bars as pinbars, coz of where the body’s at

I consider it indecision when the body is tending toward the middle of the bar