Forex Price Action

Spongybob · October 17, 2012, 5:33am

Welcome back machal :57:

fxsrikanth · October 17, 2012, 6:19am

Hi…Mr.Johnathon…and all…my bros…

sorry for asking for past setups…

any one trade this BUEB on eur-usd daily chart?..if not please tell me why?

dudest told me one explanation on another pair…for kind of this …that is pair is not create higher high…

is that the only reason for u … not to trade? (if u not trade that set up…

)

dudest · October 17, 2012, 9:41am

Hi meadsie!, welcome back

My chart was from HotForex, hence the subtle difference.

Unfortunately, didn’t get any PA at the level I was watching, price has began to drop off from there.

bedayan · October 17, 2012, 10:36am

Hi Jonathon,

I have question.First I want to say thank you to you creating this thread and helping all the newbies like me to learn price action.I have went though your forex school online website in chart in focus section.There I see that for GBPJPY you have mentioned bullish engulfing pattern but its close is not top 30% of its range.Then how you considering it? So should I only consider only candle B range engulf the candle A or I need also need to see candle B should close top 30% of its range? Please suggest.

Jaynesh · October 17, 2012, 11:41am

Hi can sombody please tell me if this chart is new york close.
My broker is telling me it is, but I have my doubts.

AUD/CAD H4

Spongybob · October 17, 2012, 11:55am

Howdy Jaynesh

From the look of things its not. Who you using?

dejanb1981 · October 17, 2012, 12:01pm

That’s not New York close chart. I dont use my brokers charts cause of that. Tradingview use New York close and its free to use.

Jaynesh · October 17, 2012, 12:52pm

Hi,

I’m using FXDD with the jForex platform.

Jaynesh · October 17, 2012, 12:59pm

Hi, thanks for this.

I had no idea about this, I think I might use this instead of changing my broker.

What is everyones view about this pin bar forming on AUD/CAD h4

dejanb1981 · October 17, 2012, 1:13pm

I am looking at the same thing

Belier · October 17, 2012, 1:13pm

Watch out, FXDD is NY Close but only with their MT4, JForex is Dukascopy’s platform and their zone is GMT 0 so the charts are different.

dejanb1981 · October 17, 2012, 1:36pm

I just took that trade Jaynesh I think its a good trade.

Jaynesh · October 17, 2012, 1:45pm

I have taken it aswel.

What is your first TP level?

There also seems to be a pin bar forming on the the daily chart.

dejanb1981 · October 17, 2012, 1:51pm

I got in at 1.0153 i am shooting for around 50 pips just around 1.0100 area after that there is a support around 1.0090

liangko · October 17, 2012, 2:22pm

Hi all,

USDCAD caught my attention where it shows a potential short signal.

A huge BEEB (2 bar reversal) is forming at swing high of current downtrend & it’s at resistance level. The candle will be closed in 3 hours time.

However, there are few things that hold me back on this potential setup, there are:

Higher highs has been formed after the price got rejected on 16 Sept 2012 at 0.96660.
Price failed to make new low TWICE for the past few weeks ago despite big BEEB (2 bar reversal) were formed - indeed I got stopped out for the first short.

Any thought?

Thanks.

russbryant · October 17, 2012, 3:40pm

None of these 2 Bar patterns are BEEB’s as they do not completely engulf the previous candles.

Russ

meadsie · October 17, 2012, 3:53pm

[QUOTE=liangko;409902]Hi all,

USDCAD caught my attention where it shows a potential short signal.

A huge BEEB (2 bar reversal) is forming at swing high of current downtrend & it’s at resistance level. The candle will be closed in 3 hours time.

Hi there Liangko,
I just wanted to offer my 2 cents worth - from my understanding these 3 patterns are not Engulfing Bars. They are close but not within the definition described here in this thread. The latest bar must fully engulf the previous bar to qualify. They are by definition 2 Bar Reversal patterns and IMHO the 1st pair you highlighted is the type of pattern I will use as the 2 Bar set up . Unfortunately as you say , it did fail . Although the latest 2 patterns look promising , I would pass on both for the simple reason that if you combine them into a single PinBar , the nose is not 3 times the body.
Also , in considering this latest PA pattern , you have quite correctly stated that there is a Higher Low formed but until there is Higher High to indicate a possible change in direction , it seems to me that Price is simply tightening into a sort of range and getting ready to explode one way or the other. You also highlight those latest 2 PB lows - these tell me that there are still some buyers sitting around. I have placed a T/L from June high till now & it merely confirms a stong downtrend in place and that this current bar high is at the confluence of the T/L and existing Resistance.
I will wait this one out for sure - but I wish you success if you proceed.

dudest · October 17, 2012, 4:42pm

Hi guys,

Thanks for your takes on USDCAD, goodstuff!

I’m actually still in the former USDCAD 2BR trade ( missed SL by 9 pips )

Hoping that stubborn minor low gets broken this time!

Cheers

dudest · October 17, 2012, 5:02pm

Watching for longs on EURCAD H4:

Jinz · October 17, 2012, 5:20pm

I think the market is about to turn now, sell euro and pounds against aussie, kiwi and loonie.