Forex Price Action

[machal]

@dejanb1981

I am thinking of going short aud/cad if the low of pin breaks.

Hey, I think this pin bar is too small, good luck.

[wigglez]

Hey, I think this pin bar is too small, good luck.

Isn’t it also bullish for breaking the last high?

[waldmann007]

@Forex_School_Online

I am looking at this one a little differently, but that does not mean I am right and you wrong. I am personally now looking for short term pull backs higher to get short. Preferably looking for price to rotate higher on intraday chart and fire brearish price action signal which would look to ride into major support a bit further lower. Just my opinion.

Safe trading,

Johnathon

USDCHF 4HR CHART

Your opinion is always welcome Mr.Johnathon.

Looking on the H4 chart I was wondering if USDCHF is already on a pivot. I’ll post a picture so you guys can see. We should wait for the retrace to the next pivot (0.93380) or could we could we place entry if price action shows up?

[machal]

@wigglez

Isn’t it also bullish for breaking the last high?

I think that here is still chance for short but. We will see what price do.

[machal]

@waldmann007

Your opinion is always welcome Mr.Johnathon.

Looking on the H4 chart I was wondering if USDCHF is already on a pivot. I’ll post a picture so you guys can see. We should wait for the retrace to the next pivot (0.93380) or could we could we place entry if price action shows up?

We should wait for the retrace, because we have strong downtrend and we do not want to fight with it.

[waldmann007]

If the candle stays like this would be a valid pin bar?

[bobmaninc]

yes sir, if it stays like that I would consider that a valid trade setup. Good R:R

[Tony32601]

yes sir, if it stays like that I would consider that a valid trade setup. Good R:R

Correct me if I’m wrong, but isn’t this a strategy introduced by Tom Demark (I think his name is)?

[mkteer]

The problem I see is the secondary support zone highlighted on the daily chart…the price may get stuck there and that would make the R:R very low.

@waldmann007

If the candle stays like this would be a valid pin bar?

[russbryant]

@waldmann007

If the candle stays like this would be a valid pin bar?

The problem is we don’t go down to the 1 Hour time frame on this thread. So it’s probably a coin toss on if this will work out or not even if you do get a “valid” pin bar. It’s just too volatile on the short time frames.

Russ

[waldmann007]

@russbryant

The problem is we don’t go down to the 1 Hour time frame on this thread. So it’s probably a coin toss on if this will work out or not even if you do get a “valid” pin bar. It’s just too volatile on the short time frames.

Russ

I only took this trade cause it was a very clear resistance. Since its H1 I’ll usually go with smaller risk. But it’s fine by me lets stick to higher time frames.

[dejanb1981]

@waldmann007

I only took this trade cause it was a very clear resistance. Since its H1 I’ll usually go with smaller risk. But it’s fine by me lets stick to higher time frames.

Here is a H4 for chart for that pair and it looks like a good trade.

[djlex1928]

Hi guys,

I haven’t posted here before but I have spent hours browsing. I have spent the last few weeks reading over this particular thread and I am extremely happy I found it! I’ve done what Jonathan mentioned in his first posts; over traded, blew a few accounts and almost bought signals etc, etc.

I have learnt more in the last few weeks reading this thread than I have in the last few years reading hundreds of threads lol! I would like to thank you Jonathan for taking time out of your busy day to start, and continue posting to this thread. :35:

[Paddymctaff]

The problem is we don’t go down to the 1 Hour time frame on this thread. So it’s probably a coin toss on if this will work out or not even if you do get a “valid” pin bar. It’s just too volatile on the short time frames.

Russ

While the longer time frames are better for beginners, saying that its a coin toss and the lower time frames are just to volatile is a bit over the top. Jonathon states at the start of this thread that he sometimes uses the one hour charts and has posted set ups on them as well. Check out the trader_dante thread (google it as its not on BP) who uses PA for another example - Superb trader who uses PA and daily S/R but trades from the hourly.

This doesnt mean that everyone should rush to the hourly as they will just get burnt with B and C grade trades (and there are obviously alot more of them than using the daily), but once you are skilled enough to truly filter for A+ signals then there is no reason you cant use the hourly. However until then it is better to stick to daily until you get to this stage

Fwiw I like the USDCAD trade

[wigglez]

The larger usd/cad seems to be in a larger uptrend. When do you cut your trade?

[juicypips]

The larger usd/cad seems to be in a larger uptrend. When do you cut your trade?

Hey wiggles don’t get too concerned with over analysing a chart by considering a long term trend, we are swing traders and should only be concerned with recent momentum, as we are generally only in a trade for days, tops, we are looking to jump aboard recent trend and ride the next swing, providing its a+ of course!

Edit also I would personally consider the usdcad as trading in a range right now on th 4h chart which was mentioned

[wigglez]

Hey wiggles don’t get too concerned with over analysing a chart by considering a long term trend, we are swing traders and should only be concerned with recent momentum, as we are generally only in a trade for days, tops, we are looking to jump aboard recent trend and ride the next swing, providing its a+ of course!

k

what about the 9920 area?

[juicypips]

k

what about the 9920 area?

I’m not sure what you mean, I wasn’t saying this trade is a+ if that’s what you mean? I was just saying in general we are more concerned with short term trend and momentum and not too concerned with what’s happening over a long period of time

[wigglez]

I’m not sure what you mean, I wasn’t saying this trade is a+ if that’s what you mean? I was just saying in general we are more concerned with short term trend and momentum and not too concerned with what’s happening over a long period of time

oh

yeah, was talking about the usd/cad

[tonyshieh]

EUR/AUD - 4H , is the previous candle consider as pin bar? Although the pin bar is no close within previous range, but it nose is x3 of the body. I’m shorting this pair