Forex Price Action

zakuthimdlethe · December 17, 2012, 6:54am

Here is a non-traditional trade.The pair is an up trend and one should wait for a price signal for long position and I decided to short this pair based on the BEEB that I saw-including the gap.
Tongue lash, but I will be cashing in if it works out!
Enter @83.71
S/L@ 84.00 (BRN)
Target@ purple support line
R:R= 1:3.21

zakuthimdlethe · December 17, 2012, 7:04am

Posted this weekly chart and I know that time frames are independent of each other,but the pair is @ a major resistant area @ 84.00.Surely the pair is ready to downtrend in coming weeks to its usual range.Hence I believe that it makes sense to short it @ current levels in H4 TF.
Am I wrong for going against you Johnathan? Please show me where I went wrong.

mkteer · December 17, 2012, 7:47am

I’m also waiting for some short price action to enter with the downtrend

waldmann007 · December 17, 2012, 8:13am

What you guys think of this one? CADJPY

Going long if candle stays bullish.

Same is happening with usdcad as mentioned by others before.

dudest · December 17, 2012, 8:27am

Why tongue lash? It’s your money, not mine

All the best with the trade as you’re in, may it work out for you.

Cheers

dudest · December 17, 2012, 8:35am

Trading in the Zone:

( excerpt from page 23/24 )

The hard, cold reality of trading is that every trade has an uncertain outcome. Unless you learn to completely accept the possibility of an uncertain outcome, you will try either consciously or unconsciously to avoid any possibility you define as painful. In the process, you will subject yourself to any number of self-generated, costly errors.

( excerpt from page 82 )

There’s no way to know in advance how everyone else is going to behave and how their behavior will affect his trade, so the outcome of the trade is uncertain.

Err on the side of caution my friend…

Cheers

rajfx10 · December 17, 2012, 8:37am

Also checking this one out large bullish pin forming (just wanted to check this s/r level with you guys tho).

waldmann007 · December 17, 2012, 8:56am

Mine are like this:

rajfx10 · December 17, 2012, 8:59am

[QUOTE=waldmann007;432459]Mine are like this:

Falling just shy of support then. I see, looks like the pin bar will form but I will watch this one from the sidelines

dudest · December 17, 2012, 8:59am

USDCAD, EURCAD and GBPCAD all have formed bearish PA.

I prefer the EURCAD due to space (room to move before FTA)

[ PS: this is [B]not[/B] trading advice; please make your own informed decision ]

Cheers

kurtmackenzie · December 17, 2012, 9:32am

Hi, saw this one from Waldmann. Thought it rejected the support pretty nicely, but is it considered a pin bar? What do you guys think?

[QUOTE=waldmann007;432445]What you guys think of this one? CADJPY

Going long if candle stays bullish.

isutommyt · December 17, 2012, 9:49am

Is this kind of what you were thinking with the EURCAD? Thanks!

rajfx10 · December 17, 2012, 10:10am

‘’

now moved to break even! Woop woop

kurtmackenzie · December 17, 2012, 11:17am

Hi all! Can this be considered as 2BR if it will close like this? EURNZD 4HR

machal · December 17, 2012, 11:35am

Hey, the second candle should close lower:

Cheers

Grimm · December 17, 2012, 11:44am

Thank you for your time and input Johnathon. Seems like I was over-thinking the situation.

waldmann007 · December 17, 2012, 12:39pm

Hey kurt.

That upperwick really bothered me. I wouldn’t consider a pin bar as the candle closed.

dudest · December 17, 2012, 1:18pm

That’s the bar, yes

Notes:

My S/R is at BRN 1.3000
With this method: entry is below the low of the setup, and SL above the high

Cheers

jongp2 · December 17, 2012, 2:14pm

USD/CAD Short on 4hr— with Trend + Resistance + Engulfing

wigglez · December 17, 2012, 2:33pm

You guys are going against trend?