Forex Price Action

[zakuthimdlethe]

Sadly it took my break even.

Well, waiting for another setup.

We never know the final outcome,Do we?
Im also checking for set ups that are lurking around.

[zakuthimdlethe]

Hey Wald
Im closely watching the GU pair.There seems to be a BEEB about to form,waiting for the closing

[babycake]

Sadly it took my break even.

Well, waiting for another setup.

I’m not sure which trade you entered but breakeven is a great result if you managed your trade properly and gave it a chance to work. Don’t be afraid of breakeven trades! For me protecting my money is always my number one goal first and foremost!!!

Sometimes price hits your breakeven point and continue on in your direction. But remember there is also the chance that price can continue on straight to your original stop had not you protected yourself at breakeven.

[wigglez]

[QUOTE=wigglez;432695]That pin bar on 4h, which I believed to be at nice support

Where is your SL?
The thing is, we have got some data release coming out, if its GBP negative you could be in with a good shout for some profit.
I know we are price action traders but it may help you. I played jfox’s method on this one at the retrace from that lower resistance and was considering that pin yesterday and spoke to some fellow group members yesterday and decided against it to wait for the lower level.

Good luck

I put it just below the bar. So what made you decide against it?

[rajfx10]

@waldmann007

Mine are like this:

We had this chat about the S/R levels and I agreed that maybe my levels where wrong, but I played it safe and if im not 100% sure on a trade I wont enter, live to trade another day!

[kurtmackenzie]

Hi guys! Watching this pair right now, waiting for a nice PA at BRN and support, what do you think? NZDUSD H4

[rajfx10]

Dudest,

Aud/Usd has hit the resistance level I forecast but I wanted to know your opinion before waiting for the candlestick formation.

Regards

Raj10fx

[zakuthimdlethe]

@kurtmackenzie

Hi guys! Watching this pair right now, waiting for a nice PA at BRN and support, what do you think? NZDUSD H4

Hi kurt
I am also watching that Support level and have to say that my Mouth is watery now:32:

[zakuthimdlethe]

There is Kurt.
Please show with a snapshot as to how you would enter this trade.
The whole nine yard including price target.
Please KURT.

[kurtmackenzie]

I think it depends on how it will close? Whether it will give us a good signal to enter.

Cheers

@zakuthimdlethe

There is Kurt.
Please show with a snapshot as to how you would enter this trade.
The whole nine yard including price target.
Please KURT.

[kurtmackenzie]

Hi guys! Just a quick question, would you consider this as a retracement to the “previous support turned into new resistance”?

[zakuthimdlethe]

@kurtmackenzie

Hi guys! Just a quick question, would you consider this as a retracement to the “previous support turned into new resistance”?

This is what I think Kurt.Please add anything missing.

[pokkerface]

Yesterday the gold daily chart formed a bullish pin bar at support. I took the trade and I was stopped today. I don’ know if I should have entered this trade. It was at support but against the trend.

[dudest]

Looking for a retrace from this uptrend, thought we had had previous support at this level as price had been supported at this level in the past (1.0515) also had rejected on the 6th dec at the same level.

Please let me know Dudest if I may be reading this wrong.

Regards

Rajfx10

Aaaah, sorry Raj, when you said “setup” I thought you meant a PA signal, thanks for clarifying

I’m not too keen on the AUDUSD intra-day right now, abit too choppy for my liking.

Being at a key level right now, I am waiting for it to do something decisive on the Daily

Cheers

[dudest]

@pokkerface

Yesterday the gold daily chart formed a bullish pin bar at support. I took the trade and I was stopped today. I don’ know if I should have entered this trade. It was at support but against the trend.

Hallo pokkerface,

Bummer about the loss.

Let’s do a small exercise that hopefully will provide meaningful evaluation for future improvement.

When you entered the trade, some boxes were ticked (on paper or in your mind).
What were those boxes? Kindly accompany your response with a chart showing S/R levels

[pokkerface]

@dudest

Hallo pokkerface,

Bummer about the loss.

Let’s do a small exercise that hopefully will provide meaningful evaluation for future improvement.

When you entered the trade, some boxes were ticked (on paper or in your mind).
What were those boxes? Kindly accompany your response with a chart showing S/R levels

I don’t understant too well when I should enter a trade if it’s against the trend. I thought this trade is OK given the fact the pin bar formed at support.

[Kasravi]

In my humble opinion, I think your pinbar wasn’t at a proper swing low,since you were entering a countertrend you’d be much more fussier about it.

Cheers.

[Forex_School_Online]

@pokkerface

Yesterday the gold daily chart formed a bullish pin bar at support. I took the trade and I was stopped today. I don’ know if I should have entered this trade. It was at support but against the trend.

You need more than just a small pin to enter a trade. We need to look what all the price action story is telling us and then whether we have an edge that is there in our favour.

Here you had a really small pin bar that did not stick out that was trading back into resistance. To be honest on my chart I would not call it a pin and the resistance it was moving higher into was stronger that what it what you were trying to trade away from.

[Forex_School_Online]

@zakuthimdlethe

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

You knew you were gambling because in your post you pretty much said you knew should not be entering but that was going to stop you. There was no BEEB and as for the “non traditional trade”, that is what we really call “making up a trade because we don’t have any discipline to wait for our setups to come along”.

You would have known the chances of you getting stopped on this trade were very high and yet you still went ahead and this is one thing I am trying to work out why people do it over and over again. I teach them so many things and give them so many techniques but time and time again they shoot themselves in the foot trading “non traditional” trades and gambling there money away because they went two days without a trade.

By the time the 3 really good trades come along and they should be ready to pounce and make a mint, but instead their accounts are down -10%, and they are a psychological mess because of their gambling.

Anyway good luck with your “non traditional” trading. I wish for your sake that that’s all it was but it leads to far far more.

Johnathon

[russbryant]

@kurtmackenzie

Hi guys! Just a quick question, would you consider this as a retracement to the “previous support turned into new resistance”?

Yes the big red bar broke through the support level and then price pulled back to the same level several bars later and formed a BEEB at resistance which was the PA signal to play if you wanted in this trade.

Russ