Forex Price Action

dudest · December 26, 2012, 6:00pm

Hi peeps,

Have carried out an interesting exercise of counting PA setups that occurred on the Daily this year
[ idea credit: Mark of FSO forum ]

By my estimation, there were close to 60 PA setups (pinbars/EBs/2BRs) on the Daily (some correlated).

So that’s about 5 trades a month, which is great!

Taking into account pair correlation + missed trades + passes, comes down to roughly 3-4 trades a month, which is pretty kul.

My list is below.

Cheers

01 20120109 USDCHF BEEB
02 20120125 USDJPY Bearish pinbar
03 20120207 EURAUD BUEB
04 20120216 GBPUSD BUEB
05 20120227 EURAUD BEEB
06 20120227 AUDCHF BUEB
07 20120229 EURUSD BEEB
08 20120229 NZDUSD BEEB
09 20120229 SPI200 Bearish pinbar
10 20120306 AUDNZD Bearish pinbar
11 20120315 USDCHF Bearish 2BR
12 20120416 EURAUD BUEB
13 20120518 USDCHF BEEB
14 20120518 EURUSD BUEB
15 20120522 EURGBP BEEB
16 20120522 GBPCHF BUEB
17 20120601 USDCHF BEEB
18 20120601 AUDUSD Bullish pinbar
19 20120601 NZDJPY Bullish pinbar
20 20120606 XAUUSD Bearish pinbar
21 20120621 NZDJPY Bearish pinbar
22 20120621 DAX30 BEEB
23 20120621 AUDCAD BEEB
24 20120705 CAC40 BEEB
25 20120720 GBPUSD Bearish 2BR
26 20120725 USDCHF Bearish 2BR
27 20120725 AUDUSD BUEB
28 20120725 USDCAD BEEB
29 20120725 AUDJPY Bullish 2BR
30 20120726 DAX30 BUEB
31 20120807 AUDNZD BUEB
32 20120807 AUDCAD BEEB
33 20120821 DJ30 BEEB
34 20120823 WTI BEEB
35 20120905 SPI200 Bullish pinbar
36 20120906 AUDUSD BUEB
37 20120906 GBPAUD Bearish 2BR
38 20120914 AUDUSD Bearish pinbar
39 20120919 GBPJPY BEEB
40 20120919 CHFJPY BEEB
41 20120921 GBPUSD Bearish pinbar
42 20121005 GBPJPY Bearish pinbar
43 20121005 S&P Bearish pinbar
44 20121009 EURGBP BEEB
45 20121011 EURAUD Bullish pinbar
46 20121015 DJ30 BUEB
47 20121024 GBPUSD Bullish 2BR
48 20121107 NZDJPY BEEB
49 20121107 FT100 BEEB
50 20121107 DAX30 BEEB
51 20121116 SPI200 Bullish pinbar
52 20121203 WTI Bearish pinbar
53 20121211 GBPCHF Bearish pinbar
54 20121212 XAUUSD Bearish pinbar
55 20121212 AUDCHF Bearish 2BR
56 20121219 GBPUSD Bearish pinbar

wall03 · December 26, 2012, 6:35pm

and performance with these 56 trades ?

mantra4 · December 27, 2012, 4:27am

You must have been the life and soul of the party this Xmas
Interesting none the less, so how many of them did you take?

cams75 · December 27, 2012, 8:31am

I second that:D

mrchilled · December 27, 2012, 8:33am

I third that. I think you’ll find that the biggest missing ingredient is the support and resistance for each of these signals …

cams75 · December 27, 2012, 9:10am

I would hope that those 60 odd “set-ups” would be at S+R levels. You can easily spot 2 or 3 sub par setups per week on the dailys. Besides if you go through the list some pairs have only 2 or 3 PA signals for a whole year. That would be rather boring if you only watched one pair!

No doubt Dudest will enlighten us, but you may well be correct MrChilled.

jumar · December 27, 2012, 9:23am

Very nice and good article.

pokkerface · December 27, 2012, 10:36am

What broker do you use to trade indices? I can’t trade indices at my broker.

dudest · December 27, 2012, 10:43am

C’mon guys, you have the charts (+ setup info), you can check out the <details> for yourselves

dudest · December 27, 2012, 10:44am

AxiTrader & HotForex

pokkerface · December 27, 2012, 1:44pm

Do you use the same strategies from this thread in trading indices or do you make some adjustments? On Axi I see the indices are on futures market. How is the liquidity compared to forex?

in2fx33 · December 27, 2012, 2:11pm

Hello dudest and all senior traders,
I currently live in the USA and according to government regulation I can not trade CFD’s. That means no indices, oil, gold or silver trading for me. Do you have any suggestions on what other markets I can trade outside of forex? Thanks

Dobo · December 27, 2012, 2:57pm

gbpusd
Further to last weeks gbpusd short trade - did you notice the PA signal (pin bar) on the 4hr chart to go short? Pin bar at swing high - a 1:3 trade to support around 1.6080 (fib 50% @ 1.6065)
Cheers

pokkerface · December 27, 2012, 9:04pm

I think the PA signal on 4hr it’s a good signal. However I missed it because I only trade daily charts.

I’m not so sure about the CT pin bar on daily EUR AUD:

I didn’t take the trade because it didn’t stick out too much.

liangko · December 27, 2012, 9:07pm

Another potential setup in GBPAUD.

The price has been ranging between 1.51871 and 1.56300. A BEEB has been formed at resistance level which the price reacted a few times in the past.

For me I think it is a good setup to short with low risk exposure.

What you guys think?

Thanks.

bearOZpips · December 27, 2012, 9:57pm

i see it as follows:

Pros: overhead resistance, ok size beub
Cons: recent trend can be seen as bullish

wait and see if it breaks yesterdays low

Dobo · December 28, 2012, 12:06am

Same situation with AudChf - pin bar (small wick -the PA is at support on both daily and weekly charts). Then on the 4hr there is a engulfing bar and 50% retracement of the engulfing bar (better entry) and some distance to first target S/R?
So possible trades - any other input re these 2 Aud pairs??

kurtmackenzie · December 28, 2012, 4:00am

Happy holidays everyone!

Saw this while scanning through the charts, NAS100 Daily. What do you guys think?

dudest · December 28, 2012, 6:26am

Hallo pkfce,

Exactly the same strategies, no difference

The liquidity of the major indices are great enuff to trade without issues.

I’m not on my laptop now, but in an earlier post, Mr J mentioned corn and soya as other markets one can trade as they have high liquidity

Cheers

dudest · December 28, 2012, 6:30am

Hallo in2fx,

Donno if corn and soya are within the radar. Johanthon can comment with authority on this one.
Also check out Go Markets Australia, they have a whole bunch of markets one can trade.
Send Johnathon a mail, i think u’ll get a quicker response (he’s kicking back a little until the new year)

Cheers