Forex Price Action

[maxryan9999]

Its tiny (look at the preceding bars and then look at some of the pin par examples Jonathon posts at the start of this thread and compare them to this one

it doesnt stick out at all (quite the opposite in fact)

its not at a swing low

it doesn’t close bullish

[B]it doesnt have space to the left[/B]

If it have space to the left .
Then how to Pinbar have “Open and close within previous candle” ???

[russbryant]

Got this from a friend:

Well that sucks but thanks for the heads up. Guess I need to look for another broker.

Russ

[tylermckee]

Ok, so here is a H4 chart of the USD-JPY. I took this trade in demo as I’m still learning (reading up to 600 pages of this thread so far). Support/Resistance lines in green were drawn on the D1 chart and then I drilled down to the H4 chart as price reached that level to see if there was any PA signal I could take to go long in the direction of the overall daily trend. Apologies if this trade has already been anaylzed…

Also, a big big thank you to Mr. Fox who by starting this thread has really highlighted for me:

1. How over-reliant I had become on rubbish indicators
2. How much I had over traded in the past because of the need to “always be in a trade to make money”.

Thanks!

<img src=“301 Moved Permanently”/>

I also took this trade on demo, my entry was a little above yours. Took 1/2 profit at 90.04 and moved my stop to BE. Closed the trade at 90.6

[michalkraus]

I was aware of what you were saying, but If look at the chart the price didnt respect 90 in last days at all. So 89 was more persuasive. Again there was not much space to move, but to me it seemed to be a very low risk trade. Doesnt matter now, thx for your opinion.

[EJ_2301]

Is this A+ setup?
Why it is and why it isn’t? I just want to keep learning, and i found that by posting chart and reading from all the comments from others help a lot. So please give me some inputs.

thanks
EJ

[fxapie]

EJ

This may be an excellent trade entry and may prove very successful.
But it is not a BUEB as the high and low of the bar you identified as BUEB does not engulf the high and low of the preceding bar.

[michalkraus]

@EJ_2301

Is this A+ setup?

EJ

you tell me! read this Bullish and Bearish Engulfing Bars Introduction

[Spongybob]

Hi

What worries me more than if its a BUEB or not is the traffic you would trade into. Your support line is a little higher than mine but those are more zones than exact levels so dont worry too much about that.

Cheers

[giddy]

GBP CAD 4 hr Pin with the downward momentum,Very large and obvious rejecting key level can give it A+,Let me hear from you on you view on this pin

[EJ_2301]

QUOTE=Spongybob;447043]Hi

What worries me more than if its a BUEB or not is the traffic you would trade into. Your support line is a little higher than mine but those are more zones than exact levels so dont worry too much about that.

Cheers[/QUOTE]

Thanks Spongy,
So for you, this is not tradeable?

EJ

[Forex_School_Online]

@giddy

GBP CAD 4 hr Pin with the downward momentum,Very large and obvious rejecting key level can give it A+,Let me hear from you on you view on this pin

No, not A+.

This pair is very choppy of late and the low of this pin has a wick suggesting buyers from the lows.

Decent false break pin and level to short from however would also be worried what it is trading into.

So will it move lower? quite possibly yes. A+? no not this time.

GBPCAD 4HR CHART

[EJ_2301]

EJ

This may be an excellent trade entry and may prove very successful.
But it is not a BUEB as the high and low of the bar you identified as BUEB does not engulf the high and low of the preceding bar.

Hi fxapie,
I know that it doesn’t engulf entirely of the preceding bar. But i still feel that the Bar is big enough compare to previous bars. And the price is rejected “almost” on my support line. That’s make me think that this still tradeable…hmmm maybe not A+ setup…B+

But I still haven’t entered the trade yet, just put the buy stop.
learn learn and learn
EJ

[fxapie]

Hi fxapie,
I know that it doesn’t engulf entirely of the preceding bar. But i still feel that the Bar is big enough compare to previous bars. And the price is rejected “almost” on my support line. That’s make me think that this still tradeable…hmmm maybe not A+ setup…B+

But I still haven’t entered the trade yet, just put the buy stop.
learn learn and learn
EJ

EJ

I think Spongy’s response is very valid!

Good luck

[Spongybob]

Thanks Spongy,
So for you, this is not tradeable?

EJ[/QUOTE]

Thats correct EJ

Yes price was large compared to preceding bar, but thats only one confluence.

Signal bar must be big and formed at a KEY level of S/R with the trend and have room to move. There are many confluences we need before risking our money.

Think of having $1000 for each trade you take, you dont want to risk it on average setups.

Cheers

[EJ_2301]

Thanks a lot Spongy

By the way, could you please show me your S/R line on daily AUDUSD? I’m confused how to put my S/R line.

EJ

[joffie]

[QUOTE=EJ 2301;447035]Is this A+ setup?
Why it is and why it isn’t? I just want to keep learning, and i found that by posting chart and reading from all the comments from others help a lot. So please give me some inputs.

I have only just come accross this thread this morning, but my take on the nzdusd pair was looking as my attached chart, I could see price having further to drop into a support, with the 4hr producing a pin bar but not at support so a no buy for me. Now looking at price this could have been a wise decision as price has turned back down again, I may be wrong and it continues up but I want to take the very best set-ups.

joffie

[DayTraderDad]

@tylermckee

I also took this trade on demo, my entry was a little above yours. Took 1/2 profit at 90.04 and moved my stop to BE. Closed the trade at 90.6

Nicely done. I left a small position on the table with the stop at BE to see if resistance would get broken and it did so I’ll be manually adjusting the stop on the H4 chart.

[traderbish]

Hi Johnathon and all regular contributors to this thread.
I’ve been reading through all the posts and have found it all very interesting.
I’m considering joining the school. Its not a bad price and Johnathon s support looks more concentrated over there.
Can anyone give me some feedback on the course and some information on what if offers above this thread?
many thanks in advance.
b

[Forex_School_Online]

Hi Johnathon and all regular contributors to this thread.
I’ve been reading through all the posts and have found it all very interesting.
I’m considering joining the school. Its not a bad price and Johnathon s support looks more concentrated over there.
Can anyone give me some feedback on the course and some information on what if offers above this thread?
many thanks in advance.
b

Hey mate,

not trying to be a pain for you but we try to keep this sort of stuff out of the thread and concentrate on trading and learning. Otherwise it becomes a side tracked thread that quickly goes down the wrong path. I have seen this happen a lot in forums, hence why I am strict in keeping things on topic.

Feel free to contact me if you need anything.

Johnathon

[giddy]

@Forex_School_Online

No, not A+.

This pair is very choppy of late and the low of this pin has a wick suggesting buyers from the lows.

Decent false break pin and level to short from however would also be worried what it is trading into.

So will it move lower? quite possibly yes. A+? no not this time.

GBPCAD 4HR CHART

Thanks Jonathan for your input.I believe need to be more picky.
Cheers and great weekend ahead.