Forex Price Action

Muthukumar · March 18, 2013, 1:22am

Are we Seeing Pinbar Reversal on GBPUSD. Time to go short???

Spongybob · March 18, 2013, 1:56am

Does that pin bar really stick out for you?

MUDASSAR_MAHMOOD · March 18, 2013, 3:10am

Yes I agree price failed to go any higher and the pin is approx 2 thirds of the wick compared to the body. Also its on a strong resistance level aim is to hit the 1.50 area and bounce back up turning reistance into support

forexbd · March 18, 2013, 4:13am

Hi Jonathon,

First of all thanks for the wonderful thread. Please have a look at the daily chart of AUDCHF which formed tripple top and a pinbar at the key resistance area. As I am trying to learn price action and I could be wrong, so is it a proper setup according to your strategy?

Thanks in advance.

vinodts · March 18, 2013, 4:49am

Is this a valid pin bar?..did it open and close with in the previous bar…

GRIX_FX · March 18, 2013, 4:54am

Not quite Muthukumar, got to wait till the close of the candle,
Lots of activity today

forexbd · March 18, 2013, 4:59am

I am not sure, that is what I want to learn. Although the candle got rejected from the key resistance area followed by a bearish candle indicating weakness.

dudest · March 18, 2013, 5:52am

Hallo forexbd,

What vinod is alluding to is that it is not a valid pinbar as per the rule of Mr J’s method since it did not open & close within the previous bar.

Had it been valid, would have been a great counter-trend pin since the level is great.

PS: that does not mean price can not fall lower (price can do what it wants). It just means it did not fall within the rules of our trading method.

Pin Bar

Cheers

dudest · March 18, 2013, 5:53am

Not a valid pin

Pin Bar

Cheers

dudest · March 18, 2013, 6:02am

@Sensei: I know you haven’t noticed this, but Congrats on making honorary FxMen due to your 1000+ (high quality) posts

Cheers!

monjorra · March 18, 2013, 6:16am

USDJPY H4 long setup BULLISH ENGULF

forexbd · March 18, 2013, 7:08am

Hi dudest,

Thanks for your explanation and the link. It would be helpful for my learning.

Regards

EJ_2301 · March 18, 2013, 7:12am

hi monjorra, the spread of USDJPY is very high. don’t you think so?

EJ_2301 · March 18, 2013, 7:16am

eyes on this, it’s not closed yet. what do you think?

EJ

vinodts · March 18, 2013, 7:23am

Dudest,

could you please give your opinion on the USDCHF W1

thanks

EJ_2301 · March 18, 2013, 9:15am

yes, it’s a pin bar.
What do you think?

EJ

ColbertBearish · March 18, 2013, 9:25am

good find, lets see how it plays out. btw, what candle indicator do you use?

Muthukumar · March 18, 2013, 9:37am

Hi Johnarthon & All Members,
Seems Many Favorable set-ups today.
Look like Pinbar on EURAUD Friday & price below Friday Low.Another thing in our favour is EUR looks very weak & AUD as strong. Is it time to Press for Short???

InformativeTraders · March 18, 2013, 9:43am

USD/CAD 4HR CHART

Looks like a nice BEEB has formed, what do we think?

michalkraus · March 18, 2013, 9:46am

there is no time to press the short, because there is no signal
2)Friday candle isnt the pinbar we would like to trade
wait for retracement and PA, do not speculate about europe is weak and australia is strong…
read all 770 pages and all the stuff on FSO
Good luck