Honestly, Sit on your hand. No pun intended. Trade only for obvious signal.
Alpari have not changed the time of their servers for daylight savings yet. I think that it is this weekend or the next whereby they should be GMT+3 and correct.
It,s an indecision candle which means neither the bulls and neither the bears are in control.
Look beyond the candle and look at what the price is doing.
That is an indecision candle…why?the long wicks tell you that price went up then down and could not sustain either side and nearly closed at open price.
Would you want to trade indecision?personally i don’t.Wait for a clear edge which increases your probability of the market taking the direction of your edge.
So when i see such a candle i take sit on my hands.
Hello. Today I spot one more trade opportunity for trade.That is on GbpUsd daily chart.
Here we have 2BR candle, resistance (Im not very sure for that) around 1.53000 and strong downtrend.
What is your comments ?
I have pending orders set on this one too, I wouldn’t say its a 2 bar reversal though as yesterdays candle didn’t close below the open of the previous candle. More of a bearish engulfing candle, I also have my FSA around 59 pips from entry.
joffie
This is an indecision bar. Means, sellers and buyers are fighting. Wait and watch what will happen.
I see what u mean by These two reversal bars. But aren’t these small? Long bars equal strong momentum.
Hey guys I’m new here at babypips but i am not new to trading Forex. The way I trade is with using price action. I find this to be the simplest, yet most effective way to trade. I saw this thread and I have read through most if it and absolutely love the stuff that is being taught here.
I thought I would just post a charts or two to show what the market is doing and what trades could be on the horizon.
The first chart that im looking at is the EUR/JPY. It is pulling back to recent support and resistance level. We should be looking for a strong bearish signal at that level.
EUR/JPY 4H Chart
The next chart that caught my eye is the NZD/USD. It is forming a nice retracement to recent resistance zone and we are hoping that it will hold as the new support. On this one we are looking for a bullish trade setup that would get us into a trade long.
NZD/USD 4H Chart
That is all I got for now and ill be back with more when they present themselves. I will also be posting my own trades. This way you will be able to see some live trading.
Hope you guys enjoyed this and im excited to be apart of babypips, it looks like a great place to discuss Forex trading!
Hi mate, what sort of signals do you look to take? How about other requirements for entry?
The Euro seems to have broken the support and slowly dropping below the
support. The Techs may accelerate it down further should we get some volumes here.
Hi Paddymctaff,
The type of trade signals I look for are pin bars, engulfing bars, inside bar, 2bar reversal and a fakeout trade. Those are the most common trade setups I use.
For the requirements when entering a trade would be on support and resistance zone, with the overall trend and making sure there is space to the left of the trade setup. I learned that tip from Walter Peters and I have used it in my trading and I have found it to be a very useful thing to look at before entering a trade.
On this chart you see a couple pin bars and an engulfing bar all with the overall trend and occurring on support and resistance zones. Also notice how there is space to the left of each trade setup? This is what i was talking about with space to the left.
I hope this answers your questions and if you have any more feel free to ask!
Howdy Trading with Price Action
You could of found that “TIP” in this thread in the beginning stages but its good to know you realize the importance of space to move.
Welcome to the thread and hope the inside bars you use works for you but we only trade continuation IB’s.
P.S. That chart is from 2009, thats a LOOOOOONG time ago.
Cheers
Good stuff thanks mate. Very similar to the strategy we use here and over at FSO.
Would be in interested to see how you trade inside bars and fakeout bars in more detail.
Also how do you manage targets and moving to breakeven (if at all)
Thanks!
It isn,t happened on swing high .Zoom out your charts for the relevant S&R levels.It,s arround 1.5300.This is trading right into the support which meant.
I don’t think so. Where you see support ?!
Good stuff!! Thank you :13:
Yes I see that level but the forex is not EXACT thing. Look at the bottoms at left. The price test them. Yes you are right that if price test the 1.5300 level the position will be more strenght.
