Forex Price Action

[Spongybob]

Hi

By the looks of it you entered at market and not the low of pin with buffer. Good luck with the trade.

@forbiden

One more - AudNzd
1)Nice PB on 4H timeframe
2)With the trend
3)On resistance level ana Psylevel (1.23000)

[forbiden]

Hi

By the looks of it you entered at market and not the low of pin with buffer. Good luck with the trade.

I don’t understand you. Sorry

[dudest]

Hey dudest,

Thanks for your reply. I see now it does come out quite dark
(When i get the time i’ll change the color scheme to red/green + white background for clearer pictures)

At least we have the same RN 98.00 marked

I see you marked yours on the 4H chart and i got a question about daily vs 4H charts:

For now i’m only looking at the daily chart for signals.
Would you suggest i keep doing that or when i spot a solid set-up (price moving close to a solid S/R level) move down to the 4H chart to allow myself more candles to spot a PA signal.
In other words giving me more opportunities to learn.

I ask this because last week the daily TF didn’t give me any signals (at least that i could find).
Ofcourse this makes for a awesome lesson in learning to sit on my hands (which is needed in my case :)).

Ps. I know mr. J states to stick to 1 TF in the beginning but while reading the thread i sometimes see opposite comments pass by so hence my question.

Remitu

Hallo!

As Johnathon advises, trade from Daily TF till you get the concepts down solid.

After that, it’s a great idea to to go down to H4 and look for PA at Daily S/R levels

Cheers!

[dudest]

I also have 1 more question regarding MT4 and i hope i can ask it here since it does involve PA but is abit of a sidenote.

When i mark S/R levels on my charts (saturday/sunday) on the daily TF i expect to be looking at these levels for a few days before a PA signal might occur.

Now the annoying part is MT4 doesn’t remember my marked levels all the time.
I sometimes see them pop up on other charts and sometimes they are just gone

This makes it harder for me to keep track of my marked levels unless i write them down on a piece of paper.

I was wondering if anyone else had this aswell and how you then keep track of your levels.

Remitu

Hallo,

Have never experienced this.

Just a pointer: Tools >> Options >> Server --> check whether “Keep personal settings and data at startup” is checked.

Cheers!

[Spongybob]

I don’t understand you. Sorry

Did you enter when price broke the low of the pin bar? It does not seem that you did on your post.

Thats what I mean, so you must of entered at market value after the pin bar closed.

[konan]

I personally use MT5 platform for this, it may not be exactly what you are looking for but it has almost every time frame you could want.

Howdy,
which nyc close broker that offers mt5 do you use?

[Remitu]

@forbiden

One more - AudNzd
1)Nice PB on 4H timeframe
2)With the trend
3)On resistance level ana Psylevel (1.23000)

Hey forbiden,

I only look for trades on the daily timeframe for now but i did look up the setup to learn from it.

I would personally set my resistance level abit lower at 1.2284 so it is more in line with the recent lows.
I understand these numbers are not entirely set in stone and should be more looked at as “zones” rather then a fixed number.

Just my thoughts on your chart.
Looks like a nice setup from my limited experience.
Looking forward to the expert opinion

Remitu

[Remitu]

Hallo,

Have never experienced this.

Just a pointer: Tools >> Options >> Server --> check whether “Keep personal settings and data at startup” is checked.

Cheers!

When i get home tonight i’ll check that straight away!

Thanks

Remitu

[forbiden]

Did you enter when price broke the low of the pin bar? It does not seem that you did on your post.

Thats what I mean, so you must of entered at market value after the pin bar closed.

The PB was closed when I open the position…

[dudest]

The PB was closed when I open the position…

Hallo,

What Spongybob is asking is: did you set your entry at the break of the pin (like Johnathon does) or did you enter right away?

From your response, you entered right away (correct me if I’m wrong) --> not kul coz a pin is only [B]confirmed[/B] when price breaks its high/low (hence using stop orders to enter you)

Cheers

[forbiden]

Hallo,

What Spongybob is asking is: did you set your entry at the break of the pin (like Johnathon does) or did you enter right away?

From your response, you entered right away (correct me if I’m wrong) --> not kul coz a pin is only [B]confirmed[/B] when price breaks its high/low (hence using stop orders to enter you)

Cheers

Here I found something that I don’t understand about Pinbars. When we have confirm Pinbar – When the PB is close within the previous bar (Right away) OR when NEXT candle close after correct PB below/above ? I hope to understand me…

[dudest]

@forbiden

Here I found something that I don’t understand about Pinbars. When we have confirm Pinbar – When the PB is close within the previous bar (Right away) OR when NEXT candle close after correct PB below/above ? I hope to understand me…

I think you’re confusing two things: a valid pinbar & when to enter a trade based on the valid pinbar

Having a valid pinbar (close within prev bar, tail = body x 3, etc ) does not mean price will automatically reverse.

Hence the need to enter the trade when price has broken the high/low of the pin --> practically, this means setting a buy stop or sell stop order so that price enters you as it breaks the high/low of the pin [ as opposed to you entering on your own ]

Case in point: below GBPNZD H8 --> The pin is valid

a) Had you entered a SELL right away: you’d have been stopped out
b) Had you placed a SELL STOP order below the low the pin --> you’d never have been in the trade, & you’d have pulled the order when the high of the pin was broken

Makes sense?

[Forex_School_Online]

Here I found something that I don’t understand about Pinbars. When we have confirm Pinbar – When the PB is close within the previous bar (Right away) OR when NEXT candle close after correct PB below/above ? I hope to understand me…

As Dudest said you are confusing two different things.

A Pin Bar needs to open and close with-in the previous candle. If it does this it is a valid pin.

To then confirm the trade price needs to break the high or in this case break the low of the pin bar in the next candle to confirm the trade.

For entry into this pin bar the order should be set to enter at the break of the pin bar. This saves entering the many pins that do not work when they have not even confirmed in the first place exactly like the GBPNZD Dudest showed the example of.

Johnathon

[forbiden]

I think now I understand where is my mistakes. Thanks alot Johnathon and Dudest.You help me alot. I will be very happy when I see you in members area sept/oct

[rajfx]

Hi

First of all thanks to Jonathan and other members for making such a wonderful thread. I have taken this trade on a demo account. Short on GBUSD daily chart. Please let me know your comments. Blue line is the entry on breakout of inside bar. Red is the SL, Green is Target 1 and Gold is GOLD (Target 2).

Any comments on this ?

[cams75]

Howdy,
which nyc close broker that offers mt5 do you use?

Not directed at me but, Alpari MT5 ECN is the only NYC close broker that has live MT5 as far as I am aware.

[eddiekidd]

Hello,

I wondered if you could explain a little bit behind the “science” that makes a pin bar that opens and closes within the previous candle a valid one and one that doesn’t invalid. What is the key to this being so important and what is a pin bar like this telling us that an “invalid” pin bar isn’t?

Thanks

[no_dice]

Remitu. I might be wrong but sounds like you’re having a similar problem to what I had with MT4. I got mine from pepperstone and you have to open a new chart for every forex pair you want to follow. So if you want to follow 20 pairs, open 20 charts with put a pair on each and as you add notes, they will stay on each chart. Sorry for being off topic. Hope this helps.

[Remitu]

Remitu. I might be wrong but sounds like you’re having a similar problem to what I had with MT4. I got mine from pepperstone and you have to open a new chart for every forex pair you want to follow. So if you want to follow 20 pairs, open 20 charts with put a pair on each and as you add notes, they will stay on each chart. Sorry for being off topic. Hope this helps.

Yeah that sounds similar. I just drag and drop as i go down the list of pairs i’m watching. Was wondering if that was causing the problems. I’ll set up mutiple tabs for all the pais i’m watching and see if it remembers them that way.

Thanks!

Remitu

[konan]

n1 here made any $ by longing the yen?!