Forex Price Action

[Forex_School_Online]

Hi,

Don’t the S and R Lines need to be of the daily and then u can go own to the 4H?

Thanks

Shannon

Would you not say that is a daily level? where would you have your daily levels?

[marketdeal]

Hey mate,

it’s not something I talk much about in here but it basically it is just a false break pin bar. Would have been a better if the nose was longer but the big massive bearish close in this example and the clear false break of the recent resistance level made a clear case for this market to shoot back lower. We had a clear box in play here for this pair and this pin wad forming at the top and it was a very simple top of selling this false break and holding on and getting out at the bottom. A very simple false break trade.

Johnathon

Thanks for your valuable inputs)

[ansunirmal]

Hello Jhonathon could you please can you can advice me is this a valid pin EURGBP DAILY

[Wookie1985]

[QUOTE=“ansunirmal;495124”]Hello Jhonathon could you please can you can advice me is this a valid pin EURGBP DAILY[/QUOTE]

Have you read the first 50 pages? In them johnathon states that the nose of the pin must stick out from price and be large compared to the surrounding bars. IMO this doesn’t meet either of these requirements so wouldn’t be tradable. Hope this helps but I’m only a newbie

[Jason_Rogers]

Just a general question. I’ve started to do demo trading after plowing through this thread and going on Johnathon’s site. I’m wondering what some of you pay for spreads when entering trades, since tons of posts here have been on non-major pairs. I use Pepperstone and quite a few of the spreads are 10 pips or even more, some like the EUR/NZD is 26. Is this normal? What is the maximum spread you would pay for entering a good set up?

Thanks.

Hmm. I wonder what people are paying when they start using demo accounts too and eventually when they go live. I doubt people are willing to throw in 25k when starting out or even have that kind of money to put into an account. Especially since I’m still quite young. I guess I’ll have to stick to the majors and a few others then.

Hi Revival,

Welcome to the forum

There are a couple of reasons why major currency pairs tend to have tighter spreads than exotic currency pairs. The first reason is liquidity. There are simply more people trading EUR/USD than EUR/NZD. More trading means more price competition leading to tighter spreads. Below is a screenshot of the Simple Dealing Rates window on the FXCM Trading Station. As you can see, the EUR/USD spread is 1.5 pips while the EUR/NZD spread is 4.4 pips.

The second reason is volatility. An exotic currency like USD/ZAR (South African Rand) has much more erratic price movement than a major currently pair like USD/JPY. That is why in the example above, USD/JPY has a spread of 1.3 pips while USD/ZAR has a spread of 85 pips :o

But that’s not as huge as it seems. Note that the pip cost of USD/ZAR is about 1/10th that a major currency pair. That means 85 pips on the Rand is comparable to an 8.5 pip spread on a major currency pair. Not bad when you consider the volatility. Notice the high and low range in the example above. The range on USD/ZAR is over 500 pips, while the range on EUR/USD is less than 20 pips so far in the trading session.

You are right to focus on major currency pairs, if you are new to trading, but not because of the spreads. It’s because there is much more news and research available on the major currencies than for an exotic like South African Rand or Mexican Peso.

Happy trading :57:

Jason

[ansunirmal]

[QUOTE=“Wookie1985;495127”]

Have you read the first 50 pages? In them johnathon states that the nose of the pin must stick out from price and be large compared to the surrounding bars. IMO this doesn’t meet either of these requirements so wouldn’t be tradable. Hope this helps but I’m only a newbie[/QUOTE]

I think you should read …

[jackson905]

Is this a possible upcoming PA for GBPUSD?

Sometimes i feel the more i try to draw i get more confused on which are the significant SR to draw =o=

Jack.C

[marketdeal]

Hi everyone)20/05/2013 NGAS WEEKLY(FUTURE) trade risk reward less than 1:1
REASONS OF ENTRY

TRADE MANAGEMENT

RESULT

Note:Please note the next expiration dates before trading future instruments.
Thanks
Happy Trading

[marketdeal]

Hi everyone)24/05/2013 UKOIL DAILY(FUTURE) trade risk reward greater than 1:1
REASONS OF ENTRY(Mistake correction:Bullish pin bar at swing low)

TRADE MANAGEMENT

RESULT

Thanks
Happy Trading

[Wookie1985]

[QUOTE=“ansunirmal;495151”]

I think you should read …[/QUOTE]

I have read the first 200. What about this pin seems good to you? It’s nose is roughly the same height as the candle from 2 days before, it’s small compared to the previous bars. Does it really stand out as a big obvious PA signal? The only thing IMO that it has going for it is the fact that’s its near the top of the recent range but the overall trend is still up.

[Wookie1985]

[QUOTE=“ansunirmal;495151”]

I think you should read …[/QUOTE]

So what makes it a nice big A+ signal to you?

[marketdeal]

Hi fellas) Just finished reading the whole thread.It took me four and a half months.
ADVICE TO NEW COMMERS
1)Don,t rush things and commit to learn because there is no shortcut .2)Make up your daily routine of reading 5-10 pages .Ask seniors questions if you have any .3)Try to implement what you are learning daily and with time you will notice your grip getting strong on this price action method.4)Running away after reading 10-20 pages of this thread and assuming that you know everything will get you no where.It needs practice and you need to see plenty of setups and discussions.
“Don’t judge each day by the harvest you reap, but by the seeds you plant.”
Robert Stevenson
Thanks
Happy Trading

[monjorra]

This is my May month details trade … i am sure that i am not in the right track still learning … i just finished 350 pages

[monjorra]

But i am happy for the winning ratio … i just need to filter for A+ trade … and i think i need more more more practice. Thanks a lot BOSS Johnathon Fox and others who help us.

[mastah]

Hello monjorra,

I want to know, what timeframe do you look at since I saw that your losses is quite small (ranging from -$1 to -$5). And are all your trades coming from implementing Mr. J strategy ?
Thank you in advance for the reply.

This is my May month details trade … i am sure that i am not in the right track still learning … i just finished 350 pages

[eadesy77]

Would you not say that is a daily level? where would you have your daily levels?

Hi I had another look and it looks good now don’t know why I didn’t see it before. My Bad just trying to learn sorry.

Shannon

[monjorra]

Hello mastah

i draw s/r base on Daily if i wont get any PA then i switch to H4 … mostly PA i got H4 time frame.yes I follow Mr. J strategy.

[Remitu]

@marketdeal

Hi fellas) Just finished reading the whole thread.It took me four and a half months.
ADVICE TO NEW COMMERS
1)Don,t rush things and commit to learn because there is no shortcut .2)Make up your daily routine of reading 5-10 pages .Ask seniors questions if you have any .3)Try to implement what you are learning daily and with time you will notice your grip getting strong on this price action method.4)Running away after reading 10-20 pages of this thread and assuming that you know everything will get you no where.It needs practice and you need to see plenty of setups and discussions.
“Don’t judge each day by the harvest you reap, but by the seeds you plant.”
Robert Stevenson
Thanks
Happy Trading

Hey m8 good job!

Good points aswell.

Currently on page 300 myself so a “few” more to go

Remitu

[traderamateur]

On page 415 myself. This thread is such a goldmine …And now i have usually just 1 trade a week. @marketdeal… what resources shud i read before trying futures? So far i hav traded only currency and metals. Am looking to demo futures but wud like to read in detail abt the market before i try.

[jackson905]

Heads Up: EURGBP DAILY possible short pattern what do you guys think?? Not able to put any chart up now.

Jack.C