Forex Price Action

Am neither Johnathon nor a senior member, but these are the times when market tests your patience esp if you dont trade 4h and dont look at commodities and indices. So smile, adopt a zen like pose and watch the market do its thing from the sidelines.

PS. A couple of good setups are around the corner :slight_smile:

Raj

While I agree that market conditions are different during the summer months, they are still tradeable and there is still money to be made. The idea that the markets are difficult or are to blame for your losses can be unhelpful. When you look over your past handful of trades, were they all according to your trading plan or can you see why they might have failed?

Can I ask your opinions on the EURGBP 1hr Chart this morning? First spotted this as a close above resistance on the daily, but looked more like a trade as I worked my way down through the 4hr to the 1hr chart: -


Price has broken through recent resistance levels, which have subsequently become support upon a retrace with a Pin Bar forming. Entry is on closure of the PB and I plan to manage the trade with a stop just below the bottom of the pin and set an initial target of the swing high shown. Depending on how price gets to target I will either move to BE or close some of the position.


Your thoughts?

Pros: with the trend, quite good size, good s/r area (tested 3+ times)
Cons: 1h chart, little R:R high traffic area nearby,
pass in my book
my experience with 1h charts is quite bad so i try not trade them i think PA works with 4h and day charts best still trying to figure out what works on 1h charts :stuck_out_tongue:


thereā€™s a huge bear pin on the daily EUR/GBP
do you sell immediately? whatā€™s your stop loss + target if you go short?

Post no. 6088: Sensei speaks
http://forums.babypips.com/free-forex-trading-systems/42378-forex-price-action-609.html#post436586

Just as side point: I am looking to take a extended 4-6 week holiday this mid July, through to mid Aug this year. This period throughout 2012 was unbelievably slow and I see no point sitting and doing nothing again. I will go on holidays (where I can trade anyway if need be) but I suggest others maybe look into this form themselves as well.

No good going through the trading hardships if you canā€™t use some of the benefits for things like holidays!

Cheers

Thanks Songok. Is there not always going to be an element of traffic as you are trading back through an area that has been retraced through? As the pin was supported by the previous resistance (now support) level I would read that there is a high probability of getting to the previous swing high (a newbie view, just trying to qualify).

The problem I see here is the difficultly of breaking through the level of 8600.

Although it is a bear pin, this would trade back into an area of support so not for me.

I think it always be some traffic, but on your chart there is a lot of traffic :stuck_out_tongue:

which pairs are u focusing that good setups are around the corner? is it cadjpy?


ok, this is usd/cad 4h chart
thereā€™s a huge pin on the uptrend lineā€¦
what do u think of a buy now?


we have a double top here for this pair GBP/AUD in the 4h chart
currently itā€™s testing the resistance right nowā€¦
easy trade?
wait for the fake out confirmation then sell?


Daily Chart of USDJPYā€¦

Expecting a good PA signalā€¦

the way of Zen lol thanks Raj

PS:The bulk of my trading is done on the 4hr charts but I donā€™t trade commodities and indices.

Thanks Dudest,
I read this sometime ago, was looking for this post but I couldnā€™t find it.

I appreciate your reply tomyates. Of course I take full responsibility for my trading and I do my best to follow my trading plan but to be sure there are times when I have traded impulsively, despite this I am always working to improve & develop good trading habits. From my observation it seems the markets have changed quiet a bit the last couple of weeks compared to the time before & for sure thereā€™s still money to be made. Anyway I am still learning & I welcome encouragement & constructive criticism.


A two bar reversal is about to form on the EURCHF 12 h chart(GMT+2), any comments?

AUDUSD H8 pinbar short setup






Lets see what will happen at NY close!

Jack.C

Iā€™m looking for shorts at 4H on all above mentioned but as I know, people in this thread trade each TF separately, so my reply is just for BTW :60: