Forex Price Action

[chisha]

I’m glad Bobba asked this question because I was wondering the same thing. Thanks for clearing that out Johno.

Hey Bobba and welcome aboard,

as long as the other side of the pin is not taken out it remains valid.

It can stay this way for many days. The pin is a reversal candle and it can take a while for price to build the orders for the market to reverse. This is also why quite often you will see a pin bat and then an inside bar straight after. This is the market shifting orders and getting ready for the market to reverse.

So there is no rush and contrary to popular belief this waiting can actually be a good thing and a building of orders for the reversal of the market.

Johnathon

[chisha]

Guys,
I’ve made an observation with regards to the types of charts some of you are using. We’re all expected to use New York close charts for this method of PA that Johno teaches, if you don’t use NY close charts you’re not going to fully grasp how this system works & you’ll be confused more often than not. Add to that you’re also making it difficult for the rest of us to follow, contribute & learn.

[forbiden]

No offence, but i wasn’t taught how to play with IB here…
but that PB is more like a continuation signal to me

We are not here to offend. We are here to learn from others experience

[Songok]

Hey mate,

if your gotta do it you have two options. Stick to higher timeframes and load up on each trade risking large chunks of your account (obviously only if it is a demo account) to get anywhere in these contests you have to pretty much risk 100% of your account every trade and hit winner after winner. The winners will end up with thousands of percent in a few weeks or months and the only way to get that is to risk the whole account trade after trade and get lucky. The other option is go to smaller timeframes and use the same methods as what you would on higher timeframes and hope you don’t get hit out on too many false breaks and false moves.

Good luck.

PS: I highly, highly, highly do not advise trading contests. They encourage bad trading and before you know it your are trading with a swag of bad habits and a lack of discipline.

Johnathon

So my thinking was correct, thanks for your reply.

[dudest]

Congrats Sensei on the 1000 page / 10000 post / ~1million views milestones!

Yours truly,

A grateful disciple

[dudest]

Thanks Johnathan, as far as i can remember, this hasn’t come up here before?

It has :), several times

E.g 301 Moved Permanently

…
Okay firstly the AUDCHF Pin is still in play. When you enter Pin’s you are going to have to expect price to move around and not straight up or down. Price never moves in straight lines. Pin Bar’s are still valid until price has gone through the other side or in this case this pin will stay in play and be valid until price goes through the high.
…

Cheers!

[dudest]

@forbiden

Here one different point of view…
1)We have PB on Support zone and VBRN 78.000
2)We have IB after PB who tell us if price break it it will go up
3)The momentum is up

SgdJpy daily chart.

What’s your opinion guys

Hey forbiden!

IMHO, the pin has already broken to the upside and hit FTA (first trouble area) --> already a gone trade.

Your buy pending order above FTA could be triggered, then price continues to range and takes you out… (or you could get a nice breakout trade :); anything could happen from here. But the penidng order is no longer working off the edge of the pin )

Cheers

[dudest]

@Revival

Some potential set ups. Might take one of these.

…

CAD/CHF Pin bar

Pros

• Decent size pin bar
• Occurs at good level

Cons

• Against downward momentum
• Candles before it are quite large

…

@CADCHF

I have been stalking the same area (around BRN 0.9000) for BULLISH PA

Unfortunately, yesterday’s pin is a tad bit small for my liking. Price could still go up, but waiting for something more commanding

Cheers!

.

[dudest]

.

@XAUUSD H4

Waiting for price to break out of the range it currently is in.

Given the upswing, I thought it it would have broken to the upside sooner rather than later.

With yesterday’s BEEB (and the following consolidation candles), there’s a good chance it could wham! through to the downside.

Watching…

.

[Matthgm]

@dudest

.

@XAUUSD H4

Waiting for price to break out of the range it currently is in.

Given the upswing, I thought it it would have broken to the upside sooner rather than later.

With yesterday’s BEEB (and the following consolidation candles), there’s a good chance it could wham! through to the downside.

Watching…

.

Your chart and levels looks exactly as mine which is encouraging for me as a newbie!!

[shane]

@dudest

.

@XAUUSD H4

Waiting for price to break out of the range it currently is in.

Given the upswing, I thought it it would have broken to the upside sooner rather than later.

With yesterday’s BEEB (and the following consolidation candles), there’s a good chance it could wham! through to the downside.

Watching…

.

Hi dudest, can you tell me how did Gold counted? How much per pip for 1 lot size? I don’t know how to count gold and silver.

[Belier]

Hi dudest, can you tell me how did Gold counted? How much per pip for 1 lot size? I don’t know how to count gold and silver.

I’m not dudest, but I may answer you. 100 units make 1 PIP= 1 USD, thus 1 lot would be 1000 USD per pip.

[shane]

I’m not dudest, but I may answer you. 100 units make 1 PIP= 1 USD, thus 1 lot would be 1000 USD per pip.

Thanks mate.

[Pips_Ahoy]

live chat support at pepperstone told me it is counted in us dollars not pips

[marketdeal]

Damn choppy markets…

[dudest]

Hi dudest, can you tell me how did Gold counted? How much per pip for 1 lot size? I don’t know how to count gold and silver.

Hallo,

Just to add to what has been said, as it’s important.

Different brokers have different Metals specifications (!)

E.G: on Axi:

1. Gold (XAUUSD)

a) Price is quoted with 2 decimal places, but only the first d.p is the pip
–> Example, price moving from 1293.55 to 1290.21 = 33.4 pips

b) Pip cost per LOT = 10$ per pip [the usual for majors]
( which works out to $1 per pip for 0.1 lots )

2. Silver (XAGUSD) gets even more interesting (!)

a) Price is quoted with 3 decimal places, with the pip being the 2nd d.p.
–> Example, price moving from 19.586 to 19.374 = 21.2 pips

b) Pip cost per LOT = $50 per pip [ yes, that’s 5x the usual! ]
( which works out to $5 per pip for 0.1 lots )

Best thing to do is to check your broker’s product specification (available on their websites)
Also, not a bad idea on [B]DEMO ACCOUNT[/B] to just open a position and close it and see the pips moved versus dollar result

Cheers!

[dudest]

Damn choppy markets…

Yeah…it’s that time of year…

Anything interesting over in Wheat CFDs?

[tomyates]

Yeah…it’s that time of year…

Dudest what are your thoughts on XAUUSD? I still have an pending order for a break of the large 4HR BEEB. I thought perhaps the inside bars were just the market building momentum but do you think it’s better to look for a SHORT signal at the top of the range now we’ve seen this move higher?

[Bobba]

As a rule it seems that support and resistance levels are marked on the
Daily charts, and Price Action signals are looked for on the daily and 4hr charts.

MT5 can show 12, 8 and 6hr charts as well. I have found successful price action signals on 8 and 6hr charts that never display on Daily and 4hr charts.

Is there any particular reason not to look for PA on these as well before going straight to the 4hr charts?

[tomyates]

As a rule it seems that support and resistance levels are marked on the
Daily charts, and Price Action signals are looked for on the daily and 4hr charts.

MT5 can show 12, 8 and 6hr charts as well. I have found successful price action signals on 8 and 6hr charts that never display on Daily and 4hr charts.

Is there any particular reason not to look for PA on these as well before going straight to the 4hr charts?

No, I don’t think so. Those higher timeframes will give you tradeable signals too. There are probably fewer traders overall who have access to those charts, and so you could argue that the 4HR and Daily are more reliable in that sense, but in practice those higher timeframes often work out great.