I’m kinda new to PA and forex. Just like to clarify a few things.
for trades that are done on a daily TF basis, do you leave over the weekends? and how about during news time?
And i had a trade setup, shorting both USDCHF and GBPUSD. after thinking about it, it seems to “contradict” each other. is this thought right? or are there scenarios that such trades do happen? ie. one trade says USD is weakening, while the other says its strengthening.
thanks in advance! =)[/QUOTE]
Of course there are times when these scenarios play out but in general you’re right, if the dollar is doin well it will do so over all the majors and vice versa for doing badly
Another thing. When should we start to take a trade. Say I see an engulfing bar/ pin bar FORMING at s/r level.
no.1 - I should wait for it to close to confirm that it has formed and setup immediately.
Is this right? Meaning you could lose some pips for joining late. But better than taking a wrong trade
No.2 - wait for the next bar, or more, after the engulfing/pin to Close to confirm the direction.
Similar to no.1, but may lose out even more.
No.3 - just jump in the moment you see it forms. Setup “within” the bar in the direction I think it will go.
I feel that this may not be the right choice as it is still moving. What may look like a pin bar may suddenly go the wrong way. But it gives high reward with high risk if it goes opposite.
I hope I’ve painted a clear picture about my doubts. Any advice or correction to my thoughts would be much appreciated.
I don’t have problems identifying s/r and PB or engulfing. Just don’t know when is it considered a confirmation.
Another thing. When should we start to take a trade. Say I see an engulfing bar/ pin bar FORMING at s/r level.
no.1 - I should wait for it to close to confirm that it has formed and setup immediately.
Is this right? Meaning you could lose some pips for joining late. But better than taking a wrong trade
No.2 - wait for the next bar, or more, after the engulfing/pin to Close to confirm the direction.
Similar to no.1, but may lose out even more.
No.3 - just jump in the moment you see it forms. Setup “within” the bar in the direction I think it will go.
I feel that this may not be the right choice as it is still moving. What may look like a pin bar may suddenly go the wrong way. But it gives high reward with high risk if it goes opposite.
I hope I’ve painted a clear picture about my doubts. Any advice or correction to my thoughts would be much appreciated.
I don’t have problems identifying s/r and PB or engulfing. Just don’t know when is it considered a confirmation.
Thanks![/QUOTE]
According to the price action method taught in this thread entry should be taken by a stop order placed a small distance (say 10-15 pips) away from the high or low of the bar. For example say there is a bullish BUEB on EURUSD H4 that high is 1.3245 the buy stop should be placed at 1.3255, and the stop below the low of that candle, according to this method this give you a few advantages in the trade
1: momentum will be moving in the direction of your trade
2: the 10 pip gap should protect you from the high/low of the bar being faked out and price reversing
3: it confirms that the candle is valid (this should probably be 1)
Also only place your order when the candle has closed
Hope this helps
I was looking at my charts during the weekend and I have problem with locating R/S levels. Here are a couple of screens of USD/CHF and USD/CAD daily charts.
And I like to ask you to show me the proper levels on these pairs.
for now i believe it is recommended to only keep two lines on the chart on either side of the current price. put a line at the first obvious s/r level above price, and a line at the first obvious s/r level below price. as price moves you can move the two lines accordingly at your discretion and aim for them when a setup happens
i’m still learning also. sometimes i have to decide whether to let price reach the line ie the s/r level, or move the line so as to always keep it the next s/r level away from current price. usually i leave it and let price stay on the line, just so it jumps out more when i open the chart
Are you for real mate or what? After my first message I told you to stop trading because you had lost a bundle of money and you were not ready for trading real money. You have not listened to list and I am 100 percent sure you have blown your account. You were not trading, you were gambling just like we do on horses or porkies. This is not trading. Trading is making high probability business decisions.
This thread is very simple, but it is a two way street and I like to think I give a lot a lot of myself to the people in here. I was then going to help you go through your money management problem because you don’t understand how to split trades or work out how to position size, but I have just now worked out you don’t know what a Pin Bar is. You need to go through the Babpips preschool. Why are you trading with real money? I am not being a smart alec? what makes you seriously think that you would be ready to trade and make consistent profits with real money? What trading education do you have or experience do you have before that has you confident enough that you think you will make consistent profits? or is it you just have a [U]good feeling?[/U]
I will answer as many questions and take as long as is needed to answer anything and for anyone. I will not discriminate. If someone truly cannot understand something I will go over and over and over it with them, but if they are simply being lazy and just expecting others to do it for them, that when people start getting in a tiz. Have you noticed people started to get in a bit of a tiz with you? like the last 5 or so posters?
Please go back to page one and post one to read that first post, this will is what you clearly have not read and this explains the thread rules. They are very simple and will explain “what a pin bar is for you” or how you can find out where to find out about it anyway.
Bit confused with this one here mate… What Pin are you pointing to exactly. Can you please point it out to me so I know what you referring to on the GBPUSD Daily chart?
Yes there are other ways… and other price action setups. I also trade continuation and breakout setups on the higher time frames, not just reversal setups. This allows me to trade all types of markets. So when the markets are ranging, breaking out or whatever I can simply use the best setup that fits to trade it. Still very simple, just small tweaks. The only time it becomes boring is like the last two or three days and it become boring for everyone not just me! The market has been very slow for everyone these last few days and have not really done anything and this is the same for every system or trading method. The fact remains for anyone to make money, price needs to move up and down.
This is correct. So that crap about 95% of traders losing money is absolute rubbish. You take them and then you give them an even better edge and it gets even higher!
Hello Jonathon, thank you for responding to my question. Actually I was referring to previous post from Sarbualex where he posted GBPUSD pinbar in H4 TF, while in my chart, I was watching D1 TF.
I know now that the day after I posted my chart (the next day), GBP was going up but still the price just moves around the resistance area. My question is, how do we know if the BEEB / Pinbar candle can be considered as a good signal and when it’s not? I usually can tell the current trend only after it’s too late, because I usually wait too long to be sure, and when I place my entry, suddenly the trend changes.
Sorry for my english, thank you for taking the time to answer me Jonathon.
this is breaking one of the most important rules of this thread!
Buy low and sell high.
A key rule that is talked about time and time again throughout this thread is where to trade reversal signals from and where you are trading this from is where not to trade one from. You need to take long trades from swing lows. You need to be picking price to go from a swing low. You are trading from a high. You are picking price from a high to go higher.
Whilst I do hope this goes higher because I am personally looking to trade this very pair long myself personally myself from another separate setup, that does not change the fact that the setup you have pointed out is going against what we teach in here. If you want to read a Forex lesson on this in more depth I have an article on this. I do not want to post a link in here but it is titled How to Trade Price Action Reversal Signals. If you have any questions on this please let me know.
It is important that you now still stick to your trade and follow your plan. You must stick to what you had decided before my post and not be swayed by what I have said or what any one else has said. I have made these comments not for this trade but to help you for future trades. This trade very well may work out.
Been stalking this thread for quite a while now, didn’t join in as my charts were GMT close, finally got round to getting a demo with pepperstone and will now be using this to analyse and then my Oanda live account to place trades. I’ve read roughly the first 100 pages, and looked through the chart examples, and think i’m starting to get the idea, hope to be sharing some trade ideas soon!
Also i’d like to thank you sincerely on behalf of everyone, your patience and dedication to this thread is unmatched, and I was very pleasantly surprised to see you still here after 1000 pages of this thread. So thanks for everything!
Johnathon are you talking about the 0.933 level when you say ‘into resistance’? I’m looking to get long from this area as seen in my previous post but I imagine we need to see something more convincing, perhaps if it tests this support again, before going long. What are we looking for at this level?
