Forex Price Action

IMO these are 2 cons too much . :wink:

regards

just remember guys, even if in a whole month you only place ONE trade, and it is a winning trade of say 100 pips, your account will grow exponentially and in a couple years you will have made a [I]huge[/I] amount of money. Picky is good, no pips is better than losing pips. Donā€™t rush into a trade and like Johnathon said donā€™t be pressured into placing a trade because you havenā€™t placed one yet. I know iā€™m still a newbie at this but just my 2 pips

Gold could be worth watching right now for a PA signal, I am waiting for it to either hit 1300 or make a break above the swing high and retrace before I enter a long.

What do you guys think?

Oh, and thanks Johnathon for the thread, it is really helping me learn!


You are right! I am just thinking that shouldnā€™t we forgot pips and count our wins in money since with right money management 100 pips means different amount of money in every trade (risking fixed amount of money). Just correct me if I am lost :slight_smile:

Itā€™s just easier to use pips for comparison between traders, i.e if Iā€™m making 100 pips a month and youā€™re making 100 pips a month (consistently of course), then we are equally good traders and are doing equally well. But if I say iā€™m making $500 a month and youā€™re making $500 a month, that could be 100 pips for me and 10 pips for you, so we have no basis for comparison. Also, most traders understandably wonā€™t want to share their actual profits on the internet :slight_smile:

Actually GBP pairs are forming pin bar as well as 2 bar reversal. Just want to ask some seniors here. Since NFP is coming this friday, and all these possible signal will only be confirmed later when market close, should we take these trade or cancel because NFP is coming? Since many price action trader wonā€™t trade during NFP as they say it is a 50 50 gamble. AM I Right?

EURUSD will be reversing guys. Valid Pinbar on 4hs closing in, so I do not think that the pair has more bullish momentum. Watchout.

Hey everyone!

I havenā€™t been posting anything in this thread before but i have been a quietly follower for some time now. Love the simplicity of PA trading. Until now i have focused on advance pattern trading which i love but realized that i need to study the basics, which is PA more than i have and also practice to trade from it with nothing else on my charts. At the moment only have 30 minutes a day which i can use for forex trading this fits perfectly into my schedule.

Thought i would hint about a nice bullish 2 bar pattern forming on the USOil which Jackson905 already hinted about earlier. I allready entered the on the smaller pin bar on the 4 hour chart. Looking at it now that was actually far from an A+ setup but this time i got away with it and price took off in my favour. If you are wondering why i have a support line there, it comes from an area looking back until 2011 (see screenshot below).

Myself, my biggest challenge will be to work more on my patience and try to be very selective. I am used to trade on the 60 minute time frame so i need to get used to only take a few trades a month. But hey, practice makes perfect. :smiley:




Have a nice day everyone!

Great to see u here! Good job on that OIL! HAHA!! :slight_smile:

Hopefully it closes as PIN Bar and you can manage on daily which will be a LOT of PIPS for ya!!!

At the end of the month you can be at +100 pips for the month and still have lost money. Itā€™s all about position sizing, so in that sense it makes more sense to express it as a percentage. You most likely size your positions based on a fixed account percentage too.

Pips alone donā€™t mean much. You can lose pips over the course of a month and still come out ahead.

Edit: Noticed I posted this just as RubenE posted his.


A+ setup on the way!


This one is in a range and hopefully close hard within range!


Wanna check with seniors with this one though, i know it didnt take off very much and retrace back therefore it cant be very good setup but if it closes as engulfing bar, will you guys take it? (Johnothan, bhops, dudest, spongy?)

Lots of pips!

Jack

Hi Jack,

I like the GBP/USD one so Iā€™m gonna wait and see how it closes. I donā€™t like the USD/SGD one, because it would trade straight into all that sideways traffic.

Ruben.

I really love the GBP/USD, almost too excited. But what do you think about the resistant above? around 1.5300?

At first thought its perfect but then the resistant above troubles me abit. However the USOIL is pretty good lol.

Jack

I also consider the 1.5300 area as FTA which is a bit close from entry. I will first wait to see how this closes, because if it closes bearish like itā€™s looking right now itā€™s a no go anyway.

Ruben.

I am going to continue playing the GBP/USD and the NZD/USD with a bearish bias. I have moved my SL to take some profits and will ride the trade out to see where it leads.

USD daily TF made a good PB yesterday on a swing high at major level, but with NFP coming, is it a good idea to enter?? any comment??


All of them didnt work out :frowning:

Yep, but thatā€™s okay. At least the method kept you (us) out of a losing trade in this case. So no problem and just keep looking for the next A+ setup.

Could I get your thoughts on the following setup. Weā€™re looking at the GBPAUD 4H chart


The blue line is S/R from the Daily chart so should be a significant level on the 4H entry chart. Weā€™ve had 3 tests of that level before a break and retest (although retrace not huge).

There have also been a series of HH & HLā€™s defining the upward trend. Last thing we are waiting for to trigger the trade is a PA signal BUTā€¦

Seems a heavy news day on GBP with items released at 9:30 (before next candle close) and 12pm. These may well cause price movement that nullifies the setup so we may not get an entry or I may just sit on the sidelines and not trade over the news anyway.

All comments welcomed - Iā€™m still learning so any feedback appreciated.