Do you tend to jump on the friday signal first thing monday morning? Just asking since I’ve noticed that it might be a little slow monday, not really picking up speed before perhaps tuesday. Might just be, as aforementioned, the current time of year.
On some charts posted here I see some S/R lines exactly above or underneath candles, and on others, they tend to cut the candles/wicks a little or be placed a couple of pips above/underneath. So my question would be, are the S/R exactly on one spesific pip (lets say 1.3405) or is it a area ranging from for example 1.3405-1.3420?
You wait until the market is starting to pick up volume. So just sit back while the market first opens on Monday and let it settle a little bit. Volume is really low during the first Asian session of the week.
You treat them like zones, so it’s not accurate to the pip.
What an excellent thread which I am just discovering, I am currently looking at the 3 Little Pigs thread and came in here out of curiosity really as I am also looking at the free PAST Strategy too (Price Action Swing Trading) from the same website - Seems quite similar to this only it uses a lower timeframe and trendlines for entry - Has anyone looked at this free system and got any comments - I may even start a new thread for the strategy once I can observe it and this thread a little more and have a more sound plan - Cause I would like to trade more than just one system - Here is a link to PAST - Price Action Swing Trading (PAST) Strategy eBook � Forex Useful - I really do appreciate any of you that have the time to make comments either here or to me privately and if I come up with a plan as I said - Will start a new thread as I have zero intention of interupting this excellent thread - Just looking to gather and share knowledge although mine is no way as advanced as most of you here - Yet
How would you guys treat this one? Would you jump onboard the strong momentum of the bull breaking the R level, or would you now wait for it to fall back down and test the now new S level?
Comments please!
If you want to trade a weekly signal then you do it. This is not affected by the NFP.
If you want to trade two pairs that are both correlated then trade them both but split your risk i,e if your normally risk 3% then risk 1.5% on each trade on trade both.
I would normally only avoid daily pairs going into the NFP that are US pairs which the GBPCHF is not. In saying that on Friday a lot of non US pairs went crazy on NFP. So if I saw the GBPCHF throw up a signal on the Thursday for example and the NFP was in the Friday I would be playing it. Whether you do or not is up to you. If I saw a weekly signal on any US chart I most definitely would be playing it regardless of any NFP.
a few things. This was not a Pin Bar and it is pretty important that you know that it’s not a Pin Bar.
This did not close within the previous candle like we need a Pin Bar to do to make it valid. You are correct in saying that when the low is taken out that it then becomes invalid. When that happens you take your orders off and cancel the setup, but in this case you should not have any orders. If you have any questions let me know.
Hello and welcome aboard to the thread Mr/Mrs Hot!
You never ever want to be entering before the markets closing for the week. We need to be getting away from the mentality of gambling. A lot of traders have this mentality of gambling or of risking. Trying to risk to make money and that’s what that would be doing i,e “I will try and make a quick buck by trying to trying and getting lucky with a gap”, but the truth is you could just as well lose money with a gap against you.
The other thing is the candle will not be finished closing. This means you will not know where the high or the low will be. If you don’t know where this is you can’t set your pending order to go long at the break of the engulfing bar. In other words we can’t set out entries to enter at the break until the candle has finished forming because we don’t yet know where the high is.
The other thing to keep in mind is when we are entering on a signal we have spotted on the Friday that we want to enter on the Monday (or Sunday depending on where you are), we don’t just enter as soon as the market opens. When the market first opens the spreads are crazy and can be really wired. If you are in a trade that you opened on the Friday you will be in a trade that will now be at the mercy of HUGE spreads and will be liable to be stopped out even though price may be no where near your stop price. Spreads may blow right out and stop you out just because you wanted to enter of Friday to make a few bucks.
What we do is we will normally wait and not enter our trades. We will wait until the Monday until the spreads have calmed down. This can take anywhere from 30 mins until 1 hour. The spreads are like this for that first 1hr because that first 1hr of the market open the market is really thin and there is no one on the market other than the New Zealanders. Everyone else in the world is not in the trading market and so the margin between the bid and ask is wider than normal. Once these spreads have calmed down we will then place the trades that we wanted to place that we spotted on Friday.
Really good week this past week in the Forex market with a lot of pairs breaking out and making really good moves and setting up. Price has also moved into some really good spots for price action traders for potential high probability price action trades. Two examples of these are on two Aussie pairs on AUDUSD & GBPAUD.
Both of these in the previous weeks have broken out of key levels and now are in strong trends. One thing to keep in mind with moves such as these where price breaks out of such strong levels and makes such srtong moves is that prices often does not rotate or retrace back as far or as much as we would like. This is something we have to keep in mind when looking for trades on the intraday trades as price will often just stall before the continuing. I will be watching the price action on these pairs on all the time frames including 2/4/8/12hrs & daily.
You’d wait for the retrace back to that resistance level (now it will hopefully act as support) and THEN take the trade long if the price action allows it.
Because the BEEB on weekly chart is in the middle of nowhere. Agaain, there is this BUEB on swing area in monthly chart which could not be ignored I believe. Knowing that the longer the time frame the more reliable, so for me, these two defines the daily chart. I even expect the pair to continue to trend up in the next 4 to 6 months, or even longer.
Just finished my Monday morning watchlist, and its looking like a busy week (glad to say I picked out the same two as Johnathon above - means I’m getting somewhere).
Of course, all of these could easily fail before the required set up and entry conditions are met. Keeping my fingers crossed, watching the PA and hope for the opportunity to trade an A+!!!
It’s not an engulfing bar as it doesn’t completely engulf previous bar (including wicks), so this setup was invalid according to Johnathon’s trading strategy and signals.
i set my tp’s within the resistance region which is about 1:1, with a third order with no tp in case it breaks north, so if it pulls back i still have a chance to take some profit. i will move to break even when this weeks’ candle closes or, if i’m not sure, when price reaches 75-100 pips
