Forex Price Action

Kasravi · August 30, 2013, 11:14am

Yeah,sorry didn’t mean to be a spoil sport.
Well spotted.

Cheers.

chisha · August 30, 2013, 11:24am

Hello Bigcheefer30,
I went short CADCHF last night using the 4HR chart so I’ll be managing it using the 4hr.
My 1st TP is around the level I’ve drawn the red line, then I’ll let the rest of my position run till price reaches the blue line or there about and take my full profit.

bigcheefer30:

Greetings all, I typically try to avoid entering positions on FRI, especially before a long weekend (American labor day). But, my order for the CADCHF 12HR short was filled this morning around 830AM EST. Was wondering if anyone else took this trade and how they plan to manage. I noticed two retracements of the PB to about the 50% level, but that key level around .88455 appears to be holding. Is that somewhat common? I went back on a few dif. pairs to try and find some PB’s and what the next 3/4 candles did, and noticed that a 50% retracement is relatively probable and common.

Anyone else going to be sitting on this position over the weekend? (Pending some major volatility today- which I don’t foresee happening…).

I was filled @ .88168, and it’s just been North since then.

Thanks!

bigcheefer30 · August 30, 2013, 11:25am

Looks like we’re using the same game plan. Thanks for the reply!

Diablo1505 · August 30, 2013, 12:19pm

No worries Kasravi!

Have a nice weekend everyone!

Kasravi · August 30, 2013, 12:49pm

You too mate, I call it a day.

Cheers

dudest · August 30, 2013, 2:07pm

Hallo,

The close time of the candles is determined by the broker, you can not change/adjust it to NY-close.

You can change the time displayed on your MT4 terminal, but not the candle closing times.

In this scenario, you can use 5-day NY-close charts for spotting setups then place trades on Markets.com [ abit inconvenient I know ]

Nice weekend!

bambino358 · August 30, 2013, 2:28pm

Hi,
next step to become successful trader. I decide to change my broker (horrible spread).
I want to create account in Pepperstone EDGE Razor account.
Hope it is good choise.
Cheers
bambi

aujla17 · August 30, 2013, 2:51pm

[QUOTE=“bambino358;525206”]Hi,
next step to become successful trader. I decide to change my broker (horrible spread).
I want to create account in Pepperstone EDGE Razor account.
Hope it is good choise.
Cheers
bambi[/QUOTE]

What’s the main difference between their standard and edge account?

bambino358 · August 30, 2013, 4:25pm

Now are all accounts on pepperstone EDGE.
Standard account is STP (higher spread, no commission)
Razor account is ECN (lower spread, commission 3,5$ on 1 lot size)
Not sure which one is better for this tipe of trading.
EDGE … they say that price move faster, there is lower slippage … but it is probably more important for scalping, EA’s … not so important for 4H charts and higher
just my view
you have account on Pepperstone?

aujla17 · August 30, 2013, 4:34pm

[QUOTE=“bambino358;525217”]

Now are all accounts on pepperstone EDGE.
Standard account is STP (higher spread, no commission)
Razor account is ECN (lower spread, commission 3,5$ on 1 lot size)
Not sure which one is better for this tipe of trading.
EDGE … they say that price move faster, there is lower slippage … but it is probably more important for scalping, EA’s … not so important for 4H charts and higher
just my view
you have account on Pepperstone?[/QUOTE]

No I have with fxpro mt4

I have pepperstone demo to look at the charts because for some reason my fxpro daily charts close 3 hour later then ny close time

I’m a 4h and higher trader now thanks to this thread

krugman25 · August 30, 2013, 5:08pm

They are called AxiTrader and Australian owned company with a branch in NY.

HULKsaysPUNYGOD · August 30, 2013, 5:18pm

Has anyone heard Mister Sam Seiden? I think he is pretty good at this price action stuff.

ivan7342 · August 30, 2013, 6:24pm

Hello guys, how is going?
A quick question, i started using FXDD to look at the charts but i found that it lacks many crosses, so i added Roboforex, but i´m still missing a few crosses.
Could someone recomend me which demo is the most complete? it´s a pain having to install and keep switching trough different mt4 programs to watch the charts.

Thanks!!!

SkyHigh · August 30, 2013, 6:59pm

Just a friendly reminder:

Please try to keep this thread clean.

Forex_School_Online:

EDIT:

INSTRUCTIONS FOR FOREX PRICE ACTION THREAD. PLEASE READ BEFORE POSTING.

Please read the first 50 pages minimum before posting. A ton of information can be found in these first few pages that will show you what we do and how we do it. There is also videos in the first few pages that will explain clearly the simple price action setups we look for and how to trade them.

This thread is for Price Action discussions only. Please do not post about indicators or news. There are plenty of other threads where traders can discuss this info.

We are only concerned with high probabily Price Action setups that form at great levels. If you are after a thread that simply enters inside bars and hopes to make money this is not it. There are other threads for that.

We are not about making a million trades but making a few really great ones that have a high probability with low risk!

When posting please include charts to explain what you are looking at. The charting equipment we use is New York close 5 day charts charts. If you need a link to open a free MT4 broker please just message me as this is very easy. A few MT4 providers with these charts in demo are FXDD, FXpro, Pepperstone, Axi Trader and HotForex…

If you have any questions that can’t be answered in this thread you can either PM me or email me direct.

Safe trading and all the success,

Johnathon Fox
Forex School Online

chisha · August 30, 2013, 7:13pm

Hallo ivan7342!
it’s going great, how about you?
From my experience I haven’t found any broker who offers everything, there’s always some markets missing. For example I use Pepperstone & they don’t offer US Oil nor do they offer UK Oil but you’ll find those markets on Hotforex & yet there are certain exotic cash currencies that I like to trade that are offered by Pepperstone & are not available on the Hotforex platform. Then again maybe if you were specific on which markets you are talking about I might be able to help.

Mbworks3 · August 30, 2013, 9:10pm

[QUOTE=“SkyHigh;525244”]Just a friendly reminder:

Please try to keep this thread clean.

[/QUOTE]

Please be mind thread up keep -

tonyro44 · August 30, 2013, 9:57pm

Thank you soo much for the info and quick response .

Kasravi · August 31, 2013, 6:11am

Hi,

Setup I spotted for the comming week,

Eur/Usd Daily candle Pin bar,

There seem to be room to move before hitting serious resistance, whilst trading from the bottom of the range(1.3200 which has been rejected a few times lately) with a pin bar causing a false breakout makes it a decent setup. Bread and Butter for Price Action traders!

On top of that;
There are plenty of rejection candles on the Eur pairs favouring an upward movement, on the other hand pin bars have formed on Friday on manyUsd pairs suggesting weakness in that currency. That is why I go for the fibre long rather than Eur/Aud,Eur/Cad or Usd/Dkk, Usd/Nok which have formed PA signals too.

I would wait for London opening before placing any buy stops above the Friday highs.

Cheers.

bigcheefer30 · August 31, 2013, 8:10am

[QUOTE=“Kasravi;525308”]Hi,

Setup I spotted for the comming week,

Eur/Usd Daily candle Pin bar,

There seem to be room to move before hitting serious resistance, whilst trading from the bottom of the range(1.3200 which has been rejected a few times lately) with a pin bar causing a false breakout makes it a decent setup. Bread and Butter for Price Action traders!

On top of that;
There are plenty of rejection candles on the Eur pairs favouring an upward movement, on the other hand pin bars have formed on Friday on manyUsd pairs suggesting weakness in that currency. That is why I go for the fibre long rather than Eur/Aud,Eur/Cad or Usd/Dkk, Usd/Nok which have formed PA signals too.

I would wait for London opening before placing any buy stops above the Friday highs.

Cheers.[/QUOTE]

The d1 fiber looks nice, but if you look back to about nov 2011, that level really hasn’t ever held as sturdy support. It looks more like pure resistance, and doesn’t give me that warm gooey feeling in my gut so I’ll be passing. Thanks for sharing though, appreciate it! I’m not quite sure how to play this one and would love to see what everyone else thinks

Kasravi · August 31, 2013, 9:16am

Hi Big Cheefer,

I rarely zoom all the way back (nearly 2 years) to see if my recent support is holding.
What we do here though is to look for key Support and Resistance areas that held in the past and once such is spotted we make sure that we are trading away from it and not into it.

I am looking to trade off the range bottom that’s been forming since July,does that make sense?

In terms of gut feeling, I don’t feel for or against it. That is why I have a Hierarchy trading plan for Price Action trading
it works like this;

for instance;
-I identify Market Structure : Trending,Ranging or Counter Trend

-Then mark Levels, Support, Resistance if trending Fibonacci.

-Then Look for possible setups, Reversal,Pullback,False Break or Breakout(tricky on that one usually wait for pullback)

-Finally Look for Price Action PB,2BR,BEEB,BUEB.

Entries,S/L and T/P based on PA and trade management based on Market structure and levels.

I believe these steps compliment each other and are in the right order.

Looks long and complex to me though, that is why I have it all in a Graphical sort of Hierarchy chart which makes it comprehensive and in tune with Jonathon’s teachings.
Keeps me objective as well.

Cheers.