Forex Price Action

[Kasravi]

My buy stop would be @ 1.31827- my TP would indeed be close, but I thought that was the methodology when making “quick” CT trades? I guess you need to be willing to risk much more to make less.

(ref. eurusd 4hr)

Yes and No,

Believe it or not the most critical thing all peers discuss in here are support and resistance levels.
Identifying whether it’s trending, pullback or Pin bar,BEEB…etc. is pretty straight forward.

Methodology behind all PA trades is to not trade into support or resistances.

Cheers.

[chisha]

@bigcheefer30

May I please ask where you placed your stop on this? I was stopped out @ 88723

Hello bigcheefer30,

I put the stop right on the tail of the pin. I’m not at my charts right now so I don’t know the exact price but I did save an image which I have attached.

[tonyro44]

I always put my stops at about 10 pips ahead of the pin.

Hello bigcheefer30,

I put the stop right on the tail of the pin. I’m not at my charts right now so I don’t know the exact price but I did save an image which I have attached.

[chisha]

Hey Tonyro44,
That’s cool. The reason I put it at the tip is because once the high/low is taken out I consider my setup invalid. I’m thinking you do the same but you’d rather have 10 pips of breathing room just incase price decides to turn around huh?

[tonyro44]

You are 100 % right, nothing wrong with having a little be lead way.:eek:

Hey Tonyro44,
That’s cool. The reason I put it at the tip is because once the high/low is taken out I consider my setup invalid. I’m thinking you do the same but you’d rather have 10 pips of breathing room just incase price decides to turn around huh?

[Xtromist]

If a bearish engulfing bar closes around relevant S/R levels during a strong bearish trend (particularly the bearish XXX/AUD pairs we’ve been seeing today), is that a signal that it could possibly go down even more, or is it irreverent because the trend is downward anyway ?

[Yumei]

if see in weekly chart, we can easy to find out the clear signal engufingbar at ressitance. so it is better to find the chance to sell on this EUR/USD pair

Thanks for the reply. I agree on all fronts. I’ve taken the approach toward marking S/R lines as more of an art form, than a pure science (when levels are not clear). I sometimes do find it difficult to determine S/R zones when they do not stick out like a sore thumb (swing highs / swing lows with multiple rejections/support). These CT trades are definitely for more advanced traders, and I’m EDIT: going to be passing on this one. My buy stop would be @ 1.31827- my TP would indeed be close, but I thought that was the methodology when making “quick” CT trades? I guess you need to be willing to risk much more to make less.

(ref. eurusd 4hr)

[Kasravi]

if see in weekly chart, we can easy to find out the clear signal engufingbar at ressitance. so it is better to find the chance to sell on this EUR/USD pair

Hi,

where is that weekly engulfing bar you are talking about?

[Kasravi]

If a bearish engulfing bar closes around relevant S/R levels during a strong bearish trend (particularly the bearish XXX/AUD pairs we’ve been seeing today), is that a signal that it could possibly go down even more, or is it irreverent because the trend is downward anyway ?

I’m not sure what you mean, but here is what we generally do when it comes to engulfing bars;
imagine these scenarios.

-price is moving up into resistance,
the last candle is a bullish engulfing bar(BUEB),
BUEB closed under resistance,
usually you would place a buy stop on top of that canlde but resistance is too close ,
No trade.

-price is moving up into resistance,
the last candle is a BUEB,
BUEB closed above resistance,or in other words it broke the resistance,
that is an indication of an upward movement,
you could look into placing a buy stop if the next resistance doesn’t come too close.

The same goes for a bearish engulfing bar(BEEB) heading south for support,or breaking it.

Hope that helps.

Cheers.

[davei1985]

i got lucky yesterday as my sell order did not get hit and price has took off since. sell order was based on pin bar on aud/jpy 4hr

[Kasravi]

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[Songok]

[B]AUD/NZD Breakout Play,[/B]

I Spotted a Daily BUEB, which closed above resistance.
Zoomed down to check for possible entries on a lower time frame (H4), here is what I see;

H4,

BUEB on breakout, followed by 2 IBs(inside bars) ,making the BUEB a housing bar too.
breakout again with a massive BUEB, followed by another IB.

I reckon there is a recognizable breakout setup. Breakout with BUEB+IB.

Does anyone see anything different?

Cheers.

We dont trade swing high here.

[davei1985]

[B]AUD/NZD Breakout Play,[/B]

I Spotted a Daily BUEB, which closed above resistance.
Zoomed down to check for possible entries on a lower time frame (H4), here is what I see;

H4,

BUEB on breakout, followed by 2 IBs(inside bars) ,making the BUEB a housing bar too.
breakout again with a massive BUEB, followed by another IB.

I reckon there is a recognizable breakout setup. Breakout with BUEB+IB.

Does anyone see anything different?

Cheers.

my resistance line is slightly higher than yours as you can see from my graph and now the price is retracing down below although we are only 55mins into a 4hr bar. how are you planning on playing this? do you have orders set?

[afdx]

Firstly; there is an BUEB on the weekly chart. It is above BNR (1,1500).
After; ı looked h4 for formation above 1,1500 for long. Then ı am in trade wint BUEB (h4). 03.09.2013 (00.00 hour)
I need at least 5 posts to be able to include links in my messages. So ı couldn’t add chart.

[Kasravi]

We dont trade swing high here.

Breakout plays are indeed delicate.

You mentioned that we don’t trade swing highs in here, which is not necessarily true.
Reversal setups form at swing highs or swing lows.

However, I am pointing out a breakout setup.

Cheers.

[Kasravi]

@davei1985

my resistance line is slightly higher than yours as you can see from my graph and now the price is retracing down below although we are only 55mins into a 4hr bar. how are you planning on playing this? do you have orders set?

Hi davei,

I can see your resistance has been broken with a H4 BUEB,too.

I am still trying to identify where the next resistance comes. If I find enough space I am going to place a buy stop on top of that big H4 BUEB. To be on the safer side I would place stop loss below the candle’s low.
Of course if the low gets taken out before it hits the high of the BUEB,I don’t trade it at all.

Cheers

[Kasravi]

Hi afdx,

Well spotted!
Indeed there was a weekly BUEB which has been broken upwards now.

I reckon next resistance comes in play around 1.1740. Which gives price room to move.

Cheers.

[abc2005]

[B]AUD/NZD Breakout Play,[/B]

I Spotted a Daily BUEB, which closed above resistance.
Zoomed down to check for possible entries on a lower time frame (H4), here is what I see;

H4,

BUEB on breakout, followed by 2 IBs(inside bars) ,making the BUEB a housing bar too.
breakout again with a massive BUEB, followed by another IB.

I reckon there is a recognizable breakout setup. Breakout with BUEB+IB.

Does anyone see anything different?

Cheers.

Hi
as Johnston said , pinbar and Engulfing bar are reversal patterns not continuation patterns .I think you’re using them as a continuation signal and it’s wrong .

[Songok]

Breakout plays are indeed delicate.

You mentioned that we don’t trade swing highs in here, which is not necessarily true.
Reversal setups form at swing highs or swing lows.

However, I am pointing out a breakout setup.

Cheers.

With Johnathon way of trading PA we dont trade swing highs i learned it hard way

[Kasravi]

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