Forex Price Action

[davei1985]

something to keep your eye on. pin bar on cad/jpy 4hr. resistance line was drawn on a daily chart. bar hit 9500 and bounced back. you can see on 19/8 it made a similar pin bar at the same level and then dropped significantly. any thoughts?

[adamjn]

I got my eyes on this one, it is also in line with a downward trend line which makes a descending triangle, I know we don’t follow chart patterns here, but maybe a reason to keep a position open and see if we make a lower low.

CADJPY Daily

[Kasravi]

Hi Adam and Davei,

Cad/Jpy is currently or seem to reject @ 0.9500
It certainly is an important level and a solid looking H4 pin bar.

I have attached a D1 chart of Cad/Jpy.

It seems there has been a huge and strong move upwards.

By what I can observe, it might be a good idea to place sell stops under the pin.
But keep in mind that a Daily pin bar would be preferred in this particular situation.

Since on the H4 there is recent traffic to the left.

Good luck anyway.

Cheers.

[krugman25]

@davei1985

something to keep your eye on. pin bar on cad/jpy 4hr. resistance line was drawn on a daily chart. bar hit 9500 and bounced back. you can see on 19/8 it made a similar pin bar at the same level and then dropped significantly. any thoughts?

Nice pinbar but I would be careful with the resistance that is not to far below around 94.20. The market seems to really like that number. After that the next resistance doesn’t come in until 92.50

[SpeakEasyPips]

Hi, Johnathon and everyone,

I am following this thread an actually reading the beginning of it, but I have a question concerning the Pin bar,

Would you consider a Pin bar at swing high to be bullish (green color filled) as a reversal signal, or it has to be bearish(red color filled) ? and inversely at swing low.

see picture, I made it up, consider is a swing high at the last candle.

and I have an other question concerning the Pin bar, those it has to be inside the body of the previous candle or it is extended to the wick ? and is a pin bar same as shooting star for bearish and hammer for bullish ?

see image

[Mideel]

How about pin bar on the 4h eurusd before ?

Some peoples are still optimistic eurusd will go up higher but to me now is the time of counter trend reversal.

[Kasravi]

How about pin bar on the 4h eurusd before ?

Some peoples are still optimistic eurusd will go up higher but to me now is the time of counter trend reversal.

Hi Mideel,

can you post a chart with your levels marked.

Cheers.

[Kasravi]

Hi, Johnathon and everyone,

I am following this thread an actually reading the beginning of it, but I have a question concerning the Pin bar,

Would you consider a Pin bar at swing high to be bullish (green color filled) as a reversal signal, or it has to be bearish(red color filled) ? and inversely at swing low.

see picture, I made it up, consider is a swing high at the last candle.
<img src=“301 Moved Permanently”/>

and I have an other question concerning the Pin bar, those it has to be inside the body of the previous candle or it is extended to the wick ? and is a pin bar same as shooting star for bearish and hammer for bullish ?

see image
<img src=“301 Moved Permanently”/>

Hi Easypips,

welcome to this thread.

-colour of the pin is indifferent
-pin bar must close within previous candle’s range(wick or body)

ps; you don’t need any MAs when you are posting charts.

Hope that helps

Cheers.

[SpeakEasyPips]

thanks for quick reply Kasravi,

that will definitely help me thanks again

[EternalNewB]

Guys a side question please,

do you think a target of 100 pips / week is realistic using this method only ?

thanks

[Mideel]

@Kasravi

Hi Mideel,

can you post a chart with your levels marked.

Cheers.

Here it is

Zoom out;

[Kasravi]

thanks for quick reply Kasravi,

that will definitely help me thanks again

Hi Eternal,

Goals are great, I think everyone has them.

Pip goals might be impractical,why?

It doesn’t ensure you that you’ll stay in the green by the end of the month, let me elaborate;

I might have a trade running 450 pips! in profit, and another 70 pips in loss but my balance is in red!?
Simply because my position size differed.

Hope that makes sense.

Cheers.

[Kasravi]

Here it is

<img src=“301 Moved Permanently”/>

Zoom out;

<img src=“301 Moved Permanently”/>

We discussed,this pair yesterday as well.

There is resistance comming at you from the top (1.3200).
In addition market structure seem to be somewhat deteriorated.
If you decide playing that pin bar bare in mind to keep your stops very tight.

I think ,and I imagine peers on this thread do the same, the best way to do it is to wait for Eur/Usd to move and show it’s hand.
Then spot a decent setup and trigger.

Cheers.

[EternalNewB]

Hi Eternal,

Goals are great, I think everyone has them.

Pip goals might be impractical,why?

It doesn’t ensure you that you’ll stay in the green by the end of the month, let me elaborate;

I might have a trade running 450 pips! in profit, and another 70 pips in loss but my balance is in red!?
Simply because my position size differed.

Hope that makes sense.

Cheers.

I guess this reply was for me,

I totally understand your approach because you have much more experience but for me I always open the same amount same number of lot I am consistent and it is easier for me at this stage.

Assuming, for all practical purposes, I have a goal of 100 pips / week at this stage it means a growth of 3% / week for me which is great

Do you think it is realistic ?

[mselva]

Hi:
There is an articule at FSO regarding a similar situation with a support line (last week NZDJPY I think). Based on that, I think you need to wait for the proper PA signal to see if this Resistance will become new support or keeps as resistance.
Best Regards,

[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.

[Ang101]

Im a little confused and please excuse me, but if you open the same lots size on every trade how do you have the same amount risked on each trade?

Eg: 50 pip stop at 1 mini lot is $50, but if your stop on another trade needs to be 80 pips at 1 mini lot thats risking $80.

You could just divided 80 pips by the AMOUNT you risking, say the $50 and your lot size is then 6 micro lots basically.

80 x 60cents = $48

Sorry if im interfering

[Kasravi]

I guess this reply was for me,

I totally understand your approach because you have much more experience but for me I always open the same amount same number of lot I am consistent and it is easier for me at this stage.

Assuming, for all practical purposes, I have a goal of 100 pips / week at this stage it means a growth of 3% / week for me which is great

Do you think it is realistic ?

Realistic?
Certainly!
Following Johnathon’s advice ,you could make 3% on every trade or a couple of hundred pips.
I personally don’t set weekly goals,it’s just a too short time period to regain any losses or simply find A+ setups.

Whatever you go for, I wish you all the best and the very best of luck.

Cheers.

[Kasravi]

Hi:
There is an articule at FSO regarding a similar situation with a support line (last week NZDJPY I think). Based on that, I think you need to wait for the proper PA signal to see if this Resistance will become new support or keeps as resistance.
Best Regards,

Good call!
BUEB’s low was just taken out anyway,I closed my pending order.

Cheers.

[EternalNewB]

Im a little confused and please excuse me, but if you open the same lots size on every trade how do you have the same amount risked on each trade?

Eg: 50 pip stop at 1 mini lot is $50, but if your stop on another trade needs to be 80 pips at 1 mini lot thats risking $80.

You could just divided 80 pips by the AMOUNT you risking, say the $50 and your lot size is then 6 micro lots basically.

80 x 60cents = $48

Sorry if im interfering

I am just starting out so I prefer to start slow,

What I do is that first I have PIP price based on my current equity currently it is 0.2 cents / pips
then I know that the max amount I can risk is 3 % of my equity

doing the calculation I know the max number of pips I can set my SL at.

If my SL is < = to this amount I take the trade if not I pass it on…

Hope it makes sense

[EternalNewB]

Thank you Kasravi

actually I have monthly goal rather than weekly but it is roughly 100 pips / week I try to balance them over the month

I need seriously to keep working on my skils to be able to spot these setups

I am grateful for every advise i got here