Forex Price Action

[kaiszheng]

Hi kais,

I saw mine closing just under it,however I usually would call it off with those minor support and resistances coming in.
But the BEEB is engulfing 3 candles,makes it quite a strong move.
I would play it the classic way and wait for the break of the BEEB place a stop above and aim for swing low which comes @ 96.80.

Cheers.

hi kasravi,

would you enter below the closing price , or the lowest price of the bar?

[bigcheefer30]

Hi kais,

I saw mine closing just under it,however I usually would call it off with those minor support and resistances coming in.
But the BEEB is engulfing 3 candles,makes it quite a strong move.
I would play it the classic way and wait for the break of the BEEB place a stop above and aim for swing low which comes @ 96.80.

Cheers.

Thanks for sharing. I’m looking for entry around 98.5, SL @ 100.23, TP @ 97.

ref USDJPY D1

[PIPOFF]

Oil/usd 4hr.:60:

[bigcheefer30]

@PIPOFF

Oil/usd 4hr.:60:

Hey PIPOFF, may I please ask who your broker is? Mine doesn’t offer OIL…thanks

[PIPOFF]

Fxdd malta

[Kasravi]

I would be looking to enter below low.

Cheers.

[jackson905]

@PIPOFF

Oil/usd 4hr.:60:

Hi, thats a small Pin bar to be entering and not convincing enough. It may still work out but just please becareful on this type of small Pins. It doesn’t give you an edge for long term trading.

All the best

Jack

[Kasravi]

EUR/USD Weekly chart
Pin bar,

Kind of hanging in the air,though.
I’m not really looking into trading it,big bearish bar to the left.

I though mentioning it, may raise awareness if anyone is shorting that pair.

Cheers.

[tonyro44]

Looks to me like a bias going short look at the 4hr and there is some noise there trying to make up its mined, but looking weak.QUOTE=Kasravi;528355]EUR/USD Weekly chart
Pin bar,

Kind of hanging in the air,though.
I’m not really looking into trading it,big bearish bar to the left.

I though mentioning it, may raise awareness if anyone is shorting that pair.

Cheers.[/QUOTE]

[Kasravi]

Looks to me like a bias going short look at the 4hr and there is some noise there trying to make up its mined, but looking weak.

Why a bias? based on what?
And who is making up his mind?

[tonyro44]

The pair is trying to make up its mind.

Why a bias? based on what?
And who is making up his mind?

[krugman25]

Hi Krugman,

I fully understand what you are talking about. I came to the conclusion that you are a touch too smart mate!
You question things like probably no one did before.
Essentially PA is a lot of psychology in a graphical form, as you know and show it,it works splendid.
By the way do not all setups require 2 candles? Don’t we confirm a BEEB by it’s former candle,and confirm a pin bar if it is closed within previous?

Cheers.

Well I very much appreciate your compliments. Although I can’t figure out why I still make such dumb decisions when trading, haha. It’s just a long process of training your mind and forcing it to follow a set of rules that it really doesn’t want to. That’s a good point to make about a pinbar also being a 2 bar setup, I really can’t argue that.

There a ton of candlestick patterns that have been documented, ranging anywhere from 1 candle all the way up to 13 candles! That’s what I like about Johnathons method because he has chosen the few price action candlesticks that have the highest probability of success, and ironically are some of the easiest to identify.

[Kasravi]

That’s what I like about Johnathons method because he has chosen the few price action candlesticks that have the highest probability of success, and ironically are some of the easiest to identify.

Exactly!!!
It is so easy to follow,too easy sometimes.
That is where the mind starts to make trouble.

Cheers.

[bigcheefer30]

Here’s a few pairs I’m watching, in case anyone would like to discuss.

USDSGD D1

zoomed in:

EURGBP D1

zoomed in:

[krugman25]

Here is a nice pinbar off of a major support and VBRN. This pair is in a downtrend as identified by the lower highs and lower lows on the daily chart. Sometimes in trending markets price will retrace all the way back to the high or low of the last swing, but as long as the high or low isn’t taken out the trend is still in play. This level was an important support level on 02/01 02/25 and 04/16, and now price has retraced back to this level and thrown a nice pinbar signalling a false break-out of that level. The downside of this setup to me is the size of the previous candle.

[bigcheefer30]

@krugman25

Here is a nice pinbar off of a major support and VBRN. This pair is in a downtrend as identified by the lower highs and lower lows on the daily chart. Sometimes in trending markets price will retrace all the way back to the high or low of the last swing, but as long as the high or low isn’t taken out the trend is still in play. This level was an important support level on 02/01 02/25 and 04/16, and now price has retraced back to this level and thrown a nice pinbar signalling a false break-out of that level. The downside of this setup to me is the size of the previous candle.

This stuck out like a sore thumb to me, and has been previously discussed a few posts back. Kasravi posted @ 6:26AM EST time this morning pointing out that the candle didn’t close within the previous candle’s range. This fact alone makes this a no-go for me. Although it does look nice…Here’s what I see for CADCHF D1:

Additionally, I noticed you “liked” my setups I’m keeping an eye on heading into this week. I feel these are two solid setups. I plan on waiting until London opens up tomorrow to see what happens.

[krugman25]

@bigcheefer30

This stuck out like a sore thumb to me, and has been previously discussed a few posts back. Kasravi posted @ 6:26AM EST time this morning pointing out that the candle didn’t close within the previous candle’s range. This fact alone makes this a no-go for me. Although it does look nice…Here’s what I see for CADCHF D1:

Additionally, I noticed you “liked” my setups I’m keeping an eye on heading into this week. I feel these are two solid setups. I plan on waiting until London opens up tomorrow to see what happens.

The candle didn’t close within the chart because you are looking at the ask chart, not the bid chart. While it’s good to use the"ask" chart when placing sell order stops and limits, I always look for price action signals on the “bid” chart. The reason is that a bid chart is taking into account the price spread from the asking, as volatility gets lower(such as the end of day on Friday), the price on the ask chart begins to move farther away from the bid price. If my bid chart is showing the right price action, then i’m a happy camper.

[bigcheefer30]

The candle didn’t close within the chart because you are looking at the ask chart, not the bid chart. While it’s good to use the"ask" chart when placing sell order stops and limits, I always look for price action signals on the “bid” chart. The reason is that a bid chart is taking into account the price spread from the asking, as volatility gets lower(such as the end of day on Friday), the price on the ask chart begins to move farther away from the bid price. If my bid chart is showing the right price action, then i’m a happy camper.

Makes sense…thanks for replying.

[adamjn]

Talk about being pi**ed off, had an order set at 99.341 on the pin bar (USDJPY H4) and FXCM decided to execute my order about 10 pips before my final take profit, giving me 10 pips profit, rant over lol.

[adamjn]

Maybe a little small? But looks to be at a good level, I would be careful with it. If you where going by the rules in this thread, I think it’s invalid, but it still is a pin bar, so might be worth a shot, I would trade a pin like that, but my trading style is a little different than the rules specified in this thread.

Cheers
Adam

@bigcheefer30

Here’s a few pairs I’m watching, in case anyone would like to discuss.

zoomed in: