Forex Price Action

[mselva]

First time I read about this approach. Make sense…
Thanks,

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]

[QUOTE=“adamjn;528546”]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

[/QUOTE]

Thanks for the reply.

[grock]

@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.

My problem with this one along with the size of the pin is that it did not close below the VBRN and the support area. I would wait until that support is broken and then look for a retrace.

[krugman25]

My problem with this one along with the size of the pin is that it did not close below the VBRN and the support area. I would wait until that support is broken and then look for a retrace.

As mentioned a few posts earlier, looking at the bid chart, price closed below both the VBRN and major resistance. Price ended the day @ 0.8992

[grock]

As mentioned a few posts earlier, looking at the bid chart, price closed below both the VBRN and major resistance. Price ended the day @ 0.8992

I’m not saying you’re wrong, I just still see it as sitting on some strong support. I would rather have seen it close lower completely through the support area. I’ll pass on this one.

[abc2005]

erm, in my thoughts, the pin bar isn’t valid because it has a big BUEB formed after a swing low. then the pin bar didn’t formed from a swing high…and it does not close inside the previous candle?@@…

the pinbar on aud/nzd weekly is valid but not at a good place , it isn’t formed on a obvious and big swing, it’s more like traffic and a box than a good swing ,

this is not a setup for me

[Piping_Hot]

Hi all,

I know I shouldn’t show off as this setup wasn’t a valid one from the beginning but things have gone my way and it leaves me with a question.

Reminder, I took this trade based on a pinbar with entry at 155.2 , SL at 154.2 and TP at 156.5.

When I woke up this morning, price had hit my TP but trade is still open because of the spread.

Do I consider that I had my chance and should I close it right now or should I take the risk and wait for a retest of my TP ?

Thanks for your guidance,

Cheers,

Yves

[tonyro44]

I would move my S/L tight so if it decide to retrace i get taken out and still make $$, then i would place a pending order again maybe at a better price, or move on to another pair.

@Piping_Hot

Hi all,

I know I shouldn’t show off as this setup wasn’t a valid one from the beginning but things have gone my way and it leaves me with a question.

Reminder, I took this trade based on a pinbar with entry at 155.2 , SL at 154.2 and TP at 156.5.

When I woke up this morning, price had hit my TP but trade is still open because of the spread.

Do I consider that I had my chance and should I close it right now or should I take the risk and wait for a retest of my TP ?

Thanks for your guidance,

Cheers,

Yves

[Bobba]

Hi Krugman,
could you tell me how you toggle between bid and offer chart please?
Thanks

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.

[abc2005]

a question ,
we know that last 4 hour of Friday candles are not valid , does it include 8h , 12h ,daily or just 4 hour TF ?

Thanks

[Piping_Hot]

I would move my S/L tight so if it decide to retrace i get taken out and still make $$, then i would place a pending order again maybe at a better price, or move on to another pair.

Thanks tonyro,

What I did is I changed my SL to a 10 pips trailing stop and it got hit at 155.924. That’s pretty much the same as what you suggested.

I will now move on to another pair.

Yves

[buster48]

two bar reversal off 0.90656 cad/chf 4hr may or may not be worth a look.

[Kasravi]

a question ,
we know that last 4 hour of Friday candles are not valid , does it include 8h , 12h ,daily or just 4 hour TF ?

Thanks

Hi abc,

We tend not to trade last 2x H4 on Friday,however there is nothing against it trading it on U.K. Monday opening.
(essentially the last 8 hours of Friday)
Cheers.

[Kasravi]

two bar reversal off 0.90656 cad/chf 4hr may or may not be worth a look.

Hi Buster,

That is indeed a nifty setup, it is in a way a reason to enter short for anyone having skeptics about cad/chf Daily pin.

Cheers

[tonyro44]

Great job, in this business sometimes you have to think on your feet and be flexible.

Thanks tonyro,

What I did is I changed my SL to a 10 pips trailing stop and it got hit at 155.924. That’s pretty much the same as what you suggested.

I will now move on to another pair.

Yves

[shane]

Did anyone take the trade on usdchf d1 ?

[bigcheefer30]

[QUOTE=“shane;528766”]Did anyone take the trade on usdchf d1 ?[/QUOTE]

Waiting for sell stop order to be triggered…

[tonyro44]

Yes i did and is in the money right now and i did go short on it.

Waiting for sell stop order to be triggered…

[krugman25]

Hi Krugman,
could you tell me how you toggle between bid and offer chart please?
Thanks

In Trading Station there are “bid” “ask” buttons on the top of the chart. In MT4 it is TOOLS - OPTIONS - On tab called CHART “Show Ask Line”.

[Bobba]

many thanks

In Trading Station there are “bid” “ask” buttons on the top of the chart. In MT4 it is TOOLS - OPTIONS - On tab called CHART “Show Ask Line”.