Forex Price Action

[Kasravi]

Hi again everyone

Just wondering if I could get your feedback, I have been watching the JPY pins and have also taken the GBPJPY but I also wondered about the CHFJPY pin bar:

I figure that although this is a nice valid pin at a support level and with trend it has very close traffic above and for this reason would probably make it the worse pin out of the 3 JPY trades? Am I getting warmer??

I just realised that this pin does NOT stick out from the crowd and so has another thing going against it…

Hi BA,

Could you possibly explain your proceedure of marking your support line?
To me the next support lies no where closer but the 107.50-30 area.

Cheers

[Mr_B_A_Barracus]

Hi Kasravi

Wow I am glad you mentioned that Kasravi and now that I have zoomed out I have no idea where I got that support from. That was a mistake and I should have checked my support levels. Sorry to waste peoples time.

BA

[Kasravi]

Hi Kasravi

Wow I am glad you mentioned that Kasravi and now that I have zoomed out I have no idea where I got that support from. That was a mistake and I should have checked my support levels. Sorry to waste peoples time.

BA

No worries.
You’re not wasting anyones time.
Keep it up

Cheers

[Mr_B_A_Barracus]

Thanks Kasravi

I do like this Bullish Engulfing Bar below and I believe my level of support is roughly correct here:

I would like it to have engulfed more bars but it is with trend with some room to breathe, does this sound about right?

Actually it may be lacking room to breathe as I have the next line of resistance at about 0.83693 but I have been looking to get short on this long term for a while now.

[Kasravi]

Thanks Kasravi

I do like this Bullish Engulfing Bar below and I believe my level of support is roughly correct here:

I would like it to have engulfed more bars but it is with trend with some room to breathe, does this sound about right?

Just a small correction, it is a bearish engulfing bar or short BEEB.
I think that support is starting to consolidate,there are lots of minor support and resistances.

However one engulfed bar is enough, it is the size of the BEEB that we are usually concerned about.

Cheers

[Mr_B_A_Barracus]

Just a small correction, it is a bearish engulfing bar or short BEEB.
I think that support is starting to consolidate,there are lots of minor support and resistances.

However one engulfed bar is enough, it is the size of the BEEB that we are usually concerned about.

Cheers

Sorry that should have read BEEB, I am running a few errands whilst posting this. Thanks for the feedback Kasravi, I will have to think about this further, I like that although it isn’t the biggest BEEB in the world, it looks pretty solid.

[Kasravi]

@Mr_B_A_Barracus

Sorry that should have read BEEB, I am running a few errands whilst posting this. Thanks for the feedback Kasravi, I will have to think about this further, I like that although it isn’t the biggest BEEB in the world, it looks pretty solid.

That is how I see the Support.

Cheers

[Mr_B_A_Barracus]

@Kasravi

That is how I see the Support.

Cheers

Interesting Mr Bond…I can see exactly where you mean and I have made yet another **** up…back to the reading I go, but I will be back baby and better too!!

[krugman25]

@Kasravi

Good question.

Structure wise, the up trend is no more in tact. The bulls have lost control.
All that bullish movement has been declined with a pin bar and moved back from where it started.
Now a BEEB forms where formerly was a support, hence flip point.

Note,
On the 4th of september a solid pin bar formed, where most of us placed buy stops. Reasons were the recent up trend,solid support and pin bar. However as you can see no one got triggered. Now the same level is revisited with another solid price action but this time looking for a short position.

Cheers

I tend to agree with Sar, it is in an uptrend. You are looking at daily candles but you only grabbed 1-2 months of data which is not enough to determine the actual trend. This could just be a pause in the next leg up or it could be the beginning of a reversal pattern, its too early to tell. Given that it has made 3 higher lows and higher highs, probability would be in the favor of long positions.

[Kasravi]

@krugman25

I tend to agree with Sar, it is in an uptrend. You are looking at daily candles but you only grabbed 1-2 months of data which is not enough to determine the actual trend. This could just be a pause in the next leg up or it could be the beginning of a reversal pattern, its too early to tell. Given that it has made 3 higher lows and higher highs, probability would be in the favor of long positions.

Your chart marking is very comprehensive. Your last marked HL is the same level as on 15th Aug. . Moreover somewhat same area as Junes HH. I see that as a PA indication that upward movement lost steam. However cannot argue about the fact that it is too early to tell if it is a reversal or a pause.

Cheers

[darthfrancis]

just made some nice wins.

120 pips on EA
88 pips on EJ
64 pips on the GJ

with not a single indicator and only PA.
combined profit gain of 3.22%

not bad after reading this thread 2 weeks ago.

[EternalNewB]

just made some nice wins.

120 pips on EA
88 pips on EJ
64 pips on the GJ

with not a single indicator and only PA.
combined profit gain of 3.22%

not bad after reading this thread 2 weeks ago.

Congrats hope that it will be my turn next

[tonyro44]

Great job , PA is very powerful and your next EternalNewB.

Congrats hope that it will be my turn next

[bigcheefer30]

Interesting how the gbpjpy and Eurjpy setups are playing out…I would have thought with that picture perfect pullback and fake out to the downside price would have rocketed up by now…coupled with the strong uptrend…why do you think price is heading down? I don’t see any major news coming out this week…some jobless numbers, CPI, and GDP reports are due out but nothing major…is this just a case of order flow, and the required time for orders to build up and send price higher?

We’ve got 3 candles now post-signal, and price has almost moved down past the low of each PB. Just was looking for others thoughts/opinions on what they see…

[semmee]

Interesting how the gbpjpy and Eurjpy setups are playing out…I would have thought with that picture perfect pullback and fake out to the downside price would have rocketed up by now…coupled with the strong uptrend…why do you think price is heading down? I don’t see any major news coming out this week…some jobless numbers, CPI, and GDP reports are due out but nothing major…is this just a case of order flow, and the required time for orders to build up and send price higher?

We’ve got 3 candles now post-signal, and price has almost moved down past the low of each PB. Just was looking for others thoughts/opinions on what they see…

Man I’m with you on that haha. I find that some of the best PA signals test your patience to the utmost limits.
(Or maybe its just wrong wrong wrong haha which I hope is not the case…) Did you split risk on both? Low of EURJPY hasnt been hit yet.

[krugman25]

[QUOTE=“bigcheefer30;539027”]Interesting how the gbpjpy and Eurjpy setups are playing out…I would have thought with that picture perfect pullback and fake out to the downside price would have rocketed up by now…coupled with the strong uptrend…why do you think price is heading down? I don’t see any major news coming out this week…some jobless numbers, CPI, and GDP reports are due out but nothing major…is this just a case of order flow, and the required time for orders to build up and send price higher? We’ve got 3 candles now post-signal, and price has almost moved down past the low of each PB. Just was looking for others thoughts/opinions on what they see…[/QUOTE]

There really is no connection between the quality of a signal and how quickly the PA plays out and how aggressively that price movement is. It’s all a matter of the weight of orders shifting from buyers to sellers and vice versa.

[Piping_Hot]

Your chart marking is very comprehensive. Your last marked HL is the same level as on 15th Aug. . Moreover somewhat same area as Junes HH. I see that as a PA indication that upward movement lost steam. However cannot argue about the fact that it is too early to tell if it is a reversal or a pause.

Cheers

So what’s the conclusion here ? Is this a valid setup or does it need to move down further and retrace ?

Thanks,

Yves

[EternalNewB]

So what’s the conclusion here ? Is this a valid setup or does it need to move down further and retrace ?

Thanks,

Yves

For me as long as the bottom of the pin bar is not taken the setup is still valid

However the bottom of the GBP/JPY pin bar has been taken by 1 pip so I guess the setup is not valid anymore

Thoughts?

[Piping_Hot]

For me as long as the bottom of the pin bar is not taken the setup is still valid

However the bottom of the GBP/JPY pin bar has been taken by 1 pip so I guess the setup is not valid anymore

Thoughts?

I was about to ask the same question. We place SL with a 10 pip buffer, so does the virtual sl have to be reached or only the bottom of the pin bar. Also, if GBP/JPY is not valid anymore, does it make EUR/JPY more risky ?

[krugman25]

For me as long as the bottom of the pin bar is not taken the setup is still valid

However the bottom of the GBP/JPY pin bar has been taken by 1 pip so I guess the setup is not valid anymore

Thoughts?

I believe he was talking about EURCAD. At least that’s what me and Kas were talking about.