Forex Price Action

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13472

Thank you.
I will check it.
Cheers,

13473

Like I told you the other day, everyone thinks they are different. And the sooner everyone realises they are not and stops losing money whilst they learn, the quicker they will be able to actually make money when they are profitable.

13474

Is it a bullish engulfing bar on EUR/GBP weekly? Pls some comment, thanks.

13475

For whatever it is worth I have done what you said I should

13476

Can you post a chart, Edmo? Why do you think it’s BUEB there?

13477

Hi Edmo,

Yes, it is. The only reason it didn’t do the buzz is probably because of all the long bearish candles before it.

Yves

13478

Looks like one to me Edmo ,on 0.84101 ,might pay to wait a while to see how it develops,what do others think?

13479

Hey guys!

Jumped on this setup. I have my Buystop at 1.39050 on EUR/CAD Daily.

Pin Bar closed within previous candle
Price Bounced off support and went bullish
Price had a nice little pullback, then reversing back into the bullish trend as we speak

This should be a good one. :slight_smile:

eurcad-d1-forex-capital-markets.jpg700×560 29.4 KB

13480

Hello there,

Pay attention as I have been following this closely and a lot of senior members in the forum are actually shorting this pair

Keep in mind that this pin bar closed directly below resistance so you will be trading directly into resistance. CHeck the long noise of the PB it is showing quite a resistance on the upper side

Do wait for the input of more experienced members but this is my view of it

13481

Hi Johnathon,

I’ve got a question. I’m not sure if my observations are correct as im reading the thread the second time but do you think that comparing to now, the A+ setups you posted when you just started the thread are less of an A+ setups? or issit that its actually A+ setup but i become more picky?

Hope to hear from you soon!

Loyal thread follower( :smiley: ),

Jack

13482

Ah yes, you do have a point. Let me rethink this setup a bit. It seems like I’m looking at the SR zones incorrectly. If anything, I would of thought I was trading into resistance zone than a line.

I guess where I got lost was that price already broke into that resistance. Thanks for the heads up! I’ll hold off on this trade for now and see what everyone thinks of it!

Thanks!

13483

Hi Apple,

There is no right or wrong in this market.

However that pinbar didn’t particularly came with a swing low and a nice support. Doesn’t mean it won’t shoot up it means it is not valid in our books.

Hope that clears things up.

Hey Eternal,

I suggested to Msleva yesterday that if he or anyone else is shorting Eur/Cad they should be aware of what was happening on the H12 chart. Simply because a massive pin bar appeared and a smart trader would close a short on such a position.

Something similar occurred with the GBP/CAD daily pin bar short position,when all of a sudden on H4 chart a massive pin bar was created. Suggesting a move in the other direction, smart players reacted instantly.

Cheers

13486

[ FOR SOME REASON, BP is not allowing me to post my message as one :/, so I have to post it in two parts ]

Hallo peeps!

The thread moves pretty fast these days!, have to play catch-up each morning :slight_smile:

To be honest, much of the last 17 pages that i’ve read has me worried :confused: and as sensei Bryce said, a line needs to be drawn.

This method has straightforward rules and a straight-thinking mindset that we are unnecessarily complicating.

[B]1.[/B] A small pin is a small pin, doesn’t matter on what timeframe [ #GPBAUD D1, #OIL (WTI) D1 ]
As you go down time-frames, the setup needs to get bigger

[B]2.[/B] If you’re learning the method, STICK TO D1 TF until you are profitable for at least 3 months.
This is not a song we like singing, it is an inherent truth.
If you can’t be profitable on a higher, slower-moving TF, guess who you’re kidding when you start on H4, etc…
And as I said, ask anyone who’s been drinking at this well for sometime, and they’ll tell you their BEST trades still come from D1

[B]3.[/B] FILE THE NEWS!! [ or as Ed Seykota says: stash that (news) flash right in the trash! ]
That includes ‘sentiment’ tools (e.g myfxbook community outlook).
There are many methods that make use of news/sentiment to be profitable; this is not one of them…
Point to ponder: Which trader ever got ahead by referring to what the herd was doing? [ esp considering that ~ 72% (not 95%) are not consistently profitable ].

[B]4.[/B] EVERY trade has a PROBABLE OUTCOME, we can NEVER know which ones will be winners and which ones will be losers. The only REAL LOSS is when you DID NOT FOLLOW YOUR RULES (NOT the SL being hit).
Focus on the PROCESS, not the OUTCOME. The edge will make sure that in the long run you will come out on top.

And it’s ALWAYS when we choose to up the risk that the losses start coming in [ As Johno said, we are not different from anyone who’s tried it before, IT’S THE SAME (messed up) MENTALITY AT WORK ]

.

13487

[ Second part ]

Probable outcomes also mean that LOSING STREAKS will happen ( it’s a MATHEMATICAL CERTAINTY ).

So if you want to live to trade another day, there’s NO SUCH THING as betting the farm!

PS: Johnathon’s example led me to choose the “fixed $ risk” alternative (as opposed to “fixed %age risk”), as it’s easier to recover from losses.

Dear peeps, the bottom line is not just learning a method, but developing UNITY of MIND ( a professional trader’s state of mind ).

Unity of mind is what makes people consistently profitable, NOT mastering the market.

If that sounds contradictory to you, recall that we can never know what ALL the human + machine traders in the world are going to do at any given moment ).

Anyone can enter a trade; managing those trades CONSISTENTLY to make more than one loses OVER TIME, that’s where the STATE OF MIND comes in.

That is why Bryce said to stick to one’s rules!, regardless of whether it’s 1pip or 200pips difference; trading is a MIND game.

“Trading in the Zone” recommendation is a good one, it’s an excellent essential IMHO.

All the best!

Cheers

13488

Hey Apple Forex,

Be careful, your chart doesn’t look right, first of all it has sunday candles and it doesn’t seem to be NY close. Your Pinbar looks a lot better than on mine.

See correct chart below:

eurcaddaily.jpg700×471 28 KB

Yves

13489

Hi Dudest

Thanks for all this great advice, I was also very interested in this:

Johnathon’s example led me to choose the “fixed $ risk” alternative (as opposed to “fixed %age risk”), as it’s easier to recover from losses.

Would this only discussed over at FSO? I currently use a 1% percent per pip risk factor (0.01 for every dollar in my account) which is very basic and wondered whether this was adequate or whether I need a better way of calculating percentage.

Thanks Dudest!!!

BA

13490

Beautiful.

13491

If there is one thing I have learned (And the hard way i can tell you) is that you should always look at the potential money you are loosing before looking at what we might be gaining

13492

Hi Dudest ,

Words of wisdom.

Thanks for your contribution always very insightful.

Cheers buddy.

13493

Just like what George Soros once said:

“It’s not whether you’re right or wrong that’s important, but how much money you make when you’re right and [B]how much you lose when you’re wrong[/B].”

I personally believe to emphasize on the latter part before the former. [B]Pascal’s Wager[/B], everyone?