Forex Price Action

[krugman25]

Hi Krugman,

This is very inspirational and gives even a washed up ex actor like me some hope!! I am very new to trading in general and feel lucky that I have found Johnathons thread first trip out. Let me know if your taking on any pupils Krugman!!

Whenever you make comments about being an ex-actor it always get me wondering, haha. I always love talking Forex and enjoy the comradery that us traders have. While I think Johnathon has all of the articles and information you will need to get some ground under your feet as a trader, I am always up for discussing forex.

[gmatav]

Hi gmatav,

I have my S/R (based on the D1) on a different level than you, so to me the PB is in nobody’s land and therefore no valid signal. But I’d like to hear the opinions of the more experienced traders as well.

I have the same two lines you have, but in the middle I have the one I marked, and is touched many times in the left area…

Edit : that was not a daily line, but a H4 line, you are right .

[Mr_B_A_Barracus]

Whenever you make comments about being an ex-actor it always get me wondering, haha. I always love talking Forex and enjoy the comradery that us traders have. While I think Johnathon has all of the articles and information you will need to get some ground under your feet as a trader, I am always up for discussing forex.

Hi Krugman

I always find your posts really interesting and often copy and paste them into my Price Action word sheet which I have also just done with your comments about buffering which I will look to integrate into my trading plan. I am a massive newbie and I’m really starting from the bottom of the bottom, up until a few months ago I thought that Forex was a lager. I then began an introduction course which really only taught us the very basics trying to lure folk in for the more expensive 2nd part of the course. I then joined another site which had free learning but mainly taught trading on the smaller time frames. What I am trying to say is that most things forex still go over my head a little but I am determined to progress and really appreciate all the advice and peoples patients here.

Thanks again

BA

[Mr_B_A_Barracus]

I have the same two lines you have, but in the middle I have the one I marked, and is touched many times in the left area…

Edit : that was not a daily line, but a H4 line, you are right .

Hey again gmatav

I just wanted to say that I also had it in no mans land initially until I had a closer look at my chart and realized that I had missed your SR line. When I noticed it I decided to take this trade because it looks good to me!! My order kicked in so we will see what happens. Would like to hear what others say about it also the EUR/CAD 4hr I mentioned earlier.

BA

[Kasravi]

What do you guys think of GBP/AUD 4H chart, the pinbar touching a daily key level (line in yellow) :

Hi Gmatav,
We draw our S/R lines on the daily chart for any setups on the daily or intradays.
The level you are looking at was a minor resistance on the daily chart. Moreover it is not a pinbar! The candle consumed the candle before it making it a BUEB. Although it is a huge bar and you are trading with the recent momentum I suggest you should be cautious, not trading from key levels doesn’t give you the edge!!!

Hope that helps.

Cheers

[Kasravi]

… Would like to hear what others say about it also the EUR/CAD 4hr I mentioned earlier.

BA

Hi BA,

Your line is right ,if it is support or resistance is another thing.
Let me elaborate; on your daily it is still a resistance since price never broke through it and stood above the line, hence no flip point yet.
About the setup itself I must say it is a BUEB. The seemingly pinbar that came after it has by no means any value. If it makes you feel better that you are on the right side of the market, than that is fine but never make a decision based on a pinbar that has not a wick sticking out from its former candlesticks!

Cheers

[gmatav]

Hi Gmatav,
We draw our S/R lines on the daily chart for any setups on the daily or intradays.
The level you are looking at was a minor resistance on the daily chart. Moreover it is not a pinbar! The candle consumed the candle before it making it a BUEB. Although it is a huge bar and you are trading with the recent momentum I suggest you should be cautious, not trading from key levels doesn’t give you the edge!!!

Hope that helps.

Cheers

Agree with everything except with the pin-bar thing. It meets all the requirements to be a pinbar, I don’t understand what do you mean by “the candle consumed the candle”…

[Kasravi]

Agree with everything except with the pin-bar thing. It meets all the requirements to be a pinbar, I don’t understand what do you mean by “the candle consumed the candle”…

Agree with everything except with the pin-bar thing. It meets all the requirements to be a pinbar, I don’t understand what do you mean by “the candle consumed the candle”…

Glad you ask.

It does meet a pinbar’s criteria,however it meets a Bullish engulfing bar’s criteria too. Traditionally a pinbar’s smaller wick stays within the prev. bars range.

cheers

[Mr_B_A_Barracus]

Hi BA,

Your line is right ,if it is support or resistance is another thing.
Let me elaborate; on your daily it is still a resistance since price never broke through it and stood above the line, hence no flip point yet.
About the setup itself I must say it is a BUEB. The seemingly pinbar that came after it has by no means any value. If it makes you feel better that you are on the right side of the market, than that is fine but never make a decision based on a pinbar that has not a wick sticking out from its former candlesticks!

Cheers

Hey Kasravi

Thank you as always for your feedback, I see what you mean about my line still being resistance, which I would be hoping would hold out as I would be looking to go long with this pair. Very interesting about the pin bar also!! I understand how this would have no value because there has already been a signal with in the BUEB. I think I’m getting closer but still making mistakes, looks like I will need the buttock clencher 3000 for these two and will learn from my mistakes.

Thanks again

BA

[Kasravi]

Hi Mselva,

I was going through my routine chart analysis and remembered you are short on Usd/Cad 12h pinbar.
Just noticed another has formed exactly the other way around rejecting 1.0280, just watch out that could turn out nasty.
wish you the best.

Cheers

[mselva]

Hi Kas:

I took a buffer and my entering price wasn’t touched. On Friday evening I decided cancel the position in order to avoid be trapped for a weekend gap. Today I’m seeing USCAD D1 & D2 Pin Bar, so I’m not going to re-open my position until see a better signal.

Thank you for your advice and good luck with this trade.

Cheers,

Hi Mselva,

I was going through my routine chart analysis and remembered you are short on Usd/Cad 12h pinbar.
Just noticed another has formed exactly the other way around rejecting 1.0280, just watch out that could turn out nasty.
wish you the best.

Cheers

[gmatav]

Glad you ask.

It does meet a pinbar’s criteria,however it meets a Bullish engulfing bar’s criteria too. Traditionally a pinbar’s smaller wick stays within the prev. bars range.

cheers

Ok, wouldn’t that make it more powerful then, being a PB and BEEB at the same time. Another question, you never trade based on the SR lines drawn the H4 chart, even if they are very clear, only SR lines based on the Daily levels, that’s right ??

[Kasravi]

Ok, wouldn’t that make it more powerful then, being a PB and BEEB at the same time. Another question, you never trade based on the SR lines drawn the H4 chart, even if they are very clear, only SR lines based on the Daily levels, that’s right ??

Just a tiny correction it’s a BUEB*

Yeah We trade based on daily s/r. if price is not in a too strong trend then very obvious levels on H4 are the same as D1.

Cheers

[wm247]

I always do a little dance when I see price came within 1 pip of my buffer and then pulled back, lol. Same with my stop loss.

So, we’re gonna go dancing in the moonlight with you. You wanna hold my hand?

Sorry, Krugman. Cannot resist it.

Anyway, your idea of scaling seem interesting. Like BA, I’m copying it to my trade plan draft so that I can review it in more details. This can be very useful in the future.

[krugman25]

[QUOTE=“wm247;543941”] So, we’re gonna go dancing in the moonlight with you. You wanna hold my hand? Sorry, Krugman. Cannot resist it. Anyway, your idea of scaling seem interesting. Like BA, I’m copying it to my trade plan draft so that I can review it in more details. This can be very useful in the future. ;)[/QUOTE]

You want to go dancing? but we just met… Haha.

It’s important to know that currencies travel the same % distances, do it over different amount of pips. So. 10 pip buffer on EURUSD gives you a larger buffer than a 10 pip on GBPUSD. It’s kind of like when we talk about not measuring profit in pips, it’s kind of the same principle. My USDNOK is up 500 pips right now, but that doesn’t mean much considering it can move that much in a normal day. I hope it all makes sense.

[EternalNewB]

hey guys

Yesterday during the downtime of BabyPips I took this 12 H pinbar on GBPAUD

As you can see at first it went pretty well but then it reverted in a snap and hit my SL before hitting my FTA

This is my 3rd consecutive failures (out of a total of 4 trades ) and I would appreciate if you could help me identify what I did wrong

P.S: working on a demo account doesn’t make loss any easier, failure is a failure it is much more psychological than money loosing for me

[Forex_School_Online]

@EternalNewB

hey guys

Yesterday during the downtime of BabyPips I took this 12 H pinbar on GBPAUD

As you can see at first it went pretty well but then it reverted in a snap and hit my SL before hitting my FTA

This is my 3rd consecutive failures (out of a total of 4 trades ) and I would appreciate if you could help me identify what I did wrong

P.S: working on a demo account doesn’t make loss any easier, failure is a failure it is much more psychological than money loosing for me

Before I go any further what time frames have your last 3 losses all been on?

[Forex_School_Online]

@EternalNewB

hey guys

Yesterday during the downtime of BabyPips I took this 12 H pinbar on GBPAUD

As you can see at first it went pretty well but then it reverted in a snap and hit my SL before hitting my FTA

This is my 3rd consecutive failures (out of a total of 4 trades ) and I would appreciate if you could help me identify what I did wrong

P.S: working on a demo account doesn’t make loss any easier, failure is a failure it is much more psychological than money loosing for me

Heya,

not sure about your other trades, but two things stick right out.

1: It is key you mark your levels of your daily charts and your take your intraday signals from these same daily levels. This pin was in the middle of no where and not at a key daily level.

2: Every time frame has it’s own trend. You are going to have a lot more success if instead of finding the trend and then trading straight against it, you find the trend and then look for obvious trades with it.

This pin did work out and worked out exactly how we would expect it to. Price broke the low of the pin bar and moved down and into the next supply level or support zone. Remember we are price action traders. You need to be aware of these area and you either identify this area before the trade and don’t take the trade because of it or you take the trade and be mindful of it, but this pin bar did do what you could only expect it to. You would not enter this trade and expect it to burst through that area, especially as the trend has been higher.

GBPAUD 12HR CHART

Finally always remember; the most important factor of any trade is the price action story. The price action signal or the pin bar/engulfing bar or whatever you are using to get into the trade is just the last candle on the chart. Yes this is also important, but it is only one candle. The most important is the overall story of what price is doing. The trend, the levels, where you are trading, the space, the traffic, the ranging etc etc

Safe trading,

Johnathon

[EternalNewB]

@Forex_School_Online

Heya,

not sure about your other trades, but two things stick right out.

1: It is key you mark your levels of your daily charts and your take your intraday signals from these same daily levels. This pin was in the middle of no where and not at a key daily level.

2: Every time frame has it’s own trend. You are going to have a lot more success if instead of finding the trend and then trading straight against it, you find the trend and then look for obvious trades with it.

This pin did work out and worked out exactly how we would expect it to. Price broke the low of the pin bar and moved down and into the next supply level or support zone. Remember we are price action traders. You need to be aware of these area and you either identify this area before the trade and don’t take the trade because of it or you take the trade and be mindful of it, but this pin bar did do what you could only expect it to. You would not enter this trade and expect it to burst through that area, especially as the trend has been higher.

GBPAUD 12HR CHART

Finally always remember; the most important factor of any trade is the price action story. The price action signal or the pin bar/engulfing bar or whatever you are using to get into the trade is just the last candle on the chart. Yes this is also important, but it is only one candle. The most important is the overall story of what price is doing. The trend, the levels, where you are trading, the space, the traffic, the ranging etc etc

Safe trading,

Johnathon

Thank you so much for taking the time to reply to my post

my other 2 failures where GBP/JPY 4h and EUR/JPY 4h setups that were discussed a few days ago here

My first obvious problem was CT trade as you said and the second was that my S/R was lower by a few pips (around 15)

so next time I will have my FTA on the closer side of the S/R rather then the furthest less profit but at least safer

[Forex_School_Online]

Thank you so much for taking the time to reply to my post

my other 2 failures where GBP/JPY 4h and EUR/JPY 4h setups that were discussed a few days ago here

My first obvious problem was CT trade as you said and the second was that my S/R was lower by a few pips (around 15)

so next time I will have my FTA on the closer side of the S/R rather then the furthest less profit but at least safer

You may also want to consider moving to the daily charts… If you could only stick to daily charts and trading with the obvious trend you will quickly become surprised how your trading could turn around. Not many people have the discipline to do it though. Then again not many people make money trading either, go figure :33: