Forex Price Action

[Piping_Hot]

Hi Yves,

That’s pretty nifty what you have done there.
Two things;
1- you are over trading,believe it or not but there couldn’t be possibly so many A+ setups.
2- looks like your daily trades made you worse off. You might run through the setups again and spot the flaw. By all means daily chart setups are supposed to give you a better chance of coming out profitable not barely break even or worse.
I understand last month was a killer for some,anyway thanks for sharing.

Cheers

I agree, but I have been improving since August, I am definitely working on it better less but reaching TP. Actually, I didn’t send this to show off because if you check carefully, nearly none of my trades went the distance, I closed most of them early because I didn’t feel comfortable with them that is why profit is mostly smaller on average than loss and I know this is poor money management in the long term…

[Kasravi]

hi perhaps forex will teach me how to be patient. are the a+ setups posted here? or is it in forexschoolonline private forum? i saw that there is a fee to join? may i ask the members of forexsch whats the difference between the forum over there and here?

Hi bizzaro,

Welcome to “THE” Price Action thread!
Unlike scalpers we take it slow here, real slow. But very accurate, I assure you that.

I recommend that you read the free price action course on forexschool dot com. And direct all your questions regarding what’s it worth getting a life time membership to Johnathon himself. He’ll let you know what’s in it.

Hope that helps.

Cheers

[Claus76]

My suggestion here is to start writing down your trade plan in a clear manner. Write your trade Entry and Exit signal, and all the bar signal that you will follow on your trade plan. Reading another member’s plan or even Johnathon’s post doesn’t count, you should have one that you write it yourself so that you really know why you write that plan on the first hand. Whether it’s on Word, Excel, PPT, it’s up to you as long as you’re comfortable with it.

Besides the trade plan, you also need to write a trade journal. Your trade today that you got out prematurely? Yeah, write it down in your trade journal. Your entry reason, your exit reason, your chart screenshot, and even your personal feeling about that trade. Everything, and I mean everything should be there. Only then you will start learning from mistakes, and hopefully you’ll do better the next time.

Two things;
1- you are over trading,believe it or not but there couldn’t be possibly so many A+ setups.
2- looks like your daily trades made you worse off. You might run through the setups again and spot the flaw. By all means daily chart setups are supposed to give you a better chance of coming out profitable not barely break even or worse.
Cheers

Hi Profs!
This is another super lesson in this super thread to restart the job in the correct manner!!! Ha haa!!!

Last year, I created a program in Excel like PipingHot, but I’ve missed to collect the screenshots; so, I’ve never reviewed my charts before and after the trade…

As you said, the journal has to be useful showing the mistakes, so you can learn from them and improve your trading method.

Thanks a lot guys!
Cla

[Kasravi]

IN DEPTH ANALYSIS

USD/CHF DAILY PINBAR/BUEB,

Price on this pair is in a strong down trend, with consistent lower lows and lower highs. However Usd/Chf has hit the 0.9000 level once again! Suprisingly a setup has emerged at a VBRN and very important KEY level on that pair.

I remember very well back in Februrary this year price visited that level and afterwards sparked a tremendous 700 pip move with just a single pinbar.

The initial rejection of that level today kick started with a 4 hour pinbar and maintained it’s move throughout the day. Now with the daily close a pinbar/BUEB has been established.

If you have Counter trend trading in your Arsenal then you would be looking for the break of the high which comes at 0.9075 with a first trouble area at 0.9140.

As a Price Action trader I see a high possibility that price has bottomed out and could very well serve us with a good push higher.

Thanks for reading,as always looking forward for peers input.

Cheers

[EternalNewB]

IN DEPTH ANALYSIS

USD/CHF DAILY PINBAR/BUEB,

Price on this pair is in a strong down trend, with consistent lower lows and lower highs. However Usd/Chf has hit the 0.9000 level once again! Suprisingly a setup has emerged at a VBRN and very important KEY level on that pair.

I remember very well back in Februrary this year price visited that level and afterwards sparked a tremendous 700 pip move with just a single pinbar.

The initial rejection of that level today kick started with a 4 hour pinbar and maintained it’s move throughout the day. Now with the daily close a pinbar/BUEB has been established.

If you have Counter trend trading in your Arsenal then you would be looking for the break of the high which comes at 0.9750 with a first trouble area at 0.9140.

As a Price Action trader I see a high possibility that price has bottomed out and could very well serve us with a good push higher.

Thanks for reading,as always looking forward for peers input.

Cheers

I have seen the 4h pin bar and it is much more appealing (to me as a newbie) as this pin bar, however I don’t do < than daily charts anymore and no counter-trend either for me (For now) so I passed it

However I was following it up and the pin bar worked quite nicely

If you enter at the break of the BUEB with the buffer and spread the space to move to the FTA is not much IMHO (since it is CT I would put my FTA at 0.9100)

[Kasravi]

I have seen the 4h pin bar and it is much more appealing (to me as a newbie) as this pin bar, however I don’t do < than daily charts anymore and no counter-trend either for me (For now) so I passed it

However I was following it up and the pin bar worked quite nicely

If you enter at the break of the BUEB with the buffer and spread the space to move to the FTA is not much IMHO

Good observation.

The pin is indeed not the biggest,but the level is so superior that I consider it a very reliable setup.

Cheers.

[boynep]

Trade Idea:

GBPUSD Daily Pin.

Pros: Pinbar at Key Resistance.
No lower wick.
Pin does stick out.

Cons: Against the trend
Size of the pinbar is small.
Minor Resistance underneath have to be quicker to move to Break even.

Now after analyzing it I will pass it. Doesn’t look too convincing to me. I would have loved a bit bigger pin bar though.

[EvilCrust]

[QUOTE=“Kasravi;544401”]

Good observation.

The pin is indeed not the biggest,but the level is so superior that I consider it a very reliable setup.

Cheers.[/QUOTE]

A real newbie here, but my thoughts are that on the daily on my charts has barely any body, so would be more of an indecision candle. The buyers and the sellers haven’t jumping in to make a definitive body. It also is counter trend. I’m looking for PA signal to sell around the .90900 area.

[Kasravi]

Trade Idea:

GBPUSD Daily Pin.

Pros: Pinbar at Key Resistance.
No lower wick.
Pin does stick out.

Cons: Against the trend
Size of the pinbar is small.
Minor Resistance underneath have to be quicker to move to Break even.

Now after analyzing it I will pass it. Doesn’t look too convincing to me. I would have loved a bit bigger pin bar though.

Price on the cable was contained under 1.6300 level for a long time now,I believe it will do so further. Moreover it is at an extreme high.

It surely is not just coincidence that a pinbar appeared.
However if you have doubts then you are completely right about sitting on the sidelines.

Cheer

[Kasravi]

the daily on my charts has barely any body,

Hi Evil,

That is strange, may I ask which broker’s charts you are looking at?

cheers

[boynep]

BUEB at swing low. The only problem is overhead resistance…Perhaps look for it to break that level and retest with a good PA signal ?

@Kasravi

Price on the cable was contained under 1.6300 level for a long time now,I believe it will do so further. Moreover it is at an extreme high.

It surely is not just coincidence that a pinbar appeared.
However if you have doubts then you are completely right about sitting on the sidelines.

Cheer

Thank you KAS for your input. More than the size of the pinbar the resistance underneath is prompting me to be in the sidelines.

[EvilCrust]

[QUOTE=“Kasravi;544411”]

Hi Evil,

That is strange, may I ask which broker’s charts you are looking at?

cheers[/QUOTE]

Forex.com, I look at daily 5PM East Coast Time. For some reason it continues to chart my bars for 3 more hours, but the close time for the trading day is 5PM.

[nsinner8]

looks like Gold is testing support

[Kasravi]

@EvilCrust

Forex.com, I look at daily 5PM East Coast Time. For some reason it continues to chart my bars for 3 more hours, but the close time for the trading day is 5PM.

could you post your charts?

cheers

[EvilCrust]

[QUOTE=“Kasravi;544433”]

could you post your charts?

cheers[/QUOTE]

Just tried but can’t get the chart to post

[Kasravi]

looks like Gold is testing support

Yeah, looks like it, are you looking to go long?

Cheers

[mselva]

Hi Kas:
I’m taking this one from the D2. The PIN BAR is very convincing at this TF.
Regards,

@Kasravi

IN DEPTH ANALYSIS

USD/CHF DAILY PINBAR/BUEB,

Price on this pair is in a strong down trend, with consistent lower lows and lower highs. However Usd/Chf has hit the 0.9000 level once again! Suprisingly a setup has emerged at a VBRN and very important KEY level on that pair.

I remember very well back in Februrary this year price visited that level and afterwards sparked a tremendous 700 pip move with just a single pinbar.

The initial rejection of that level today kick started with a 4 hour pinbar and maintained it’s move throughout the day. Now with the daily close a pinbar/BUEB has been established.

If you have Counter trend trading in your Arsenal then you would be looking for the break of the high which comes at 0.9750 with a first trouble area at 0.9140.

As a Price Action trader I see a high possibility that price has bottomed out and could very well serve us with a good push higher.

Thanks for reading,as always looking forward for peers input.

Cheers

[mselva]

For me the price is in high resistance area, so there is chance for a strong pullback.
I am short in this one.
Cheers

@boynep

Trade Idea:

GBPUSD Daily Pin.

Pros: Pinbar at Key Resistance.
No lower wick.
Pin does stick out.

Cons: Against the trend
Size of the pinbar is small.
Minor Resistance underneath have to be quicker to move to Break even.

Now after analyzing it I will pass it. Doesn’t look too convincing to me. I would have loved a bit bigger pin bar though.

[Kasravi]

@mselva

Hi Kas:
I’m taking this one from the D2. The PIN BAR is very convincing at this TF.
Regards,

Hi Mselva,

Thanks for sharing, I got to get my hands on those D2s.

Cheers

[Piping_Hot]

Hi Profs!
This is another super lesson in this super thread to restart the job in the correct manner!!! Ha haa!!!

Last year, I created a program in Excel like PipingHot, but I’ve missed to collect the screenshots; so, I’ve never reviewed my charts before and after the trade…

As you said, the journal has to be useful showing the mistakes, so you can learn from them and improve your trading method.

Thanks a lot guys!
Cla

There is something else I wanted to make sure all of you have ever read. Take the time, it is really insightful!

http://www.forexfactory.com/showthread.php?t=3156