Forex Price Action

[4evermaat]

If this system is purely based on price action, and the entries/exits are objective, I would love to see some sort of automation of these entries and exits (at least signals if you want to manually enter/exit)

[Gliderguider]

Hi folks,

Many thanks to those that offered critique on my last trade idea (which was bad as based on a false pin bar!) Lessons read, lessons learned, moving forwards!

My next idea, which might not happen as current candle is 6 hours away from closing! Drum roll please, I present to you… the USDJPY Daily

I see a downward trend, I also see support turned resistance in the past 3 weeks.

If the current bar engulfs the bar and wick from yesterday, I’ll consider entering the trade.

Thoughts?? Suggestions that I might need a psychyatrist?

Thanks in advance

GG

[Spongybob]

Hey

You wanting a PA at a swing high, you trading straight into support there.

Cheers

[dudest]

@Gliderguider

Hi folks,

Many thanks to those that offered critique on my last trade idea (which was bad as based on a false pin bar!) Lessons read, lessons learned, moving forwards!

My next idea, which might not happen as current candle is 6 hours away from closing! Drum roll please, I present to you… the USDJPY Daily

I see a downward trend, I also see support turned resistance in the past 3 weeks.

If the current bar engulfs the bar and wick from yesterday, I’ll consider entering the trade.

Thoughts?? Suggestions that I might need a psychyatrist?

Thanks in advance

GG

Hi GG,

What Spongybob is saying is that, even though it looks like a bearish 2BR, it has formed after a shallow pullback, and is therefore not at swing high. Normally you want a deeper pullback so that when the PA forms, you are selling from a high point (in this case). As always, that’s not saying it wont go further down (probably will, seems to be the trend nowadays!). Thanks for having the guts to post your trade ideas; 'twill take you far I assure you

Cheers!

[Spongybob]

Yes, price breaks support, then swings high to find resistance.

[Gliderguider]

Hi GG,

What Spongybob is saying is that, even though it looks like a bearish 2BR, it has formed after a shallow pullback, and is therefore not at swing high. Normally you want a deeper pullback so that when the PA forms, you are selling from a high point (in this case). As always, that’s not saying it wont go further down (probably will, seems to be the trend nowadays!). Thanks for having the guts to post your trade ideas; 'twill take you far I assure you

Cheers!

Thanks guys, as it happened it pulled back anyway on the candle, I guess I am just guilty of searching for something every day! I am getting better though, finding reasons to stay out of the market rather than get into it.

Having been guilty of participating in up to 5 trades per day on smaller time frames, it’s difficult to sit back and wait for 5-10 trade opportunities per month.

My business plan is getting quite in depth. I have set myself a challenge starting 1 May for 12 months on demo with a £30k account. I hope to return 1% this month, 2% next… Going to 6% then hoping to sustain 6% per month until end of April 13. At the end of each month I will pitch my predicted targets against actual (demo) earnings. At that point it’s a go-no go decision as to whether I stump up the cash for real. I know that demo is different, but believe me, I am treating this a real as possible, because if I don’t achieve these result I cannot commit my family to something I cannot at least prove the possibility of success on demo.

I will however, when the time comes, dip my toe in the water month on month with ever increasing capital. I will hopefully be in the position that we can live for a year without taking any profits from the account, and allow it to build.

I may sound like a bit of a clown in my posts, but I truly believe that I can make this work, and I am very grateful for the advice from those that are making it work for them.

GG

[ywboo3]

@ywboo3

Hi TyrannosaurusForex
A great setup that u have identified. Thanks mate and will do a demo trade and see how it pans out

Hello TyrannosaurusForex,
Tempted to say you have a sharp eye! Just realised on FSO Twitter that the EURGBP trade was also spotted by them as a A+ trade

[Forex_School_Online]

@ywboo3

Hello TyrannosaurusForex,
Tempted to say you have a sharp eye! Just realised on FSO Twitter that the EURGBP trade was also spotted by them as a A+ trade

I thought you were in our forum at FSO? Did you not see the discussions yesterday?

Obviously I can’t post setups I am taking in here or how I managing them as just not fair to members.

Johnathon

[ywboo3]

@Forex_School_Online

I thought you were in our forum at FSO? Did you not see the discussions yesterday?

Obviously I can’t post setups I am taking in here or how I managing them as just not fair to members.

Johnathon

Hi Johnathon
Sorry, I thought the new forum is not ready for transitioning to the new platform. Hence yesterday I did not see the discussion. When I saw that Twitter message today then I thought the new forum platform should be up and tried to log in.

[Forex_School_Online]

@ywboo3

Hi Johnathon
I thought the new forum is not ready for transitioning to the new platform. Hence yesterday I did not see the discussion. When I saw that Twitter message today then I thought the new forum platform should be up and tried to log in.

I will PM to keep our convo out of here.

Johnathon

[dudest]

Thanks guys, as it happened it pulled back anyway on the candle, I guess I am just guilty of searching for something every day! I am getting better though, finding reasons to stay out of the market rather than get into it.

Having been guilty of participating in up to 5 trades per day on smaller time frames, it’s difficult to sit back and wait for 5-10 trade opportunities per month.

My business plan is getting quite in depth. I have set myself a challenge starting 1 May for 12 months on demo with a £30k account. I hope to return 1% this month, 2% next… Going to 6% then hoping to sustain 6% per month until end of April 13. At the end of each month I will pitch my predicted targets against actual (demo) earnings. At that point it’s a go-no go decision as to whether I stump up the cash for real. I know that demo is different, but believe me, I am treating this a real as possible, because if I don’t achieve these result I cannot commit my family to something I cannot at least prove the possibility of success on demo.

I will however, when the time comes, dip my toe in the water month on month with ever increasing capital. I will hopefully be in the position that we can live for a year without taking any profits from the account, and allow it to build.

I may sound like a bit of a clown in my posts, but I truly believe that I can make this work, and I am very grateful for the advice from those that are making it work for them.

GG

Hi GG,

You’re not a clown, everyone starts somewhere
I definitely wish you the best of success in this journey that we’re together walking in.

My personal contribution to your effort will be a recommendation to read an eye-opening post by a dude called ICT found here: 301 Moved Permanently
(Don’t bother with the videos section, or the rest of the thread; just read what he has to say in the main content of the post)

Cheers!
Dudest

[gs8888]

@TyrannosaurusForex

I’m still working on picking out the A+ setups from the others. I think this BEEB on the D1 EURGBP chart looks to meet the criteria. The only thing I’m not sure about is the size. It looks to be the same or larger than the bullish candles leading up to it. It’s with the trend after a pull back (which filled the recent gap) to what looks like a good level. The green dotted lines are where I’d consider setting TP spots, and the red dotted line would be the SL. Thoughts?

Hello TyrannosaurusForex, I see a pinbar in weekly and also price runnin into physc level 0.8000…So how do you base dis trade ?

[Forex_School_Online]

Hello TyrannosaurusForex, I see a pinbar in weekly and also price runnin into physc level 0.8000…So how do you base dis trade ?

I am not Ty but I will answer until Ty comes online.

As for the weekly: In here we only assess the setup on the 1 chart. We do not go to the weekly or the 4hr to assess the merits of a daily trade. The same for target/stops are all to be done on same chart. Many reasons for this.

The Pin on the weekly is not technically a Pin bar as no open and close within previous candle. Yes a very bullish rejection candle but you will see this pin has formed under a gap. Price now did go higher and test this gap. We look for gaps to act as S/R and that’s what has happened here.

The VBRN (Very big round number) of .8000 is a good one and at that level traders could manage safely… many ways to do this.

Johnathon

[dudest]

Hi Johnathon,

I have a query regarding Inside Bars ( have been paying abit more attention to them after reading your article )

With regards to trading IBs as reversal signals at swing high: what do you make of the IBs below on USDCHF H4? Might a reversal be in the offing?

Thanks,
Dudest

[dudest]

Hi guys,

What are your comments on this?

EURAUD H4:

[dudest]

If this system is purely based on price action, and the entries/exits are objective, I would love to see some sort of automation of these entries and exits (at least signals if you want to manually enter/exit)

4evermatt,

IMHO, you will keep waiting a long time for an automation for this strategy…

The reality is, this sort of trading requires human discretion, because even when all the ticks on the checklist align, the choice is still 100% yours whether or not to enter a trade.

IMO, no computer program / automaton can deal with the market’s ebbs and flows in the long run as effectively as the human mind would. Coz at the end of the day, it is human behaviour that is causing the ebbs and flows in the first place.

Feel free to disagree

Dudest

[TyrannosaurusForex]

Hello TyrannosaurusForex, I see a pinbar in weekly and also price runnin into physc level 0.8000…So how do you base dis trade ?

Hi gs8888,

Johnathon’s answer is spot on. I didn’t/don’t even look at weekly charts. I’m just starting to learn to spot PA setups and only look at daily charts. When I spot something that I think looks like an A+ setup, I’m taking the trade in demo and posting the chart here to see what I got right and what I got wrong in my analysis. In this particular trade, I think I need to give more consideration to the VBRN of .8000 and trade management around that level.

I am happy to get the validation that this one is being discussed at Forex School Online. I guess I learned something in the last couple of weeks. :35:

Nick

[dudest]

Hi friends,

Any comments on this?

USDJPY H4 bullish pinbar after pullback:

[machal]

Hi, imo this is trading against trend.

[Pips_Ahoy]

one thing i think i learned this week after losing on the eur/usd and usd/chf trades was the ‘don’t catch a falling knife’ analogy that was repeated in babypips school. after the previous weeks overextension of many pairs i was excited to jump back in with some trades but forgot about this. i was still new to the overextension phenomenon and wasn’t sure how to play it but am now better informed. somehow i thought price would bounce right back up to where it was before the strong down move, but instead it only retraced a bit and kept going, which i was able to capitalize on using proper pa technique as taught in this thread

so it turned out that the bounce i was mistakenly looking for, was just a retracement to s/r where a pa candle formed and price then continued down (what i should have been waiting for)