Forex Price Action

hee i posted this. i guess it is an inside bar. only go short if it goes past 0.84206.

When I see that question I often compare it to someone learning to fly. First they must learn the basics of physics etc and how to fly the place, take off and land. But then after that before they can get their full licence they must spend many hours in the sky logging air time just getting that experience of flying.

Trading is much like that except we refer to it as ā€˜screen timeā€™ and there is no substitute or shortcut for it. You have to put in the hours, 100ā€™s of them. However if you love trading this should be no hardship and over time your eyes will just become so much better at assessing levels and price.

Hi!

Anyone knows a MT [B]5[/B] Broker, who also supports commodities or CFDĀ“s?

Thanks in advance

The way I do it, it boils down to [B]knowledge and skill[/B].

To improve the knowledge, you need to study as much as you can. Thatā€™s why we ask new member to read the first 50 - 200 pages of this thread, and then itā€™s better if you also read all the free articles and watch all the free videos at FSO website.

To improve the skill, you need to practice as much as you can. Use your trade plan and your trade journal to monitor the progress of your trading skill, and discuss it with the community about anything that you cannot answer it first based on your own trade plan and trade journal. More than that, always review your trade success and trade failure with a grain of salt and maintain a savvy business attitude when it comes to money in and money out.

I envision that I will ready to be a full-time trader if I follow this consistently, by around several months or one year at least. What, you think I envision I will be ready within several days or weeks? Being realistic about your goal is also absolutely necessary. :wink:

Hello guys!!

I am a newbie starting out with PA signals, and I have been looking out at the Daily TF for them. I have screenshot quite a few pairs and what are my views in the coming days. I hope perhaps I can hear some comments on my analysis from all of you, especially Jonathan and experienced traders like dudest?

AUD/CAD


AUD/JPY


AUD/USD


CAD/JPY


EUR/CAD


More to comeā€¦

Continuing from my last postā€¦

EUR/GPB


EUR/USD


GBP/JPY


GBP/USD


NZD/USD


1 more to goā€¦

USD/CHF


Sorry for spamming so many charts. Just wanted to hear some views from you guys about my analysis and where did I do wrong.

Hi Leon,

Welcome to price action trading!

Indeed thatā€™s a lot of charts,lol. However I think you are looking at most of them in the right way.
Maybe you want to re-evaluate your view on gbp/jpy, a few pages ago Johnathon posted an in depth analysis regarding that pair. Might wanna have a look at it,no harm in it.

Cheers

Alpari UK MT5 has gold and silver

Thanks for your reply!

Do they also use New York Close 5 Day Charts?

thx in advance.

regards

Actually it was a compliment not a question :slight_smile: but thanks for your answers

Alpari UK unfortunately does not have NY Close 5 Day Charts. :frowning:

You may want to ask Johnathon directly about this issue, though. Try PM-ing him. :wink:

Anyone still long on USDCAD ? USD is having a hard time breaking 1.0330

yes im still in

Guys!! Pls take a look at EUR/GBP now!! On the 4hr chart, a very huge BEEB is forming as I speak. It also touches a resistance line. Perhaps a good signal to start shorting it?

Welcome aboard Leon,

firstly you may want to read my posts on the AUDCAD & GBPJPY.

The next thing is whilst black charts look awesome on your computer for some reason they sometimes donā€™t post well on forums so when I and others go to reply and make comments it can be hard because we canā€™t see your levels or what you have written. So maybe even just if you just use brighter and thicker support and resistance levels would help.

Most of your levels look pretty solid. I just think you should make sure you read my post on the AUDCAD and ensure you keep in mind the trend. The trend is so important and you really want to be finding the obvious trends and then looking for trades within them.

Safe trading,

Johnathon

Thanks for the review john. As always great point. I donā€™t really look at the weekly charts but think i should start.

Also you cleared up a long term question which was "does a BEEB/BUEB body have to engulf the previous candleā€™s body, or just the wicks have to outstretch the previous candle. And from your weekly chart of the BEEB i see only the wicks do.

Thanks again.

There are a lot of pairs ranging at the moment and stuck in sideways trading and that is the biggest danger time for traders because whilst the markets that are in obvious trends are the easiest to trade, the markets in range can tend to whipsaw and chop all over the place. Basically to make money we need price to move in the same direction for sustained periods and this is now what ranges do. Trends do move in the same direction for sustained periods and often for long periods and this is why we recommend newb only trade with the obvious trend because often they can just pick the trend and they canā€™t go wrong.

A good example of pair in a range is the CADJPY. The best play with these clear ranges is to only make trades from the key highs and key lows. Traders get into trouble making trades in the middle. This is no mans land and it is in here I have been seeing traders making a lot of trades recently. It is in this no mans land that price will often whipsaw. This is because price will often hit a lot of minor levels on itā€™s way moving to the major range/high. Whilst price will often move from one side of the range to the other it can be super hard for a trader to stay in just the one trade to get there because price will wip and bop up and down all over the place before reaching the other side. It is super rare that price will move straight from the high to the low or vice versa. Traders need to keep in mind the best trader in ranges and most high probability trades are made from the key high & low and not in the middle of no mans land.

Whilst it pays when to trade it also pays a heck of a lot to know when not to trade and for newbies I highly recommend either avoiding trading range plays and just learning until they are experienced or sticking to demo.

CADJPY DAILY CHART


Johnathon

my sell entry got activated at the 0.8450 level. looked like some good price reversal signs but none that were perfect so didnā€™t bother posting a graph. only problem is the BRN of 0.84ā€¦ so gone for a conservative tp of 0.8380.

funny you should pick that pair as iā€™m stuck in it. lol

I saw A BUEB a few days ago and the pair carried on down but seems the 0.94 is acting as good dupport so going to hold until some real movement.

darth