Forex Price Action

[cams75]

Alpari UK sometimes shows different chart than the New York standard chart we use at this thread. That also answers some of the previous posts from another member who insisted of using Alpari UK a lot. [B]Not recommended to continue using Alpari UK for the sake of discussion here[/B], but of course you are free to continue using Alpari UK in your own personal live trade. Since you have Axitrader -it has our standard New York close chart- already, you can continue posting the next chart for discussion using Axitrader, mselva.

That might be me you are talking about

But I am not sure why Axi are the correct NY charts when I have live accounts with FXpro, ATC Brokers and Alpari UK all of which have the same candles and NY close. I also have a demo with Tradersway which also have the same candles as my live accounts.

Point taken I guess if Axi are the correct charts for this thread even though most the other brokers have been around alot longer would have considerably more account holders than Axi.

[dudest]

Thank you for your continuous support and help my issue now is that I don’t know how to put S/R with candlesticks I mean with line chart it is pretty obvious but after I switch back to candlestick how do I tweak ?

Cheers

Post up some charts and let’s have a quick back and forth and figure it out

CHeers

[dudest]

@mselva

Hi:
I’m thinking going short on EURGBP D1:
Pin Bar on resistance.
Space to the left.
BRN 0.8500

It is against the present trend but I think there is space to reach the support and then looking for Long.

I will appreciate your comments.
Cheers

Hi mselva,

That was pretty brave of you, considering that the pin is technically not a pinbar ( e.g tail not x3 the body ) and the levels on the way down… All the best if you are already in.

Cheers

.

[dudest]

That might be me you are talking about

But I am not sure why Axi are the correct NY charts when I have live accounts with FXpro, ATC Brokers and Alpari UK all of which have the same candles and NY close. I also have a demo with Tradersway which also have the same candles as my live accounts.

Point taken I guess if Axi are the correct charts for this thread even though most the other brokers have been around alot longer would have considerably more account holders than Axi.

Hallo cams,

Any 5-day NY-close charts are acceptable (so long as they strictly follow that spec); nowhere has it been set in stone that Axi are the correct charts.

If your sure about your charting broker and candles match up, then you’re good to go, no hand holding

Cheers

.

[dudest]

Any comments?

.

[bhops]

@dudest

Any comments?

.

Yeah I’m thinking very hard about taking it. I like that it stalled out yesterday with an IB it suggests to me that price is winding up to make a fast break one way or the other.

[dudest]

Watching…

.

[rcreddyvanga]

Buy trade on USD/CAD buy stop order 10 pips above high of BUEB.

Chart USDCAD, H4, 2013.10.15 09:08 UTC, Ikon Group, MetaTrader 4, Demo - MetaTrader Trading Platform Screenshots

Chart USDCAD, H4, 2013.10.15 09:09 UTC, Ikon Group, MetaTrader 4, Demo - MetaTrader Trading Platform Screenshots

[Kasravi]

@dudest

Any comments?

.

Awfully Nostalgic!

Cheers

[marketdeal]

@dudest

Any comments?

.

It,s against the recent uptrend .What strong market levels you have for taking a counter trend setup like this?

[marketdeal]

Too much with the trend trading opportunities are coming)

[Forex_School_Online]

Johnathon I was a little confused here because clearly that level the pin formed at is not a key level so Darth had no business shorting at that level (No offense Darth )

I am not sure what else you would have me say to Darth… Would you like me to say “why on earth did you trade that pin bar Darth!!!”

Keep in mind I did say to Darth;

Just keep in mind moving forward that you really gotta be careful when playing small pins on intraday charts against the recent trend/momentum. You will notice there were some really large candles moving up into this area before the pin and then the smallish pin.

What you have to keep a look out for is when we get really large candles with full bodies making a big strong move either higher or lower and then a small pin bar. These are not true reversal pin bars and this is why we say it is so important to only trade big and obvious pins and that stand out.

I think Darth did really well. That pin was by no means no where near even close to some of the setups I have seen in here and Darth managed it really well.

I do agree with what you are saying, but at the same time I in this thread we are trying to show traders where they can improve and open their eyes, not slam them down. :60:

Johnathon

[bhops]

@dudest

Any comments?

.

I’m now in it.

[darthfrancis]

[QUOTE=rcreddyvanga;550816]Buy trade on USD/CAD buy stop order 10 pips above high of BUEB.

Chart USDCAD, H4, 2013.10.15 09:08 UTC, Ikon Group, MetaTrader 4, Demo - MetaTrader Trading Platform Screenshots

Hey just my humble opinion, but looking at your graphs it seems your buy stop is at a recent resistance level. Personally too much traffic to the left for a good setup but will be following you on this from the sidelines to see how it goes for you. It is a nice BUEB though.

darth

[darthfrancis]

I’m now in it.

I saw this last night and wish i acted on it but looks good still and hopefully it won’t drop too much in price before a get home.

Darth

[tse13]

It,s against the recent uptrend .What strong market levels you have for taking a counter trend setup like this?

i agree with marketdeal or should i say i don´t understand why this is a high probabiltiy setup?! it is nearly against all that is teached in this thread?!

• against the trend
• no pullback
• no reversal pattern? (ok on H4 you could see one but not really outstanding and obvious)

is it some kind of advanced stuff?

maybe someone can please enlight me! i would have wait to let it break through, then testing this area and go long with a sign.

[Forex_School_Online]

Thank you for your continuous support and help my issue now is that I don’t know how to put S/R with candlesticks I mean with line chart it is pretty obvious but after I switch back to candlestick how do I tweak ?

Cheers

Forget your line charts all-together. They don’t hold the information you need. You don’t want to be marking your levels with line charts and then switching back to candles and then tweaking. That is just way to confusing and candlestick charts contain the most important info we need which is in the wicks. This is where we can learn where price has been and where price can and cannot close above/below.

If you don’t know how to mark support and resistance correctly then you can read tutorials on marking levels and I have also tonight just made a new video discussing why not to use line charts and exactly why they are such a problem and how to use the wicks of candles to mark better key levels, but this wont be released for around four days or so and when I do I will put it up in here so keep an eye out.

Johnathon

[bhops]

@tse13

i agree with marketdeal or should i say i don´t understand why this is a high probabiltiy setup?! it is nearly against all that is teached in this thread?!

• against the trend
• no pullback
• no reversal pattern? (ok on H4 you could see one but not really outstanding and obvious)

is it some kind of advanced stuff?

maybe someone can please enlight me! i would have wait to let it break through, then testing this area and go long with a sign.

Are you talking about the EUR/CAD D1?

I would call this range trading and wouldn’t recommend it for beginners. However we can see price has clearly hit the top of a well defined range and stalled.

Although I don’t place a huge amount of stock in them price has formed something of a ‘double top’ pattern. See below:

If we get a close up look at the level price has stalled there and has now printed out a BEEB on Friday. The BEEB also contained a wick which shows a false break through Resistance before whipping back.

Yesterday was an Inside Bar and today we have finally had a break of the BEEB to go short.

[EternalNewB]

I’m now in it.

care to share your entry point and your FTA ?

I am having a hard time deciding on those

EDIT: I just saw your detailed explanation post thanks for this !

Entry point is at the break I guess ?

[bhops]

@EternalNewB

care to share your entry point and your FTA ?

I am having a hard time deciding on those

EDIT: I just saw your detailed explanation post thanks for this !

Entry point is at the break I guess ?

Entry was pretty standard on the break of the BEEB. My FTA is included here as well.