Forex Price Action

[Kasravi]

Nzd/jpy 2nd tp hit.

It was a rough ride but well worth it.

Cheers

[EternalNewB]

Nzd/jpy 2nd tp hit.

It was a rough ride but well worth it.

Cheers

always a pleasure to read success stories

well done

[mselva]

Hi SF:

In my case I don’t pay attention to any news. It is my understanding that the maket it is intelligent enough to anticipate any news, so, if I try to “trade the news” I’m entering late and most of the time I will be in the opposite side of the big guys.

A Pin Bar it is a reversal signal, so, if you see a reverse in the previous trend after a Pin Bar, it is a move that the Pin Bar (the market) anticipate about the news.

Lastly, I try to stick to bigger time frames (4H minumum). I believe than a pin Bar at 1H TF has less weight to reverse a big previous trend.

Best Regards,

Hi mselva,

OK, fair enough, still, asking if you would pay attention to it before you enter a trade: a nice pin bar on the 1H chart, followed by a massive move in the reverse direction because the GDP failed to meet expectations or any other of the kind - how would than the fake signal on the pin bar would be explained?

Thanks to have your own replies.

On a separate matter - be sure I well red more than 50 pages of the threat.
As I have been in it for some time therefore I thought going deeper as a member.

Do not get me wrong guys, all I want is a bit more clarity on the backstage.

My best regards to all!

[robocop1]

Darth, referring to GBP/NZD trade. Seems like the idea is going to change and now I will rather wait the daily bar to close under the long term support; 1.90 and will rather wait price to come back for shorting opportunities.

[dudest]

@darthfrancis

further analysis on gbpnzd.

seems a double bottom has formed on the 4hr.

What do you all think? and how to play this?

Hey, Darth,

What PA was your trade based on?

.

[dudest]

Hi Darth,

I think it is a super decent level!

It’s a range play BTW. 1.90 to 1.95 area. Ther was an excellent daily pin bar too, which unfortunately was taken out.
But this small 4hr does the work.

Cheers

Small H4 pins against that down-move = not a good idea

.

[cams75]

Hi Jon, Dudest or anyone else,

I have a favour to ask. Can someone link me to any articles in this thread re: drawing support and resistence?

The problem I have is that I think mine are at correct levels and then someone posts a chart that conveniently has a nice PA at either their S or R. Mine are sometimes not at the same levels but rather more so at major S&R if you understand what I mean.

It’s seems that to some extent you can fit support and resistence in any where you want within reason and there is no right or wrong but your interpretation of key levels.

Also when placing do you draw lines at the wicks or the bodies of the candles

Sorry for the noob question but it has been bugging me for sometime now.

PS love the thread and I am in profit trading only the dailys for the last 6 months or so:53:

[dudest]

@wafikjabra

Hi everyone,

I would highly appreciate it if someone can tell me why this pinbar trade has lost grounds. Thanks

Hallo wafik, long time no see

I like your level (blue marked); my level is exactly at the same place.

With that in mind (and putting aside the fact that every trade has a probable outcome), would you say the pinbar was formed at swing high?

Further reading: Forex Trading Signals to Avoid

– VS –

.

[dudest]

Hi Jon, Dudest or anyone else,

I have a favour to ask. Can someone link me to any articles in this thread re: drawing support and resistence?

The problem I have is that I think mine are at correct levels and then someone posts a chart that conveniently has a nice PA at either their S or R. Mine are sometimes not at the same levels but rather more so at major S&R if you understand what I mean.

It’s seems that to some extent you can fit support and resistence in any where you want within reason and there is no right or wrong but your interpretation of key levels.

Also when placing do you draw lines at the wicks or the bodies of the candles

Sorry for the noob question but it has been bugging me for sometime now.

PS love the thread and I am in profit trading only the dailys for the last 6 months or so:53:

Hey cams!

Price Action Holy Grail - Support and Resistance

Cheers

[chisha]

Thank you for pointing that out Dudest I appreciate it!

@dudest

Hey chisha!

Another mid-range setup.

Only worse is that CADJPY D1 has several levels that price could turn ( e.g see 94.00 not far below the BEEB )

Would rather only take a trade from the top & bottom of the current range.

.

[chisha]

Hey Kas!
I’m in this trade as well but I haven’t closed it out.

Nzd/jpy 2nd tp hit.

It was a rough ride but well worth it.

Cheers

[Kasravi]

Hey Kas!
I’m in this trade as well but I haven’t closed it out.

Good on you, I still got a portion left, but I think it has pretty much topped out.

Cheers

[dudest]

EURNZD D1: watching

.

[EternalNewB]

Any comments on the BEEB of GBP USD Daily ?

Pros:
Weekly gap still needs to be filled
Day closed below S/R line
Engulfing 4 previous candles
look what happened last time price broke below this level

Cons:
Low wick show supports below
I am not sure if engulfing bars can be treated as continuation (since momentum is already down for a few days)

thanks

[Mr_B_A_Barracus]

[QUOTE=“EternalNewB;551923”]Any comments on the BEEB of GBP USD Daily ?

Pros:
Weekly gap still needs to be filled
Day closed below S/R line
Engulfing 4 previous candles
look what happened last time price broke below this level

Cons:
Low wick show supports below
I am not sure if engulfing bars can be treated as continuation (since momentum is already down for a few days)

<img src=“301 Moved Permanently”/>

thanks[/QUOTE]

Hey ETB

I looked at this too but felt that I would be trading into resistance which is very close by. There is nothing out there for me tonight.

BA

[wm247]

Actually the setup worked well as far as a counter-trend trade I would have expected if I took this trade myself.

Without further ado, this is what I think went wrong with your trade:

1. You entered this when the candle had not been fully mature yet, didn’t you? A big no-no. Never enter at market order, always enter at pending order. I learned this the hard way myself. :17:
2. You’re taking a counter-trend trade with that smallish pinbar as your entry bar. You’re a one brave man, Darth. But if you want to enter a CT trade, keep in mind that you need to have a much more powerful entry bar to ensure price really move to the direction you want.
3. Your TP is too ambitious. You should have identified a lower possible trouble area, maybe around the previous lower low or Round Number like 1.91000.
4. You have been losing a lot this last few days, so that should have told you that you are not ready to even go live or take any timeframe lower than Daily tf or even take another counter-trend trade setup. Please focus on Trend trade in Daily tf and higher tf at demo account for now. Keep this is mind: trend is our friend till the end.

Just my 0.00002.

@darthfrancis

For the interest of education here is my lesson…

So here is the GBPNZD on the 4hr chart. to me it seems that it has formed a double bottom at a BRN of 1.900 and at a swing low. I got in at the purple line with red being my S/L and green being my T/P.

To me it seems like a valid entry but price across the board spiked for some reason and took my trade out. This has been 4 consecutive loss in 2 days but i’m happy where i went wrong with the other 3.

All comments welcome

Darth

[wm247]

This thread is for Price Action discussions only. Please do not post about indicators or news. There are plenty of other threads where traders can discuss this info.

We are only concerned with [B]high probabily Price Action setups that form at great levels[/B]. If you are after a thread that simply enters inside bars and hopes to make money this is not it. There are other threads for that.

We are not about making a million trades but [B]making a few really great ones that have a high probability with low risk[/B]!

Read more: 301 Moved Permanently

Nice reminder, Mario!

Some of our fellow members have started their own thread when they believe that there are important issues in Forex that they also want to discuss but only in their own terms. You can check their thread also, like the thread from Krugman or Kasravi.

Always keep in mind, though, that just because they are formerly (or still) active members of this thread, [B]they do not necessarily strictly embrace the way we at FSO do our trading in this thread[/B]. Krugman, for example, always claims that he simply ‘builds on top of what we at FSO already know’, but I will take his claim with a grain of salt. In his Price Action thread, Krugman emphasizes a highly rewarding trade, but at higher risk than we normally embrace at FSO (in short, much higher RRR). Remember that we at FSO embrace a high probability with low risk trade, while Krugman embraces a totally different concept. Later Krugman even admits that his winning rate is actually really low (can be so low to 20% Win Rate in his bad month), but it is justified with his insanely high RRR (can be 1:20 in his best of the best setup).

Now, Krugman is an excellent mentor himself, and I know from my old discussion with him that he really is passionate about Price Action way of trading. But keep in mind that outside FSO thread and website that Johnathon Fox himself has created or officially embraced, you must always take someone’s claim about FSO -whether it’s built upon what we’ve learned or any similar claim like that- with a grain of salt.

Just my 0.00002.

[mselva]

Hi ENB:
Take into account that the GAPs not always will be “filled”. Most of the time it will act as support, which already did in this case. Bears wants to re-take control but they lost the momentum. Price is in consolidation and although there is a BEEB, price wasn’t able to close below the current box.
I suggest you wait for a signal to guide you about the new direction once price leave the box.
Good Luck.

@EternalNewB

Any comments on the BEEB of GBP USD Daily ?

Pros:
Weekly gap still needs to be filled
Day closed below S/R line
Engulfing 4 previous candles
look what happened last time price broke below this level

Cons:
Low wick show supports below
I am not sure if engulfing bars can be treated as continuation (since momentum is already down for a few days)

thanks

[guardian09]

Whats the difference between just a normal s/r and a KHL?

What would characterise a KHL?

[wafikjabra]

@dudest

Hallo wafik, long time no see

I like your level (blue marked); my level is exactly at the same place.

With that in mind (and putting aside the fact that every trade has a probable outcome), would you say the pinbar was formed at swing high?

Further reading: Forex Trading Signals to Avoid

– VS –

.

Hi Dudest,

Yes, I have been on the quite side for a while. Thank you for your kind reply which I highly appreciate. Yes, I do see the pinbar at a swing high ( I feel so anyway). I also think that the opposite double pinbar on weekly had a stronger impact (which I didn’t see till later). It is certainly very helpful to know my mistakes. Thanks again