What argument’s he gives to say the price will going lower?
Im a fan of this thread and a relatively new live trader.
I’m guessing price stalled around the 1.0250 level just like in January… and october 2010. Right?
never like to comment because I dont want to mislead any
You do not understand me. This was only example how people look on the same chart. You saw pin bar and say price will go up. Guy from chat look on previous pin bar and say sell. I do not know who guess where the price will go and it’s not a point. I want only say that we must look only big PA on strong S&R levels. Remember last trade on EUR/GBP no one had doubt where price go and all short. We should trade only this signs which are clear to everyone.
Hope it’s now more understandable what i have mean.
Johny i’m right? or maybe wrong? Do u trade this usd/cad? :33:
Cheers
Sounds pretty good to me! No, no trade for me.
Just always remember no matter how great the setup looks it can still fail!!
Johnathon
Aren’t you using something similar to nail fuller course???
Yeah it’s called Price Action trading. Been around for about a gazillion years.
thats good, i like it. been using it. hahaha. easy it. profiting it. hahahahahahahaha
I think Johnathan said recently we need a bullish pin bar to go long.
IMHO course I could be wrong…
It’s in no man’s land my friend; and technically, it’s not a pinbar (did not close within the previous candle)
Hello, I see couple disadvantages:
- Trade against trend
- Pin bar do not close in previous candle body
- Not strong support
So watch out.
Ya, You r right !. Price is still going down.
Hi Johnathon,
I took this pinbar (trade still in progress)
Reason: Was looking for pullback to 1.9400 in order to go long; bearish pinbar formed where reversals have happened in recent past => so hoped to profit on the way down and also hopefully on the way up (after pullback)
PS: given that it was counter-trend (and fresh from EURUSD memories), entered only 1 position and with smaller lot size that i usually do.
Cheers
Hello Johnathon n all. I’ve spotted indecisive candles in AUD/JPY and AUD/USD . Will it be a valid setup to go short on the break of those candles. I know it’s already late, but wanted to know about the member’s opinions.
Hi Dudest, did u play EUR/AUD too? because there is the same sytuation as on AUD/CHF but reversal and problaby u would hit SL on that pair.
Hi,
No, did not trade the EURAUD, only the AUDCHF, for which my SL was 10pips above pinbar high (safe)
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Hi Johnathon, firstly many thanks for your time and effort so far, and for starting this forum thread in the first place.
I have some experience with charting and I honestly have read from the first page but I am missing a huge point somewhere, I do hope you can help me with it.
My problem is finding valid S/R levels on a zoomed out daily chart of, say 2 years. If I draw horizontally at the peaks and troughs, highs and lows I end up with too many lines and I know thats not right. I am unsure of the method you and other successful traders use to validate your S/R levels initially, leaving only a few key levels.
I know this is a fundamental error of mine and I am so keen to start trading PA but I dont trust my own S/R levels at the moment.
I’d be very grateful if you could recap the method you use, I’m really struggling, and slightly embarrassed!
Many thanks, Phil
as long as i don’t touch anything (must…not…trade…) i can chalk this week up as my first profitable week so far with three trades taken:
GBPJPY Daily: Price was in a definite downtrend as with the other Yen pairs. the pull back was of good size and looked similar to the other pull backs before it, which makes up for the smallish PA candle that i got in on. The most similar pair to this one was the EURJPY which was showing the exact same setup, but i went with this one because there is less traffic back in February when price crossed above the S/R line i was trading with. Whereas in January when the EURJPY crossed above the S/R line it left more traffic. Both trades would have turned out the same though as it turns out
GBPUSD Daily: Again this is in a definite downtrend and the pullback was of similar proportion compared to the other pullbacks. This engulfing bar however was also of good size, and i took the trade in spite of the fact that the high of it was less than one pip (!) less than the previous candle. This technically breaks the engulfing bar criteria but considering the size i thought it would still be valid, i mean, it was less than one pip out of spec! In both this and the GBPJPY trades i was conservative and placed one order each and just targeted the first FSA, but now i see i could have targeted twice that and placed two orders on each. I’ll keep this in mind for next time
XAUUSD 4H: Gold was ranging for the past few weeks and i spotted this super sized engulfing bar in the middle of the range and decided to ride it down to the bottom, where price bounced and is now back in the middle of the range. In this case placing one order and aiming for first FSA was a good decision
BTW, can someone explain to me how to figure out the pip count in Gold and Silver? this trade netted me 10.81 but i don’t know if this is 10.81 pips? or…?
@ phil - this is taken from my notes, actually taken from earlier in this thread (almost) verbatim:
bitizhu says - ‘i think the support line on EURCAD is at 1.2885. taking into consideration the lows of january 17 and 14 march. wouldn’t you?’
johnathon replies - ’ yes i agree with your support however this is making a false break of all the recent candle lows. support and resistance is more of a zone and not a hard and fast line’
we only ever need to draw two s/r lines on a chart at one time: one above current price and one below it. since we are trading mostly daily charts here, with the rare 4 hour trade now and then, we do not need to look back 2 years at price. in fact, we only need to know what the recent trend is and mark our two lines based on that, which is a few months of daily candles at most ie what is currently on the screen without needing to scroll back. it’s ok to zoom out to get a view of the overall long term trend and you can sometimes do this after marking your lines to see if they line up with past price levels which they usually do, but when marking the s/r lines mostly we just need to focus on recent price movement because that is what is informing us where price is going for capitalizing on daily price action trading
and when price does break through our s/r lines, we wait to make sure it is not going to come back (price will usually either make a definite break through, or it will just be ‘testing’ the line and bounce back inside it). if it is a strong and fast break we can know almost instantly that it has broken through, and then we can re-mark our s/r lines accordingly. when this happens we can look for the line that once was resistance, to now become support and wait for a bounce off that and vice versa
i recommend reading the thread again and taking notes, it is a gold mine and all the key information is there for you
your comment made me laugh 8-)) after a long day at work !
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