Forex Price Action

[Kasravi]

Hey guys im back!

Went to Bali and China for holiday during the past 1 month and now finally back! Hello ALL!

I really enjoyed myself and glad to be back to join you guys again!

Just noticed one thing during my trip. I cannot focus in forex while on holiday so the Holiday and earn money at the same time scenario doesnt work for me lol.

ANW,

There’s one more good news to share with everyone – I’ve FINALLY Sign up as a member of FSO ( have not yet receive any email though )! TADAAAA! Congrats me pls

Hopefully i can access by tonight and catch up the fast growing post you guys are spamming!

Lastly!

There’s so many Potential A+ setups tonight!! Woohoo! Have fun guys, talk to ya guys soon!

Jack!

Hi Jackson,

Welcome back!

Yeah there is a lot going on today.

Cheers

[chisha]

Hello!!

[QUOTE=jackson905;554964]Hey guys im back!

Went to Bali and China for holiday during the past 1 month and now finally back! Hello ALL!
]

[chisha]

Hi guys!
Anyone short the BEEB on AUDSGD 12HR? It looks solid.

[chisha]

Chf/jpy 12hr 2bar reversal

[jackson905]

Chf/jpy 12hr 2bar reversal

I’m looking close at AudJpy D2. Gonna slp for afew hours first! Nite!

[Kasravi]

Chf/jpy 12hr 2bar reversal

Hi chisha,

You got a level there, and the market structure is up so you are going for a CT.That Setup is big on a swing high and sticks out like a are thumb!
But Like you outlined on your chart FTA is sharpish, causing me to think if that is a quality setup afterall.

Well spotted though!

Chers

[FTC]

Hi All,

Posting after a long time… Any takers for AUD/USD. Chart and targets given below: (If this has already been discussed , just let me know the post number)

Thanks
HA

[Forex_School_Online]

@FTC

Hi All,

Posting after a long time… Any takers for AUD/USD. Chart and targets given below: (If this has already been discussed , just let me know the post number)

Thanks
HA

Welcome back,

yes I like this one. It is a counter trend setup with the most recent strong momentum moving higher which also means it brings with it more risk and not for newer traders, however if price can break the low of the engulfing bar I will be looking for price to move lower and into the near term support.

AUDUSD DAILY CHART

Safe trading,

Johnathon

[Forex_School_Online]

@jackson905

I’m looking close at AudJpy D2. Gonna slp for afew hours first! Nite!

Very interesting chart… Where would traders in here put their levels on the 2 day or daily chart of the AUDJPY?

AUDJPY 2 Day Chart

[jackson905]

@Forex_School_Online

Very interesting chart… Where would traders in here put their levels on the 2 day or daily chart of the AUDJPY?

AUDJPY 2 Day Chart

I notice it on D1 first then move to D2 to enter and manage.

Jack

[Tweedster]

Hallo Tweedster!, and a hearty welcome to the thread :)!

<snip>

#3.
Despite the candle being an engulfing bar, going long would still not have been a good play.
Yes, the trend would have been your friend, but you would have been BUYING HIGH instead of BUYING LOW (this is KEY!)

In real life, you buy things when they are cheap, not when they are expensive. And you sell things when their price is high, not when their price is low. In short, you BUY LOW and SELL HIGH.

A BUEB is a [B]reversal[/B] signal to go long, and therefore must be taken when price is LOW (not at a high).

If this does not make sense, please holla back and we will explain further, as this concept of BUY at SWING LOW and SELL at SWING HIGH is KEY.

#4.
Lastly, when we spot a valid setup, we do not enter right away ( i.e, we do not press BUY or SELL ). We set a pending order ( e.g for a BUEB, we set a BUYSTOP order above the high of the BUEB ) so that price can confirm the setup by breaking its high [ or in the case of a bearish signal, by breaking its low ]. So in your case you would have never been in the trade, as price did not break the high of the BUEB.

Incase of need for further clarification, holla back right away!

Cheers

Thanks for taking the time to explain this all to me - really appreciate it and it all makes a lot more sense now! I was completely ignorant of the subtlety of placing the buy/sell order in a place of confirmation, which should have been obvious to me really!

I will continue to follow this thread with interest and will no doubt have more very amateur questions as time goes on.

All the best.

[chisha]

Hi Kas,
yep you’re right about the FTA being close and as we can see price hasn’t been able to break the low of the setup because of this trouble area and it looks like it might close above resistance but it’s too early for me to make that call.

Hi chisha,

You got a level there, and the market structure is up so you are going for a CT.That Setup is big on a swing high and sticks out like a are thumb!
But Like you outlined on your chart FTA is sharpish, causing me to think if that is a quality setup afterall.

Well spotted though!

Chers

[bhops]

@FTC

Hi All,

Posting after a long time… Any takers for AUD/USD. Chart and targets given below: (If this has already been discussed , just let me know the post number)

Thanks
HA

I like your levels and will be managing my trade similar if this breaks lower.

[marketdeal]

@FTC

Hi All,

Posting after a long time… Any takers for AUD/USD. Chart and targets given below: (If this has already been discussed , just let me know the post number)

Thanks
HA

With you on this one)Sell stop pending order has been set on the break of the BEEB, but i am managing this a different and i had no TP2 because i believe counter trend trades live for a short time.
Plus Points:-

1. Very strong PA on a important market level
   2)On weekly chart price is currently at a very important resistance level with a bearish rejection candle rejecting it.

[darthfrancis]

hey all, exciteing week in the fx market.

got a quiery on the aud/usd every comment says its a counter trade. In my opinion is with the trend as the overall trend is a down trend. Yes it has been climbing higher recently but in my humble opinion i think it has a long way to fall.

darth

[Kasravi]

I like your levels and will be managing my trade similar if this breaks lower.

Filler…

[daydreamer65]

hey all, exciteing week in the fx market.

got a quiery on the aud/usd every comment says its a counter trade. In my opinion is with the trend as the overall trend is a down trend. Yes it has been climbing higher recently but in my humble opinion i think it has a long way to fall.

darth

It depends upon which timeframe you are basing your trend on.

below we see the daily chart, with the most recent downtrend marked
off with the fib tool.

As you can see we have just hit the 50% retracement of this downtrend,
now where does it become an uptrend?

I would say follow the crowd they say CT, I say CT. (ie trader beware)

So if we are buying on dips a nice PA pattern on the 38.2 would be nice.
(which is also the 50% level of this leg up)

[darthfrancis]

It depends upon which timeframe you are basing your trend on.

below we see the daily chart, with the most recent downtrend marked
off with the fib tool.

As you can see we have just hit the 50% retracement of this downtrend,
now where does it become an uptrend?

I would say follow the crowd they say CT, I say CT. (ie trader beware)

So if we are buying on dips a nice PA pattern on the 38.2 would be nice.
(which is also the 50% level of this leg up)

Thanks for your response dreamer, you highlight a important point though…now where does it become an uptrend?

So when “does” a downtrend actually become a uptrend?

Darth

[daydreamer65]

Thanks for your response dreamer, you highlight a important point though…now where does it become an uptrend?

So when “does” a downtrend actually become a uptrend?

Darth

Not sure how the guys here define it, I am sure someone will come in &
give us more info. However if you follow the link below it is a vid. by Queen
Cleopiptra which maybe throws some light on the subject.

Watchlists, Directional Bias, and Time Frame Selection Guidelines | Forex Blog: Chartology

It is also stated to follow the crowd, what is their opinion, therefore that is our opinion.

[Kasravi]

Thanks for your response dreamer, you highlight a important point though…now where does it become an uptrend?

So when “does” a downtrend actually become a uptrend?

Darth

Hey Darth,

Let me explain this(with irony if you don’t mind).

There are momentums pushing price up and down,but where do we consider it an up trend or downtrend? Since we are swing traders we care about swings,quite plausible. That is why we look at what we call a 1-2-3 reversal. These dashes BTW. The numbers is not just to make it look fancy,they represent three steps of the legs price produces on the daily chart in order to change momentum.

(Blah blah is over here comes your answer)
Technically speaking 1-2-3 reversal is the structure of a high-higher low-higher high movement on the charts for an uptrend and vice versa for a downtrend.

FAQ

What if price keeps bouncing from the Last high and low?

Then you are in a range.

What if price just moves a bit higher than the last high and then snappes lower than the last low and moves back somewhere in the middle?

That means the market is being a moody cow and can’t make it’s mind up ,some also call it consolidation.

What if on the weekly chart price was moving down since 1970?

I should have been clearer about that. You are looking to trade on the daily or lower and have to identify a 1-2-3 reversal
on the daily TF.

But that is insane, you can’t deny such a strong overall trend,even the 15min and 4hr chart is strongly suggesting a move lower!

I have to apologize for my inaccuracy in replying. We are looking for clear higher highs and higher lows for an uptrend just like steps on a staircase and vice versa for a downtrend.

Hope that helps.

Cheers