Forex Price Action

Trading Systems Free Forex Trading Systems
14687

Very nice Darth, Ive already taken the hourly when it appeared a little while ago. Looks good to me and Benedict.

14688

wow thats a great spread.

14689

Thanks for the through explanation Jonathan)Exactly that,s what i was trying to say .In this thread the system we all are using is basically about capturing short term swing s rather than the big chunks of the market)

14690

trades all over the place here is a GBPCHF 2 bar reveral at support/resistance level and with the trend on the 4 hr chart.

Just waiting for it to close.

gbpchf 2br sell.jpg700×394 23.9 KB

comments?

14691

Had my eye on that one too but at this stage it’s moved down way past my comfort level. Strangely, it still looks a viable trade off the 8 hr but the markets will close an hour before the next candle is due (at least for me).

14692

Did u get your sl hit? Price did a u turn. Had a pending set as the last trade I entered I thought was A good entry and had price reverse on me. But anyway pending didn’t get triggered. Thankfully.

14693

Yeah Ive just had my pending triggered. In my opinion I think it’s going to move further down. But I’ve been wrong before lol.

14694

Nice spot Darth, but do you sense deja vu here?

My only comment would be that at this point we are right at the very end of the week which sees the market close down and you leave yourself open to an opening gap next week.

Had this occurred on say a Wednesday I would be all over it and it shows to me that you seem to understanding the whole ‘flip zone’ concept and how PA works.

14695

Gold trade from today:


.
.

Regards

14696

[QUOTE=“darthfrancis;556178”]

Did u get your sl hit? Price did a u turn. Had a pending set as the last trade I entered I thought was A good entry and had price reverse on me. But anyway pending didn’t get triggered. Thankfully.[/QUOTE]

Hey Darth

Yeah I got stopped out for a small loss I’m afraid. I thought the signal was good on the 1hr, perhaps not A+ but it looked decent to me. Fridays are tough and a day I will avoid from now on. Glad your trade didn’t get triggered, good for you. I felt the 4hr pin bar was not at a swing high but thought it complemented the pin on the hourly which is why I took it.

Have a good weekend lord vader!

BA

14697

Thanks for this great thread you started! I have some questions…you said you are looking for obvious setups, pin bars etc. When you trade on a daily chart, do you use multiple timeframes (daily for general price overview and 4H for entry/exit) or you are just looking for pin bars and engulfing bars on a daily chart. How do you draw support/resistance lines? Is there a recipe for “perfect” support/resistance line drawing or…?

Thanks in advance!

14698

[QUOTE=“darthfrancis;556178”]

Did u get your sl hit? Price did a u turn. Had a pending set as the last trade I entered I thought was A good entry and had price reverse on me. But anyway pending didn’t get triggered. Thankfully.[/QUOTE]

Hi again Darth

Just wanted to correct my last post as I wasn’t stopped out as such I waited until 10 mins before the end of the day and then closed my order 20 pips down because I didn’t want to hold it over the weekend.

BA

14699

2 interesting setups weekly setups I am looking at

USD CAD Weekly

A bullish weekly pin bar a few weeks ago showing a clear rejection of below price and now a BUEB engulfing the previous 4 weeks
Looks like this pair is ready to go further up ?

2013-10-26_USDCADWeekly.jpg700×525 53.4 KB

NZD USD Weekly

A bearish engulfing bar, the wick of the candle shows rejection of above price during the week, my concern is that it closed just on resistance (at least on my chart)

2013-10-26_NZDUSDWeekly.jpg700×525 53.2 KB

Thank you for your opinion

14700

Hi Johnathon.
Look forward to studying your style but I wonder am I missing something here?
The …"EDIT:
[B]
INSTRUCTIONS FOR FOREX PRICE ACTION THREAD. PLEASE READ BEFORE POSTING.[/B][/B]

Please read the first 50 pages minimum before posting." …does not open when I click on it and I can’t see any other symbol/word to click? So where are the first 50 pages?
JOH.

14701

It simply means read at least the first 50 pages of this thread

14702

Thanks for the comment. Yeah I guess deju vu but it looked really good. If I get burnt again I guess I’ll stop trading Friday. Im still very much a learner but feel I’m slowly grasping it. Thanks for the advice again

Darth

14703

Yeah I’m learning Fridays are uber tricky leave that to the pros. Off to comic con London.

Good weekend all

Vader out

14704

Hi Sivric,

Welcome to Price Action trading!

Allow me to reply to those questions while Johnathan chims in.

Let us look at the over all approach and breakdown of each stage.

-pull up your daily chart and pick the most recent obvious support which candles have closed at or candle wicks have touched the most.
Same for the Resistance line.

-now identify market structure ie; up/down trend range or consolidation.(more to that later).

-from here you can anticipate where price will move next,and if you find yourself at any of the S/R lines of yours then you would look at lower time frames as well in order to find a PA signal.

Of course there is much more detail to that but the more you engage yourself the more you will learn.
Hope that helps.

Cheer.

14705

Hi All,
[U]Mindset[/U]
Trading conditions have been exceptional different and difficult lately. We saw a market that reflected recent distress originating from various sources that hasn’t been seen in decades, but that happens every year. One year it’s war the other year it’s a natural disaster last year the world was coming to an end so on and so forth.

Understanding where market is swinging is the key here. It really doesn’t matter who says what. The inevitable outcome is on our charts. A few days ago a good friend of all of us who goes by the name ‘Dudest’ mentioned that " mindset has to change in order for profitability to check in".

Now there are a lot of aspects that can affect mindest, some of them are vital to keep and some traders really need to get rid of.
The good things to keep are things like;

Understanding that every trade has the possibility to go completely against you or go several 100 pips beyond your exit.

Realizing that your account needs to steadily grow not in one or two bombastic trades.
(Personally the day I started focusing on each trade’s entry ,exit and risk and not how much money I want to make was my turning point)

Trading following a plan and proper risk managment

These named above are nothing new but are points every successful trader tells you about and rarely are implemented by newcomers for longer than a week or two. Which is a shame.

Bad mindset habits are;

Marrying a trade Idea, entering a high quality trade is core but wanting it to run the way you want and not taking money of it when market makes it available is a bad idea.

Entering a trade just because it gives you a super risk to reward ratio, while it’s great to find such a setup it has nothing to do with traders speculation.

Trade killer, there are several TKs. Entering and closing a position in loss manually. Entering a trade and finding reasoning against it. Not taking a position because there are reasons you come up with outside your trading plan.

These mindset corrections are vital. Some say it is not so important,then I have to ask"how badly do you want this?"

I hope you found it useful.

Cheers

’

14706

Nice post! (Y)