Forex Price Action

Excuse my ignorance but what is a EOD trader?

Darth

Trades based on the previous closed daily bar - possibly using the weekly and 4 hour bar?

I’m also long EUR/USD despite a lot of traffic next ~50 pips above my entry above pin (looking at 8hr chart)
I understand you guys are not looking at trend line’s so I’m not posting the chart but this pin bar on 4/8 hr chart was rejected also from trend line (from early July low and early September low) It was another clue and reason for entry for me, that if up trend wants to resume, here would be solid place to do it. :slight_smile:

But like I said, there is a lot of traffic above. Setup would be much nicer, if proper pin bar would be created higher. Let’s see how this resolves. :slight_smile:

Thanks Darth

Forgot about the importance of swing high/low point. Just added to my trade plan.

Thanks
Kiwiman

no probs dude its hard being good eh :64:

Darth

Why the Sterling setups didn’t work.

GBP/Jpy Daily


This Pin bar was discussed a few days ago and it was made clear why it was not a high probability setup.

Eur/GBP Daily


While it was a picture perfect pin bar it to formed above the resistance line and rendered it useless. I managed to spot a PA signal that was rejecting 0.8580 but my aggressive stop loss move got me stopped at BE.

Recap

There is a thin line between a high probability trade and a no go or junk trades.

I wish everyone the very best of luck.

Cheers

Kas these posts of yours are getting better everyday :smiley:

Thanks

Hey man here we use daily close, 4hr and weekly its still PA trading just on different timeframes.

darth

Thought I would share my current trade gbpcad daily chart nice bearish pin at a swing high and stopped at KHL.


Thoughts?

Darth

The overall trend is bullish. But maybe you can gain some pips with a short retracement, bevor price goes up again.


Dear all, what do you think of this bearish pin bar on the GBPCAD? quite clear to the 1.6600 level

Hi there,
I am quite fond of this pin bar/doji on the NZDCHF
What are you thoughts??


Hey guys,

sorry have not been around much last few days. I have not been well so have been just been trying to get better at home. Got some good news though. That group of links that I promised you should be finished you should be finished soon I am told! We can all thank Dudest for his hard work on that one.

Dudest has literally gone through 15,000 pages of this thread to pick out the gold nuggets and link them one, by one for you guys and I will then link them at the first post at the start of this thread. This can then act as a learning tool for anyone who needs to catch up or refresh on any point they are unsure of they can jump back and flick to that link.

Next time you are thinking about how hard it is to get through the first 50 or 200 pages of this thread, just remember what Dudest did for all of us! :35:

Johnathon

Please no more fundamentals.

Obvious up-trend on the 4hr? I must be missing something…

The daily chart however is different. The daily chart is still making higher highs and higher lows and if it can move on from here that daily trend may yet continue, but this pin did not form on the daily chart.

If we were fibo traders, this retrace has pulled back over 100% on the 4hr chart! All we have to do it look at the 4hr chart with out eyes to see there is no trend in play. Price has fallen off a cliff and has no clear direction either way.

Remember that price does not trend all that often. It spends that bulk of it times ranging, so learn to trade ranging markets.


EURUSD 4HR CHART


Johnathon

Heya Kiwi,

you really need these bad boys to form up higher and rejecting the key levels. They will give you much higher probability trades that way. Notice how yours is under the level and not up and rejecting it? If your was up and sticking out and rejecting it, it would be a much better play. It is was up higher it would also create space and room to fall into and more risk reward which is more profit for you if it comes off.

Safe trading,

Johnathon

Johnathon, I entered trade on 8hr chart where was nice pin developed.
On 8hr trend is clearly up to me, I added channels for better description.
You zoomed in to 4 hr and yes there is no thend
If you zoom it even further, 1 hr, then you have down trend.

So I guess it depends which time frame you are trading off…


Actually now I remember I was looking at 12 hr chart since there I spotted bottom trend line.
I was switching between 8 and 12 hours and in those those two time frames charts are clearly in uptrend.
Now 12 hr can be zoomed in so much to show/prove no trend.

[B]All hail dudest![/B]

Not many people will have the perseverance -or insanity, take your pick- to go through 15,000 pages. I’m one of those few people who are crazy enough to read everything from the beginning till the end.

Once again dudest has proven that he really deserves and earns my respect till the end. :35:

Hi Vleje;

In this thread we use only horizontal line. Dont use trend line. So your chart must be clear, you can look to Johnathon’s chart.