Forex Price Action

[Faw_Rex]

@darthfrancis

Seeing that weekly trades are hot stuff atm thought I’d share this beauty/

AUSUSD W1 pin bar

swing lowed and stopped at KHL. think i might take this.

Thoughts?

Darth

I’m seeing that PB stuck under the 0.94 RN which has also acted as a strong flip point in the past.

The bar itself isn’t very large, hasn’t closed above the RN and doesn’t give me the confidence for a trade.

Just my limited newbie opinion

P.S They really need a new way to display images on this website…

[bhops]

Hi, I’ve started being really picky with my trades therefore none this week that fit my trading plan, Bummer!!
So I was wondering as I don’t trade lower than the 4hr t/f where do i find 8 and 12 hr charts on MT4, maybe these will throw some PA signals my way. Otherwise are there any brokers out there that can offer this with New York close.
Steve.

Try Roboforex Steve.

[Kiwiman]

… where do i find 8 and 12 hr charts on MT4, …
Steve.

Hi Steve1972

See below as Dudest put up on p89 post#886 how to get different T/F on MT4.

Steps in MT4:

1. Open H4 chart
2. Under Navigator ( “View” > “Navigator” ), expand “Scripts”
3. Drag “period_converter” into the H4 chart, set ExtPeriodMultiplier value to desired value [ e.g in this case, 3 => 4x3=12 ] and “OK”
4. Go to: “File” > “Open Offline” => you’ll see, for example, “AUDJPY,H12”; select and click “Open”
5. Voila, new chart in desired timeframe opens (as offline chart)

Read more: 301 Moved Permanently

Kiwiman:)

PS. To exit these charts and return to a standard T/F, ‘click’ on tags at bottom of charts.

[GivenName]

Hey guys.

Is there a glitch in my charts or did something really weird happen the last hour on nzd/usd, nzd/jpy etc…?
Can’t post pictures atm, but it shows a drop and pullback (pinbar basically) worth like 6-700 pips.

Cheers, Gn!

[Kasravi]

Hey guys.

Is there a glitch in my charts or did something really weird happen the last hour on nzd/usd, nzd/jpy etc…?
Can’t post pictures atm, but it shows a drop and pullback (pinbar basically) worth like 6-700 pips.

Cheers, Gn!

Hi,

Yeah it went crazy ,it hit my second Tp and stopped me out for the rest.

Cheers

[Kasravi]

@darthfrancis

Seeing that weekly trades are hot stuff atm thought I’d share this beauty/

AUSUSD W1 pin bar

Darth

Hi Darth,

Aussie weekly

I reckon we have a candidate here, the weekly gold chart looks similar and we all know the Aussies love gold!

Market structure wise I preferred that price stopped higher at the former swing high but now it plunged under it
and in order to make some gains it has to fight it’s way up through those two possible long trade busters that I marked.

That said, I think it could be a mover but with that wick it wouldn’t wonder me if it doesn’t.

Cheers

[Jcandle]

@Kasravi

Hi Darth,

Aussie weekly

I reckon we have a candidate here, the weekly gold chart looks similar and we all know the Aussies love gold!

Market structure wise I preferred that price stopped higher at the former swing high but now it plunged under it
and in order to make some gains it has to fight it’s way up through those two possible long trade busters that I marked.

That said, I think it could be a mover but with that wick it wouldn’t wonder me if it doesn’t.

Cheers

A nice plan of attack while you wait would be to set your entry orders at those weekly S/R zones then go ahead and zoom the microscope down to the 15m chart and scalp your way to either position.

[Wookie1985]

hey everyone, i used to be pretty active on this thread but having just moved back to the uk from hong kong i havent had any real time on my hands, hope everyone (bhops, dudest, johno, krugman etc…) is still around and active and i’ll hopefully be talking to you all a little more

[Kasravi]

A nice plan of attack while you wait would be to set your entry orders at those weekly S/R zones then go ahead and zoom the microscope down to the 15m chart and scalp your way to either position.

Hi Jcandle,

While what you are saying sounds all exiting it doesn’t really fit in the type of trading we practise.

Safety comes first! That’s why if anyone enters that trade they would wait for the high of the week to break and
would manage the trade further on the weekly.

However some peers are more advanced and would look for signals on lower TFs in order to catch a reversal earlier or
at a more logical level. But that pinbar is fairly small and you wouldn’t need any advanced entry tricks to get around
a massive stop loss.

Hope that helps.

Cheers

[Jcandle]

Hi Jcandle,

While what you are saying sounds all exiting it doesn’t really fit in the type of trading we practise.

Safety comes first! That’s why if anyone enters that trade they would wait for the high of the week to break and
would manage the trade further on the weekly.

However some peers are more advanced and would look for signals on lower TFs in order to catch a reversal earlier or
at a more logical level. But that pinbar is fairly small and you wouldn’t need any advanced entry tricks to get around
a massive stop loss.

Hope that helps.

Cheers

I understand everything you’re saying and its absolutely correct. What i was outlining was a crude and broad explanation of scalping a few pips here and there if you really cant wait and sit on your hands for the higher time frame breakout. Since all degrees of trend are operating at the same time it’s safe to conclude that since the market is all fractals you can still trade those smaller time frame range breakouts and be rewarded its just not worth it to the retail forex trader. Also stop loss placement and risk acceptance tolerance is different for every person, what one trader might think about a weekly bar 40-50 pip stop loss is acceptable another trader might find to much of a risk and is only willing to risk 10 pips to see if the trade is going to work out. This is where execution and strong beliefs come into play. Now low risk high reward is what separates the amateurs from the professionals.

[darthfrancis]

@Faw_Rex

I’m seeing that PB stuck under the 0.94 RN which has also acted as a strong flip point in the past.

The bar itself isn’t very large, hasn’t closed above the RN and doesn’t give me the confidence for a trade.

Just my limited newbie opinion

P.S They really need a new way to display images on this website…

hey dude thanks for your input, you have a fair point. Personally I don’t think that the RN of 0.94 has held strongly as your graph shows only one real rejection point, I would hope for 2 or at least 3 rejections to make it a valid support/resistance point. But if you felt like this was something you wanted trade on still you could set your entry past the 0.94 say 0.943.

I’m still on the side lines as it is rather small in comparison to some other PB’s on this pair but feel I will keep a close eye on this.

Darth

[Kasravi]

I understand everything you’re saying and its absolutely correct. What i was outlining was a crude and broad explanation of scalping a few pips here and there if you really cant wait and sit on your hands for the higher time frame breakout. Since all degrees of trend are operating at the same time it’s safe to conclude that since the market is all fractals you can still trade those smaller time frame range breakouts and be rewarded its just not worth it to the retail forex trader. Also stop loss placement and risk acceptance tolerance is different for every person, what one trader might think about a weekly bar 40-50 pip stop loss is acceptable another trader might find to much of a risk and is only willing to risk 10 pips to see if the trade is going to work out. This is where execution and strong beliefs come into play. Now low risk high reward is what separates the amateurs from the professionals.

All true,but we are not discussing scalping methods in here.(this thread)
We look for high probability trades with strict entry and management rules.

Trading slow,smooth and steady.

Cheers

[Jcandle]

All true,but we are not discussing scalping methods in here.(this thread)
We look for high probability trades with strict entry and management rules.

Trading slow,smooth and steady.

Cheers

Yup i agree i certainly wasn’t making an argument for scalping with such insignificant information with regards that even small trading ranges have high probabilities strict entry and money management rules that abide. I was was under false pretense since i didn’t read the first page of the thread which is titled "forex price action’ and was just talking about the nature of possible price movement.

[Faw_Rex]

hey dude thanks for your input, you have a fair point. Personally I don’t think that the RN of 0.94 has held strongly as your graph shows only one real rejection point, I would hope for 2 or at least 3 rejections to make it a valid support/resistance point. But if you felt like this was something you wanted trade on still you could set your entry past the 0.94 say 0.943.

I’m still on the side lines as it is rather small in comparison to some other PB’s on this pair but feel I will keep a close eye on this.

Darth

If you look back further on the chart you will see how many times it has bounced off that RN.

The image upload on this forum is terrible

[darthfrancis]

If you look back further on the chart you will see how many times it has bounced off that RN.

The image upload on this forum is terrible

Fair one.

Darth

[goldenfisher]

The processes of learning, when you read and practice on a given subject, and every now and again something “clicks” in your brain, some call them “aha moments”, I call them steps forward.

I have just realized that, for example, the bigger the engulfing bar in any given setup, the higher the probability of the trade and at the same time the bigger the stop loss. That is exactly why the risk reward ratio becomes secondary in this kind of trading, high probability trades (like a huge engulfing bar) go the right way most of the time (quotation needed…), so that we don’t mind running the risk of getting “stop-lossed” (I have just coined a new verb…) with a high loss relative to the possible profit. I also understand that this is exactly why our take profit levels have to be accurate in order to maximise our profit and/or moving our positions to a break even situation as soon as we can, and we can do that by being aware of any trouble areas where the price has had issues in the past.

This might not make any sense to most here, I just felt I had to share.

Have a great week, all.

Claudio

[Kasravi]

The processes of learning, when you read and practice on a given subject, and every now and again something “clicks” in your brain, some call them “aha moments”, I call them steps forward.

I have just realized that, for example, the bigger the engulfing bar in any given setup, the higher the probability of the trade and at the same time the bigger the stop loss. That is exactly why the risk reward ratio becomes secondary in this kind of trading, high probability trades (like a huge engulfing bar) go the right way most of the time (quotation needed…), so that we don’t mind running the risk of getting “stop-lossed” (I have just coined a new verb…) with a high loss relative to the possible profit. I also understand that this is exactly why our take profit levels have to be accurate in order to maximise our profit and/or moving our positions to a break even situation as soon as we can, and we can do that by being aware of any trouble areas where the price has had issues in the past.

This might not make any sense to most here, I just felt I had to share.

Have a great week, all.

Claudio

And then there was light…

Cheers

[Kiwiman]

Hi,

Yeah it went crazy ,it hit my second Tp and stopped me out for the rest.

Cheers

Hi

I am with Pepperstone and none of my charts (30) are showing any abnormal price movement at all. Just wondering are you all with the same Broker?

Kiwiman

[Faw_Rex]

Hi

I am with Pepperstone and none of my charts (30) are showing any abnormal price movement at all. Just wondering are you all with the same Broker?

Kiwiman

I use HotForex as my broker. I’ve had a great experience with them so far.

I previously used Alpari UK for around 6 months+ and they were good also, but I changed for a wider product range as I have interest in different markets.

[Forex_School_Online]

Yep, same. plus the high is the pair’s ultimate highest point which tends to be tricky trading.

Darth

Heya Darth,

sorry have not been in past few days. Have been super busy. Nice to see the GBPCHF 4hr BEEB did move into the first area we discussed. How did you end up managing with this market being so choppy and such a close first area to your entry?