Forex Price Action

[Kasravi]

@555shoe

Hey Guys

First of all I’d like to say: Great and fascinating thread! I am through the index from the first page for the first time now. I hope you wont mind if I post some questions about quite old posts?

But first I would like to put up this setup from EURNZD H8:

Any thoughts on this one?

My thoughts are:
– pinbar looks big compared to last 5 or 6 candles (big enough?)
– Level hold as support several times
– EDIT: Round Number
– FTA imo is about 50-60 Pips away. Not very much but after that there is quite some space
– The action before our Signal was not “over-bearish”. Quite small candles with not much power

Cheers

Hi Shoe,

Welcome to this thread.

I was stalking that setup when it was in the making! However I had to go out so nothing happened on my side.

I think it’s a superb PA signal and valid in every way. Your FTAs are correct .
MArket structure wise eur/nzd made a lower high but yet failed to make a lower low on the daily as it is stuck in
a somewhat ranging market. Which could get tricky.

I wish you all the best.

Cheers

[bizzaro]

im using alpari mt5. they hv 8hr charts. tried to install the timeframe convertor indicator to the original mt4 but it was an extreme hassle

good post, as I’m only running mt4 I dont get 8hr chart but think you have a good trade here. all points above are valid i personally would adjust my t/p slightly but thats just personal preference.

Good job

Darth

[darthfrancis]

audusd h4. beeb stopped at BRN 0.94 at swing high. and yes I’ve changed my bias. ( it happens)

Thoughts?

Darth

[555shoe]

@Kasravi and Darth; thx for your reply

Another question, does anybody know how I can split positions in MT5? I entered severel Pending Orders but when they were triggered they were assembled to one big position. So, now I cant have different TPs…

Cheers

[Kasravi]

@Kasravi and Darth; thx for your reply

Another question, does anybody know how I can split positions in MT5? I entered severel Pending Orders but when they were triggered they were assembled to one big position. So, now I cant have different TPs…

Cheers

Mt5 has got a new type of position netting which is different from the former version .mt4.
Here is how I get around that problem.

For multiple TP targets I set buy/sell stops in the opposite direction, which effectively closes a pre defined
portion of my trade once it get’s triggered.

Hope that helps.

Cheers

[555shoe]

Yes, that helps! Thx a lot :45:

[goldenfisher]

if you want to be pro-active, check saturday/sunday and free your monday up

darth

Weekend with the kids, Monday they’re back to school and the house is quiet again

Claudio

[Kiwiman]

@darthfrancis

audusd h4. beeb stopped at BRN 0.94 at swing high. and yes I’ve changed my bias. ( it happens)

Thoughts?

Darth

Hi Darth
My view.

good points- BEEB has closed below RN (.9400) and is in direction of main trend, it is also sitting at fib 50% line for the larger downtrend ( used for confirmation only).

Not good for me points - BEEB is not big enough (doesn’t stand out enough from other candles), it hasn’t reached my resistance area (.9450) and so is not a swing high. Having said that there is an area to the left in Oct that some may have as a resistance area.

So for me it is not a trade.

Good luck to those who are in.
Kiwiman

[dudest]

@Kasravi and Darth; thx for your reply

Another question, does anybody know how I can split positions in MT5? I entered severel Pending Orders but when they were triggered they were assembled to one big position. So, now I cant have different TPs…

Cheers

Mt5 has got a new type of position netting which is different from the former version .mt4.
Here is how I get around that problem.

For multiple TP targets I set buy/sell stops in the opposite direction, which effectively closes a pre defined
portion of my trade once it get’s triggered.

Hope that helps.

Cheers

I honestly didn’t know MT5 handled trades that way :O, sucks

Thanks for pointing it out guys!

CHeers

[dudest]

im using alpari mt5. they hv 8hr charts. tried to install the timeframe convertor indicator to the original mt4 but it was an extreme hassle

True, no need to hustle with Period Converter when MT5 is available.

I also like having MT4 and MT5 charting so that when an anomaly (e.g weird candle spike) happens, I can compare.

Cheers

[wm247]

Awesome tips. Thanks, Kasravi!

MT5 is here to stay, so we’d better get used to it.

Mt5 has got a new type of position netting which is different from the former version .mt4.
Here is how I get around that problem.

For multiple TP targets I set buy/sell stops in the opposite direction, which effectively closes a pre defined
portion of my trade once it get’s triggered.

Hope that helps.

Cheers

[dudest]

Hey Guys

…

Welcome 555shoe!

[dudest]

Sorry, Coach. I should have made it clear about it. I believe Price Action in Monthly chart works, but there are some modifications in my trade plan.

1. S/R zone becomes more important than ever.
2. Swap or rollover is a serious matter when you consider Monthly tf. Taking Monthly trade setup when the swap is negative is [B]a massive no no[/B]. However, [B]consider taking it when the swap is positive[/B]. Imagine staying in the trade for months or years and you get paid in daily basis while doing nothing when your trade is open! I believe that’s the basic idea of carry trade.
3. With Monthly trade all set, taking Weekly trade setup on the same or correlated pair is [B]a massive no no[/B] as Weekly tf is too close to Monthly tf. However, I have no problem to take Daily tf and lower tf for the same or correlated pair. So it’s virtually business as usual for swing trading.

But then again, this is clearly something you do not condone in this thread, so I’ll restrain myself to discuss this further and I’ll continue the discussion in separate thread. I have discussed this very issue with Krugman some time before, so anybody here can reach me there at Krugman’s thread if you also have similar interest in PA at Monthly tf.

Hey Willy

Johnathon didn’t say he doesn’t condone it, he just said he wouldn’t / doesn’t do it himself.

Anyways just my take of course and as I always say there is many ways to skin a cat and many ways to do things. The poor old cat would not have much left of him now!

Feel free to post your A+ monthly setups

Cheers

[dudest]

@darthfrancis

Thanks for your input, It is hard to get a feel for a pair when your trading nearly everyone one of them that your broker offers but that will come in time I guess. To add I wont’ be trading news by my comment I just meant that I will stay away from a pair that has some major news happening in the short term or set S/L at BE to be on the safe side.

Thanks again

Darth

But won’t that require you to ‘follow’ the news to know which major news is happening in the short term?

What Johno is saying is: even without knowing news was coming out, it was apparent that:

a) The GBPCHF has been choppy, and ranging between levels

b) With that in mind, targets (and management) for the BEEB would have had to be different, targeting the range levels.

It just so happened that one of those levels under the BEEB:

i) was one at which price had bounced around in the recent past

ii) was in the very near vicinity of a round number ( 1.4600 )

iii) was the 50.0 Fib retrace of the previous upswing (!)

i), ii), and iii) equals confluence. Something was very likely to happen there.

I hope I can convince you that the chart suffices

Cheers

.

[dudest]

This is a good bearish signal?

Hallo Watt!, and welcome!

Nice levels you have there. Also, the pin has been formed at a swing high (major plus), and price could easily move down in the coming days.

The only reason I didn’t take it was the pin was not as commanding as PA usually is on the USDZAR (see chart below).

All the best if you’re in!

PS: please strip all indicators off your chart before posting ( THREAD RULE )

Cheers

.

Hey Watt!

Hope you stuck to your plan and took the USDZAR pin, price has fallen away nicely since.

Cheers!

.

[555shoe]

@555shoe

Hey Guys

First of all I’d like to say: Great and fascinating thread! I am through the index from the first page for the first time now. I hope you wont mind if I post some questions about quite old posts?

But first I would like to put up this setup from EURNZD H8:

Any thoughts on this one?

My thoughts are:
– pinbar looks big compared to last 5 or 6 candles (big enough?)
– Level hold as support several times
– EDIT: Round Number
– FTA imo is about 50-60 Pips away. Not very much but after that there is quite some space
– The action before our Signal was not “over-bearish”. Quite small candles with not much power

Cheers

The first TP got hit and my plan was to move the remaining position to BE at this point and I will stick to it cause we dont change plans, but…:21:

when I now look at the chart it appears quite aggressiv to move my S/L so near to the actual price and I wonder if it would have been a “better plan” to move the S/L to just under the 1.61000 Level? I realize that this is up to personal preferances but if anybody has some thoughts on this I would appreciate it.

Cheers

[darthfrancis]

Weekend with the kids, Monday they’re back to school and the house is quiet again

Claudio

ahh makes sense. good plan.

Darth

[darthfrancis]

Hi Darth
My view.

good points- BEEB has closed below RN (.9400) and is in direction of main trend, it is also sitting at fib 50% line for the larger downtrend ( used for confirmation only).

Not good for me points - BEEB is not big enough (doesn’t stand out enough from other candles), it hasn’t reached my resistance area (.9450) and so is not a swing high. Having said that there is an area to the left in Oct that some may have as a resistance area.

So for me it is not a trade.

Good luck to those who are in.
Kiwiman

Yeah BEEB was too small for me too. I left it too. Still could go either way imho.

Good trading all.

Darth

[darthfrancis]

@dudest

But won’t that require you to ‘follow’ the news to know which major news is happening in the short term?

What Johno is saying is: even without knowing news was coming out, it was apparent that:

a) The GBPCHF has been choppy, and ranging between levels

b) With that in mind, targets (and management) for the BEEB would have had to be different, targeting the range levels.

It just so happened that one of those levels under the BEEB:

i) was one at which price had bounced around in the recent past

ii) was in the very near vicinity of a round number ( 1.4600 )

iii) was the 50.0 Fib retrace of the previous upswing (!)

i), ii), and iii) equals confluence. Something was very likely to happen there.

I hope I can convince you that the chart suffices

Cheers

.

Ahh dudest my olde bean you very compelling…as always. Thank you for your insight.

the force is strong in this one me thinks.

Darth

Yeah you are

[wm247]

Hey dudest,

not only that, USDZAR is currently on 50% Fibo and strong killzone area. If there is a great PA signal, we can go long with the trend.

@dudest

Hey Watt!

Hope you stuck to your plan and took the USDZAR pin, price has fallen away nicely since.

Cheers!

.