Forex Price Action

justise · January 12, 2014, 7:45am

thats not a solid pin bar at all…it happened at a swing high

justise · January 12, 2014, 10:42am

also one thing i noticed while doing these backtests is that the daily TF is so much more reliable than 4H TF…a pin bar on the daily almost always work out

tonyro44 · January 12, 2014, 12:45pm

Adding to your comment, when the 4 hr and the daily both go the same direction, their is a force to be taking advantage off.

dudest · January 12, 2014, 12:54pm

Hallo Ah Q,

We look for trouble areas in the same time-frame that we take the trade in.

Trouble areas are minor S/R zones in the path of your trade, that you can choose to manage your trade at.

Cheers

justise · January 12, 2014, 1:42pm

good table i just read…know the difference when your trading a trend

Forex_School_Online · January 12, 2014, 11:23pm

Never say never. It’s all a learning experience. Some of the best trades can come against the trend because they can offer the most space for price to move into with the biggest risk reward, but the risk is the right times to play them and for new traders this is what takes the longest to learn.

Johnathon

Forex_School_Online · January 12, 2014, 11:24pm

Great job! Keep up the great work and have a cracking 2014!

darthfrancis · January 13, 2014, 3:28am

I think this is a great looking setup, plan to take this myself.

Darth

darthfrancis · January 13, 2014, 3:37am

hey buddy,

Can I ask, as this beeb has formed at a swing high although not a big one and formed at the VBRN of 2.0000, what makes you think its in no man’s land?

Appriciate your point of view.

Darth

darthfrancis · January 13, 2014, 4:16am

Gutted. This has left the station without me on it. In fairness I would of missed it as I would of set a retracement entry anyway.

Did you go for it dudest?

Darth

Average_Joe · January 13, 2014, 4:58am

I took the EURNZD 1H setup instead but that GBPNZD definitely is on steriods!

Panupat · January 13, 2014, 4:58am

I wouldn’t call it a swing high as there are some candles that went higher. So I guess the real thing to consider here is - if the Big Round Number over weighs its position being in the middle.

What you choose is really subjective. I didn’t take the trade. A few senior traders over at FSO did.

And yes it’s on steroid lol. Went down like a rocket.

wm247 · January 13, 2014, 5:35am

No problem, mate. Here you go:

I’d rather go short from higher resistance, in my case the red area. Also, you should have noticed that the recent trend is bullish.

The only good thing about this trade is that the BEEB definitely rejects VBRN 2.00000, but that’s not good enough PA story for me.

darthfrancis · January 13, 2014, 5:48am

thanks mate, yeah see your point. I guess its subjective, I think this was a good setup. Plus if price was above the VBRN and you were shorting I would be very concerned about the 2.000 below it. But thats just hyperthetical talk.

Always appriciate your insight.

Darth

Chromeo12 · January 13, 2014, 5:57am

How much does a VBRN really matter if it has been broken on several occasions recently?

Panupat · January 13, 2014, 6:18am

Many many traders will still take some actions around VBRN, so I say it’s always relevant. It’s all psychological.

Forex_Fyver · January 13, 2014, 6:40am

Hi Jonathan,

Many thanks for all of your work here. I’ve been keenly watching USD/JPY over the past few weeks and would be curious to get your thoughts on the relevant PA levels? Want to make sure I’m looking at it correctly and appreciate your opinion. Thx!

wm247 · January 13, 2014, 6:58am

Then the smart move of course is to consider VBRN 2.00000 as your FTA, right? And then, we could start looking for opportunity to go long from that VBRN. Either way, we still win at the end.

dudest · January 13, 2014, 7:40am

Bummer for missing it.

Yes, I took it. TP1 already hit.

Cheers

dudest · January 13, 2014, 7:48am

In other news, I hope you made the payment with my firm for using my image!!