Forex Price Action

[bygjj]

Im not sure what do you call this two parallel bars but looks good sell to me. Have not trade this yet.Any comments

[fxpagaila]

USDJPY H1 Chart:

Reasons:

1. pinbar off obvious support
2. align with previous uptrend

Entry: approx. 1 pip beyond the break of the pinbar
Stop loss: 2 pips below the pinbar tail
Target: key resistance @79.70

[dudest]

Watching…

1. If price forms bullish PA at support, will go long
2. If price breaks support, will wait for pullback to previous support and look for PA to go short

[machal]

Hello,

AUD/NZD on H4 - Pin Bar + BUEB - What u think?

[machal]

and the zoom in…

[philwest]

Hi bygjj, I think it is a bearish bar that is just inside the previous bullish bar range, am not sure if it is a solid enough signal. I’d be tempted to see if price tests the resistance again and see what it does from there.

sorry meant to post under your chart!

[bygjj]

Hi bygjj, I think it is a bearish bar that is just inside the previous bullish bar range, am not sure if it is a solid enough signal. I’d be tempted to see if price tests the resistance again and see what it does from there.

sorry meant to post under your chart!

Thanks looks a double bar which suggest reversal. Is it worth trading.

[philwest]

Thanks looks a double bar which suggest reversal. Is it worth trading.

Some other opinions would be good but personally I wouldn’t, as the bearish bar did not engulf the low of the bullish bar.

[Forex_School_Online]

Im not sure what do you call this two parallel bars but looks good sell to me. Have not trade this yet.Any comments

This is still valid until the high is broken.

Try and think of these as Pins formed over two sessions.

What worries me is the traffic is trading into and also it is doesn’t stick out much. What this means is if this is a Pin bar the nose only pokes out away from price a little way. We like to see pins stick well away from all other price which this does not.

If you did take it god luck.

Johnathon

[Forex_School_Online]

@machal

and the zoom in…

Looks solid enough. The only reason I didn’t take was because of a lot of traffic just above it.

That support is valid and until that holds this has a fair chance of going higher.

Johnathon

[fxpagaila]

Thanks, Machal.
The setup is good, but i don’t trade it because it’s against the previous downtrend.

I would look a pullback to level 2853 or,
wait a break down and pullback to the blue line (2769).

[bygjj]

This is still valid until the high is broken.

Try and think of these as Pins formed over two sessions.

What worries me is the traffic is trading into and also it is doesn’t stick out much. What this means is if this is a Pin bar the nose only pokes out away from price a little way. We like to see pins stick well away from all other price which this does not.

If you did take it god luck.

Johnathon

No. I did not. thanks for feedback.I am stil not good in eyeing an A+ setup. Will continue to study. Thanks philwest. I appreciate all comments.

[ariffx]

@dudest

Agreed with hemantarora.
You didn’t indicate exactly where you entered but (working with your chart and assuming you bought after the ‘pinbar’), you bought at a dangerous place, since you bought high (instead of buying low, as per this method; incase this doesn’t make sense just holla back and it’ll be explained). I think you have the support rejection to thank for the success of your trade, but in the long run, such entries could end up costing you badly.

Using candle counts (i.e the candle you indicated is the 18th 2-hour candle this week), the 18th 2-hour candle in the New-York close chart is the one below. It is physically a BUEB (bullish engulfing bar) but not the kind we look to trade since it didn’t close within the last 1/3rd of the bar (in the buy direction) [ At best, one may argue it is a 2-bar reversal, but that long upper wick doesn’t add to the integrity of the setup ]. Essentially what would be helping someone here if they took the trade would be the rejection of the support level, but not because price decisively showed that it wanted to go up. We want to stack the odds in our favour before committing money to a trade (thereby increasing its chances of success)

All the best!

thanks my friend for correcting me…i am new to this forum and learning price action…Johnathon is very cool at price action…i am wondering about the difference of you and mine two hours chart…your chart seems more reliable…which broker you have preferred?

Thanks

[ariffx]

Eur.Usd is risky to trade with Greek election ahead…but is this long wick in the weekly chart signalling price rejection downward?

Thanks

[dudest]

@fxpagaila

USDJPY H1 Chart:

Reasons:

1. pinbar off obvious support
2. align with previous uptrend

Entry: approx. 1 pip beyond the break of the pinbar
Stop loss: 2 pips below the pinbar tail
Target: key resistance @79.70

Hi fxpgaila,

Saw that your entry was triggered. How did you manage this trade?
I hope the partial profit didn’t turn into loss (given the reversal)

Cheers

[dudest]

thanks my friend for correcting me…i am new to this forum and learning price action…Johnathon is very cool at price action…i am wondering about the difference of you and mine two hours chart…your chart seems more reliable…which broker you have preferred?

Thanks

Aloha Ariffx
I have preferred broker Pepperstone (5-day, New-York close charts)

Cheers!

[sepramfx]

Hello Johnathon Fox I agreed with you that my set was not an A+ set up bcoz the pin bar is just a small bar. But am glad that I did not close the trade as u have advice me not to, since the direction was not certain. My profit target was reached at 1.2639 with about +124 pips from entry Now the price is reversing is it advisable to go short. I cant figure out a short setup for now. shown bellow is my E/U 4H chart

[Spongybob]

Hi sepramfx

Do you honestly like your charts like that?? I must be getting old! :30:

[machal]

I have preferred broker Pepperstone (5-day, New-York close charts)

Hi

To all of you, tell me which broker you use to live trade?

Cheers

[dudest]

@ariffx

Eur.Usd is risky to trade with Greek election ahead…but is this long wick in the weekly chart signalling price rejection downward?

Thanks

Hi again Ariffx,

Thanks for posting Weekly EURUSD chart! (would not have bothered to check). Below is my OPINION
[ Disclaimer: opinion below is NOT trading advice and is purely just that, an opinion ]

I’ll start with the price action hypotheses (as stated by Johnathon earlier in this thread) that I also hold to:

Price Action candles are thought to already have the news and fundamentals of a currency pair factored into them. In other words whatever the news does it is already showing us on our charts. Of course at times new announcements will make price react a little more than usual, however price in most cases will already be showing us the way it before the news release.

As the little guys in the huge market that is Forex we do not have anywhere near the knowledge of the big guys so give up on trying to trade based on what the news is telling you. By the time you have found out what the news has done the banks and big players have made their millions (if not trillions) and closed their positions. All the while your are still working out whether you want to go long or short based on the new announcement! Forget it! The Price Action will reflect exactly what has happened in the news and fundamental, so as long as you know how to trade price you will never have to worry about following the new announcement or fundamentals.

The long wick you have mentioned on your charts is similar to what is on my chart, and is a classic “hanging man” / “inverted pinbar” [ NOTE: The candle still has about 11hours to go, so it could change in that time ]. BUT if it remains an inverted pinbar, it could be saying alot! Why?

=> Normal pin(nochio) bar: price actually wants to go in the direction OPPOSITE to its long tail
=> Inverted pin(nochio) bar [aka hanging man]: this one tells the truth, price wants to go in the direction of the long tail

From Babypips School (single candlestick patterns): Lone Rangers - Single Candlestick Patterns | Japanese Candlesticks | Learn Forex Trading

The hanging man is a bearish reversal pattern that can also mark a top or strong resistance level. When price is rising, the formation of a hanging man indicates that sellers are beginning to outnumber buyers.

The long lower shadow shows that sellers pushed prices lower during the session. Buyers were able to push the price back up some but only near the open.

This should set off alarms since this tells us that there are no buyers left to provide the necessary momentum to keep raising the price.

Charts

=> Weekly: inverted pinbar at resistance
=> Daily: price at resistance (previous support) after pullback

From the foregoing, it would seem to me that price is wanting to go down from the ~ 1.2642 resistance.

Now, I honestly don’t have any entry parameters for a hanging man ( like I do for a pinbar ). Since this is on the weekly, I’d look to the daily and 4-hour for other PA clues confirming a bearish action. That said, in times of high volatility (e.g US Non-Farm Payroll), it may be wise to not be in a trade containing the affected pair. And from all the buzz going around, Sunday’s event (Greece election) could cause pretty serious volatility/spikes before price corrects

On the whole, I’m no prophet but if I’m reading price correctly, resistance will either be broken and we’ll be looking for pullbacks to enter the (new) uptrend OR (more likely) resistance will hold (read: Greece will get anti-bailout government, portending more problems for the eurozone) and price will rocket down in the short-term.

Alternative views most welcome and encouraged :)!

Safe trading,
Dudest