Forex Price Action

[fjanos]

My resistance level for USDCAD is at 1.1000 ( drawn from monthly ).

Cheers

Hmmmm. Interesting

[cheva282]

Hi Guys, what do you think of the [B]Daily pinbar on USDCAD[/B]? its on an [B]old resistance[/B] from the past and also it seems to have rejected the very important [B]1.10000[/B] psycological level

I know itws a counter-trend and Ive been shorting the USDCAD since a few weeks with not very good results, but maybe thisone could work…

[darthfrancis]

oh hindsight I love/hate you

This is a trade i played but wussed out out at the second sign of trouble instead of sticking to my guns.

Entered at the green star by pin bar then price turned away at red arrow then again at blue arrow where i jumped ship for small loss before going on to hit my tp at 95.25 purple star.

Would of made 25%. But cannot dwell on what has come to pass only look forward to the future and learn from has already happened.

As always onto the next

Darth

[fjanos]

@tonyshieh

Mind to share what is your R&R?
From what I see, your risk is larger than your reward.

Yes please! Especially on the USD/CHF because I took it

[Panupat]

Hi Guys, what do you think of the [B]Daily pinbar on USDCAD[/B]?

The body is too large for my likine - you want its wick to be 3x size of its body to have a nice looking pin.

This is a trade i played but wussed out out at the second sign of trouble instead of sticking to my guns.

I understand that feeling Darth. We all have that experience I freaked out too early in my learning process. There were times when price missed my SL only 3 pips!

But no worries, the lesson is learned and daily time frame is an excellent place to teach you emotion control and patience!

In time you’ll learned to see your SL taken out without feeling a thing. Sounds weird but it’s a good thing.

[Panupat]

My USDCHF levels

Daily

What they look like in H4

I entered on H4 so my final target is the top line. Already moved to BE. I see others taking daily set up aiming for the lower line too.

[knotthead]

Hi Guys, what do you think of the [B]Daily pinbar on USDCAD[/B]? its on an [B]old resistance[/B] from the past and also it seems to have rejected the very important [B]1.10000[/B] psycological level

I know itws a counter-trend and Ive been shorting the USDCAD since a few weeks with not very good results, but maybe thisone could work…

Decent sized pin IMO but I have only had 10 trades since starting the price action formula…so I still go with the trend. If this pops down to 109-ish and gives a 2 bar or pin there then I’ll jump back on for the ride up…

10 out of 10 winners on the PA system! I’m probably TPing too soon, but thus far I am excited! Thanks again Johnathon!

[cheva282]

Decent sized pin IMO but I have only had 10 trades since starting the price action formula…so I still go with the trend. If this pops down to 109-ish and gives a 2 bar or pin there then I’ll jump back on for the ride up…

10 out of 10 winners on the PA system! I’m probably TPing too soon, but thus far I am excited! Thanks again Johnathon!

Hey Knotthead congratz on your trading! maybe you can tell us more about your trades? wich trades you took, what risk you took, what was your R:R… etc remember all that matters is what your R:R is and your % of winning trades, we can have 200 winning trades and zero losers but if we are only making a 0.2% of account balance per trade and risking 3% on our SL then is not so good. make sense?

hope to hear something back from you man and best wishes!!!

[Yumei]

I Placed a pending order under this PB on D1 at 0.90800. i think it will reduce the risky if the price go up.

@Panupat

My USDCHF levels

Daily

What they look like in H4

I entered on H4 so my final target is the top line. Already moved to BE. I see others taking daily set up aiming for the lower line too.

[cwchong]

Hi Guys, what do you think of the [B]Daily pinbar on USDCAD[/B]? its on an [B]old resistance[/B] from the past and also it seems to have rejected the very important [B]1.10000[/B] psycological level

I know itws a counter-trend and Ive been shorting the USDCAD since a few weeks with not very good results, but maybe thisone could work…

IMO, the PB formed would be perfect if its body is much nearer to the 1.1000 and closed below it.

[Kiwiman]

Hi Guys, what do you think of the [B]Daily pinbar on USDCAD[/B]? its on an [B]old resistance[/B] from the past and also it seems to have rejected the very important [B]1.10000[/B] psycological level

I know itws a counter-trend and Ive been shorting the USDCAD since a few weeks with not very good results, but maybe thisone could work…

Hi cheva282

IMO trading with the trend gives better results. The USDCAD has been in a good uptrend for awhile. Not to say counter-trading doesn’t work, but with such a strong up-trend I am waiting for price to do one of two things.

1. break through the 1.1000 KHL and retrace back to it and then go long or
   2)retrace below 1.1000 enough that a good long trade may present itself before reaching 1.1000 again.

Kiwiman

[dudest]

Is that so? Jonathon, Dudest??

No, the level still comes first.

I answered this in a post 3 pages before yours:

http://forums.babypips.com/free-forex-trading-systems/42378-forex-price-action-1637.html#post591459

When price on the Daily is in a place where it’s not been in a LONG time ( so no visible S/Rs ), I go up to higher TF ( e.g Weekly, Monthly ) and most times, you will find KHLs that can now be applied to the Daily.

If price has never been where it is ( in history ), BRNs & VBRNs provide good clues as to where S/Rs could be

Cheers

Cheers

[dudest]

@dudest

My resistance level for USDCAD is at 1.1000 ( drawn from monthly ).

That’s just above the pinbar’s high.

However, for what would be a seriously counter-trend setup, I’d have liked to see a MUCH BIGGER pin

Cheers

@fjanos

Hmmmm. Interesting

…and see how price is struggling now at that level…!

CORRECTION: 1.1000 is a BRN, not an RN (!)

.

[dudest]

My USDCHF levels

Daily
…

What they look like in H4
…

I entered on H4 so my final target is the top line. Already moved to BE. I see others taking daily set up aiming for the lower line too.

I’m aiming for TP3 all the way down at BRN 0.9000 (!)

TP1 hit yesterday same as yours

Cheers

[Average_Joe]

@Kiwiman

Hi cheva282

IMO trading with the trend gives better results. The USDCAD has been in a good uptrend for awhile. Not to say counter-trading doesn’t work, but with such a strong up-trend I am waiting for price to do one of two things.

1. break through the 1.1000 KHL and retrace back to it and then go long or
   2)retrace below 1.1000 enough that a good long trade may present itself before reaching 1.1000 again.

Kiwiman

CT on this pair is very high risk because of the trend as well as the month spent in a consolidation (range) then it broke the resistance and took off from that range pressure. The two levels, green mark off the monthly and white off the weekly levers are the one I am looking intently for a daily or intraday reversal.

[dudest]

@fjanos

I don’t see that the pinbar opened and closed with in the previous bar. Isn’t that a problem to have an A+ trade. I’m just mentioning one of the 3 rules:

Some explanation is needed here please.

Eeeeh… it DID open and close within the previous bar…
[ are you confusing this with another pair/chart ? ]

.

[juancliment]

I Placed a pending order under this PB on D1 at 0.90800. i think it will reduce the risky if the price go up.

Yes, all succesful short trades go down, so by “waiting for” it you will avoid some unsuccesful

Just for you to know, I don’t have that daily Pinbar in my chart.

[tonyshieh]

Followed by USDCHF. Both are free trade now.

What i can see your R:R is 2:1 , you risk 40 pips to get 20pips.
Am i right?

[Panupat]

What i can see your R:R is 2:1 , you risk 40 pips to get 20pips.
Am i right?

Roughly,
SL 40 pips.
Final TP 70 pips.

[jon487]

Price looks like it could be finding support on that chart down at 141.00. Would you consider a long down there?

@dudest

Eeeeh… it DID open and close within the previous bar…
[ are you confusing this with another pair/chart ? ]

.