Forex Price Action

[Chromeo12]

@Panupat

EURNZD H4 Huge pin. Still 1 hour before it closes.

I don’t like this for a few reasons:

1. It’s so big that, if you place your stops sensibly (imo) it’s a fairly poor RR (maybe 1:1.5?)
2. EURNZD is currently ranging on the daily and this is bang slap in the middle of the range.
3. It’s not really at any sort of level of key resistance.

About the only things it has going for it is it’s a big pin bar and it’s formed right against the 61.8 fib level (not part of the strategy on this thread but they help me set my S/R levels.

[MarcusMav]

I set a pending trade on the USD/CHD D1 PB at 0.9079 (below the PB). Saw the initial price moved up was thinking of cancelling my pending order but kinda got busy and left it till later my day. Thankfully i didn’t and it hit my TP of 0.9010, for once i am thankful i didn’t rush to cancel the order. :10:

Hi Guys,

Seeing how USD/CHF has exploded downwards, i am reviewing my earlier trade. I had set a TP at 0.9010 earlier thinking that 0.9 BRN would post significant resistance, however it broke through pretty easily. Given the strong move, should i have kept moving my TP and SL lower, tracking the trade more closely giving it further room to trade lower? Just thinking how i can improve for my next trade, comments welcome as always.

( thankfully i took the GBPCHF D1 BEEB, which help lessen the pain :13:)

[dudest]

it actually was literally 3 pips away from my TP

Bummer for that mate. Don’t worry about it, happens to the best of us

[dudest]

Hi Guys,

Seeing how USD/CHF has exploded downwards, i am reviewing my earlier trade. I had set a TP at 0.9010 earlier thinking that 0.9 BRN would post significant resistance, however it broke through pretty easily. Given the strong move, should i have kept moving my TP and SL lower, tracking the trade more closely giving it further room to trade lower? Just thinking how i can improve for my next trade, comments welcome as always.

( thankfully i took the GBPCHF D1 BEEB, which help lessen the pain :13:)

Hey Marcus,

All I can say is whoa, trade management is so personalized, there are really no rights or wrongs (as Bryce says), so long as it makes you money & improves as your trading mindset gets better.

However, I’d just like to make a caution. Tampering with SLs and TPs when it wasn’t in the plan from the get go could lead to inconsistent results. All the good + great traders seem to have a great capacity for moving on after a trade ( whether it continued by 10 or 100 pips).

Nice weekend!

[cheva282]

Hey Guys, Im looking to enter on the retrace of H4 NZDUSD Pinbar for a better RR what you guys think?

[cheva282]

@cheva282

Hey Guys, Im looking to enter on the retrace of H4 NZDUSD Pinbar for a better RR what you guys think?]

I think Im going to forget about this trade… on the H4 NDZUSD there is also a simmetrical triangle going on there… in case of broken down + the head and shoulder we can expect a down move there

[tonyro44]

Well, i like the trade but we are now in week-nd mode, so i will look at it again the beginning of next week. Have a great week-nd and there is allot of good trades forming for next week.

I think Im going to forget about this trade… on the H4 NDZUSD there is also a simmetrical triangle going on there… in case of broken down + the head and shoulder we can expect a down move there

[Kiwiman]

Hi cheva282

please remove any indicators you may use before posting charts here. We don’t use any indicators in our PA trading style.

[dudest]

If the market closes as-is for the weekend, of all the setups for next week, I like the GBPAUD D1 CT PINBAR best.
Nicely formed with tail sticking out up & away, and body right under a BRN (1.9000)

[dudest]

Hey Guys, Im looking to enter on the retrace of H4 NZDUSD Pinbar for a better RR what you guys think?

…

Retrace entries on pinbars are a BAD IDEA brah, not worth pursuing.

Taking the break works just fine

[cheva282]

Hi cheva282

please remove any indicators you may use before posting charts here. We don’t use any indicators in our PA trading style.

Hi kiwi I didnt posted any indicator everything You see is drawn manually by me. The green area is a head & shoulders pattern that I drawn wich is pure price action. And the green and red zones are tp and sl zones for The trade. So no need to remove anything

[Chromeo12]

What are your thoughts about trading pull-backs in general? I can see major support at ~1.8200 at the 38.2% fib level of the current up-trend which offers solid 2.6RR (or 3.7RR if you push it a bit and go with the 50% retracement) presuming one uses the break of the top of the pin-bar as your stop.

I’m a little concerned with trading against such a strong up-trend even given the heavy resistance + strong reversal signal.

Also what are peoples thoughts on using trailing stops with such a trade and closing on clear reversal signal?

[sachithgh]

GBPCHF form 3day false break BEEB at nice resistance area.

this market at clear range now.

[fjanos]

@dudest

Scenario:
–> H4: Lovely pinbar at swing high and with a BIG down-trend behind it
–> D1: Counter-trend 2BR at swing low with some upper rejection

When faced with conflicting signals, the rule of the thumb is to pick the BEST ( in terms of A+ checklist ).

However, if there is ANY doubt (e.g none is better than the other), the wisest thing to do is to STAY OUT (and let the bulls/bears/foxes/sharks have a go at each other till a clear direction emerges).

Cheers

@jadd806

Hi fjanos, I saw this in my analysis tonight as well. Notice that the bullish 2 bar on the Daily tested that resistance level and was unable to break it, generating the pin we are seeing on the 4 Hour chart.

If you short, you have the trend at your back, but you are going against the bullish 2 bar generated on the daily. If you go long, you’re trading against the trend. We have conflicting signals here and my advice would be:

When in doubt, stay out!

I mostly watch the Daily charts on about 25 pairs and have not taken any positions all week. The set-ups just haven’t been there.

@Average_Joe

Yes, never take a trade when in doubt!
However I look at this trade in a different way. EURGBP is a measure of the their individual divergence to the USD. Looking at Cable and Fiber, I see cable broken resistance and fiber meeting mid level resistance hence EURGBP is in a down trend. If I believe that cable has less drag because it is in breakout mode then the EURGBP downtrend should continue.
The problem is the time zone. We are in asian session and this is a 4H signal with a small stop size in pips. I pulled up an ATR(50) calculation for better sampling size and I get 18pips average volatility so the pin is within the tolerance. Next problem is do you trust this signal in this TZ?
It may work but I personally would wait for the London Open.

I didn’t take and it was wise decision because see:

[fjanos]

@dudest

Nice rejection of support. But has quite some resistance to fight on the way up. Not for me.

Cheers

And the winner is the one who didn’t take it. EUR/JPY

[Forex_School_Online]

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.

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.

I think you have now worked out; the rule states the pin bar has to open & close within the previous candle and this can be anywhere within the previous candle. This is wick and body included.

[Forex_School_Online]

Finally the waiting has paid off, my current trades

GBPJPY long open at 171.00
EURJPY long at 141.00
USDCHF short at 0.9115

It’s a good day.

Darth

Great trading Darth!! There simply has been some great trading in here the last couple of weeks!

Great job!

:35::35:

Johnathon

[Forex_School_Online]

@cheva282

Hey Guys, Im looking to enter on the retrace of H4 NZDUSD Pinbar for a better RR what you guys think?

We don not take retrace on Pin Bar’s for a very specific reason. Here is a link from the front page about retrace entries: http://forums.babypips.com/free-forex-trading-systems/42378-forex-price-action-340.html#post391118

Basically it goes against the whole method that we are using in here. It may work for other methods like many other things do, but the way we are trading in here with A+ high probability setups to then start taking random retrace entries blows the probability out the window.

Safe trading,

Johnathon

[Forex_School_Online]

Is that so? Jonathon, Dudest??

There only time you would use price action alone and not go on the price action story such as trend/key levels etc is when price has broken into fresh ground like on the DAX and Dow at the start of the year when they reached all time highs and there literally was no other price to go from. In this situation when I actually was in a breakout trade in one of them I had no other choice but to trading using price as it went higher, but this is the ONLY time we ever want to do this.

Every other time we can as Dudest said jump to higher time-frames or just zoom the chart out to look for other levels etc

Safe trading,

Johnathon

[Forex_School_Online]

@dudest

…and the cleanup crew yells “Boom shakala !!”

.

I am now catching up and going through some posts. Some super trading!

:35::35::

Johnathon