Forex Price Action

jadd806 · February 4, 2014, 6:04pm

Haha yep, good catch. Long day for me today.

Those charts I just posted were from my MT4 Demo Account. I also use FXCM.

darthfrancis · February 4, 2014, 6:06pm

jadd806:

Nope, not a pin bar - none of the action (open or close) is within the previous candle’s body. Also, shorting would have you trading straight into resistance (as you marked). Unfortunately this was the “best” set-up I noticed in my analysis tonight. Don’t feel like you have to trade… no point in taking a mediocre set-up.

That swing low is at a level which has been tested several times in the last few decades - chances are it’s going to hold again. So, that’s likely as far down as price would go, and you have to fight through that resistance plus the choppy zone near the swing low to even get there.

My decision was, it’s a C grade set-up at best.

Edit: Closer view to demonstrate that this is not a pin by the definitions we’ve been using here:

And of the recent swing low, with quite a few years of history:

Honestly, after some more thinking I am feeling pretty bullish on this pair… If I’m feeling really risky later I may enter into a long position. Support seems to have held, and reward:risk would be huge to catch the bounce (which will be quite a decent move, if history is any indicator).

Hey dude, a couple of things, firstly thats a pin bar full stop and a good one. That is a great S/R line you’ve marked on your graph but if the the trend is down, retracted and formed great PA at the previously marked S/R then its time to sell especially if there’s 200-300 pips to grab on the way down.

I’m all for a long trade if the PA presents itself at that great weekly support you drew but the best indicator is price action my good sir.

Darth

jadd806 · February 4, 2014, 6:09pm

I was fairly certain that Johnathon had defined the pin bar as having to open/close within the body of the previous candle?

robsfx · February 4, 2014, 6:17pm

Thanks for the feedback jadd.

I am investigating trading longer time frames. Currently, I do not trade news intraday. I trade around the news. I generally do not open a position 20 minutes before or 20 minutes after pending red news on the pairs I am trading. If the Fed is talking I extend the time to an hour.

I only trade the Euro/US Dollar and Pound/US Dollar and have all my charts on one screen (see photo) so I can trade quickly off of a server on any of my devices including smart phone. I have the software programmed to send my phone alerts when a good entry trigger surfaces.

I included a snapshot of my charts. The top 3 horizontally are the EU, the bottom 3 (blue color) are the GU.

The far left charts (M5-M30) are my entry charts where all my trades are placed.

Currently I never hold a trade overnight or over the weekend.

I am interested having another type of system for longer term trades on another Mt4/different account.

One cool feature is that my support and resistance boxes are drawn and disappear as price action changes.

Thanks again for you thoughts.

learningpips · February 4, 2014, 6:42pm

Look like a nice reversal pin bar on AUD/NZD. Strong downtrend and long wick bar. A+ set up ? Any thoughts ?

I just cant get the image to be bigger

Superfly · February 4, 2014, 6:54pm

Hi guys,
Greetings from rainy Ireland. I’ve been following this thread for since October with great interest. The most informative thread with a great bunch of people willing to help each other. It’s refreshing.
I’m still on demo and finding my way with Price Action. After a weeks of falling into some of the traps that Jonathan highlights I have tried to really just take it back to basics to ensure I get on consistent results. So real babysteps for me until I see consistent results. All I am looking out for is

Most obvious pin bars at at the correct levels on daily TF only.
Trading with the trend.
Keep a journal, keep it simple.

I am looking at this PB on the daily AUDNZD and I like it. Thoughts?

It’s good to finally join in after lurking about for a while !

Good looking PB which opens & closes within previous
With the trend
At a KHL

Thanks,

Update: In the time it’s taken me to make my first post I see Darth and one other member posting the same setup. This makes me feel better

Yumei · February 4, 2014, 8:58pm

Hi Superfly,
This is a nice A+ setup, i took this also, but with a pending short order ( live trade) at 1.08100. i only enter the trade when the price comes back to our favourate direction.

Superfly:

Hi guys,
Greetings from rainy Ireland. I’ve been following this thread for since October with great interest. The most informative thread with a great bunch of people willing to help each other. It’s refreshing.
I’m still on demo and finding my way with Price Action. After a weeks of falling into some of the traps that Jonathan highlights I have tried to really just take it back to basics to ensure I get on consistent results. So real babysteps for me until I see consistent results. All I am looking out for is

Most obvious pin bars at at the correct levels on daily TF only.

Trading with the trend.

Keep a journal, keep it simple.

I am looking at this PB on the daily AUDNZD and I like it. Thoughts?

It’s good to finally join in after lurking about for a while !

Good looking PB which opens & closes within previous
With the trend
At a KHL

Thanks,

Update: In the time it’s taken me to make my first post I see Darth and one other member posting the same setup. This makes me feel better

sett_burana · February 4, 2014, 8:59pm

It’s a valid PB, open/close within the previous candle (body and wick).

Ace08 · February 4, 2014, 9:12pm

Superfly…I was just looking at the same setup. Thinking of taking it as well.

fjanos · February 4, 2014, 9:57pm

Thanks for the answer and sorry for my ignorance but Would you elaborate on this one? CT - Counter Trend? Where in EUR /JPY ? What does that mean?

fjanos · February 4, 2014, 10:01pm

I think It’s A+

Open and close within previous bar or candle’s wick and body. 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.
Candle wick minimum 3 times the length of the candle body
Long nose protruding from all other bars (must stick out from all other candles).

Everything checked

Ace_Trader117 · February 4, 2014, 11:35pm

I was all over that pin bar.

Panupat · February 5, 2014, 12:02am

CT = counter trend yes. At a glance you can see that the pair was moving down strongly.

Panupat · February 5, 2014, 12:09am

Thought it was interesting how AUDNZD pin bar looks very different on 2 brokers.

Pepperstone left, FXPro right

Ace_Trader117 · February 5, 2014, 12:55am

Yeah some do that use a Broker that uses the New York close candles

abc2005 · February 5, 2014, 1:32am

HI
this is my Eur/jpy Daily TF .
I don’t have any SR here , I don’t know where you spotted this SR level .
The way I see it , I want to buy it 135.40 , It’s weekly SR along with 50% Weekly Fib .

I’ve inserted my pending orders on aud/nzd , it’s perfect .

a question ,we’ve a nice BUEB on Gbp/Usd . Its big and beautiful But it’s exactly on an important resistance are plus a very big bearish candles on 4h and specially on daily TF that keep me away from it .
Do you guys think is it still a good setup on gbp/usd ?

Thanks

Velniukstis · February 5, 2014, 2:15am

I assumed that you want to go long on that BUEB and it would be counter trend (CT) on EUR/JPY. Also remember to buy from swing low and sell from swing high.

dudest · February 5, 2014, 4:18am

No.

Open and close is within body & wick of previous candle [ i.e, open and close anywhere within the previous candle ]

.

dudest · February 5, 2014, 5:18am

I personally won’t be taking the AUDNZD D1 pinbar

My S/R was was at 1.0900 RN, and I like the pin’s body to be as close to the S/R as possible ( gives trade more room ).

I could ‘re-draw’ my S/R to suit my spec but I’d just be kidding myself…

Best of success to those taking it!

Cheers

.

fjanos · February 5, 2014, 8:27am

This is the way I was thinking

And we always go for the retest. Right?