Forex Price Action

[armandrmorel]

@westpest

Potential area of interest.:64:

Let’s hope it forms a nice pinbar. What else could you do with it?

[armandrmorel]

@westpest

Potential area of interest.:64:

Also, would you only trade once price reaches the two lines that you have marked on your chart, green on mine attached, or would you also trade the less strong s/r areas too (more short term), highlighted in red on my chart below?

I am asking to make sure I am trading from the correct areas.

[armandrmorel]

@armandrmorel

Let’s hope it forms a nice pinbar. What else could you do with it?

2BR, that’s what…

[armandrmorel]

Has anyone traded this 2br at swing high? Would that be a A+ set up?

[EternalNewB]

@armandrmorel

Has anyone traded this 2br at swing high? Would that be a A+ set up?

I think you are referring to AUDUSD, AUDUSD is an strong uptrend lately and the 2BR (and the pin bar at H12) are too small for an CT setup

[armandrmorel]

@EternalNewB

I think you are referring to AUDUSD, AUDUSD is an strong uptrend lately and the 2BR (and the pin bar at H12) are too small for an CT setup

This is how I saw it, but you are right, the PA is too small compared to the 2 big bull candles next to it…

I saw the trend as down, but you are saying it has swinged now at area highlighted in green on the chart and now is on an uptrend? Makes sense.

[EternalNewB]

@armandrmorel

This is how I saw it, but you are right, the PA is too small compared to the 2 big bull candles next to it…


I saw the trend as down, but you are saying it has swinged now at area highlighted in green on the chart and now is on an uptrend? Makes sense.

Since that large engulfing bar of Feb 4th it made a higher low and a higher high so, for me, yes it has shifted to an uptrend.

It is also true for all AUD pairs currently as far as I can tell

[1easypips1]

Let me Clear this up. Pepperstone and Axitrader have new york Close candles every Day of the Year? Do i understand that correctly?

Heya Buster,

yes your charts have been right for months, but as I posted in here the other day; the charts changed timings about two weeks ago now on the 9th March and HotForex was one of the brokers that did not bother changing to stay in-line with NY close so they have been 1hr behind the true NY close brokers.

Pepperstone, Axitrader, Gomarkets etx all made the change when daylights savings changed and this meant the markets at the start of the week opened 1hr earlier than normal.

I am almost positive however that they will however come back into line with the correct NY close times when they daylight savings in Europe comes into affect at the end of the month on the 30th March because this happens every single year and it will happen again at the back end as well. Some brokers don’t bother staying in-line and each year and instead just wait for the timings to fall back in place and they then come back into line with NY close.

This is why it is important either to use a broker that continually changes their timings to stay inline or have multiple MT4’s you can compare and call on.

Safe trading,

Johnathon

[jadd806]

Let me Clear this up. Pepperstone and Axitrader have new york Close candles every Day of the Year? Do i understand that correctly?

Correct. They change with DST so they always close at 5:00 when the markets in NY do.

[EternalNewB]

Let me Clear this up. Pepperstone and Axitrader have new york Close candles every Day of the Year? Do i understand that correctly?

from page 1 of this thread,

When posting please include charts to explain what you are looking at. The charting equipment we use is New York close 5 day charts charts. If you need a link to open a free MT4 broker please just message me as this is very easy. A few MT4 providers with these charts in demo are FXDD, FXpro, Pepperstone, Axi Trader and HotForex…

Read more: 301 Moved Permanently

so yes… and so does instaforex.

Any broker that has NY close time should be showing now 1:23 am (or GMT +3)

[armandrmorel]

Does anyone else see this as an A+ trade?

Only going straight into support, right?

[maperdel]

I was watching that pair too…but I see FTA at 1.21980, too close to the setup.

[jadd806]

@armandrmorel

Does anyone else see this as an A+ trade?

Only going straight into support, right?

I wouldn’t call it A+. Like you said, heading straight into support and problems. We want some room to move into. This has very little.

Also, most of us following the FSO method don’t trade EUR/CHF for the reasons outlined in this article:

Start Cherry Picking the Very Best Price Action Trades – The Forex Pairs Johnathon Fox Trades

[armandrmorel]

@jadd806

I wouldn’t call it A+. Like you said, heading straight into support and problems. We want some room to move into. This has very little.

Also, most of us following the FSO method don’t trade EUR/CHF for the reasons outlined in this article:

Start Cherry Picking the Very Best Price Action Trades – The Forex Pairs Johnathon Fox Trades

Thanks for your note. I do however have a question you may be able to answer, if we are trading pullbacks from a trend, aren’t we always going to be trading in the direction of where the pullback actually happened?

[armandrmorel]

I was watching that pair too…but I see FTA at 1.21980, too close to the setup.

Would you trade it with tp1 at 1.21700, or would you not bother? Aren’t you always going to have traffic to the left on any trade anyway?

[maperdel]

Hey Armand,

I was watching that pair on the Daily TF, but also on smaller periods to see where price could find the next support level, for me, this PB is touching support already…so I wouldn’t not trade it.

Here you can see how the BEEF on the H12 TF is already touching Support, so there is no space left to take profit. Maybe price could go lower, but for me, there is no space left.

I’m a newbie on PA! So, I would like to get more feedback on this Setup.

[jadd806]

Thanks for your note. I do however have a question you may be able to answer, if we are trading pullbacks from a trend, aren’t we always going to be trading in the direction of where the pullback actually happened?

Yeah, you’re correct. We’re always going to be trading back into previous price when trading off of a retrace. This isn’t necessarily a problem - it depends where the S/R levels present themselves in that previous price action. It just so happens that the chart you posted was pretty choppy, so you end up with a lot of levels on it. That’s why trading a choppy market like that can be dangerous, because the trade has many opportunities to find a S/R level that holds and then reverse on you. In this case support was really close so your trade is already fighting right out the door. Basically we just want to see that price has some decent room to move into before hitting a S/R level so we can collect a nice profit and keep our risk:reward within sane levels.

[armandrmorel]

Yeah, you’re correct. We’re always going to be trading back into previous price when trading off of a retrace. This isn’t necessarily a problem - it depends where the S/R levels present themselves in that previous price action. It just so happens that the chart you posted was pretty choppy, so you end up with a lot of levels on it. That’s why trading a choppy market like that can be dangerous, because the trade has many opportunities to find a S/R level that holds and then reverse on you. In this case support was really close so your trade is already fighting right out the door. Basically we just want to see that price has some decent room to move into before hitting a S/R level so we can collect a nice profit and keep our risk:reward within sane levels.

Thanks for your insight, very helpful.

[Derek88]

I heard lots of people use 1 broker for charts and 1 for actually trading. How does it works?
Do you have money in both accounts and trade with just one, or do you use a demo account for the charts and a real one for trading?
Do you have 2 separate platforms or do you use just 1 MT4 platform and then you switch account ?

Sorry for my newbie questions and my English…and thanks in advance for your answers…

[EternalNewB]

I heard lots of people use 1 broker for charts and 1 for actually trading. How does it works?
Do you have money in both accounts and trade with just one, or do you use a demo account for the charts and a real one for trading?
Do you have 2 separate platforms or do you use just 1 MT4 platform and then you switch account ?

Sorry for my newbie questions and my English…and thanks in advance for your answers…

Yes that’s true, I use a MT5 demo account (so fake money) with instaforex for charting and MT4 for actual trading