Forex Price Action

[alrightfrank]

Anybody monitoring this pair? possible short setup?

[bhops]

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?

Yes to some extent that is true. That is why you have to be extra picky of the levels you are trading from the size/shape of the PA signal.

[luisx]

hi to anyone,
long here…?!

[jadd806]

@fjanos

Yes but I’ll change it because I don’t really want to get into traffic, but I’m curios if it would go all the way down.

BEEB or BUEB must engulf 1 or more previous candles that’s it. Jonathon said:"…the low must be lower than the previous bars low and the high must be higher than the previous bars high. Now some people get confused about the wicks of the candles but if you remember that the low and high must be outside the whole of the previous candle you will be alight."

I’ve been in this Jonathon trading for quite a time. I doublechecked, asked support of my broker and I compared hundreds of chart posted here by many old veteran Jonathon PA trader. Do you think I wouldn’t have noticed? I guess your chart hasn’t been changed to the daylight saving New York cl. chart. Check that with your broker. Why isn’t it a valid BEEB. if it isn’t a valid BEEB than I’m confused.

It is a BEEB because it engulfs. the Bear candle’s wick yes rejects a minor R/S level that’s true but I was analyzing the whole PA story I switched to 4H TF to see the story and I’m seeing a whole bunch of bear candles, a long bear candle is showed up too. I don’t know this is what I’m seeing that’s why I took this trade. Please correct me if I’m making a fatal mistake. I know it is a bit risky but an A+ trade is risky too. the whole forex is risky.

Yes, it’s technically an “engulfing bar” in the sense that it engulfs previous candles. However, it’s not an engulfing bar we want to trade as price did not close (or could have by a hair, I’m not going to get out a ruler) in the last 1/3 of the bar on your chart. See relevant Johnathon post here:

http://forums.babypips.com/free-forex-trading-systems/42378-forex-price-action-16.html#post324684

I am 100% positive that my broker switched with DST. I live in EST and watch the candles close at 5:00 PM every day. If you’re positive too than it must just be a price discrepancy and there’s not much anyone can do about that I guess.

Personally, even if the BEEB closed more strongly I wouldn’t take the trade. It doesn’t have any space to move into and I’ve taken enough trades into choppy markets to know that they’re not my style as a trader. Every trader is different and it’s fine if you trade into chop as long as you’re managing properly (covered in the FSO Member’s Course so I’m not going to go into that here).

[armandrmorel]

Hi all,

Does anyone think this is a good set up, pullback from trend, PB forming (at close) at swing high, rejecting key horizontal line at resistance?

I think the traffic on the left and the size of the PB is an issue.

Would the similar set up on the CADCHF make more sense, larger PB and more room to move into?

[armandrmorel]

@alrightfrank

Anybody monitoring this pair? possible short setup?

I believe this pair is now in an uptrend and would not be trading such a small PB, however, should it become a large BEEB at close, rejecting resistance , I might review it.

What do you reckon?

[armandrmorel]

@luisx

hi to anyone,
long here…?!

Is this the 4H timeframe?

Looks like sellers are in control atm and need a large PA to form before going long, IMO.

I am looking for a PB to form on the daily and assess it then.\

What do you reckon?

[armandrmorel]

Hi all,

If this forms a nice BUEB, at swing low, rejecting support and with trend, is it a viable trade set up?

[armandrmorel]

Hi all,

Is anyone looking at trading this pair, possible new rejection of resistance with nice PB forming at swing high?

Clear run to .75800?

[armandrmorel]

Hi all,

Am I seeing things, or are there heaps of set ups on offer today (daily)?

Are we better off waiting till next week and not trade over the weekend?

[jadd806]

Hi all,

Am I seeing things, or are there heaps of set ups on offer today (daily)?

Are we better off waiting till next week and not trade over the weekend?

Hey mate, they aren’t valid Daily trades until the candles close.

Personally I open no trades on a Friday. If I already have a position open, I usually let it ride over the weekend unless it’s close to hitting a profit or stop in which case I’ll close around 4:30 PM. Some traders don’t like to have anything open over the weekend. Personal preference and whatever works for you pretty much.

Not opening trades in the last few hours before the market closes on Friday is a pretty universal standard among traders I know at least.

[luisx]

hi armandrmorel, yes is a 4h tf…
i think u are right, sellers are strong… but IMO the level is good.
I think in daily chart this cross can draw a head and shoulders figure

[armandrmorel]

Hey mate, they aren’t valid Daily trades until the candles close.

Personally I open no trades on a Friday. If I already have a position open, I usually let it ride over the weekend unless it’s close to hitting a profit or stop in which case I’ll close around 4:30 PM. Some traders don’t like to have anything open over the weekend. Personal preference and whatever works for you pretty much.

Not opening trades in the last few hours before the market closes on Friday is a pretty universal standard among traders I know at least.

Of course, not a valid PA until the day closes, so let’s see what the market does Sunday onwards I guess.

Having said that, am I on the right track with my s/l levels and PA set ups, should they have occurred earlier during the week, apart from the ones you already commented on??

[armandrmorel]

@luisx

hi armandrmorel, yes is a 4h tf…
i think u are right, sellers are strong… but IMO the level is good.
I think in daily chart this cross can draw a head and shoulders figure

Yes, I think that would be a better option indeed, especially with the weekend coming up and as jadd806 mentioned, Not opening trades in the last few hours before the market closes on Friday is a pretty universal standard among traders I know at least.

[fjanos]

@Derek88

@fjanos

I find out that even though brokers use NY closing time, they can still have different charts.

For example:
Pepperstone and FXopen use both NY closing time, but as you can see, the charts are different:

Pepperstone:

Fxopen:

At the moment I find out that:

• Fxopen, Axitrader, FXCM, Pepperstone, Instaforex, Liteforex: they have all different charts…but all are NY 5 close time
• FXpro, HotForex, Traders Way, Roboforex: avoid because they do not adjust the server time in winter.

It’s strange because I attributed this problem as some brokers didn’t apply daylight saving (winter time). Anyone who can add to this issue?

[fxteddy]

Is it sticking out? :33:

Best

thanks mate for reply
i got my answer with your question

[fxteddy]

@Forex_School_Online

Here is an area I have been keeping an eye on ever since I saw a commanding break lower and price closed below on the daily chart. We had Bearish Engulfing Bars on both the daily and 4hr charts when price broke through this support level, but what was telling was how price broke the support level on the 4hr chart with the massive BEEB exploding lower.

These types of price flips are up there with my favorite types of levels to hunt trades because whilst this particular pair may or may not fire of a trade, it is this pattern that forms time and time again in the markets and over time many high probability setups form for the patient trader who is willing to wait for the quality setups to cherry pick from.

GBPUSD Daily Chart

GBPUSD 4hr Chart

Safe trading,

Johnathon

i have a question here
in daily chart the trend is up here
and in 4h chart the trend is down
then what will you prefer at your yellow line
going short or long?
and if in your yellow line if you find a sell confirmation pa signal will you take it?
as the long term trend in daily chart the price is in uptrend
will you take it into account?

[fjanos]

… it’s fine if you trade into chop as long as you’re managing properly (covered in the FSO Member’s Course so I’m not going to go into that here).

I don’t trade into traffic (choppy) either. There is about 50 pips of gain between the entry and the beginning of the chop. You don’t have to trade into the chop. That’s the gap I’m trading.

[armandrmorel]

I don’t trade into traffic (choppy) either. There is about 50 pips of gain between the entry and the beginning of the chop. You don’t have to trade into the chop. That’s the gap I’m trading.

How may pips do you aim for on an average daily trade and on a 4H trade?

My s/r lines are normally about 120 pips apart, so I thought 30-40 pips as a tp1 and then up to 100 after that, am I way off the mark here?

[maperdel]

It’s strange because I attributed this problem as some brokers didn’t apply daylight saving (winter time). Anyone who can add to this issue?

I used Pepperstone on demo and when my account expired I installed Mt5 with Roboforex. Some chart are slighlty different; on Pepperstone I detected a valid PA signal on XAU/USD that wasn’t valid on Roboforex…both are NY close right now.