Looks like price is breaking out right now …
Hi all,
i`m new to this forum but have read most of this thread the last couple of weeks.
i started trading in 2009 and blow a couple of bankrolls (small but painfull ) and stopped trading till March 2014. i was always interested in trading but didn`t find that “holy grail” till i found baby pips and this thread about PA. here i learned everthing to know especially patience and dicipline… so i started again with just one goal. be positive… no %goal, no goal for hard cash, no millions make, just have a positive account.
i now trade for 3 month continuous the 4h and daily charts. PA is the way to go and its fits my style nearly perfectly. no massive indicators, no special tricks, just price tell all we need to know.
here is my myfxbook live account
myfxbook.com/members/jackyD82/primary/869646
the reason why i joined baby pips is that i want to learn new traders and share my views and learn learn learn.
regards
Daniel from good old germany
here is a trade i like to take
EUR/GBP has formed a nice Pin Bar at a daily resistance at 0,8150. the overall trend is short so i think this could be a good trade to take with entry at 0,8129 sl 08155 tp 0,8104… we will see.
I don’t trade the 4H much, but isn’t the resistance on the daily around the .818 mark and making this PB in no-man’s land even on the 4H timeframe?
Maybe I have my s/r lines wrong though…
Hi Piprahna,
Perhaps I can help. The first chart in your post is an hourly chart. The second chart is a daily chart. You’re only comparing the shape of these charts without taking into account the prices on the Y-axis or the fact that each daily bar is equivalent to 24 bars from your hourly chart.
In my example above, I have zoomed out on my hourly chart, so you can see that it does indeed have the same overall shape as the daily chart only with 24 times the level of detail.
Jason
Heya Pip,
as posted in the first post; what we were looking for was either price to move higher from the engulfing bar back into the old support/new resistance or as what happened a move and break lower with current lower momentum and then quick retrace setup (breakout/retrace) and why at the end of my first post I said traders could either look for “price to move higher back into the old support new resistance, or break lower and then look for a pullback and get short”. See here http://forums.babypips.com/free-forex-trading-systems/42378-forex-price-action-1903.html#post631468 I also spoke posted about this more in-depth before hand on FSO.
Your charts look NY close to me. Because Forex is not centralised and each broker uses their own different set of banks and instititutions to produce their data, what you will find is that even though each different broker still have “NY close” charts, they can at times have slightly different prices because of this. Sometimes you can get slight differences with Pepper, FXCM, Go and IC markets and whoever elses MT4 because of this but it is not a huge deal.
Johnathon
Helloa Jonathan,
My FXCM chart looks a bit different too.
Your input please?
DD
Did you read my message above that you have just put in this quote in regards to the brokers and the liquidity and charts etc?
If not I will put below again for you;
Your charts look NY close to me. Because Forex is not centralised and each broker uses their own different set of banks and instititutions to produce their data, what you will find is that even though each different broker still have “NY close” charts, they can at times have slightly different prices because of this. Sometimes you can get slight differences with Pepper, FXCM, Go and IC markets and whoever elses MT4 because of this but it is not a huge deal.
Another way to think of this is like; if we have the stock market it is hooked into one main central market because it is centralised. When people traders look at a chart it will be the same because it is a centralised price. This is not so with Forex. Even though there are all “NY close” charts, a lot of brokers are using many different places to give you your trades i,e you put on your trade, and the broker has a big group of banks and institutions who offer up prices. The broker gets these prices, tacks a spread on top and lets you put on your trade (assuming they are a STP broker and not a market maker).
To run like this the broker needs banks and institutions to create the liquidity and prices so that they can offer the best/most affordable and obviously secure prices, but unlike stocks, whilst some brokers do get from all the same places and that’s why some MT4’s always look the same they do look the same (or they operate as white labels), many different brokers get their data/prices from different places.
But we don’t need to worry about any of this. All we have to worry about is that your chart are NY close.
If you need anything else let me know.
Johnathon
Thanks mate,
Appreciate the reply
DD
Another week has gone by, and we are so grateful to be here trading. Have a great week-nd to all of us that take trading seriously , now is time to go and have fun…:45:
@Zubair, I was looking at that pair too. The level was nice and with the up trend. The pin was a bit too small tho compare to that large one down.
Hey Zubair. I took the same trade on EUR/GBP. We’ll see how it’ll play out.
hi mate i did not took this as i think this is a bad trade because of tiny pin
I agree, let’s look for long trades the coming week on this pair.
I study the market on the 1min. By looking for patterns of entry namely the harmonic elliot wave structure. This helps me to recognize in real time optimal trade set ups and entries.
What has that got to do with this thread?
I was wondering that ivanyo
