Forex Price Action

leon3567 · June 23, 2014, 4:16am

Thanks man, that’s what has drawn me into it too, small pb won’t risk much.

Foshogun · June 23, 2014, 4:25am

Np. I found in the past when I was looking for pinbars, the smallest pins on top and bottom of biggest straight forward moves. We’ll see what happens here

dis01 · June 23, 2014, 5:03am

I wouldn’t take this trade. I think this is just a test of the resistance after the breakthrough and the price may turn higher.

Foshogun · June 23, 2014, 5:19am

test of support at 173. you mean?
That’s why I said I’d move my sl if price reaches 173.0

Forex_School_Online · June 24, 2014, 1:34am

Heya,

def not wrong to take the EURAUD, however I would have much preferred it a little higher into the resistance as it would have then created more space to fall back into.

As it is I have taken the short on the daily GBPAUD 2 bar/2 day pin which is sitting around break even after a large retrace and is still to make up it’s mind what it will do.

Johnathon

Forex_School_Online · June 24, 2014, 1:36am

Yes I agree; price has paused after the large quick move and has now formed an IB and I am also looking for price to continue to move higher from here.

Funnypip · June 24, 2014, 7:37am

eur/nok daily chart, nice pa with pinbar at rezistence. in addition price has reversed at 0.618% area from previous swing low.

Foshogun · June 24, 2014, 10:55am

You can go ahead and prove or disprove the methods shown in this and other “price action” threads on different forums across the net very simply by opening a demo account at a NYC close broker and trading the setups on your own for couple of months. Link up the same account to myfxbook and voila, you will have the full statistics on display too.

armandrmorel · June 24, 2014, 4:52pm

Anyone taking the PB on Silver?

pipranha · June 24, 2014, 7:17pm

So as Jadd806 predicted he was banned… very disappointing. I used to have hopes for this thread.

jadd806:

It helps them by minimizing slippage. Submitting a large enough order will eat through all of the ask prices and move the market. When you have a lot of orders bunched up in one place you will get more fills at that price, thus minimizing your average cost.

It isn’t rocket science, and it isn’t cheating. Everybody knows that your entry order is at the high or low of the price action signal, and everybody knows that your stop is at the swing high/low.

I will probably be banned from this thread for saying this, and it’s been mentioned in the past (I think a couple months ago most recently). This method does not work long-term. I regretfully wasted my money on this course. There is a reason why neither Johnathon nor anybody else here can post an account statement showing their profits over a span longer than a few months - they simply don’t have it. You’re a complete and utter pipe dreamer if you think Forex is this simple.

It’s not “a few price action traders”. Tons of traders are doing this. This method is [I]not[/I] Johnathon’s invention. He ripped it almost rule for rule from a guy who goes by the name james16. He has a PA thread over on Forex Factory, and james16 is the father of the “freebie thread on a newbie forum, and then you have to pay for more content” set-up. Everybody else like Johnathon and Niall Fuller just hopped on the train to copy him after seeing how much money the guy raked in.

Everything here is perfectly set-up so that you fall for the pitch. The “2% per trade” rule is the bread and butter. By risking small percentages of your account, you will undoubtedly end up in a positive statistical deviation at some point. Go to a blackjack table and you will see the same thing if you play with perfect basic strategy (house edge .5%). You will fluctuate between -25% and +25% bankroll. The newbie will attribute this to skill (and then buy the course), when in reality it’s just statistics. Over the long run you lose to the house edge, or the spread in this case, because you have no edge.

I’ll admit it, I fell for it too. I’m not proud of that fact. But ask yourself - if a method as simple as this worked, wouldn’t it already be done to death by bots on Wall Street until it no longer worked?

The [B]only[/B] way to beat the market is to exploit a pricing inefficiency. Once that inefficiency gets out to the masses, it’s done for. Consider: arbitrage, or the January Effect. Inefficiencies are a closely guarded secret of real professional traders. Of course, Johnathon doesn’t have to protect his system because I guarantee you that [B]he does not actually trade this method.[/B] Sure, he looks for them on the charts to post them here. But I guarantee he does not take the trade, because he knows the method doesn’t work.

I challenge anybody to refute this with a [B]statistically significant[/B] number of trades taken with this method that proves there is an edge. I guarantee nobody will be able to do so and I will be banned from the thread for laying this all out. It took me a while to piece it all together, and it is really all very clever. But once the wool is pulled away from your eyes you can see it.

Forex_School_Online · June 24, 2014, 11:59pm

I am not going to get into long drawn out arguments and this is the first and last comment I will make on it because right from day one I have said this thread is not about that, it is about price action and has been now for almost 2,000 pages.

If people want to argue, troll or whatever they want to do they have a whole forum to do it, but why should I let people come in here and take the thread way off track and discuss nothing to do with price action at all?

I don’t have anything against Jadd, as a matter of fact; I actually think a lot of his posts are quite insightful and very useful for the group and, but this thread is here for price action and discussions of price action. When the thread gets completely side tracked it is far easier to stop the people who want to take the thread off track and not discuss price action from posting then to constantly push against them.

Johnathon

Forex_School_Online · June 25, 2014, 12:00am

Seen as you took both of the “AUD” setups, what way or how did you go about splitting these two for your risk management?

PS: How did you manage the EURAUD when price moved down into the recent lows/support?

Forex_School_Online · June 25, 2014, 12:04am

Did you?

That is a heck of a lot of strong up-momentum to contend with, but in saying that it is a strong daily resistance with space to move into if price can gain momentum lower.

buster48 · June 25, 2014, 1:39am

Forex_School_Online:

I am not going to get into long drawn out arguments and this is the first and last comment I will make on it because right from day one I have said this thread is not about that, it is about price action and has been now for almost 2,000 pages.

If people want to argue, troll or whatever they want to do they have a whole forum to do it, but why should I let people come in here and take the thread way off track and discuss nothing to do with price action at all?

I don’t have anything against Jadd, as a matter of fact; I actually think a lot of his posts are quite insightful and very useful for the group and, but this thread is here for price action and discussions of price action. When the thread gets completely side tracked it is far easier to stop the people who want to take the thread off track and not discuss price action from posting then to constantly push against them.

Johnathon

The trouble with banning people johnathon is it makes it look to others that you don’t want anyone to put forward any other opinions constructive or otherwise, a great shame mate.

chisha · June 25, 2014, 6:05am

Hello everybody!
It’s been some time since I last posted in here but I’m pleased to say I’m back & hopefully permanently this time. Just so you know,I have kept up with the thread and I’ve done my best to not miss out on anything that’s been said.

With that said let’s get straight to business;

armandrmorel have you shorted silver, can you please put up a chart so we see your levels?

leon3567 · June 25, 2014, 6:20am

Hi,

Cancelled my order on EURAUD when it did not confirmed the next day

Kasravi · June 25, 2014, 6:21am

Welcome back Chisha!

You’ve been missed, but not forgotten.

Best

leon3567 · June 25, 2014, 6:28am

Hi guys,
Pin bar formed at 173 level, 4 hour chart GBP/JPY, end of tail is at 50% fib level, do you think this is the start of the pair moving up again with the trend?

armandrmorel · June 25, 2014, 9:01am

Didn’t end up taking the trade on silver, as the previous large bullish candle was either great space to move into or a sign that momentum was upwards, as silver and gold are probably safe-havens, considering why is happening in the world atm, something I didn’t want to pay to find out.

My resistance level was bang on that PB at BRN of 21 and support at around 18.6. I can’t post any charts, as they are full of indicators, since I’m also working on other strategies, so far successful.

I took the 2BR on the ea and that went the other way, so waiting for a clear cut A+ trade to bring momentum back in my favour.

armandrmorel · June 25, 2014, 9:10am

How did you manage to avoid your trade being triggered? There was a downward push lower three days later which triggered my entry and subsequent loss, where did you have your entry point?

My entry was below the low of the lowest 2BR/PB with buffer.