...Just Another Price Action Thread :)

Hi all, just seeking some feedback here…I’ve seen how other posters have had a two-way learning experience and how it can benefit them as well as other followers of the thread. A little bit about me, I have been trading for about a year, started live in October…babypips was my first and really only home. I’ve visited some other sites, but don’t really like them as much. So, since discovering PA - my primary influences have been Nial Fuller, a few great guys I skype with, and NakitaFX, also see some promise in VSA but don’t fully understand it so am not really using it at this time. So, without further ado, here’s a trade (please offer your thoughts!):

This should be a screenshot of my GU H4 if I’ve done it right (sorry never done an attachment on here before!). I was actually long on this trade up until last night, but I think that it looks like it is hitting this resistance level that I have marked and also this falling trendline. The top blue line is my stop and the bottom blue line where I went short. If I am right, this is a very good entry position, and if I am wrong my stoploss is very small…thoughts?

Thanks everyone!

shoot! attachment didn’t work, will have to work on that…ok, think i got it

clip2net092b.zip (1.49 MB)

that attachment is an executable…

Zoom out on the charts a little next time. Hard to give an opinion of the chart. But I have charts sooo your tradde looks valid as of now. I would move stop to BE as soon as you can. Also the trend line you drew I am not seeing how you got that. From my chart if you drew it from the high back on 12/20 then you should have drawn it to the inverted hammer right before the big drop. That would leave you a BPC (breakoout pull back continuation pattern) forming. Witch price is now retesting. So I would be surprised to see price reverse soon. However you short is valid in my book just your stop might be a sitting duck. As if you scroll out on your chart and look at the EU the is alot of stop resting around the weekly R1 pivot on both pairs. Right now your trade is good though but I would trail that stop just in case price goes stop hunting.

Oh bobmaninc! Thanks for your reply, I forgot to mention that in NakitaFX’s thread, I also found your comments very helpful, so thank you again. Ok, so zoom out…by the way, I already moved my stop to a little beyond BE…ok here’s current shot:

(so now the top blue line is the sell and the bottom blue line is the stoploss)

Well, got stopped out at 30 pips profit…not unhappy with the trade. I’ll consider reentering…

Yeah that might have been a little to tight for the stop. I must ask how did you come of that trend line? Seems like you just put it at the new high witch is great but how did you know that was the high? According to nikitas thread yesterday was a buy. I would not be buying personally as there is a whole lot of resistance just a little higher. Just curious.

Another trade I am currently in: entered this one pretty much around the same time as the GU trade. I saw signs of correlation and a small risk entry. Currently stop is beyond BE. Both of these trades I entered based on the resistance level I saw it stalling at and PA on the smaller TF’s (LH, LL’s)…but actually I think these are pretty aggressive entries and not usually where I would enter (not usually trying to catch a reversal). But I am working on trying to get tighter stops to limit my risk.

Well, I did just draw that trendline today (on GU). I guess my thinking was that that high was reacting to the resistance level there and so I drew that line as if I knew that it would be valid and then let it prove itself out. I knew it was a risky trade, but i didn’t risk much since my stoploss was pretty tight.

Hmmm nice job it actually looks good. I have not seen it done like that but hey it worked price did bounce. I didnt mean for you to set your stop that tight sorry. But 30 pips is not bad by any means.

AU trade stopped out…21 pips profit. I’m trying to do that luminous harvest thing that Nakita talked about…but perhaps the stops are too tight. Don’t feel bad bobmaninc, I had set that stop before you mentioned it…so it’s not your fault, lol…

ah yes lumi decent strats there. 51 pips in 2 trades not bad at all. Depending on your risk that could be some decent returnd for 2 trades.

On a side note dont worry to much about stops getting tagged. If you trail a stop they will get tagged eventually its inevitable. Just try to gain more than risked and your heading in the right direction.

Well, I did decide to get back in to the GU short trade, but my entry wasn’t nearly as nice this time…should have waited for a pullback and reaction with that resistance level again. But, so far, at least on the current candle, it appears to be respecting that level/trendline. I am off to bed…will see if I make pips or lose pips, in the a.m…

update: lost GU trade (-35 pips)…see below

2nd that. I wouldn’t extract that .zip if I were you. Unless you want a keylogger on your computer.

Here’s a trade that I am not too happy with myself for starting:

I feel that I definately could have gotten a better entry than this, and it is concerning to me that maybe price would be drawn up to that falling trendline. But, the momentum seems bearish to me at this time, and when I opened it, it had seemed to retrace and then stall (though it obviously kept going up a bit higher…) Also, my VSA knowledge is very limited, but I do believe that where my arrows indicate rising price and falling volume that it is a sign of smart money not being interested in the upmove. So, we shall see how this one plays out…

I know little to nothing about VSA but I always though that this ment bears were getting out of the market and leaving the bulls to drive price up as nobody is standing in there way. Like I said though I know nothing about VSA.

sorry all, i don’t know what ^that means…was just trying to attach a chart! anyway, figured out how to do it.

well, I am not going to base my decisions on it, but just at this time am observing the relationships with VSA and what I already know about PA.

My other trade today…have to leave for work soon, so need to make some decisions. This one is currently in profit by a little, and my EU is negative by a little…do I let it ride trusting my initial judgement for two wins? Or close out both to preserve my capital and manage my risk…?

ok…well, home from work, pleasantly surprised… before i left i decided to set TP on the trades (since I couldn’t supervise them)…normally I just keep moving my stop along. but anyway, hit profit on AU… 38 pips, yay!

on EU i had just decided to set my TP to alittle beyond BE…because I felt that my entry was so terrible that I just wanted to get out of it without losing pips…so that one also hit TP of 3 pips total (lol)…

and lastly GU which is still going but very close to hitting TP :slight_smile:

looks like i’ll bank about 80 pips for the day…and I worried all night at work…lol…anyway great day