d-pip, great to see you again! I’m glad to hear you have things working for you. I have been trading price action setups per Nial Fuller (Inside Bars, Pin Bars, Hikkakes) off the 4H and lately off the Daily. I also draw SR lines and look for reversal candles off those areas. Pretty simple stuff. The only thing left on my charts are those horizontal lines and a pair of 8/21 EMAs for trend analysis.
I was checking this and one other thread on BP to see if there were any tips I hadn’t yet learned in regards to trading this way.
That ‘coincidence’ might be attributable to the fact that 6 x H4 = H24 = D1 (notice anything? :)) … so looking at a 60 MA on an H4 chart is necessarily very similar to looking at a 10 MA on a D1 chart (notice anything else, hehe? :)).
^^ :45: ^^
Cheers,
P.
There are no secrets to success. It is the result of preparation, hard work, and learning from failure. (Colin Powell)
Welcome lol. This strategy is very similar to Niall’s. If you want to see the differences do the same as everyone else has and read the thread, or just search for DNBs posts or something.
Newbie here, just would like to ask if you would consider this (not sure if it can be classified as a pin bar) a viable signal to go long? It rejected support and the EMAs (10 & 20).
Thanks for this thread, learning a lot from you guys!
I think I did let everyone know in a post but I’ll say it again just so everyone knows. My friend had a heart attack and was told by the doctor he isn’t allowed to work for while, because I am the only one that knows his business well enough I had to take over at a moments notice. So I’ve been putting in some long hours but will try to find the time to stop in here and talk about the charts as much as I can.
The EURUSD & GBPUSD Rejection signals on the daily chart were nice setups, and now suggest that these markets are in solid bullish trending conditions. A breakout entry was triggered but I didn’t set an order because I didn’t want the wide stop ( I want my stop below the point of rejection, which is the signal candle low). Now I do have a pending buy order at a retracement level which is something I talk about in full detail in the Price Action Protocol but Ill show you what I mean because a picture says 1000s words.
Often these type of retracement points give a price action trader a really good entry price, but you do run the risk of price falling straight through and out the other side of the setup. Now I would have liked to see this entry triggered the next trading day after the signal candle during an Asian session retrace but it didn’t. My plan is now to leave the order open for the rest of the week because amazingly sometimes, even after the breakout entry has been triggered, price does sometimes retrace back down during the next few trading sessions, hit and bounce off these retracement providing an opportunity for a better price entry.
As you see even after a few trading days after the signal was produced price did retrace back up and hit he prev day high from the rejection candle and provide an excellent entry price for this setup and a tight stop. Now this doesn’t always happen and like always is best applied to trending markets only. If you try pull this stuff in consolidating / ranging markets you run a much higher risk of being stopped out from choppy price movements.
I’ve also purchased their price action material from their web site, and again it’s good straightforward no “BS” information. Now you might ask if I use their methods? I would if I was trading the daily time frame, but my recent trading preference is based on the 4 & 1 hour charts. Almost everyday I stop in and lurk the thread and see how when the market gives them some good price action they have to tools to get some pips.
Thanks d-pip,
Me and Scotch are no-BS type of traders, with us you will see no mention of wild indicators, using astrology or even planetary movements to forecast market movements. We don’t even care about news releases… ok maybe NFP can make the hair stand up on the back of hands but we don’t based trading decision off it. It’s all about using price movements to determine trading opportunities.
Scotch has more market experience than me and played a big part in the creation of the Price Action Protocol, he is quite often an ass but don’t take it to heart he does mean well :D, I think ?
hi all,
so in 2008 meltdown,trade signals came and the stoploss required is too high ans also in 2009 ,2010 ,how all handled the trades in usd pairs,yen pairs , i am trading from late 2011. guys your comments are welcome…
I’ve always been wary of rejection candles that close bullish; I’ve had my hand bitten on more than one occasion. I’ll be leaving this one to play out on its own.
it is my thought ,on Monday close all yen pairs price action signal ,its got breakout in Asian session,and also double inside bar get breakout so we can consider it as exemption case i checked all the time its breakout in asia and london follows.
what is ur thoughts guys
ps now-a-days traders are so silent in this thread,i know that we are getting green pips…
Sometimes London follows Asia; other times, it does not. On a long enough timeline, you’ll see it flips back and forth. Right now, London may follow Asia. But it hasn’t always been the case, and it certainly won’t remain the case. Be wary of the trades that require logic fallacies such as, “London follows Asia breakouts”.
Plus, the Yen pairs have been giving some really weak corrective pullbacks as of late, I don’t like the way they sit.
You’re all probably sick of hearing this from me, but… I’m leaving this one alone. Not just because I don’t like the quality of the signals, but also because I tend to avoid the Yen altogether.
