Price Action That Matters

More setups for your comments please

EUR/CHF Daily reversal pin bar

Pros
Good size showing clear rejection of price
Happened on both horizontal and trendline S/R (As far as I could tell)
Fakey setup on 12 Hour time frame
High volume on the pin bar
R:R a bit over 1

Cons
Didn’t happen on top of the range

3.5 / 5


The USD/CAD D1 finally developed into a BUEB, but the next resistance is very close , so not worth trading :

Hi Everyone,

My name is Max and I am a father, husband, retired and just started trading Forex.
Aaron, you are doing a great service to many here, including myself! I hope to contribute and help as well.

Hey Max, it’s great to have you here. We have been running for only 8 days but in no time flat have already gotten this thread up to being a high quality price action learning machine. I am happy to see we have already had some successful trades posted here. It doesn’t take long to see the great thing we have going here and a community willing to contribute as well as hoping to learn new stuff. We are all here to learn how to become better Forex traders so you are in good company.

I have a beginners version of this thread that you are more than welcome to post in, or you can hang here and just ignore the topics posted here that you aren’t quite ready to dive into yet.

OK sorry for the double post but here is how I am planning to play the EUR CHF Daily Pinbar

  1. I will wait till the pinbar is validated on the green dotted line
  2. I will wait for a retrace to happen and enter @ the green line
  3. I have 2 TP set 1 with gold dotted line and one with the gold line
  4. SL is @ the red line

I will use 1/2 my usual risk since it is not happening on the top of the range if TP1 is hit R:R is 1:0.43 if TP2 is hit 1:1.3


Any comments ?

trolling

I had some serious trolling and offensive commenting going on at over at the beginners thread. We all know this thread is very open and everyone is welcome to ask questions as long as it helps promote and move forward price action learning. But comments that are malicious or offensive is not only against the rule of these threads, but against babypips thread rules. I linked to a post over at the other thread which lays out those rules. I want to make sure everyone here knows if someone new comes in here with malicious intent, feel free to make known to them babypips rules and the rules of this thread. If anyone is posting something you find violates those rules, don’t hesitate to report them. It’s my primary goal to keep these threads producing good learning and keeping trolls away.

[QUOTE=“EternalNewB;551190”]OK sorry for the double post but here is how I am planning to play the EUR CHF Daily Pinbar

  1. I will wait till the pinbar is validated on the green dotted line
  2. I will wait for a retrace to happen and enter @ the green line
  3. I have 2 TP set 1 with gold dotted line and one with the gold line
  4. SL is @ the red line

I will use 1/2 my usual risk since it is not happening on the top of the range if TP1 is hit R:R is 1:0.43 if TP2 is hit 1:1.3

<img src=“301 Moved Permanently”/>

Any comments ?[/QUOTE]

Hey eternalnewbie

I’m no expert by a long shot, but I’m taking this one, I believe it’s a nice pin and with the overall trend.

BA

Actually it’s not with the current trend but I like it and is at a nice level

Thanks for your input, how are you planning to play it out ? at the break of the pin or retracement ? what are your TP ?

I took this trade this morning: BUY $30,000 EUR/USD at 1.3483 entering as price crossed the dotted green line, based on the following:

PROS:

Price reached a key support/resistance of 1.3500 (common knowledge found on both forex dealers pages, forums)
Mother- Child pattern formed on H1 chart (google mother child candlestick pattern)
Mother-Child pattern biased towards the upside as higher lows formed inside pattern (the pink bars)
Clean air ahead of the price movement (no traffic)
Substantial room to move to upside before meeting resistance ( green line)

CONS:
Not sure? This one looks pretty good to me!


[QUOTE=“EternalNewB;551204”]

Thanks for your input, how are you planning to play it out ? at the break of the pin or retracement ? what are your TP ?[/QUOTE]

Hi Aaron

I have an order set at the break of the pin with TP at around at 1.22869. I’m also looking at AUDJPY daily pin and EURAUD h4 pin, hmmmm there is a few to consider out there tonight :slight_smile:

BA

That is a bearish flag pattern and is signaling that prices may go down. The flag forming below a support line gives it a more bearish bias.

Another interesting setup

USDCHF 12 hour Pin bar

Pros
With the trend
significant pin bar at valid S/R
validated by volume
The way I see it price is in a downtrend struggled @ support 0.9137 the broke it and found support @ 0.9018, rebounded and then hit old support (nor resistance) @ 0.9137 and formed a pin bar

Cons
12 hour doesn’t fit my trading plan

3.5 / 5


I really like this bad boy:

Pros:

On an upswing
Valid Pin
With Trend
Space to move
1st TP at 1.40056

Cons:

Would have liked a larger pin bar.

I’m not very good with the rating thing, will let others judge.

EDIT…OOOOOh It isn’t a vaild pin!!! By a fraction!!

EDIT AGAIN…it IS a valid pin, I have just rechecked, image above displays it slightly wrong

Don’t let this drag you down or even bother you :slight_smile: we need you :wink:

Give the rating thing a try. Over at Johno’s thread I saw people arguing about A+, or A+++ which is kind of silly. An A+ or not implies there are only 2 kinds of trades. I can tell a lot of traders struggled with that concept. Rightly so because every trade is completely unique from any other. Being able to rate a trade based on a number of different levels gets your mind focusing on the fact that every trade is dynamic and different. If it meets the requirements you know its tradable, you just have to decide how much risk is in this trade, and how big your potential reward will be. Most traders rate their trades mentally and they may not ever realize it. It is really just a summation of the pros and cons you put on your trades.

There is a massive support level right at around 0.90760 that you don’t have marked.

Thanks again Aaron

For me one of the most important things if I see a decent PA is risk to reward, I know on other threads this isnt taken into consideration but personally I like to see a decent reward for my risk. Tonight I feel the EURAUD and the AUDJPY offer great reward for risk. I give the EURAUD a 4 star rating and the AUDJPY a 3 star as it is possibly against the trend…what do you think?

[QUOTE=“Mr B A Barracus;551240”]Thanks again Aaron

For me one of the most important things if I see a decent PA is risk to reward, I know on other threads this isnt taken into consideration but personally I like to see a decent reward for my risk. Tonight I feel the EURAUD and the AUDJPY offer great reward for risk. I give the EURAUD a 4 star rating and the AUDJPY a 3 star as it is possibly against the trend…what do you think?[/QUOTE]

I should also mention that I’m using half my usual lots on AUDJPY as its against trend but is great risk to reward.

That’s what I’m talking about BA, nice analysis. The pin bar is right on top of the S/R level. While this failed to close within the previous candle , it is still a valid hammer. I will give it 3 stars on the basis that the volume has remained high while moving lower which may indicate further selling pressure.

I didn’t catch the timeframe or setup for the AUDJPY but in a quick glance I don’t see anything worth taking long or short.

AUDJPY has a nice BEEB on the H12 chart, but this one is very counter-trading for my taste…my favorite at this moment is the CADCHF Daily, the pinbar is massive and it goes with the trend, but there is a minor support close to it, and I don’t like the traffic in the left…