NICE PIN BAR HEALTHY WICK FORMED . PRICE REJECTED BY RESISTANCE AND DROPPED FROM RNB 3600,
PRICE MAY BE GO DOWN TO TEST SUPPORT AREA AROUND 1.3450+
Please remarks your opinions ?
why do you want to trade against the trend? if i remember correctly we want to trade short from a swing high! where do you see it? maybe you can help me with thatā¦
Saeed,
1.3500 area is a short term price pivot zone (resistance turned into support) if you zoom out on 4 hour charts along with an upward trendline. Taking this pin bar, you are trading into the price pivot zone, into the trendline, and against the overall trend for a maybe profit of 30 pips as you illustrated if it reaches the first trouble area.
Too much confluence to trade against for a small profit. Odds are better looking for a long, or a short at the previous high.
Thnx for ur valuable comments fahidksa, u r right in eur/usd we r ranging,
and we have to chose stronger price action
Great analysis! Couldnāt have said it any better myself.
As p3tuh said a few posts below yours, there is far too much you will be trading into. This is one of those cases where you may have a trade that valid according to that core checklist to find a valid trade, but then you can begin to look at all of the dynamics of the trade and see the extreme risk you will be taking for little reward.
AUD USD daily fakey setup
AUD USD was recently in a downtrend then went sideways
On September 18th it hit resistance @ 0.9523 and shifted down all the way to .9295 support and then back up to 0.9430
for the past 3 days it was not able to break this resistance actually formed a fakey setup
- bullish mother bar on october 4th
- IB Okctober on October 7th
- Today October 8th a reversal pin bar that took the top of the mother bar and formed a pin bar
What is bothering me is the small size of the pin bar but I see that if it can to the break of the pin bar it should go lower as part of the 1-2-3 setup
Thoughts/comment/criticism highly appreciated
Inside bars are tricky as they have close to random chance of going either direction, so I wouldnāt be doing it justice to write a quick explanation about them. I promise an article about them will be coming soon. I can see learning material for both EMAs and IBs are in huge demand here. Not surprising because those are generally considered āadvancedā in most online courses. A few vague paragraphs are written about them but good information is reserved for paying customers. I will make sure my thread community members are well informed and taken care of.
I can see what you are saying. I checked out the detailed price formation of each bar it was about half a pip for being inside. Iām not ultra-anal about price, I will give about 1 pip leeway for my signals. The reason is unlike a stock exchange there is no central agency setting a single price for everyone to view. You broker selects a handful of banks and then averages all of their prices together to come up with the price of a currency. Each broker may use a different set of banks to get their prices, so from broker to broker you will have a small price discrepancy. Since I know there is a small margin of different between brokers, I take that into account when its a close call like the IB from yesterday.
That IB had enough room to achieve at least a 1:1 or better if you had a modified SL. The IB had a pin bar like shape which signals a rejection of lower prices and a potentially more fierce breakout. We can see that price did break out and pulled back in, in a false break fashion. Inside Bars are notorious for this which is why they have to be traded a little more carefully and tend to require a little more attention than other setups. While a text book uptrend hasnāt happened yet(not until the swing high of leg #2 is taken out at .9525, the momentum is clearly up and should be viewed as having an over all bullish bias, so longs are preferred.
Haha yes, the spread isnāt too bad if you buy it at the right time. Which makes buy/sell orders not very practical on exotics. I usually wait until US session and buy it then if it is close to the price I am looking for. Also keeping charts on the āBā(for Bid), gives you bank prices. The āAā(for ask), give you bank prices + spread. So you always want to be looking for price action on your buy chart.
You have no idea how great it is to get a post like this, and very humbling. Thank you so much, it is comments like these that make it all worth my time.
Now if you would like to learn more advanced topics please visit my website @ www dot buymycourse dot com. It will only cost you 500 dollars and a kidney(cmon you have 2 kidneys, you really only need 1). Haha, definitely joking! My next articles are going to rock big time, I am looking forward to getting the knowledge and information out there! Thank you again so much!
I am glad I can put something new out there not commonly discussed or taught elsewhere. I have done extensive study online with all of the major and minor PA teachers out there. Only very few times did I ever see the two incorporated together. Usually if it was there was no explanation, or it didnāt make any sense. So my volume knowledge is purely from what I know about volume by itself and how I have seen its usefulness in PA. There are quite a few teachings on VSA(Volume Spread Analysis) and volume in relation to patterns such as double bottoms etc., but not much tying volume to pinbars, EB and other candle specific PA signals. I have only taken 1 trade based purely on the āWyckoff Springā, a volume based entry. But it didnāt feel right making a trade without a solid PA.
Hey everybody, just wanted to make another post in case others missed my first one. I plan on focusing mainly on getting out articles that lay out the core principles of price action and the basics of my method of trading. This may take some weeks or even a few months to get out there. In that time I will make brief comments on any good charts I see, and only post setups I consider good enough that I personally would take. I will continue to talk with visitors and answer questions as I have been. Charts will be about 10% of my time here. Once the foundation is laid here, I will start digging more into setups and making it more like 50% of my time spent here.
In the meantime if you have experience with trading PA, even if for a few months, and you know answers to questions please feel free to jump in. I know some may worry about answering a question wrong, or one that I may approve of. Donāt worry about it, if it is wrong I will respectfully mention it in a private message. I know many of the people here, and I donāt think they will have any problem answering the basics. I appreciate the help from my friends and community members here. I didnāt expect us to go from 1st to 3rd gear so fast. I canāt wait until we built up to 5th and 6th gear and are really burning rubber. I am cutting off early tonight so again thanks everyone!
I will most likely release an Article for step 2 of my āIdentifying PA setupsā sometime thursday or friday. Stay tuned!
Glad I am helping people come out of the shadows and actively join in the community here. I have seen that here quite a bit which is really unprecedented. I am curious everyoneās opinion, but I think there is a much friendlier atmosphere and bigger feeling of community here. I canāt put my finger on it but I like it! I hope to see more posts from you in the future. Glad to have you here!
Thanks for the compliments on my analysis krugman, Iāve spend that last 4 months studying PA and finally small light bulbs are starting to light off. They occasionally lead to a good short term trade.
You are right about the incorporation of volume as it havenāt seen it brought up much or any explanations, but I feel like it can be a extremely important in price action since we are trying to figure out the story of each bar and its location.
Iām guessing high volume pinbars show mass amounts of sell orders, or profit taking by the bulls. Then I take a look at the previous bars to see if the move up to the pinbar has momentum behind or its losing steam, such as double tops. If it doesnāt seem like there is smart money behind the move to push it higher, I am more likely to take the pinbarā¦
Thatās just my quick analysis and incorporation of volume into PAā¦ I am not an expert in either PA or VSA, but hope to get there soonā¦
[QUOTE=āp3tuh;547767ā] Thanks for the compliments on my analysis krugman, Iāve spend that last 4 months studying PA and finally small light bulbs are starting to light off. They occasionally lead to a good short term trade. You are right about the incorporation of volume as it havenāt seen it brought up much or any explanations, but I feel like it can be a extremely important in price action since we are trying to figure out the story of each bar and its location. Iām guessing high volume pinbars show mass amounts of sell orders, or profit taking by the bulls. Then I take a look at the previous bars to see if the move up to the pinbar has momentum behind or its losing steam, such as double tops. If it doesnāt seem like there is smart money behind the move to push it higher, I am more likely to take the pinbarā¦ Thatās just my quick analysis and incorporation of volume into PAā¦ I am not an expert in either PA or VSA, but hope to get there soonā¦[/QUOTE]
You are proof that learning PA can be fairly quick. It just comes down to how long it takes a person to fully commit to it. It doesnāt need to take years to become good at it. Many can start making profit after a couple months, then the rest of their trade career should be spend mastering all of the dynamics of the market and maximizing every bit of profit from a trade.
Dear Krug, I looked back at that inside bar (I know we have the same broker, and Iāve double checked that iām looking at exactly the same chart) and my charts arnāt showing a red doji, its showing a green dragonfly dojiā¦
any ideas why?
Please post your chart.
I know there is something about Volume when thinking about PA. 
Interestingly, some people go even farther and place MA on Volume analysis. Thatās quite an overkill if you ask me personally. I usually only use Volume as a confirmation that something funny is going on on that particular bar. The higher the volume, the more certain I am that market is up to no good. I learn that based on my experiences on stock market. 
I added into the rules page the suggestions of the community. I went top to bottom through both post #1 and #2. I made some minor and some major changes to both the intro post and the rules post. You can read through the intro post again if you would like to see the changes. Although I would encourage everyone to read through the rules post again(mainly the bottom half) and see the changes/additions that were made.
I just realized how terrible my spelling and grammar is. Sorry for people who had suffer through reading those posts, haha.