Update on where I am at - stop now moved to break even - my take profit (for the entire position is 1.5030)…check out this brutal screen shot of the ask chart from my broker - price was short of my target by 1.8 pips - so I am still in this trade about 200 pips up. The trade management plan I set for this trade, before I entered, was to move to break even and take profit at the target, all or nothing, no price action yet to suggest will retrace all the way to break even…so I gotta leave it alone…
Hi all,
I’m going to be trying price action trading over the next several months after struggling with another method. I have already learned a lot from this thread and hope to be able to offer something in the future.
Question about this setup… if price were to show strong rejection at the horizontal S/R before meeting the trendline would you short? Or, would you wait?
What a great psychological test! The key is to not get upset even if you get taken out at BE only for your profit to then be hit. That is a mindset I certainly haven’t developed yet.
Hopefully, you don’t have it tested on this one 
If a good setup occurred before the trend line reached the horizontal level, I would take it. You only need one S/R to play from, having overlapping S/R is just icing on the cake.
[QUOTE=“krugman25;588431”]
If a good setup occurred before the trend line reached the horizontal level, I would take it. You only need one S/R to play from, having overlapping S/R is just icing on the cake.[/QUOTE]
Will be interesting to see what the AUD does this week, I’m considering shorting the AUDCAD daily, a pin bar has formed rejecting two resistance points where a good sell off occurred previously.
I saw this as well. I’m staying out for now, because the candle before that pinbar is massive with a lot of volume.
i’m not sure if aaron still applies this rule so please correct me if I’m wrong, but a valid PB must open and close within the previous candle, on my charts that PB doesn’t close inside the previous candle
[QUOTE=“Wookie1985;588452”]
i’m not sure if aaron still applies this rule so please correct me if I’m wrong, but a valid PB must open and close within the previous candle, on my charts that PB doesn’t close inside the previous candle[/QUOTE]
Thanks Wookie, your right, I noticed that too, I shouldn’t have called it a pin bar. I’d be interested to hear what others have to say, it looks a bit of a gamble but I like the area where it has formed.
Hey BA - hope you don’t mind my 2 pence worth too on this one, it’s just that I was also considering this one too…
… but decided against taking it, reiterate wookie’s point, also this bar isn’t at horizontal support, and if I have drawn my trend line correctly, the bar closes on the upper side of the trend line/the whole bar is on the upper side of the trend line, where ideally you would want it below and rejecting the trend line…
i reckon there’s bound to be a better set up soon…
cheers,
[QUOTE=“mancamy;588458”]
Hey BA - hope you don’t mind my 2 pence worth too on this one, it’s just that I was also considering this one too…
… but decided against taking it, reiterate wookie’s point, also this bar isn’t at horizontal support, and if I have drawn my trend line correctly, the bar closes on the upper side of the trend line/the whole bar is on the upper side of the trend line, where ideally you would want it below and rejecting the trend line…
i reckon there’s bound to be a better set up soon…
<img src=“301 Moved Permanently”/>
cheers,[/QUOTE]
Thanks Amy, that’s a good point, the pin candle is also very small compared to the previous. The cons definitely seem to out weigh the pros, I think I’ve been talked down from the ledge which I appreciate as my trading has really gone backwards lately, I don’t think I’ve had a winning trade for a month! Hah! . It’s also against the recent trend which has been fairly strong.
Thanks again!
[QUOTE=“mancamy;588458”]
Hey BA - hope you don’t mind my 2 pence worth too on this one, it’s just that I was also considering this one too…
… but decided against taking it, reiterate wookie’s point, also this bar isn’t at horizontal support, and if I have drawn my trend line correctly, the bar closes on the upper side of the trend line/the whole bar is on the upper side of the trend line, where ideally you would want it below and rejecting the trend line…
i reckon there’s bound to be a better set up soon…
<img src=“301 Moved Permanently”/>
cheers,[/QUOTE]
Hi again Amy
I’ve just realised my chart looks considerably different to yours on the daily, I can’t post it at the moment as I’m mobile. Mine definetly goes through a horizontal line of resistance. Hmmmm I’m curious, perhaps hot forex are no longer New York close.
Ohhhhh no I have a bad feeling hot forex have changed from New York close which at least would be a nice excuse for my losing streak if that’s the case but very frustrating…
Edit - I’m pretty sure Hot Forex is still New York close. Who are you using Amy?
Ok so this is what I am seeing on the AUDCAD daily, I have marked the 2 lines of RS above:
Can anyone confirm whether or not this is a NY close chart or not? I have 2 live trades on and now feel a bit nervous I’ve taken them under false signals.
Mate - I have been having serious trouble with my charts and just started using XM which I had understood were New York close. Please don’t worry about your trades…it might be my bloody charts! I’ll check out my end, coz I should worry if I don’t have the right charts…I’ll get back to you
Cheers
Amy
Just checked out how it looks on your chart and it looks like a good one to me too, the pin closes within range of previous bar and it is in line with the longer term downtrend, although against near term bullish momentum, looks ripe for a retrace to the downside though…cheers
Just realised the source of the confusion - I posted the weekly chart in error - I really shouldn’t post when it is super late in my time zone!! Even though that’s what I am doing now, but feel duty bound to set the record straight, sorry BA.
we are both using NY close charts
Looking at it again, perhaps there are more cons than pros to this one…
DAILY CHART
PROS
we are at a very key resistance zone marked in yellow
long term downtrend
CONS
bullish near term momentum - also a higher low which you can see more clearly if you zoom out on the weekly - perhaps means we are headed for a trend reversal, 123 pattern?
looking closely at my daily chart - the pin bar doesn’t in fact close within the range of the prior bar on the daily chart - where preferably it should
price is definitely in an interesting area - perhaps we should wait to see if we get some more convincing PA to take a short, particularly, in view of the strong bullish momentum of late on this one…?
If in doubt, stay out…
It also didn’t close within the previous candle. Another con.
Your braver than me amy, I’m gutted for you as price was stupidly close to your t/p. were you on the computer when it got this close or away?
Price seems to be pulling back are you not tempted to set sl to lock in some profit?
Darth
Hey Darth - I was away from the computer, it was the sickest thing…it keeps happening to me, keep missing targets and pending entry orders by 1 or 2 pips - what can I say, I must be really accurate at picking swing points LOL!
Actually, I decided to close it out in the end for 2.3R…which is a decent return. Technically, I broke the plan I made for trade management before I placed the trade though, so not sure what to make of it …hmmm
Amy
LOL that happens to me quite abit also. I wouldn’t beat your self up, imho if forex is fluid than as a trader you must also be fluid, you don’t want to be a little wall up against a tidal wave crashing upon you. Thinking on your feet and good money management will make you constantly profitable.
Can I ask what level did you close out in the end?
Darth