Hey Hutch, welcome to the PA family here! While you are not a PA trader yet, I am convinced you will be if you hang around long enough, haha. I have seen a lot of trading styles and methods, some profitable, but I have not seen anything that beats the returns of a well disciplined PA trader. Thanks for dropping by and letting me know your opinion of the thread. I hope to see you here more often.
I stick to pure price action analysis. I believe whatever traderās opinions of the companies fundamentals are, are already being expressed in the price itself. I try to trade individual companies that are in line with the overall market. So if the market is looking bearish I look for bearish stocks and vice verse. I do believe there is a part of me that considers very long term fundamentals but I try not to include that in my decision making when taking a trade.
I 100% agree with this Aaron! I think people trading PA should not be worried about any ews nor fundamental as they are already included on the PA itself. however sometimes might be good to be caustios for the big moves ones like NFP once a month.
Totally agree. I realized after a few mo. of starting my trading journey, the news is expressed in the price. Long term fundamentalists usually try to find the trend fundamentally and dismiss PA when it is literally a trend of PA ON THE CHART. Fundamental news / economy trends are ON THE CHART. If a country is doing well economically, the currency will do well. There is no difference and no need to [B]over complicate[/B] something that is given to us with PA. This is not to say you canāt make money with News but Iād rather not make it harder for myself.
I was always really excited for NFP because it either whipsawed my trade into TP or it would produce REALLY nice signals. Nov 7th 2013 was NFP and Look at the EURCAD Daily and that wasnāt the only one either. Just take a look at the BIG news announcements and see how many beautiful setups there are (Bernanke lol). Use what others are afraid of to your advantage.
Beautiful pinbar
Gorgeous Volume
Absolutely sexy R:R AND with the trend.
Everything is in the PA, lets not overcomplicate anything 
Stay classy.
Not a valid flag, the flag part canāt be almost as large as the flag poll. It is a channel.
I actually have my eye on that down channel. Price is approaching the upper level now, just waiting to see a nice PA signal to go short.
Interesting Pinbar forming on EURUSD Daily chart.
waiting for it to close to start thinking about taking it.
There was a 4-hourly pin bar on GBPJPY yesterday which did not work out.
Pros:
with trend
at clear resistance zone
pin bar larger than about previous 11 bars
pin bar closed within body of previous bar
pin bar body well below 1/3 of bar
Cons:
??
Anyone has any comments on its failure?
- The big trend is up
- EMAās acting as dynamic support
- Sometimes happens even for best setups
Thx Vel. Not too sure if big trend is up. The pair has seen lower highs & lower lows since 02 Jan 2014 on H4 chart, though trend was indeed up before that time. Of course we may consider the down move since Jan 2014 as correction. But this correction probably has too many high low swings.
When we zoom out to daily & weekly charts, then this was indeed a correction, esp the bullish pin bar last week. Lesson learnt: always look at bigger picture & then move down to lower TF charts. :5:
[QUOTE=āHenry9986;601249ā]There was a 4-hourly pin bar on GBPJPY yesterday which did not work out.
Pros:
with trend
at clear resistance zone
pin bar larger than about previous 11 bars
pin bar closed within body of previous bar
pin bar body well below 1/3 of bar
Cons:
??
Anyone has any comments on its failure?
<img src=ā301 Moved Permanentlyā/>[/QUOTE]
Hey Henry
I was in on this one too, shame it didnāt work out. The JPY is a killer, always seems to throw me out.
Sorry to hear that. But as long as we learn the lessons along the way we are on way to success!
[QUOTE=āHenry9986;601330ā]Sorry to hear that. But as long as we learn the lessons along the way we are on way to success!
[/QUOTE]
Very true, you canāt win them all. The pin looked good to me and met my requirements which is why I took it. I also took a trade which is working out very nicely, will post it once itās complete.
Looking to gain some knowledge about a trade I just got stopped out on.
Pair: EUR/AUD
TF: Daily
Pros:
Nice pinbar
With current trend
At previous S/R level
Con:
Big bearish bar a few days before
Not high volume
I would probably give this trade 2 out of 5 stars. Itās my first time grading on the star system though so please correct me if you fee thatās wrong.
I entered at the break of the pinbar, stop was 5 pips below, and take profit was around 1.5500. Hide sight, the long term bullish trend may be changing and perhaps traders were just taking some profit before pushing the market further?
Other daily trades Iām in right now are long on EUR/CAD (down), short on EUR/USD (up), and long on GBP/CAD (up).
Didnāt take too long for EURUSD to hit FTA. Made a little over 50pips, went form being down almost 2% so far this year to being up by about 1%. Got to love PA.
[QUOTE=āTJTrader620;601391ā]Looking to gain some knowledge about a trade I just got stopped out on. <img src=ā301 Moved Permanentlyā/> Pair: EUR/AUD TF: Daily Pros: Nice pinbar With current trend At previous S/R level Con: Big bearish bar a few days before Not high volume I would probably give this trade 2 out of 5 stars. Itās my first time grading on the star system though so please correct me if you fee thatās wrong. I entered at the break of the pinbar, stop was 5 pips below, and take profit was around 1.5500. Hide sight, the long term bullish trend may be changing and perhaps traders were just taking some profit before pushing the market further? Other daily trades Iām in right now are long on EUR/CAD (down), short on EUR/USD (up), and long on GBP/CAD (up).[/QUOTE]
Hello TJTrader620 - I was watching the EUR/AUD Pin as wellā¦
In regards to the other daily trades that you are inā¦ can you post the screen shots on them as well? For the EUR/USD - was the PA that you took the Pin Bar?
[QUOTE=ādarthfrancis;600281ā] Good on you mate, weekly and monthly takes alot of patience and faith which its definitely what most traders lack, myself included. I think the only time I would play a monthly chart is if I was going to do some jail time that way I couldnāt interfere (extreme I know lol). Iām current long GBPUSD, short AUDNZD, set pending long for USDJPY and plan to set pending on the DJ30. Look forward to seeing your trades and anyone elses :53: Darth[/QUOTE]
Dathfrancis - still laughing about your comment about āonly doing monthly if you were going to do some jail timeā ā What timeframe do you mostly trade?
Hey guys
Did anyone catch the break of the ascending triangle on the EURGBP 4hr yesterday, this is the first time Iāve traded in this way but was very successful. Often when a ascending or descending triangle is broken, price then continues in the direction it was going in prior to forming a triangle, so I waited it for it to break below and then placed a sell order, it also came with minimum risk as I placed my stop loss the other side of the trend line just in case it came back in.
I ended up going long on the S&P500 pin bar I posted earlier. Today price bumped up into a fairly key resistance around 1825 and is showing some bearish price action so I took profit off the table. I also identified a falling volume as price has been on the rise, with today being extremely low in volume. This is also bearish and couldnāt signal an end the to current bull market. I also follow highly accurate Elliott Wave trader Avi Gilburt who sees a failure to break above the 1820ās resistance this week would most likely lead to to price plunging to the 1550ās region.
