Well done Will!:35:
You got all our support to take it all the way up!
Best
Did anyone happen to take this beauty? This was a great quality setup that I happened not to take. I have a 50% retracement entry set that was never triggered. I wasnât too concerned with getting in the trade though as I was still in the EURNZD trade.
my entry was not triggered on this pair, or AUD/JPY. The AUD/JPY entry was missed by 3 pips
Just closed it up for a solid 1:3 RR, 300 pip profit.
[QUOTE=âkrugman25;625794â]Did anyone happen to take this beauty? This was a great quality setup that I happened not to take. I have a 50% retracement entry set that was never triggered. I wasnât too concerned with getting in the trade though as I was still in the EURNZD trade.<img src=â301 Moved Permanentlyâ/>[/QUOTE]
I had a res level at 9300 so didnât take it! 
Were you not concerned about that level?
I have taken this beauty.
Rated on a beauty scale of Hephaestus to Aphrodite, it is ranked an Aphrodite in my book. Aphrodite is still running.
No it wasnât a concern. I had written a really good article on chart ânoiseâ that would have applied in this case. If I have a link to it in my quick nav. section it would be worth reading over.
mmmm. funny you should mention thatâŚi just finished going through the entire thread page for pageâŚ! aarrgghhâŚ
i have to say getting put off my minor levels is a bit of a thing of mine i developed recentlyâŚneed to shake that off.
will have another look at your articles on âchart noiseâ. Cheers AK
On the quick nav it is called âNoise on the chartsâ, I checked it out and you had âlikedâ it which means you have read it before! Looks like it time for a refresher course, haha.
I believe you suffer from the âperfect setup syndromeâ. To be honest most people I see here have it to some degree. The reason most people get like that is because if you check out a lot of the popular price action teachers that are trying to sell you memberships, they always make sure they post only the most aesthetically pleasing chart setups because messy charts donât sell memberships. Although in real life, trading is messy and setups are rarely âperfectâ. As someone who doesnât charge a dime, I promise to both take and post setups that arenât perfect, haha. :13:
Hey, I actually still mark these resistance levels. IMO, this wasnât a Minor level at all so youâre not wrong. If you look back it was very big area for fakeouts, breakouts, and reversals. They are important but in some cases, they shouldnât pose much of a threat. Itâs all situational!
The law of effort vs. result states that the change in price [spread] of a trading vehicle is the result of an effort expressed by the level of volume and that harmony between effort and result promotes further price movement while lack of harmony promotes a change in direction.
The Law of Effort (volume) versus Result (price) in action. This law can be seen as working on one bar. (By Wyckoff if anyone asks)
I relate this to ALL of my trading decisions. If you put this into perspective, the AUDUSD produced a LARGE PB coupled with LARGE VOLUME. This is âHarmonyâ between PA and Volume and coincides with MANY other areas of confluence. This sort of Harmony will need COUNTER Harmony to reverse it, and that would have to be a large candle with large volume.
S/R Lines are just one piece to the puzzle, so I treat them as such 
If you treat them as Judge Jury and Executioner, youâll judge your trades only based on that alone, which in some cases isnât bad, but its never good to see in black and white in forex. Itâs also easier if you see that PA has "used S/R to produce a nice signal, in place of S/R MIGHT create a counter signal. So the question is, Is this enough to break through the overhead resistance? IMO Yes!
I am in this tradeâŚAfter a long time this is my first trade. Currently got some profit at FTA and moved the SL to break even. Waiting for TP2 to hit.
Fully agree on the PA plus volume, thanks for pointing that out. Those are great tools for any price action trader to have.
I disagree on the ânoiseâ to the left. Yes this area was a key S/R level (0.9250 - 0.9350) but that specific group of candles that Amy was referring to had yet to prove any problem. As mentioned in the article, key S/R areas often cause consolidation, which most people look at as noise, they are rather areas where price is winding up for a powerful breakout. You have to be able to know when candles are just randomly bouncing around in an area(this is called noise) and when they are building up for a break out(this is called consolidation). If you have consolidation, you donât care about the tops of those candles, you are just waiting for the price action setup that is hinting to the breakout. In this case the pin bar followed by the large breakout confirmed this was consolidation, not just random noise. Also the pin bar formed [B]inside[/B] of the S/R box, not below it which means it would see support as long as price closed inside of or above the S/R box(0.9250 - 0.9350). Being able to discern the two will allow you to take high probability trades and avoid the poor ones.
I never understood the concept of ânoiseâ as I just saw it as a fight ready to brew into a breakout like you said. The correct ânoiseâ could give you a real nice PA setup.
I forgot to mention as a point of confluence that although the .93 resistance level was a great level months prior, it was easily pierced twice which is what I meant as situational This level has now become âlooseâ and I saw it as a very easy area to pierce again because of the prior piercings. I donât agree that it was noise either haha sorry if it sounded that way. How far do people look back on their charts? It could be the difference in how we each determine âS/Râ
I tend to look about 8mo. to 1yr and a half back to put my levels and .925 was not one of my levels based on my analysis. I do know that many people got caught in that AUDUSD PB on 4/29/14 which was right at this level and I donât blame em. A nice rising channel formed at that PB, and well, on the latest one as well 
Thanks semmee, that helps, to look at how often a level has been successfully broken and held in the past shows its increasing weakness. I was a bit quick to dismiss this one because I was a bit distracted with work and other things when I was looking at the setup but better quick to dismiss than too quick to jump in a trade!
I think I have a false sense of how a good trade shoulld look because as AK says Iâve been looking at too many pictures of pretty set ups!
One query I have from this - if we want reversal PA signals at extreme swing Highs/lows, is it not a bad thing if the PA is Inside the s/r box should it not be below (as we wanted to go long)? Not trying to be picky I just want to make sure I understand this concept coz itâs the main thing I am wrestling with at the moment. Cheers
Iâm not sure I understand your question, but you at the minimum want the price action setup to close within the S/R box. For going long you want it to either form inside or above the box, for going short you want to it form either inside or below. If it is outside of the box then it is acting as full resistance against your trade instead of supporting it.
Whoops! Posted to wrong thread.
Yea weâve all been in a sense âconditionedâ to look for the perfect setup by many gurus. If I had to be honest, I had this problem and it really bugged me that I missed trades because of an oncoming S/R or a huge previous down bar, or even things like âits against the trendâ.
Now that I look on other forums, I see a lot of âItâs not the correct definition ofâŚâ , or its not âperfectâ or âits counter trendâ.
You are perfectly right in better to dismiss than to get in on one on a whim. Iâm sure weâve all had this haunt our trades. But hey who doesnât like a pretty setup? 
I thought the AUDUSD PB was as pretty as Aphrodite!
Thanks for the post Semmee, you explained perfectly what I am talking about.
I recall a while back having arguments with people because a pin bar had closed outside of the previous candle by 1 pip. This was a beautiful setup, large pinbar, perfect pullback but many people refused to take it because it didnât fit the picture perfect setup. The first thing to point out about the example is that brokers donât have the same price feeds, because they are simply averaging the prices they receive from a dozen or so banks they deal with. Because of this, some brokers had shown the pin bar as being within the previous candle and some had shown it outside the candle. The second thing to point out is that people seriously thought the outcome of that trade was going to be completely different because of that 1 pip, as though the institutional traders were deciding where to put their millions based on 1 pip.
I use that example to show that 1. people can get so conditioned to the rules and what makes the perfect setup that they will walk right over gold mines. Trading isnât black and white, it isnât about 2 groups of trades, perfect setups and terrible setups. Trades have degrees of probability of success and their potential RR. So between the perfect setups and the terrible setups there is a huge percent of trades that are somewhere in between, some may be worth taking while not being âperfectâ. Also, price action doesnât work because of a candle formed some specific shape and that candle shape fit a bunch of rules, it works because of the idea behind the shapes. This is the idea that the market is turning over as it reaches key S/R levels, and is giving us hints. If a pinbar closes 1 pip outside of the previous candle and you total dismiss it, then you truly donât understand what price action is. This is also a reason I am not huge on using a specific closing time frame, such as New York time. The reason is because that gets a person conditioned that the only reason trades work is because they look this certain way on this certain time frame, and anything else is garbage. They arenât looking at the price action behind the candle shapes. I should be able to analyze the markets price action behavior regardless of time frames and rules, etc. The only reason to require a specific timezone is that it would be chaos if everyone had different looking charts. Other than that it is fairly meaningless.
But many of these website have to operate this way, because they bank on newcomers thinking that can make money trading without understanding how the markets work. Breaking free from that will not only free you from that mindset but will also let you learn how and why price action works to begin with and ultimately let you reach your highest trading potential.
Itâs come to my attention that people trade because of their reliance on a pinbar but not because of the rejection it represents.
I agree with you on the the NY close. Idk if this will make sense but I learned that what we were led to believe as subjective and objective is actually the reverse.
Trend is supposed to be subjective, but has now become objective imo. Different brokers give different feeds giving different results but the one thing that remains the same is the trend. If its still confusing, imagine all traders changing their AUDUSD chart to a line chart on the daily. Itâs easier to see what I mean.
Price action is supposed to be objective but with reasons given above, has now become subjective with people arguing over that 1 pip. or things like it hasnât closed above so and so, or above this BRN. Where has the objectivity gone with what we call âPRICEâ. Is it not a specific number across the board? No it is not!
Anyone take NZDUSD on the Daily?