Price Action That Matters

[bhops]

Hey Bryce!

I try to make sure I respond to peoples comments and questions about what’s discussed here vs other threads/teachers. It unfortunately can turn into unintended digs. I am going to try and think of a more professional way to respond to those questions.

I am guilty of starting a few digs myself though. Although I am not against any specific person, I am against the sales model behind it and the conflict of interest that comes with it. Any time that I have stated “price action salesman”, I am talking about the dozen or more PA teachers that fall into that category. That’s not a dig, I think it accurately labels many of them. I will try and make sure to not dig on people just for the sake of it, but I will certainly continue answering questions regarding the comparisons of what is taught here vs. other teachers . I appreciate the comments and I really will do my best to keep it out of the day to day conversation here.

I appreciate the kind words you have about the thread! I was thinking of getting information out here at a casual pace but this thing hit the ground with wheels spinning, so I have been doing overtime to make sure everyone stays up to speed. There is still a ton to cover though, and I appreciate everyone’s patience while it comes out. Today has been a weird and crazy day considering what went on over at Newbie Island so lets get back to talking price action.

No probs I’m glad you took it as was intended which is friendly advice.

Personally I’m not against the paid model as I have bought courses by Nial, Johno and Hector and have found them all incredibly helpful in their own way and all I think very fairly priced. Although what Nial is trying to charge for his recent seminar’s are a little eye watering!

As you well know trading Forex can be incredibly profitable and if I was wanting to learn another well paid job such as lawyer, surgeon, pilot etc I would expect to pay $1000’s to learn these professions so I’m always confused why for some reason we expect that we should learn Forex trading for free. However if you want start this thread and teach all your method’s for no cost then more power to you, that is great.

Equally there are a lot of snake oil salesmen out there so I can also see the other side why people become skeptical. However if you put in a little research before you buy I think you can track down which are the better PA courses to look at buying.

The 3 PA courses I have taken I all felt were very good value for money and Johno’s was obviously the one I have settled on using the most as I personally like the very simplistic nature of how he trades.

Each to their own I guess. I don’t think I’m talking ‘out of school’ too much when I say there was trader on our members forum who recently announced he was now trading full time for a living (Willy will know who I’m talking about) and one of the other members asked if was using any other method and his comment was “no, FSO worked for me right out of the box.”

At the same time there are others who will use part of what John teaches at FSO to compliment other methods.

That is the wonderful thing about PA there are many ways to interpret and trade it based on your appetite for risk and finding out what type of trading personality you have. Personally there are 3 threads here on PA which I like to follow, yours which started recently, Johno’s (obviously) and also the guys on the DnB thread, I think they are doing a nice job as well.

I think they all have something to offer in their own unique way.

Apologies to everyone, I didn’t mean to derail this thread, and to the trolls on these boards, let this be an example of how you can have a [I]mature[/I] debate on the subject ! No mud slinging, no name calling. Haha.

[krugman25]

No probs I’m glad you took it as was intended which is friendly advice.

Personally I’m not against the paid model as I have bought courses by Nial, Johno and Hector and have found them all incredibly helpful in their own way and all I think very fairly priced. Although what Nial is trying to charge for his recent seminar’s are a little eye watering!

As you well know trading Forex can be incredibly profitable and if I was wanting to learn another well paid job such as lawyer, surgeon, pilot etc I would expect to pay $1000’s to learn these professions so I’m always confused why for some reason we expect that we should learn Forex trading for free. However if you want start this thread and teach all your method’s for no cost then more power to you, that is great.

Equally there are a lot of snake oil salesmen out there so I can also see the other side why people become skeptical. However if you put in a little research before you buy I think you can track down which are the better PA courses to look at buying.

The 3 PA courses I have taken I all felt were very good value for money and Johno’s was obviously the one I have settled on using the most as I personally like the very simplistic nature of how he trades.

Each to their own I guess. I don’t think I’m talking ‘out of school’ too much when I say there was trader on our members forum who recently announced he was now trading full time for a living (Willy will know who I’m talking about) and one of the other members asked if was using any other method and his comment was “no, FSO worked for me right out of the box.”

At the same time there are others who will use part of what John teaches at FSO to compliment other methods.

That is the wonderful thing about PA there are many ways to interpret and trade it based on your appetite for risk and finding out what type of trading personality you have. Personally there are 3 threads here on PA which I like to follow, yours which started recently, Johno’s (obviously) and also the guys on the DnB thread, I think they are doing a nice job as well.

I think they all have something to offer in their own unique way.

Apologies to everyone, I didn’t mean to derail this thread, and to the trolls on these boards, let this be an example of how you can have a [I]mature[/I] debate on the subject ! No mud slinging, no name calling. Haha.

I wish I had more time to post a better comment but I did want to at least quickly respond. First I appreciate how you approached and discussed the topic here, I greatly respect that. And by no means do I consider this a derailing. I agree with you and maybe they have been lost in the pages of this thread, but I have given quite a few kudos to Johnathons thread and what he is teaching there. Just looking at the content of what he is teaching I think it is accurate and there is very little that I could disagree with.

I have also stated a few times in here that I am not opposed to a sales model and selling things. But I always follow that comment up with as long as it is truly unique outside of what can be easily found for free, and long as it is reasonably priced. I also agree with selling 1 on 1 training, or webinars and things like that as you are not necessarily selling common information, but rather ones time and experience. I think most of what is sold falls into that open internet knowledge area, and only a small fraction of it is truly unique and what I would call a “value add”. The way the candlesticks are traded and S/R is used has been around for a long time, this is what I would call general price action knowledge. What the value add is, are the teachers unique set of rules and method of trading.

I appreciate your honest comments and I hope to keep this thread on the fast track to learning price action. I will try and make sure I am not disrespecting anyone here. I hope if you see a topic that peeks your interest you will comment as I know you have a lot of experience and knowledge to offer.

[bhops]

I wish I had more time to post a better comment but I did want to at least quickly respond. First I appreciate how you approached and discussed the topic here, I greatly respect that. And by no means do I consider this a derailing. I agree with you and maybe they have been lost in the pages of this thread, but I have given quite a few kudos to Johnathons thread and what he is teaching there. Just looking at the content of what he is teaching I think it is accurate and there is very little that I could disagree with, regarding what he is teaching.

I have also stated a few times in here that I am not opposed to a sales model and selling things. But I always follow that comment up with as long as it is truly unique outside of what can be easily found for free, and long as it is reasonably priced. I also agree with selling 1 on 1 training, or webinars and things like that as you are not necessarily selling common information, but rather ones time and experience. I think most of what is sold falls into that open internet knowledge area, and only a small fraction of it is truly unique and what I would call a “value add”. The way the candlesticks are traded and S/R is used has been around for a long time, this is what I would call general price action knowledge. What the value add is, are the teachers unique set of rules and method of trading.

I appreciate your honest comments and I hope to keep this thread on the fast track to learning price action. I will try and make sure I am not disrespecting anyone here. I hope if you see a topic that peeks your interest you will comment as I know you have a lot of experience and knowledge to offer.

No worries, just fight the good fight Aaron and while the majority of my time will be spent on a couple of other threads and forums I will be sure to pop by from time to time when an interesting topic comes up.

[Piping_Hot]

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.

No wonder why these people have only attacked you on the other thread, they haven’t made their way to here. They probably have a narrow mind issue. These are the kind of guyz who’s attitude hardly ever gives them the chance to go on vacation and if they finally manage to, they are having a real hard time exchanging their own currency against the local one!

Edit: Let me know if you prefer me to remove this post, just wanted to have a good laugh together but I understand this is not very constructive.

[Piping_Hot]

@Piping_Hot

Hi all,

Another setup which meets the plan requirements. NZDUSD 4hr BEEB. Pair is riding between 0.84 & 0.822. A decent size BEEB has formed at the top of the range. I don’t like the 0.8320 area where the price is very likely to struggle. That is why, a failure to quickly and convincingly break will have me move the trade to BE. If it breaks it, I will move my SL to 0.8330 to secure a small profit.

The rating of this one is very low, let’s say 1 but if tight management is applied, it’s a take it just in case trade with an outcome being either BE or a 100 pips win.

Yves

This one is now cancelled as price broke the high of the BEEB.

[Piping_Hot]

@Piping_Hot

I moved this 2 BE as price is struggling with EMA21 as originally planned.

SL got hit at BE so I am out of this one as well

[Piping_Hot]

Here is an order I placed last night on NY close. CADCHF 1day Pinbar.

Pro’s: Size of the Pinbar
Level at which it happened
With the “trend”

Con’s: Strong bullish candle before it but it only means that it won’t go down further than my TP .
Trouble area at 0.8755. Failure to break will have me move trade to BE

To add a bit of fundamentals, market is getting nervous as we approach dept ceiling deadline and this usually favors safe haven currencies like CHF or JPY so another move down at least to recent support makes full sense.

I decided to place SL 10 pips above recent resistance instead of above the Pinbar’s wick to limit the risk as the setup isn’t perfect.

Rating: 2

[EternalNewB]

Guys a quick question

Fakey is traded as continuation / reversal or both?

There is this very nice fakey setup on the EURCAD daily setup with the trend and rejected by Horizontal S/R EMA8 and 21

my main concern is that the pair is ranging and it is on the top of the range a 3/5 setup to me

[Egypips]

@EternalNewB

Guys a quick question

Fakey is traded as continuation / reversal or both?

There is this very nice fakey setup on the EURCAD daily setup with the trend and rejected by Horizontal S/R EMA8 and 21

my main concern is that the pair is ranging and it is on the top of the range a 3/5 setup to me

Hello , I’m New to Thread But not for PA Trading ,

Regrading EUR CAD I downgrade the trade to 1 star only because it’s Traffic area , or as you described the pair ranging lately , second we have swing high near us ,

I traded Engulfing Candle from Friday but I’m now out at BE because of Yesterday Close ,

For me I’m Out and watching now for the pair to Break through the swing High to Start looking for retrace PA , or breaking Below Range area .

Regards

[EternalNewB]

@Egypips

Hello , I’m New to Thread But not for PA Trading ,

Regrading EUR CAD I downgrade the trade to 1 star only because it’s Traffic area , or as you described the pair ranging lately , second we have swing high near us ,

I traded Engulfing Candle from Friday but I’m now out at BE because of Yesterday Close ,

For me I’m Out and watching now for the pair to Break through the swing High to Start looking for retrace PA , or breaking Below Range area .

Regards

Thank you for the reply and welcome to the thread (I am sure Aaron won’t mind me welcoming you while he is asleep)

Looking forward to reading your input and contribution here

Cheers

[RonKirby]

what is usdzar ?

i dont have that pair in my trading platform

ok well excuse my entry please Hi I am Ron and I have been trying to trade for several years not doing any good at all , I became interested in PA trading about 18 mths ago and i did sign up to a paid PA trading school but still not making anything from it . I noticed this article in my emails so decided to come and have a look i will visit every day from now on and see if i can absorb some of this knowledge
regard to all

[Egypips]

Thank you for the reply and welcome to the thread (I am sure Aaron won’t mind me welcoming you while he is asleep)

Looking forward to reading your input and contribution here

Cheers

Thank You so much , I’m Glad to Join this Thread

Thanks to Aaron For starting this Thread and The other one for beginners

Regards

[guardian09]

Hi all,

I have been following this method and thread for sometime.

Could someone clarify or define the meaning of “entering on the break” vs “on the retrace”?

From what I understand of on retrace, is based on big retrace of big price acton to s/r. So when a PB is seen, what is the break you guys are talking about?
Thought we trade retracements and not breakouts.

And as I am still learning from mistakes and the ropes, I would like to post some of my previous trades. I’ll be posting without the pairs name and TF. I would like to get a feedback on whether the trade would work or not. Or whether you guys would take it or not. Then I’ll compare to what I have on my journal and see what are the things you guys saw and I did not. What made my trade work or fail. I’ll post when I get home. Outside now. =) I hope to learn more and not be a hindrance to anyone. Is this ok?

Many thanks!

[EternalNewB]

Hi all,

I have been following this method and thread for sometime.

Could someone clarify or define the meaning of “entering on the break” vs “on the retrace”?

From what I understand of on retrace, is based on big retrace of big price acton to s/r. So when a PB is seen, what is the break you guys are talking about?
Thought we trade retracements and not breakouts.

And as I am still learning from mistakes and the ropes, I would like to post some of my previous trades. I’ll be posting without the pairs name and TF. I would like to get a feedback on whether the trade would work or not. Or whether you guys would take it or not. Then I’ll compare to what I have on my journal and see what are the things you guys saw and I did not. What made my trade work or fail. I’ll post when I get home. Outside now. =) I hope to learn more and not be a hindrance to anyone. Is this ok?

Many thanks!

Hello Guardian and welcome to this thread

First to be able to answer your question let’s assume you have a Bearish pin bar. so the pin bar has a long wick that shows a clear rejection of the above price and it is pointing down showing that the price might go down

Entering on the break of the Pin bar (or any other bar) means that you set your order 5 to 10 pips lower than the lowest point of the pin bar this way you have confirmation that the price is indeed moving towards the down side, it is your confirmation signal

now the problem with this is that, due to the long wick of the pin bar, you might have to have a big Stop Loss and/or not so good RRR (Risk Reward Ratio) so another way to do it is

1. wait for confirmation (break of the pin bar in our example)
2. wait for retrace: meaning that after the pin bar is broker retrace will often happen, the price will go up again eventually so that’s when you enter your trade giving you a better RRR and a tighter stop loss

Hope it helps, if I wasn’t clear please shoot away

[Songok]

GBP/CAD daily

Pro’s:

• good size,
• with trend,
• RR 1:0.8,
• VBRN 1.65,
• only one minor resistance @ 1.6674,

Con’s:

• RR could be better,

Enter @ 1.6629 (10 pips buffer)
SL @ 1.6469 (10 pips buffer)
TP @ 1.6764

[EternalNewB]

@Songok

GBP/CAD daily

Pro’s:

• good size,
• with trend,
• RR 1:0.8,
• VBRN 1.65,
• only one minor resistance @ 1.6674,

Con’s:

• RR could be better,

Enter @ 1.6629 (10 pips buffer)
SL @ 1.6469 (10 pips buffer)
TP @ 1.6764

Man no offence but do open a demo account with a NY closing broker to have consistent graphs with the rest of us

more over pay attention, in your graph, all the candles you are looking at are inside bars for the bearish candle that happened 7 days ago so don’t treat them as engulfing (at least I dont)

[Stimpy]

Man no offence but do open a demo account with a NY closing broker to have consistent graphs with the rest of us

Look like NY charts to me:)

[Songok]

Man no offence but do open a demo account with a NY closing broker to have consistent graphs with the rest of us

more over pay attention, in your graph, all the candles you are looking at are inside bars for the bearish candle that happened 7 days ago so don’t treat them as engulfing (at least I dont)

Its NY close chart maybe You have pro account with pipets and thats why its different?

[EternalNewB]

Its NY close chart maybe You have pro account with pipets and thats why its different?

I am sorry man I was looking at USDCAD and not GBP CAD

Previous comment still holds there are inside bars so wait for the confirmation of more experienced members but, as far as I am concerned, don’t treat them individually

[cosminc77]

Hello everyone!
I have followed this thread from the beginning and I can say it is a delight, there’s so many things that you couldn’t find them in other PA threads. I also have to say that I would not be here without the help of Johnathon Fox’s thread.

Me what to say? I am working as a Database Administrator for few years. I was a Math and IT teacher for 2 years but I was stolen by the IT mirage…
I have started with Forex in January and with PA from July and I will go real after I can feel that I am mastering this system.

However I have a question regarding GBPDKK D1 (I know it is a exotic pair - but for the learning purpose…)
What is your feeling about it?
Could we call that reversal a “Morning Star”? Or can we go long with the BUEB?

Thanks Aron and everyone for this thread!