Hi everyone. Like a lot of people here, I was also on the other PA thread and while it may have felt limited no doubt, it definitely did keep the fundamental basics in check.
I did raise some things but they were never answered due to the nature of the questions and perhaps my post count. I’m hoping it’ll be a more dynamic of a debate in here
I’ll start one here if that’s ok. Do you think the history of a PA signal is important? Or do you even consider it of any importance? Meaning, lets say a certain pair has a good history of a BUEB or BEEB being a reliable indicator of price about to swing the other way on a strong S/R line with strong evidence dating back to lets say 5 yrs ago. Noticeable and sizeable pin bar on the other hand seems to take out many PA traders even on strong S/R lines on the daily, only to swing back after stops have been taken out with buffers. You see a reliable sized pinbar at a strong daily S/R level. Do you take it and what considerations do you have analyzing it?
Hey SkyHigh, I believe I have seen you around before, probably in Johnathons thread. It doesn’t take long to become profitable as a PA trader as the principles are easy to learn and pick up. The real battle to profitability is the trader controlling him/herself. I know your experiences you’ve already had over the summer can add value to the discussions here. There will be some great things for you to learn here as well. I look forward to seeing you around more, and welcome to the one stop shop for PA!
Hey Charlie, thank you for the honest and candid comment and welcome to the PA community! If you are looking for information and knowledge, this thread will be overflowing with it in short order. I know quite a few of the guys that have already posted here that have been traveling down this road for a while and will provide some great wisdom through their personal experiences, as well as myself.
Live accounts are where it’s at! I actually promote trading purely a live account if at all possible, even for beginners. I will delve more into that very soon, and will begin laying out these things out in articles and discussion I post in the coming weeks. I look forward to hearing the success stories from people who’s trading has improved through their learning of price action here. Stick around, you may be one of them!
Heads up everyone, I improved the Rules section of the thread to include the required format when posting trade setups. I also added the 1-2-3 pattern to the list of patterns discussed here. The requirement for a trade to be considered “tradable”, and the quality system we will use here to give our opinion of the quality of a given trade. That should help make things more uniform and easier to follow here.
I couldn’t go to bed without putting at least 1 chart up related to price action. We are on out 60th comment for cryin’ out loud, it’s about time we sink our teeth into some great PA! So here is to the very first PA chart post!
This is a good candidate to begin looking for signals to go long in the area marked with the yellow circle. We are looking for price to pull back and create a false break through the horizontal S/R level and 21EMA. I will be keeping my eye on this one.
Here is an introduction of myself. I’m Brendon, from a small little island country called Singapore. Am a nurse, a school band instructor, and an aspiring profitable trader to be. I too, aspire to one day make trading the bulk of my income.
Like many, I’ve been trying out various methods. Until I stumbled across PA. I have been in mr J thread too. And like most of you, dislike the “membership” part. I am still learning and looking to improve.
One of the most important thing I have learnt is we need to be very disciplined and patient. Kinda like fishing to me. xD we cannot be trying to fit the chart into our criteria rather, we should make sure the chart fits the criteria.
I hope to learn a lot more from here as I continue my “study” in trading!
What do you guys make of the Bearish Engulfing at the swing high on EURCAD Daily?
It looks like a pretty good setup, the only problem I can see with it is that it is trading right into the 21 day EMA which does hold as support when the market is at a good pace.
The bottom line would be my TP if I was to take the trade, I am still considering it.
I would rather wait for a retracement to 1.39 area to go long with the trend. But I am curious to see what others will say and Aaron in particular as I am still very much used to the basic only rules and maybe this is a great opportunity but in a more advanced approach.
It is a bullish engulfing bar, a little above my line of r/s but against my 200EMA which I tend to use when not trading naked. This would be with the uptrend.
EDIT - I won’t be taking this as on second viewing the bullish engulfing bar isn’t particularly large and does not stand out. I would also prefer it to be closer to my R/S.
B A. You haven’t marked any S/R. I believe while trading PA S/R line is a must. In my view 50% work is done by marking valid support and resistance level. Rest is divided between spotting signal and money management.
[QUOTE=“boynep;546840”]B A. You haven’t marked any S/R. I believe while trading PA S/R line is a must. In my view 50% work is done by marking valid support and resistance level. Rest is divided between spotting signal and money management.
Cheers,
boynep.
[/QUOTE]
Hey Bluenep
I obviously work with S/R lines, please see the blue line on my posted chart.
No probs Boynep, your post actually caused me to reevaluate my s/r lines as it is definitely more of an area opposed to a line on this chart which makes it trickier. I have decided to pass on this one as the engulfing bar is not convincing enough for me. I can’t see anything else out there for me at the moment so will check again at 2pm uk time.
Hello Krugman & friends!
My name is Chisha, I am a Christian & full time trader.
Congrats on your thread, I wish you all the best. I hope to be an active member so I can learn and contribute on here too. It’s good to see the team here
