Price Action That Matters

[krugman25]

Hi Krugman,

I’ve checked DailyFX, and I think there is a change of plan. USD does not seem to have any High-Impact news this Tuesday. No NFP and all that stuffs for Tuesday.

Thanks Willy, I keep forgetting that. Kind of ironic as it is my government that is shut down, lol.

[krugman25]

Hello Everybody,

My Name is Saeed. im from Pakistan, Im newbie and just learning how to trade
Many Congratulation to Krugman for this useful thread.

It`s very admirable that anyone spend part of his/her time to help others.
I hope to be part of this great thread, and its potential.
.

Welcome Saeed to the PA community here. Thank you for the kind words and support.

Wow.
Aaron.
Thanks.
Just read the first 9 pages now.
Your my hero.
I’m in.
Finally a real smart person, helping us all out.
Thank you!

Haha, great post. Buckle up because it’s going to be one heck of a ride.

[Kasravi]

Thanks Willy, I keep forgetting that. Kind of ironic as it is my government that is shut down, lol.

Looks like you guys over there don’t have it that hard then after all…

Cheers

[krugman25]

Looks like you guys over there don’t have it that hard then after all…

Cheers

Don’t even get my start about the government here. “Essential government staff” is still allowed to work, 65% of government is considered essential, which is hardly a shutdown. The other 35% not working is going to get full backpay for all days missed, which begs the question if they are going to be fully paid then why not just get them back to work! And I digress, haha.

[shane]

@bizzaro

hi krugman my first post here. what do u think of this chart?

support flipped over to resistance. good trade to go short after the ny close?

hey mate, I am looking at EURGBP as well, hope it can formed a 2BR or inside bar, since it is with the downtrend.
But then there is a minor support at 0.84060 area.
Still I waiting for Aaron to explain more about this.

Regards,
Shane.

[wm247]

That’s one thing I notice about US media. [U]They really have no problem to inflate every news out of proportion[/U]. I kinda understand why we simply ignore the news most of the time at the other thread. :eek:

Don’t even get my start about the government here. “Essential government staff” is still allowed to work, 65% of government is considered essential, which is hardly a shutdown. The other 35% not working is going to get full backpay for all days missed, which begs the question if they are going to be fully paid then why not just get them back to work! And I digress, haha.

[krugman25]

CAD/CHE - H1- 2BR

Quality - *(1 star)

Pro’s
*formed at a very key daily/weekly S/R level
*2BR - size equal to or larger than the previous candle

Cons
*PA candle should form lower and make a deeper false break into the S/R
*For the time frame the candles need to be much larger
*formed against an overall downtrend

I want to use this as an opportunity to point out a trade that may “qualify” in the core requirements to take a trade, but a trader should always analyze the pro’s and cons of the setup. For beginners, make it as cookie cutter as possible. Stick to 1 timeframe and create a small list of trade “filters”. As you grow in your knowledge of PA you can trade lower timeframes and begin understanding all of the dynamics of a trade. In a 1 hour chart like this I require very large price action signals. The pro’s for this were a 2BR, at a key level, in a pullback in price which deems it at least 1 star. But amount of risk given the cons of the trade make this setup a risky without much edge. I will continue to watch this level and see if a new, larger, higher quality setup will form.

This is purely for example. I am actually waiting for price to rise, and will be watching resistance areas for PA signals to form and then to go short.

[wm247]

I use FXCM and the platform is Trading Station.

I thought you use Axitrader before this, Krugman? Any problem with Axi?

[krugman25]

hey mate, I am looking at EURGBP as well, hope it can formed a 2BR or inside bar, since it is with the downtrend.
But then there is a minor support at 0.84060 area.
Still I waiting for Aaron to explain more about this.

Regards,
Shane.

Thanks for posting, I am glad to see people are starting to dig into PA topics and chart setups.

I took a quick look at this, this is a very nice setup that is forming on the daily. Lets see where it closes but it is at the right level to watch for shorts, now we wait for the 5 star PA signal. I will check the charts as markets are closing and make an commentary on pairs I think are high quality.

[Kasravi]

don’t even get my start about the government here. “essential government staff” is still allowed to work, 65% of government is considered essential, which is hardly a shutdown. The other 35% not working is going to get full backpay for all days missed, which begs the question if they are going to be fully paid then why not just get them back to work! And i digress, haha.

lol…

[krugman25]

I thought you use Axitrader before this, Krugman? Any problem with Axi?

I opened an Axi account a few weeks back but I haven’t funded it yet. My biggest complaint was FXCM’s 20 symbol limit. I had them unlock my limit so I am a happy camper. Also, I don’t like MT4 so I am a bit reluctant to move over to Axi. For now I will bite the bullet on the higher spread because I love the Trade Station platform, and they offer a lot more pairs.

[gmatav]

Morning all

I quite like the look of this on the CHFJPY 4hr:

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.

Hi, imo this is a swing high, so if you wanted to go long it should be at a swing-low position instead…

[wm247]

Some of my friends use Interactive Brokers to do their Forex trading, you may want to put IB also when you discuss about the acceptable Broker and Chart Setup in this thread.

I myself once considered using Interactive Brokers as they by far have the most complete pairs + stocks + options with ridiculously very low spread, and their chart looks like our standard NY Close chart. The reasons I do not use IB by now are because:

1. They require initial capital $10,000.
2. Only play with standard account.
3. Small leverage. So much for the land of the free, :42: US-based brokerage offers [U]the lowest leverage possible in Forex world[/U]. I know we need to stay vigilant in this treacherous world of Forex, but seriously? [B]1:50???[/B] :rolleyes:

I opened an Axi account a few weeks back but I haven’t funded it yet. My biggest complaint was FXCM’s 20 symbol limit. I had them unlock my limit so I am a happy camper. Also, I don’t like MT4 so I am a bit reluctant to move over to Axi. For now I will bite the bullet on the higher spread because I love the Trade Station platform, and they offer a lot more pairs.

[Mr_B_A_Barracus]

[QUOTE=“gmatav;546951”]
Hi, imo this is a swing high, so if you wanted to go long it should be at a swing-low position instead…[/QUOTE]

Thanks for everyone’s feedback on this, I agree with what you all said except for this last post. I do not see this as a swing high sucka, I see it as a swing low, please explain?

Thanks

BA

[krugman25]

Some of my friends use Interactive Brokers to do their Forex trading, you may want to put IB also when you discuss about the acceptable Broker and Chart Setup in this thread.

I myself once considered using Interactive Brokers as they by far have the most complete pairs + stocks + options with ridiculously very low spread, and their chart looks like our standard NY Close chart. The reasons I do not use IB by now are because:

1. They require initial capital $10,000.
2. Only play with standard account.
3. Small leverage. So much for the land of the free, :42: US-based brokerage offers [U]the lowest leverage possible in Forex world[/U]. I know we need to stay vigilant in this treacherous world of Forex, but seriously? [B]1:50???[/B] :rolleyes:

Hey Willy,
I have heard of them before, although don’t know much about them. In the United States 1:50 leverage is the maximum limit legally allowed. Also CFDs are illegal in the US. I tend to have different brokers for the different markets I trade in. I use Options House how for my options based trading.
While CFDs are legal here, I still watch commodities and indices as many currencies are tied to them. I know many here trade CFDs and value the chart commentaries for them, so I will make and effort to post commentaries on commodities and precious metals as trade setups develop.

[krugman25]

Thanks for everyone’s feedback on this, I agree with what you all said except for this last post. I do not see this as a swing high sucka, I see it as a swing low, please explain?

Thanks

BA

I agree, looked like a swing low to me.

[gmatav]

Thanks for everyone’s feedback on this, I agree with what you all said except for this last post. I do not see this as a swing high sucka, I see it as a swing low, please explain?

Thanks

BA

Hi, the price shortly went up, so it’s a swing-high, what we want is take long positions at swing-lows. Buy low and sell high…

Regards,

[adamjn]

EURJPY 2 Bar H4, price has been in a channel for the past few weeks and has been making about 150 pip moves after hitting the channel s/r areas.

Price is now at the bottom of the channel and has formed a nice looking 2 bar. The candle hasn’t closed yet… so a while to wait to see if it turns out to be valid. (I have my order set because I am heading out, but will monitor it on my phone)

Zoomed in…

[Mr_B_A_Barracus]

Hi, the price shortly went up, so it’s a swing-high, what we want is take long positions at swing-lows. Buy low and sell high…

Regards,

Hi Gmatav

This is how I see it:

[Kasravi]

There is weakness on the Yen all over the board.
I’m long on cad&nzd/Jpy, already BE and taken a good profit.

Good luck everyone

Cheers