Pure price action trading setups

I have also trailed stop that position saliv.
Hope all will transpire good.

Havenā€™t locked BE yet but will before market close tonight if target not hit. Not gona do anything else as Iā€™m quite confident the trade will hit target

Iā€™m up 83 pips so far on this one. Lost 30 pips on the UJ and gained 70 pips on EU. Not bad.

Target hit. Happy holidays everyone

Yup. me +95 pips Bankedā€¦


Happy weekend.

Good for you.I was stopped out as the pair reached my trail stop.

REMOVES those GRIDS.First page you mentioned this.
Happy Weekend.

Ha ha haā€¦ That is Nice reminder. But that is FXCM chart. Its less noise than MT4 grids. I think its not possible to remove the grid. Anyway I wonā€™t post again the chart. :slight_smile:

Happy weekend.

Of course you can, just right click on empty area of the chart and click ā€œShow Gridā€

Thanks for the technical help. I will check it later. Now it closed for maintenance.

Happy pipping.

Hi Salimvp

Like your thread, congrats!

Cheers

I have just scrutinised my charts and I have to say the well is empty.
There is nothing to to for the next two days.So I will see you on the other side,if anyone has anything promising,please lets argue it and see whether it is feasible.

Nothing promising now. We could get setups from next year. Iā€™m gonna sit sideline until the holiday is over.

Merry Xā€™mas and a safe new year to all.

There will be pullback at GBPusd ? Right ? This was a strong resistance , could it be a strong support too?

Honestly, I didnā€™t get you. Sorry for that. If you saying off the daily chart, yes there is a pull back as a inside bar.

The liquidity is almost dead. The market will be on the track after the holidays until then nothing to do. The pair is still in short bias. Support at 1.6030 and resistance at 1.6170 for a near term perspective.

You can post a chart so we could understand what you seeing there.

Thanks for replying. I am a newbie. I donā€™t know how to make a copy from a chart. I am talking about h1 ā€¦ It could pullback to 1.6190 ? Or 1.6170 .

Well, I donā€™t use the 1H chart to see the levels. Iā€™m using the daily. So keep watch on 1.6170 level.

Please go through the School of Pipsology. Graduate from there. Learn everything about the market.

Good luck

Hi gehadeg.
I am also a newbie and a lucky one at that since I discovered Price action and the best Time Frames to trade on.since you are a newbie,trade the dialy time frame since the the lower time frames are no easy to trade for a newbie.We donā€™t have to rush our riches friend,the market is open for anyone who is willing to put in the time and hard-work. 2013 Should be the year where you will surely learn a lot from this thread and others that are Price Action Compliant.

Advice:

  1. Graduate from the Scholl of Pipsology
  2. Read the first 50 Pages in Johnathan Foxsā€™ thread it will teach you a thing or two about how to manipulate the charts.
  3. But dont trade Time Frames lower than Daily,as I did the same thing and I was Struggling.

Thanks guys ā€¦ I am working on your advice about pipsology school today.

Welcome back guys, I hope you had great holidays. :slight_smile: I wish everyone a pippastic new year ahead.

Now back to business. Today I just posting some chart analysis. For me no trade this week.

EUR/USD


Yesterday the pair went to the resistance (1.3300) again to retest the strength and failed it again. Now we have a pin bar between the near term support ( 1.3130) and resistance. The pair is still in a uptrend basis. A break below the support lead to a large move to south. If we take a short off the pin we have a very strong support very near which is 1.3130. Else it will support here and may move higher.

So wait and see.

GBP/USD


Like EU, GBP/USD went through the near term resistance 1.6300 and retrace back. Resulted a large pin bar. The wick has a 130 pip range. The support is 1.6175.

Though, the pair promising something on the chart for a short than the EU. If we get an entry from 50% of the wick. No. Iā€™m not trading.

AUD/USD


AU shoot up yesterday with a 130 pips. We have a support at 1.0460 on a near term. resistance at 1.0550. Last couple of months we talked about the 1.0550 resistance area. There you go the area still there to broken. The pair is still in an uptrend mode. We could see a retest at the resistance again soon.

NZD/USD


Same as AU, this pair need to go up. The support is right now at 0.8300-8310. Resistance at 0.8400. If the pair break below the 0.8300 we can see a move to lower.

Overall Iā€™m sitting sideline.

Hello Zakuthimdlethe,

I am curious why you say not to trade the lower time frame, as if there are some bugaboos waiting there if you do. Your experience in trading the lower time frames didnā€™t work out, but that does not mean its a no manā€™s land.

A good price action trader can trade any time frame, from the dailies down to the 5m. High quality setups are not based on time frame - this is an illusion. There are only three things needed for a high quality setup;

  1. A pattern that repeats itself with consistency

  2. A signal that offers low risk and high reward potential

  3. A pattern that offers a clear entry and exit pattern

That is all that is needed for a high quality signal - nothing else. It is not time frame dependent. I find high quality signals on higher and lower time frames every day.

Now maybe it did not work for you - but that is your experience and does not make it rule of law. I have hundreds of traders trading every time frame, and their accuracy is relatively consistent regardless of the time frame.

Why?

Because they understand what it means to find a high quality signal. How many 6.5:1 reward to risk plays do you find on the daily charts? How many in a year that you actually bank? Iā€™m willing to bet less than a handful. Yet my traders find them on the 1hr, 30m and 5m all the time week in-week out.

Here is one posted below from a student of mine on the 15m;


This is a A++ high quality signal and he traded it perfectly using our methods. No bugaboos here, and if you notice, the chart looks quite clean. Yet its on the 15m time frame.

And another one of my students on the 4hr time frame:


He did this all using a 50pip stop for a 4:1 reward to risk play. Again, no bugaboos here, just a great with trend setup that he held till the price action cued him into seeing it was over.

***NOTE: these charts are from the actual brokerā€™s charts of my students showing where they entered and exited the trades.

The idea that high quality setups only reside in the land of the daily charts is an illusion and a freshmen idea of trading. Train to spot patterns that repeat themselves with consistency, offering a clear entry and exit, along with strong reward potential, and youā€™ll find high quality setups on every time frame.

Food for thought.

Kind Regards,
Chris Capre