Hello Bob and Traders,
Yes, I am back and here is my first post I’m looking at today;
Just looking at the EURUSD pin bar which formed at resistance. It also formed earlier an engulfing bar + pin bar combo which many of my traders got in on and profited from, so hopefully you did the same. But check out the chart below.
Hi Chris,
I have a question about this chart. For the same time frame my candles look different. Which server time do you use for your charts so I can see the same things you see? Sorry if that’s been answered before…
Thanks!
puzon
Hello Puzon,
No worries, am happy to help. My 4hr charts start at 1hr into the London session, and close on the London close. They also start at 5pm PST time or 8pm EST time, so hopefully that explains the difference.
Kind Regards,
Chris
Hi Chris,
Thanks for explaining, it sure helps. However, I was wondering if you had a reason to do that? Do you find that particular time to be best for analyzing your charts? I’m very used to NYC close and I know there are various opinions on how patterns perform differently depending on your candle close time. Maybe NYC is not the most reliable?? Anyway, thanks for taking the time, appreciate it! 
puzon
Hello Puzon,
Statistics actually suggest NY Session Close is not the most reliable across all price action systems, pairs and time frames. Sometimes it outperformed, sometimes it way underperformed, and it helps to know the difference on which price action setups, along with pairs and time frames it does.
And just because the daily candle closes at the NYC, doesn’t mean all 4hr charts will be the same. The 4hr charts could start at midnight NYC, 1am NYC, 11pm NYC, and still have the daily NY session close.
There are a few 4hr configurations that test well, and one of them is the one I use, so hopefully that helps give you some idea.
Kind Regards,
Chris
Thank you Chris! That certainly helps!
One more question if you don’t mind, do you use the same server time for your daily candles as well? Sorry for so many questions.
Thanks!
puzon
Hello Puzon,
I trade both the NY session close and the GMT 00.00 daily candles. And if I were to add another, it would be the NY midnight daily candle.
But…and I should make sure this is clear, I do not trade every system on the same daily candle/server time because (as stated earlier) performance will vary per system and pair across all the server times.
So its very specific and tailored.
Hope this helps.
Kind Regards,
Chris
Hi Chris,
Thanks for the answer again. So I see your point. I’m assuming you have the data where you back tested which formation performs well on each of the time settings. I think you mentioned that this data is available to your students through the membership on your site, correct? Anyway, thanks for the info, I appreciate it!
puzon
Hello Puzon,
I responded to this earlier but it seems not to have come through.
Yes, its available to my students as I have back tested each formation across several time settings and pairs, so hopefully that clarifies it.
Kind Regards,
Chris
Hey Traders,
Just checking out this piercing bar + pin bar combo on the GBPUSD.
Take a look below, but it may be indicating a possible reversal to end the week for the pound.
Thoughts?
Hi Chris
Is this GMT 00.00?
these are 4hr charts so the server daily time would not matter per se
my 4hr charts start at 1hr into the london open, so hopefully this gives you the needed info
kind regards,
chris
Hey Fellow Traders,
I wanted to share a brief intraday price action setup I took just the other day on Oil.
Using the chart below, the green arrows are where the entry and exits are.
Shortly after my entry, price jumped up uber fast on the killing of the Hamas Chief of Staff (which escalates Middle East Tensions to say the least). Sadly, I didn’t have time to catch the news and adjust my target higher, but my target was achieved nonetheless.
Now you will notice after my entry which is highlighted, you could see the back to back pin bar rejections at D, followed by a doji. You may also notice this was happening above the prior flag pattern that led to a pin bar reversal at A, and confirmation follow up buying at C.
As the market headed back into this level, the pin bar rejections at D were additional communications to me the selling offers were being absorbed. And when I see this type of setup and my systems rules playing out, I will buy that.
Often times you will see these price action signals prior to an event which really is a trigger to accelerate the current order flow bias. It ended up being a 3+x reward to risk play that hit its target inside 20 minutes.
This is just one of the price action systems and patterns I discuss in my price action course that happens everyday across several instruments.
NOTE* This setup offered the same profit potential as a 300pip trade with a 100 pip stop. If you had to wait from Nov. 8th till yesterday to hit your target, you are wasting your time for one trade that offers the same reward as this one. There is no reason why you should have to wait for days on end to hit a 2x or 3x target as these setups happen all the time and are consistently profitable.
Food for thought.
But I hope this offered you some insight into price action trading.
Kind Regards,
Chris Capre
2ndSkiesForex
Hi Chris,
Thanks for this example, nice trade! However, my problem is that my current schedule does not allow me for day trading. I’m in EST time zone and work regular day job hours. My trading can really only happen on daily candles so I guess I have to wait for those daily setups which aren’t as frequent…
puzon
Hello Puzon,
These types of setups happen on all time frames, including 4hr and daily time frames so you just take the ones that come your way. I actually teach a lot of 4hr and daily strategies as well for people like yourself and have many students in the same situation doing just fine.
Anyways, hope this helps.
Kind Regards,
Chris
Hello Traders,
Wanted to note the daily chart on the AUDUSD which is showing some weakening in the price action angles, particularly on the 3rd leg. This was the same type of formation that occurred on the EURUSD before the big break down in April, so am paying attention to this chart.
Short term there is a pin bar, but the key levels for the downside are 1.0150 and for the upside is 1.0450 and 1.0630.
Hello Traders,
Just watching the EURJPY on the daily charts as its approaching a 6mos resistance so plays for both bulls and bears here.
Take a look at the chart below, but i’m watching this one heavily.
Hello Traders,
Just wanted to share a live trade i’m in which is actually from my weekly market commentary on the AUDUSD forming weaker price action angles, suggesting a likely short opportunity.
Here is the trade below:
Hello Traders,
Just a few intraday price action trades on silver and the aussie. You can see the entry and exit points for each trade which I did just using price action strategies.
See below.
AUDUSD
Silver
I hope you all caught some of these great setups and moves today.
Have a good holiday weekend and as always, good luck trading!
Kind Regards,
Chris Capre
