Hello Spuzz,
Congrats on this one - well done!
Yes the JPY pairs have been offering a lot of with trend trades as of late. Many of my traders have been scooping up great trades on the GBPJPY, EURJPY, USDJPY (not so much on AUDJPY) but definitely we’ve been active on the JPY pairs and trading a lot of these pullbacks - but well done yourself here.
Kind Regards,
Chris Capre
Hello 2ndskiesforex,
Thanks for this refreshing thread on price action(PA).
The only other person i have seen talking about price is Training Traders by Mike Bhaggdady.
I have been looking into PA for quite some time.
I find it quite interesting the point on key locations where institutions get in. - How do we find these areas?
Thanks again for your thread.
Hello Asamrat,
Thanks for the positive comments.
I actually spent a few days hanging out with Mike in Barcelona - he’s a really good guy and I like his approach to trading and PA.
In terms of how we find the key locations institutions get in, I wrote an article about key support and resistance levels on my site, but to give a few brief points;
Look at prior history, time degradation
Understand current price action and how its reacting to it now
How did price action react to that level in the past
Time frame
What is the speed or impulsiveness price is approaching it now
So hopefully this helps and give you a few tips on how to find key locations where institutions get in.
Kind Regards,
Chris Capre
How are you doing ? How was last week ? By the way Nice reply. Hope you are covering all these areas in your course well. Have a nice pipping week ahead.
Hello Perry,
Last week ended really strong so I cannot complain.
I’m just getting back after taking time off for the Super Bowl.
Interesting SB Fact though:
Over 7 Million Americans will call in sick today
I almost became a casualty as well 
Will post trade ideas shortly.
Kind Regards,
Chris Capre
Hello Traders,
One of the pairs which has been showing some good intraday price action signals is the GBPJPY. There was a pin bar on the 4hr chart off the key role reversal level, which I talked about as a good support level for intraday longs in my weekly market commentary.
That level held, and has now bounced over +90 pips.
Short term the range dominates, so watch for plays on both sides. A break of the range to the downside, suggests a weakening of the trend, while an upside break should bring in fresh longs (chart below)
Kind Regards,
Chris Capre
Thanks for the analysis. Missed a long on GY. But got some good pips from EJ long today. This long run may continue until we get positive news from Yen.
Ha - was the opposite for me. Looking for plays on the EU, Gold, Silver, and possibly the IBEX 35. Potential plays on EJ and oil in the pipeline, but not sure we’ll get positive news from the land of the rising sun for the JPY anytime soon
Kind Regards,
Chris Capre
Hello Traders,
Quite an interesting day across the JPY pairs, and also precious metals. Gold just formed a bearish engulfing bar on the 4hr chart off the key resistance at $1685. Although it was engulfing a small pin bar, the selling on the day was far more impulsive than the buying, and this was after two pushes up, with the second one being quite strong (chart below).
The wicks on both sides communicates strong presence with bulls and the bears, but the wick on the topside is larger which = more selling pressure than buying short term. If it fades, and we form a HL (higher low), then this is showing the precious metal is underpinned and will likely retest $1685.
A break below $1666.50 intraday will check to the buyers at $1661.
Kind Regards,
Chris Capre
Hi Chris,
Thanks for all the valuable information you have been posting, it has been very helpful. I have (among many) one question about your 4h and daily charts. I notice that your bars and price action look different across multiple brokers for the same time frames. I’m assuming this may be due to the broker time and when they choose to close the 4H and daily candles. Is there a broker time that is more common between institutional and retail traders? I know you particularly favor the London open time which starts at GMT + 0, is this because more traders are paying attention to the price action around those specific bar open and close times, making them more reliable?
Hello PHJ,
Am glad you are enjoying the material here and finding it useful.
In regards to your question, sure - broker charts can look different depending upon when they splice their 4hr candles. Common ones are NY Midnight, GMT midnight, European open, etc. Mine just happen for this charting package are cut 1hr into the london open.
There is no one standard that all traders use. London traders tend to favor their charts while NY traders theirs. As a whole, there are far more traders in london and europe than in the US, especially for fx, as london is the largest for the fx market.
But i’ve quantitatively tested them on ever server time, and there is no ‘one is more reliable’ than the other server time as it varies per system, pair and time frame.
I’ve seen successful traders work off of every server time, so hope that helps, but it does pay to understand the statistical differences between them.
Hope this helps but good question.
Kind Regards,
Chris Capre
Thanks for your reply, it does help to clarify things. Basically what I think you are saying is that by using a form of statistical analysis we are able to determine which broker times can produce the highest successful probable signal - on the 4hr and daily. What if we broke it down one more time frame to the hourly, which is a synchronized universal time measurement for price globally. For example, in theory a 4H or daily pin bar should show similar price action on the 1hr time frame across all brokers. Is this a fair assessment or am I just over thinking it?
Hello PHJ,
Yes, it helps to understand the differences between the server times, instead of just blindly following one because someone says (without any data to back it up) one is better.
In terms of 1h, for the most part its the same, however there will be a few differences, i.e.;
sunday open times and how they add the partial hour to the price action, do they make it part of its own candle, or add it to the next full hour? there is no set rule for this amongst brokers.
also, price feeds can vary by a few pips, so this will as a whole make some adjustments
But overall, you got the gist of it.
Hope this helps.
Kind Regards,
Chris Capre
Hello Traders,
After a really choppy start to this month, the AUDUSD has finally taken out a key support level in 1.0357, which it broke through on an impulsive leg down. The pair found support and some buyers at the round number of 1.0300, but i’m not really convinced by the small back to back pin bars.
I’ll look for a corrective pullback towards the role reversal level at 1.0357, along with a 20ema on the 4hr chart, to sell the pair, targeting 1.0300, 1.0236 and 1.0163 should the downside momentum pick up steam.
Kind Regards,
Chris Capre
Thanks for the analysis. At the moment pair try to test this major R level. I am also waiting to take a short around that level.
Awesome information Chris.Really love it!!!Any books you would recommend on reading price action??
Hello Asamrat,
Glad you liked the information here and hope you find it useful.
In terms of good books on PA - yes, when mine comes out
Honestly, I really haven’t found any that were valuable per se. The market and my studies of it has been my teacher.
Kind Regards,
Chris Capre
Hello Traders,
Post the ECB announcement, the Euro got bloodied up losing over 180 pips in a few hours. Since then, it is barely holding serve and support at 1.3380.
Post the aftermath of the losses, the pair has formed 3 inside bars back to back, or an ‘iii pattern’. My bias now is south if it can clear the support level. Should this fail, then 1.3300 is up on deck. Any corrective pullbacks towards 1.3463 are also opportunities to sell on a rally.
Kind Regards,
Chris Capre
Hello Chris,
Hope you are doing good. I also know that you are working on a PA book. When are you gonna release this book? Can’t wait
Hello Asamrat,
Until wait for the book you can find so many valuable articles, videos from Chris’s web which I found very useful for my trading. Good luck on trading
