Understanding Price Action by Chris Capre

[2ndSkiesForex]

See posts #1341 and #1356.

I am up 201 pips as I type this.

Some excellent trading here Sandlent.

You might have just won the award for best first trade on this thread.

Nicely done!

Kind Regards,
Chris Capre

[2ndSkiesForex]

Hello Perry,

Awesome trade mate.

You have waited till the right moment to get into that trade. This trade looks very promising.

Also I’ve noticed the similar pattern in Cable. Wish our Grix friend doing great with that one.

Finally this thread is going much better with high quality posts from the members. Love to be here as always.

Alan

Good trade, nice engulfing bar setup at a key pullback level - with trend, good R:R. Excellent trade mate

Kind Regards,
Chris Capre

[sandlent]

Some excellent trading here Sandlent.

You might have just won the award for best first trade on this thread.

Nicely done!

Kind Regards,
Chris Capre

Thanks Chris, but I’ve been seriously burn’t before.

Thanks to your post and excellent input from members here, that I’ve got a new outlook and different approach on trading.

So far everything that I’ve gathered from this thread and all the trade ideas that I’ve seen here has helped me make positive trades.

So keep them coming…

[2ndSkiesForex]

Thanks Chris, but I’ve been seriously burn’t before.

Thanks to your post and excellent input from members here, that I’ve got a new outlook and different approach on trading.

So far everything that I’ve gathered from this thread and all the trade ideas that I’ve seen here has helped me make positive trades.

So keep them coming…

Well you did the trading. My job is to provide a platform and perspective for people to learn and see price action in a different way. But you must do the trading.

The best arrangement is I do 50% of the work, and others meet me halfway. Unfortunately, reality is more like me doing 70/30, or 60/40, but for those that do meet me halfway and do their part, the rewards are there as you are seeing.

But excellent trading indeed as it had all the components of a good trade so nicely done!

Kind Regards,
Chris Capre

[GRIX_FX]

Well you did the trading. My job is to provide a platform and perspective for people to learn and see price action in a different way. But you must do the trading.

The best arrangement is I do 50% of the work, and others meet me halfway. Unfortunately, reality is more like me doing 70/30, or 60/40, but for those that do meet me halfway and do their part, the rewards are there as you are seeing.

But excellent trading indeed as it had all the components of a good trade so nicely done!

Kind Regards,
Chris Capre

Nice trade and system guys

[GRIX_FX]

Hello Perry,

Awesome trade mate.

You have waited till the right moment to get into that trade. This trade looks very promising.

Also I’ve noticed the similar pattern in Cable. Wish our Grix friend doing great with that one.

Finally this thread is going much better with high quality posts from the members. Love to be here as always.

Alan

Hey Alanmac, So far the trade is working quite well do far 60 pips on the trade…

[ApexPredator]

Thanks Chris, but I’ve been seriously burn’t before.

Thanks to your post and excellent input from members here, that I’ve got a new outlook and different approach on trading.

So far everything that I’ve gathered from this thread and all the trade ideas that I’ve seen here has helped me make positive trades.

So keep them coming…

Hey man, everyone has bad periods, its the expensive lessons that teach you the most. Fantastic trading mate, real good work.

Apex.

[dollareuro]

@GRIX_FX

Something that one of my systems picked up in the night. After loosing 800 pips in two weeks, the USD/JPY was on its redemption with a rather interesting price correction consisting of a pinbar and a good number of very impulsive candles. But the formation of a pin bar late yesterday triggered the resumption of the down trend.
The area around 99.00 is already an established R/S area and the formation of a pinbar at this zone is already enough to go short.

SL placed 100 pips above, just below the 100.00 round area with no defined TP at the moment, however 96.30 and 94.10 are all potential areas for closing the trade.

Grix

Hey Grix

In one hour chart , the price is consolidating…it can go either way!

[2ndSkiesForex]

hey Chris and Sandlent…I think 50/50 is a good idea, but for me I do 100% of the work though its a little more tedious… well i can say this is cool so far.

Grix

Hmm, so you do not rely or use my methods at all, or anything by asking me questions about my methods, price action, etc? in here since you are doing 100% of the work?

seems strange imo - but have it as you like

[ApexPredator]

Hey Grix

In one hour chart , the price is consolidating…it can go either way!

Momentum looks down, I would say a bearish continuation is on the horizon, I jumped on the EURJPY short this afternoon which tends to move with more aggression.

Apex.

[sandlent]

Hey man, everyone has bad periods, its the expensive lessons that teach you the most. Fantastic trading mate, real good work.

Apex.

Thanks bro and I should add that you’re doing a great job as well.

[sandlent]

@dollareuro

Hey Grix

In one hour chart , the price is consolidating…it can go either way!

I don’t know mate, but according to what I see, I see a bearish engulfing bar.

Maybe others can shed some light upon this.

[dollareuro]

GBP/USD reaching to registant…what you guys think?

[ApexPredator]

GBP/USD reaching to registant…what you guys think?

This chart looks like its bullish. You can see from recent PA that sellers can even get a candle that posts in their favour.

Bullish bias there for me.

Apex.

[dollareuro]

@sandlent

I don’t know mate, but according to what I see, I see a bearish engulfing bar.

Maybe others can shed some light upon this.

Not clear whether it is a 1M or hour chart! Very hard to identify from the image! This is very important in price action and this works best on 4 hours and daily charts (as per my knowledge goes)!But surely a nice PIN bar formed on the daily USD/JPY now:

[2ndSkiesForex]

@sandlent

I don’t know mate, but according to what I see, I see a bearish engulfing bar.

Maybe others can shed some light upon this.

Bias has been bearish all day. consolidation is towards the lows, so sellers still in control.

All JPY pairs down on the day, so overall pressure on, but considering the support below, i would not be adding shorts here imo.

Kind Regards,
Chris Capre

[2ndSkiesForex]

Hello Traders,

Here is a great trade from a student of mine who just did this the other day grabbing +251.6 Pips. Fantastic trade on the GU. Congrats to Dragosh.

Kind Regards,
Chris Capre

[2ndSkiesForex]

Not clear whether it is a 1M or hour chart! Very hard to identify from the image! This is very important in price action and this works best on 4 hours and daily charts (as per my knowledge goes)!But surely a nice PIN bar formed on the daily USD/JPY now:

Hello DE,

it says on the chart above (top left) its a 1hr chart ‘USDJPY 1H’

Now as the to the ‘4hr daily chart works best’ this is actually not true. I’ve done statistical testing on many systems, including the engulfing bar, and accuracy/profitability is not a linear relationship - meaning if you go up in time frames, this does not = more accuracy or profits. In fact, on my recent engulfing bar tests, out of the 4 time frames (30m, 1hr, 4hr and daily), the highest accuracy was on the 1hr and 4hr, but even more interesting, of the 13 scenarios for profit (meaning across every pair, and the 4 time frames tested), the daily chart only showed profitability on 3 of the 13, while the 1hr 5 of the 13, and the 4hr 3 of the 13, and the 30m 2x, so this is not true about the higher time frames being the only ones that work for this system.

This is a propagated myth, with nobody purporting this actually presenting stats or evidence. I actually posted some stats recently a few pages back showing this, but its simply not true about the higher time frames being better for these price action patterns.

Anyways, hope this clarifies it.

Kind Regards,
Chris Capre

[ApexPredator]

Damn, have you guys had a look at equities? its amazing to think what a few downgrades and central bank decisions can do to the economy… Im sure some of you profited from it though.

Just a suggestion. Maybe it would be a good idea to reset the whole financial system and start over?

Or do national governments want to make poor states pay Every. Single. Penny. Sounds petty to me.

Just some thoughts, Im done trading for today, Dont feel 100% on edge to continue trading (bloated - Ate to much)

Apex.

[sandlent]

Chris, what do you think about the potential double top formation on the 4hr GBP/USD?

I guess maybe we should see if it comes back to the 1.5525 and bounce back to get in a long position or wait for it to breach it and get in a short position after a pullback?