Hey Chris, say hi to dragosh, we had the the same idea: see post 1332…currently 443 pips up so far…
Cheers mate, I must say learning PA must have been the best thing ever
Dany
In my daily commentary I talked about getting long just above 1.55
that already happened and went to the top of the range
so have to wait for a new signal
but the consolidation above and below 1.5612 leaves me pause
will stand by now and wait for more clear signal before taking a play on GU
Does this make sense as to why?
Kind Regards,
Chris Capre
Yes it makes sense now Chris.
Hey guys try and help me out here… What are the different forms of PA trading?
Theres candlestick, chart patterns, trendline trading, horizontal level trading…
Have I missed anything? Can ichimoku be counted as price action trading?
And optionally, what PA art form do you trade?
Apex.
I am more comfortable with horizontal level trading ie support and resistance trading combined with candlestick patterns such as pin bars and engulfing bars. Once I start making consistent trades with these, I will look into trendline trading. I also would like to be able to keep adding to winning positions but for now I’ll stick with what I said above.
But thats just me, I am sure there are several other combinations traders use but I think no 2 people will trade alike.
When you and I look at for eg a 4 hour EUR/USD chart at the exact same time, you might be seeing things I won’t and vice versa. Hence, this excellent thread where others post their setups for further analysis and varying opinions.
Hola Traders,
So in my weekly market commentary, I talked about EU and GU likely finding bids and higher prices, and now both are putting pressure on the upside levels as opined (chart below).
I’m looking for bids on both pairs unless I see massive selling, I think both should challenge the upside and clear the near term resistance levels tomorrow.
Thus, look for pullback towards dynamic support levels on the 4hr chart.
Good hunting tomorrow.
Kind Regards,
Chris Capre
Hello Traders, After having some really good trades last week, this week am focusing more on learning and identifying some good formations from the charts.
looking at the EUR/USD and GBP/USD inside bar formations after the US close, we can take these as high probability trades with low targets( approx 60 pips)
GBP/USD
EUR/USD
lets see how these two play out today
I used to trade like that, I dont know… I dont like drawing to many lines because I end up drawing to many! So much for simple, it can quickly become very complex…
Yeah, I stick to candlesticks patterns, although maybe I should start combining with patterns like triangles, or PA squeeze etc.
Thanks for the reply.
Apex.
Well for the morning intraday trading, snapped a nice 10+ RR trade on the AUDUSD bull.
Do anyone trade over the summer holidays here? I know Chris doesnt due to low liquidity…
Apex.
Nice analysis Chris. Missed a good setup on GU yesterday.
May be another one today ??
Hello Apex,
Looks like you are trading lower time frames.
Use any indi with price action or only do price action trading ?
The AUD has been on a loosing end amid fears of looming economic crisis on the golden country. Technically, the AUD/JPY has been on an impressive bearish run over the past month finding support around the 90.40 area. On the upside, a bullish bar that barely broke above the EMA 20 has formed and we can expect a continuation of the bearish run. With 92.50 acting as a short term resistance, this looks like a good opportunity to go short with the target around the round 90.00 area…
see ya tomorrow guys…
Hi,
So are you expecting another squeeze before EU launches into the 136xx regions where there feb highs are?
Your statistics definitely proves that the 1 hour is the best for this system. I would like to know why some experts r relying on 4 hour and daily charts and whether they have any research on it or not cause this is an important issue since chart looks different in different time frames! I would surely back to you regarding this issue if I get something different!
Thanks for your response.
Hello Flam,
I’m expecting pullbacks to be bought. It may or may not manifest as a squeeze, but I’m expecting them to be bought which they have thus far.
Kind Regards,
Chris Capre
Hey Guys, just returned from football practice and found my AUD/JPY doing really good…+139 pip so far so good…:32:
Oops after taking the snap the take profit placed at the former support are got hit and 150 pips for the US session…not a bad job for 3 hours…
DAny
Hello DE,
So I’m going to give a long answer to this as it needs some unpacking - since its actually a loaded question.
I think we have to question the term ‘other experts’ in this case because they offer no evidence, stats, or proof the 4hr/daily are superior. Yet I do, which I hope separates me in some sense.
I think its a sophomore mistake to just claim the best trading signals are on specific time frames. Do you really think banks and institutions (which a bank trader could execute 20-100 trades a day), is doing this solely on the 4hr/daily charts?
Unlikely.
If you learn how to read price action, you’ll realize two important things, which are;
- you can do this on any time frame, once you learn the skill
and
- good signals are not dependent upon the time frame, but the actual Price Action Context itself (which can manifest in many different ways, regardless of the time frame). My students find them all the time across all time frames, small and large.
I have some students trading the 5m-30m TFs, while others only the 4hr/dailies. Yet both are making money.
The whole argument ‘4hr/daily time frames are better’ is the most puzzling one, because those who espouse it, haven’t realized the complete irony and conflict in their argument. They state the argument like the following;
- pin bar signals on higher TFs are more reliable than on a 5m chart.
[I]but here is the kicker[/I]
- they also state [B]that we never take/trade any pin bar,[/B] that we have to trade them in ‘[B]context[/B]’ based on the price action [B]story[/B].
So they state pin bars are more effective on higher TFs, yet don’t trade every pin bar on the higher TFs, because we have to use the surrounding context/story of the Pin Bar to verify if its a good signal.
Do you see the irony and actual contradiction they are stating?
That we shouldn’t trust lower TF pin bars, because they are less efficient by themselves…but, they also admit they don’t trade [B]ANY[/B] pin bar by itself (regardless of the time frame being higher), because we have to partner it with the context/story.
Do you see it now how this is a complete contradiction and confusion?
But this is the crucial point i’m trying to make here…
When you are trading a 5m chart, a 30m chart, a 1hr, chart, or ANY time frame chart - you are always using the [B]context/story around the price action[/B] (be it a pin bar, inside bar, engulfing bar, etc.) to validate the actual signal.
So it actually is [B]NO DIFFERENT[/B] when trading a 5m, or 4hr chart, because you are a) trading a signal, but b) verifying the signal based on the context/story around it. You are using the same tactics, regardless of the time frame.
I’m not just trading a pin bar because it shows up on the daily chart, nor am I doing this on the 5m chart. I’m reading the price action context around the signal, and determining if its a high quality signal or not.
And these high quality signals happen all day on any time frame.
Yesterday I took one on the 5m chart that had a 3:1 reward to risk play and was done in 15mins. It was the same price action formation I’d trade on the 1hr, 4hr or daily - no different.
So hopefully this clarifies things around the confusion about higher TFs, and how I approach price action trading differently.
Kind Regards,
Chris Capre
Nicely done Dany. Good with trend trade - using dynamic resistance, at a solid level. Excellent work!
Kind Regards,
Chris Capre
Who says I don’t trade summer? I trade it all the time, just a bit less.
And as to the 10+RR trade, do you have a screenshot from your broker showing the actual trade?
If you can, share screenshots of trades you take with actual lines from the broker showing entry/exit so we can all see. All the others are doing it, and seeing the actual trade from the broker chart helps to inspire confidence in others, so if you can, would be appreciated.
Kind Regards,
Chris Capre
After bagging +193 pips yesterday, I took another shot at the USD/JPY pair and bagged another 96 pips today.
I could’ve had more but I had to be away from the computer for a bit so I set a take profit target just above yesterdays support and walked away.
Right now it only equates to only a few dollars profit with trading 1 micro lot but when I start making consistent trades then I will increase the lot size. The knowledge that I am getting is far more valuable than the dollar amount at this point.
