Price Action Trading - EUR/USD

Would like to compare notes with other seasoned traders out there .... just for the EUR/USD pair to see how view points might differ over different market situation.

The method that i use is basically price action, trendlines, support & resistance and fibonacci retracement/extension. No indicators.

Cheers!
Ken

My 1st Chart ...heheh
These are paper trades only though .....

Put 2 arrows there. Currently now would be a Long at 1.3542 and take profit at 1.3563 for 21pips. Stop Loss 1.3500.

Rational is that at 1.3550, is a very strong support level that was spiked thru. Likely to recover back above. While a lower low has been formed at 3549 n 3521 respectively, it is still trading on an upside trendline, so a lower high need to be formed. But for high probability trade, 3563 is much safer than trying it at a higher level where significant resistance lies.

I guesstimate it can go upto 61.8% retracement 3643, where a short position would be good. Maybe 3647 would be better.

Comments? Anyone?

Got it for 21 pips <take profit was the red dashed line>
Though there was a swing against .... from 3542 to 3527 for 15pips.
But all well ends well, with a double bottom @ 3528 confirming the direction change. Target should be somewhere like 3578, but i deem that abit risky given the recent strong downtrend. I was just buying into the retracement, not going against the trend....

Also confirming the upside move is 2 significant higher low at 3542 and 3551. The long position was pretty much safe after seeing these formation.

On hind-sight, maybe the long would be surer after the formation of the double bottom, but the profit potential could be lower since the target of the double bottom might not be reached given that it is against the trend...

Well .... I came in late .... a good thing i did. Didn't expect the price to shoot up so high. And made higher by the US Consumer Confidence News !!!

Anyway, i m short @ 3697. SL 3723, TP 3648

Done Deal! 49 pips earned. Max Pip against: 6pips.

Done for the day.

Forgot to add that this trade was a no-brainer. It formed a lower low at 3528. Didn't expect it to break 3716 without a retracement. How much it retraced, i m not really concern, but i am sure that the first stop would be at this distinct support @ 3648. That was about between 23.6% and 38.2% retracement. There is a good chance that the retracement might go deeper .... but i am going to bed *Yawn*

Looks pretty good there. Update us more of your PA trade set ups.

Thanks for your encouragement buddy
I will.

You know I'm the one from HWZ right? Haha. Will start practicing on PA soon.

Potential Trade Setup here. Waiting for the 3rd lower high to confirm itself .... if it doesn't go above 3708, and falls below 3687, i m short. Otherwise the trade is cancelled.

Trade Entry as Short @ 3687, SL: 3697, TP: 3683.
SL to be adjusted upside above the high of the 3rd peak, and the entry shifted upside also depending on where price held before it move downside to break 3687. Otherwise SL seems abit expensive for the profit potential.

3 lower highs should precede a further down move. But we have to bear in mind that the trend is still up, until confirmed by price action that it is otherwise ....

Now i know ....

Price potential is about 3677, but this is a 50/50 on foresight even though it is 10pips. On the other hand, the 5pips (TP @ 3683) is 80/20, higher probability trade.

Price has broke Trendline. SL shifted up to 3699. Looking out to see where the Entry can be shifted up now ....

Entry shifted to 36914. Keeping fingers crossed now.

Is my current set up correct?

Darn ... i m wrong .... got stop out at 3699, 8 pips down the drain ....
Let's see how the chart forms out .... maybe i m right, just wrong on the SL ....

What is the arrows on top of each line? Indicator?
Sorrie, i have stopped using indicators for more than 1 year .... sounds like a frog from the bottom of the well ...

Your bottom trendline seems more aligned to the arrows than to the bottom of the price.

Your top trendline is a internal trendline or ???

Damn horrible!!! *Sorrie for cursing*

Ok, i lied. My SL was at 1.3700. The bulls were putting up a good fight here. For a moment, it almost seemed they have won.

As own of my friends would put it ..... we would be biting fingernails at that stage. Went 9.4pips against. Seems like one nail on my finger is almost gone ....hehehe just joking!

I close it out at 0.9 pip, breakeven ..... this trade didn't seem so nice after a while. For now, i m not taking chances against the trend. Support at 3688 is proving to be too strong. All the downmoves were followed by strong buys !!!

I guess the idea is there. The risk is not worth it, though i am proven right after all, but if u look at the chart, you could also see how fast the price went back up.... phew .....

On hindsight, it was lucky that i can it quits .... the price shot up to 3726 !!! Almost 36 pips against !!!

Phew .... was that six sense or what ???

Turning Bull now

A trend has been formed with 2 confirmed lower highs in the hourly chart.
From the 10min chart, 3 higher lows are holding. Next move would be a break-UP.

Target would be 3850. But i am putting TP at 3768, where this would be the first stop upon break-up. Entry @ 3727, SL @ 3639

Buildup is looking good. Shift down the entry to 1.3718

No change to TP and SL