Price action trading - Trade like the pros! | Page 35 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Questions for real pros: How to trade with reference points only? 126 replies

Retail Trade Gains vs Pros 6 replies

Signal Provider/Trading Signals MT4 pros cons? 2 replies

Pros and Cons of Point & Figure Trading 10 replies

Retail Sales? Trade Balance? What it means? Newbies ask here. Pros answer here. 9 replies

Attachments: Price action trading - Trade like the pros!
Exit Attachments

Price action trading - Trade like the pros!

  • #681
  • Aug 23, 2017 3:51am Aug 23, 2017 3:51am
Might be a good setup. Dollar has been declining because of Trump shenanigans this whole time, this week might be a combo-breaker.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: USDXWeekly.png Size: 59 KB
Click to Enlarge Name: USDXH1.png Size: 65 KB
Click to Enlarge Name: EURUSDM15.png Size: 50 KB
  • #682
  • Aug 23, 2017 4:10am Aug 23, 2017 4:10am
I'm flat for the bigger part of the summer, august is one of those months I really dislike, where all the big boys are on holiday and all that's left is a bunch of rookies and algos... Looking to get back into it on a reversal, perhaps. USDx is at the bottom portion of the range, so at support. EU already broke out of its trading range and claimed liquidity resting above it. I will wait to see how it plays out, though.
  • #683
  • Aug 23, 2017 10:04pm Aug 23, 2017 10:04pm
Hello Fellow traders.

I love trading Price Action. Thanks for the thread.

I entered GBP CAD couple of days ago and just got out at around 100 pips on H4 chart. Entry and target are marked by the vertical lines on H4.
Now I am considering re-entering "Selling" on a retest of H4 as on the weekly chart, there seems to me more movement to retest the horizontal support (White vertical line on weekly".
Any ideas.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 46 KB
Click to Enlarge Name: Screenshot (111).png Size: 47 KB
  • #684
  • Aug 24, 2017 2:25am Aug 24, 2017 2:25am
Well, H4 on GBP CAD is currently testing previous S/R. But when looking at the monthly chart, there seems to be a big range area where price was ranging for few years.
Now I am bit hesitant to ride the bearish trend of H4.
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot (113).png Size: 99 KB
  • #685
  • Aug 24, 2017 2:45am Aug 24, 2017 2:45am
Now this time with GBP/AUD.

On Daily, Price is hovering under the horizontal dash line acting as Resistance. (First Chart)

On H4, Price needs to clear a small range and I will short with the break of it targetting the bottom horizontal dashed line on the H4 chart. It will give an excellent risk/reward ration. (second chart)

Nevertheless, the range created on H4 charts can be easily traded on m30 for quick profits between the two boundaries. I would favour shorts in this range as the general trend is bearish. (third chart)
Attached Image(s) (click to enlarge)
Click to Enlarge Name: Screenshot (114).png Size: 23 KB
Click to Enlarge Name: Screenshot (115).png Size: 17 KB
Click to Enlarge Name: Screenshot (116).png Size: 33 KB
  • #686
  • Aug 24, 2017 2:56am Aug 24, 2017 2:56am
I decided to short the above pair on M30. The risk/reward was very tempting (more than 1:3). There is a possibility price stops me out and head to the first resistance line but it is a fine for me as the Risk Reward ration is great. I am closing the trade at the bottom boundary and then re enter again to short when price congests below the lowest S/R
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot (117).png Size: 36 KB
  • #687
  • Aug 24, 2017 3:11am Aug 24, 2017 3:11am
Quoting WDays
Might be a good setup. Dollar has been declining because of Trump shenanigans this whole time, this week might be a combo-breaker. {image} {image} {image}
Hi sir. Wich books would you recommend for someone to go through. I mean powerful ones of PA.
Thanks in advance
  • #688
  • Aug 24, 2017 3:45am Aug 24, 2017 3:45am
The beauty of trading off support and resistance is that even with news time, if the trader is on the right side of the market, nothing to fear. I entered just before GBP news on forex factory calendar. Now I booked 10 pips and trailing price on m15.
Not encouraging trading at news time, it is sometimes risky with long spikes hitting stop loss.
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot (118).png Size: 41 KB
  • #689
  • Aug 24, 2017 4:01am Aug 24, 2017 4:01am
Quoting mtharwat
Hello Fellow traders. I love trading Price Action. Thanks for the thread. I entered GBP CAD couple of days ago and just got out at around 100 pips on H4 chart. Entry and target are marked by the vertical lines on H4. Now I am considering re-entering "Selling" on a retest of H4 as on the weekly chart, there seems to me more movement to retest the horizontal support (White vertical line on weekly". Any ideas. {image} {image}
GC isn't normally a pair I trade but you piqued my interest!

I see why you are wondering. To me, there are mixed signals. If I had a gun to my head, I would say there was a reasonable amount of room below but I'd be more inclined to wait for a pull-back (using H1 cw H4) and try and snatch a few more out of it on a short. However after that, the Weekly resistance seems pretty formidable, though at the moment price is only at the outer edge.

Here's what I am looking at:

Attached Image (click to enlarge)
Click to Enlarge Name: GBPCADH1asS+Dinfo24thAug17.png Size: 43 KB


Attached Image (click to enlarge)
Click to Enlarge Name: GBPCADH4asS+Dinfo24thAug17.png Size: 38 KB


Attached Image (click to enlarge)
Click to Enlarge Name: GBPCADDailyasS+Dinfo24thAug17.png Size: 46 KB


Attached Image (click to enlarge)
Click to Enlarge Name: GBPCADWeeklyAsS+Dinfo24thAug17.png Size: 46 KB
  • #690
  • Aug 24, 2017 4:31am Aug 24, 2017 4:31am
Hi lemercenaire

Thanks for your charts and comments.

"GC isn't normally a pair I trade but you piqued my interest! "

Well, there are lots of gems in minors and crosses . When I trade H4 and dailiy, I don't care about those tiny 0.2 spreads. There so many pairs which make a hundred pip move on H1 and H4.


"I see why you are wondering. To me, there are mixed signals. If I had a gun to my head, I would say there was a reasonable amount of room below but I'd be more inclined to wait for a pull-back (using H1 cw H4) and try and snatch a few more out of it on a short.
However after that, the Weekly resistance seems pretty formidable, though at the moment price is only at the outer edge."

Great you are on the same line with me. If you switch to the monthly (I have it posted above), you will find that price has just entered a range with many candles not just two long wicks finding support on weekly chart. This has also made me more confused. I was very tempted to continue this bearish journey and make more couple of hundred pips. Very good opportunity if not for the monthly chart. (the one with the Kaki rectangle)
  • #691
  • Aug 24, 2017 5:08am Aug 24, 2017 5:08am
Ok. I invite you dear lemercenaire and other sincere PA traders to analyse with me this pair : NZD/USD.


Weekly time frame : PA is in a range bounded by the two yellow horizontal lines. Price has also tested 50 percent fibo and heading down.


Daily time frame: A very visible Head and Shoulders Pattern presents itself. I am Waiting for a strong break of the neck yellow line and price to retest this S/R. Will keep an eye on H4.

H4 time frame: Nothing much at this time to indicate a break. H4 and H1 will be my entry time frame within the next couple of days. Just need one more confluence from those TFs after the break of course.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: Screenshot (120).png Size: 46 KB
Click to Enlarge Name: Screenshot (119).png Size: 58 KB
  • #692
  • Aug 24, 2017 8:41am Aug 24, 2017 8:41am
Quoting mtharwat
Ok. I invite you dear lemercenaire and other sincere PA traders to analyse with me this pair : NZD/USD. Weekly time frame : PA is in a range bounded by the two yellow horizontal lines. Price has also tested 50 percent fibo and heading down. Daily time frame: A very visible Head and Shoulders Pattern presents itself. I am Waiting for a strong break of the neck yellow line and price to retest this S/R. Will keep an eye on H4. H4 time frame: Nothing much at this time to indicate a break. H4 and...
I've just ridden a big crop in Crude, so am about to take a break away from the screens. I will certainly have a look at this when I get back later.
  • #693
  • Aug 24, 2017 12:22pm Aug 24, 2017 12:22pm
This is the risk I fear with GCad... It's plummeting alright, but this entire area is filled with demand. It's not the highest probability sell out there in my opinion.
Attached Image (click to enlarge)
Click to Enlarge Name: GBPCADWeekly.png Size: 71 KB
  • #694
  • Aug 24, 2017 12:24pm Aug 24, 2017 12:24pm
Careful with those gbp crosses, though, they're mighty volatile Big wins - Big losses.
  • #695
  • Aug 24, 2017 5:07pm Aug 24, 2017 5:07pm
Quoting WDays
This is the risk I fear with GCad... It's plummeting alright, but this entire area is filled with demand. It's not the highest probability sell out there in my opinion. {image}
Yeah, a quick in-and-out till it makes up its mind would be my call, if at all.
  • #696
  • Aug 24, 2017 5:36pm Aug 24, 2017 5:36pm
Quoting mtharwat
Ok. I invite you dear lemercenaire and other sincere PA traders to analyse with me this pair : NZD/USD. Weekly time frame : PA is in a range bounded by the two yellow horizontal lines. Price has also tested 50 percent fibo and heading down. Daily time frame: A very visible Head and Shoulders Pattern presents itself. I am Waiting for a strong break of the neck yellow line and price to retest this S/R. Will keep an eye on H4. H4 time frame: Nothing much at this time to indicate a break. H4 and...
I'd actually say that on the Weekly tf there initially looks to be a fair bit of room to continue a drop. However, once you add the fib, you can see that we are in a range between 50.0 and 38.2, the latter of which, could give some bounce potential.

Dropping to the Daily and H4, this is given much added weight by the areas of demand.

Going to the H1 would have me ready to get in on a move long, any time from the next few hours on. Not saying it will go for any huge run but I'd say there is definitely something there over the short-term.

Attached Image (click to enlarge)
Click to Enlarge Name: NZDUSDWeeklyAsS+Dinfo24thAug17.png Size: 56 KB


Attached Image (click to enlarge)
Click to Enlarge Name: NZDUSDWeeklyAsS+Dinfo24thAug17incFib.png Size: 63 KB


Attached Image (click to enlarge)
Click to Enlarge Name: NZDUSDDailyAsS+Dinfo24thAug17.png Size: 46 KB


Attached Image (click to enlarge)
Click to Enlarge Name: NZDUSDH4asS+Dinfo24thAug17.png Size: 46 KB


Attached Image (click to enlarge)
Click to Enlarge Name: NZDUSDH1asS+Dinfo24thAug17.png Size: 46 KB
  • #697
  • Aug 24, 2017 9:23pm Aug 24, 2017 9:23pm
Quoting WDays
This is the risk I fear with GCad... It's plummeting alright, but this entire area is filled with demand. It's not the highest probability sell out there in my opinion. {image}
Hello WDays. Thanks for the thread and your reply.
I agree with you the whole entire is now filled with demand. Most of the weekly bearish trend started off the 38.2 fibo level on the weekly chart which offered great safer opportunities on H4 but now we have to give a chance for price to see if it rebounds in a series of HL HH or dive down again.
  • #698
  • Aug 24, 2017 9:30pm Aug 24, 2017 9:30pm
Hi lemercenaire,

Thanks for taking time to analyse NZDUSD.

"I'd actually say that on the Weekly tf there initially looks to be a fair bit of room to continue a drop. However, once you add the fib, you can see that we are in a range between 50.0 and 38.2, the latter of which, could give some bounce potential"
I definitely agree with u and I am waiting for a break of the neckline (which is on the 38.2 weekly fibo) and a retest.

"Going to the H1 would have me ready to get in on a move long, any time from the next few hours on. Not saying it will go for any huge run but I'd say there is definitely something there over the short-term."

Well for the H1, I would only be thinking of taking longs in either of two cases: 1- There is at least one HL, HH. 2- Price has touched this level three or more times and bounced off it. So far the look on H1 is very bearish with a series of Lower Highs.

Any ways, this pair is a bit slow but is one of those on my watch list.

I am glad you did well with the crude. May be share the chart with us when u have time.
  • #699
  • Aug 25, 2017 1:29am Aug 25, 2017 1:29am
EUR CAD

On the daily, Price has made a lower high and is about to touch the upper trend line giving some room for scalps.

Shortened on 30 min.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: Screenshot (127).png Size: 82 KB
Click to Enlarge Name: Screenshot (126).png Size: 85 KB
  • #700
  • Aug 25, 2017 1:46am Aug 25, 2017 1:46am
shortened GBP USD as well.
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot (128).png Size: 45 KB
2 traders viewing now