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  • #26,221
  • Jun 22, 2018 5:50pm Jun 22, 2018 5:50pm
Quoting jas0992
For price action traders: I made these two trades about 24 hours ago. I saw an inverted hammer (marked with red arrow) and the price dragged back down the 4H resistance. I thought its a good entry for a short trade. But 4 hours later, the trade wasn't seem to be working in my favor as the next 4H candle closed making a bullish engulfing and also closing above the 4H resistance. I closed the current trade at a loss and opened a long trade (marked with green arrow) with a target just below the next 4H resistance. Luckily, this trade closed with TP...
There wasn't a volume spike for the inverted hammer. So it was more of a market pause than a short signal IMO. Gotta respect market context, the bullish engulfing w/ high volume spike tells the story. Always a probabilistic thing tho. Stay green bruhs
  • #26,222
  • Jun 22, 2018 7:17pm Jun 22, 2018 7:17pm
Quoting jas0992
For price action traders: I made these two trades about 24 hours ago. I saw an inverted hammer (marked with red arrow) and the price dragged back down the 4H resistance. I thought its a good entry for a short trade. But 4 hours later, the trade wasn't seem to be working in my favor as the next 4H candle closed making a bullish engulfing and also closing above the 4H resistance. I couldn't figure out why the price went up after forming a bearish pin bar at the resistance. What are your thoughts? {image}
It is just Market Makers taking your money. They know there are tens of thousands price actions traders in forex. Probably thousands did what you did, as it is the logical thing to do. So they set it up so people will go short so they can take it long and take your money. That is their job and they are very good at it! The more I understand Market Makers and their bag of tricks the more profits I keep. Many will say it was one thing or another that caused it, but Market Makers are great at price action principles and deliberately go against the principles on purpose to take your money along with thousands of others. They of course will let the price action principles work about 50% of the time so everyone will keep following those principles.

I follow some very good price action traders online and they are wrong about 50% of the time. They brag about their great trades when they work, but are silent about all the ones they messed up on. Market Makers probably also follow them so they can make it look like the principles are working and then, bam, take it the other way and take out all stops on many occasions.

We've all seen it many times in forex. "Weird" stuff happens. Great US data comes out and the USD gets strong for 15 minutes and then, bam, goes big the other way like the US data was bad. Then people say it was this or that or it was already priced in the market...but actually it was just the Market Makers taking your money.

Study up on the Market Makers and your will learn many things. They are especially active in the EURUSD as it is one of the most traded pairs and there are billions of dollars available every day there. This is why many people only trade minor pairs as the Market Makers tricks are less active there.
  • #26,223
  • Jun 22, 2018 9:17pm Jun 22, 2018 9:17pm
Quoting jas0992
For price action traders: I made these two trades about 24 hours ago. I saw an inverted hammer (marked with red arrow) and the price dragged back down the 4H resistance. I thought its a good entry for a short trade. But 4 hours later, the trade wasn't seem to be working in my favor as the next 4H candle closed making a bullish engulfing and also closing above the 4H resistance. I closed the current trade at a loss and opened a long trade (marked with green arrow) with a target just below the next 4H resistance. Luckily, this trade closed with TP...
Welcome to forex
  • #26,224
  • Jun 22, 2018 9:24pm Jun 22, 2018 9:24pm
Quoting jas0992
For price action traders: I made these two trades about 24 hours ago. I saw an inverted hammer (marked with red arrow) and the price dragged back down the 4H resistance. I thought its a good entry for a short trade. But 4 hours later, the trade wasn't seem to be working in my favor as the next 4H candle closed making a bullish engulfing and also closing above the 4H resistance. I closed the current trade at a loss and opened a long trade (marked with green arrow) with a target just below the next 4H resistance. Luckily, this trade closed with TP...
Please take a look

https://www.forexfactory.com/showthread.php?t=256823
Stay low, Go fast - No luck, All skill
  • #26,225
  • Edited 12:48am Jun 23, 2018 12:25am | Edited 12:48am
Quoting jas0992
For price action traders: I made these two trades about 24 hours ago. I saw an inverted hammer (marked with red arrow) and the price dragged back down the 4H resistance. I thought its a good entry for a short trade. But 4 hours later, the trade wasn't seem to be working in my favor as the next 4H candle closed making a bullish engulfing and also closing above the 4H resistance. I closed the current trade at a loss and opened a long trade (marked with green arrow) with a target just below the next 4H resistance. Luckily, this trade closed with TP...
Recommending STEVE NISON. Look him up then I'm pretty sure you will know why.

Also, another good thread to read upon the subject: https://www.forexfactory.com/showthread.php?t=2331
richadi36 also looks like a solid pa trader.
  • #26,226
  • Jun 23, 2018 12:35am Jun 23, 2018 12:35am
:-)
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  • #26,227
  • Edited 2:03am Jun 23, 2018 1:25am | Edited 2:03am
Quoting jas0992
For price action traders: I made these two trades about 24 hours ago. I saw an inverted hammer (marked with red arrow) and the price dragged back down the 4H resistance. I thought its a good entry for a short trade. But 4 hours later, the trade wasn't seem to be working in my favor as the next 4H candle closed making a bullish engulfing and also closing above the 4H resistance. I closed the current trade at a loss and opened a long trade (marked with green arrow) with a target just below the next 4H resistance. Luckily, this trade closed with TP...
Location matters and the Type of close matters.
You traded a trend continuation candle (indeed an "inverted hammer"), you just traded it in the wrong direction.
I think you were looking for a "Shooting Star". An "Inverted Hammer" is a trend continuation. It's the same candle but in different location and context.
Location location location, context context context....
Support/resistance Lines are markers for Zones that form around these lines, not exact spots.
"Zones of interest" where the price is expected to do "something" (according to human behaviour, greed & fear - buying/selling)

But that's not the root of the problem.
Just like anything else, priceaction trading and pricelevelstrading doesn't work in a vacuum. You got to see and understand the bigger picture
And you really must understand what and why the price moves up and down.
Simply looking at candlesticks is not enough.
if you don't understand "price" and "market", you can not trade priceaction.
(you can not trade at all to be honest. 95% of traders don't know what it is that they are looking at, and that's the true root of the problem)
Did you ever wonder how the old pit traders traded with just looking at price? Proper priceaction trading doesn't need charts.
It needs a good understanding of market and price.
Where are the sellers, where are the buyers, and when does greed and fear come into the market to cause enough buying/selling volume for the market to fill (consume) the orders... that's priceaction trading. (actualy one might argue "Teek, that's orderflow trading".. but hey )

here is a very simple example of "market" and "price" for you. > youtu.be/mUvB89DMtww
(watching a 10 Minute video is not enough...)
you are not expected to understand this
  • #26,228
  • Jun 23, 2018 2:18am Jun 23, 2018 2:18am
Quoting pkimnyc
{quote} Recommending STEVE NISON. Look him up then I'm pretty sure you will know why. Also, another good thread to read upon the subject: https://www.forexfactory.com/showthread.php?t=2331 richadi36 also looks like a solid pa trader.

here,
click to download:

Profiting in Forex by Steve Nison
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #26,229
  • Jun 23, 2018 2:28am Jun 23, 2018 2:28am
H1 Outlook for Monday

  1. Most crucial support level is: 1.1644 (Zone wise we actually have a supportive triangle area between 1.1638 and 1.1652 but I took the center as crucial)
  2. Nearest bull target is roughly: 1.1707 (But depending on momentum, price can already reverse at 1.1685 or go up to 1.1735. Therefore I took the center distance as average target)
  3. For now, current picture can be temporarily seen as bullish: I will buy dips carefully. Those who are already long should keep them as long as price stays at least above 300 EMA or 1.1644.

My two cents..

Stay Green

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Focus only on what truly matters!
  • #26,230
  • Jun 23, 2018 3:13am Jun 23, 2018 3:13am
Quoting jas0992
For price action traders: I made these two trades about 24 hours ago. I saw an inverted hammer (marked with red arrow) and the price dragged back down the 4H resistance. I thought its a good entry for a short trade. But 4 hours later, the trade wasn't seem to be working in my favor as the next 4H candle closed making a bullish engulfing and also closing above the 4H resistance. I closed the current trade at a loss and opened a long trade (marked with green arrow) with a target just below the next 4H resistance. Luckily, this trade closed with TP...
Here is my thoughts.
All those hammers are pinbars in fact. Agree?)
So pinbar should have specific criterias for better probability to play as you want.
1) It must be on the top or bottom of movement (swing point). This one formed in the middle of nowhere))
Besides it didn't manage to close below 1.16 (BRN) & didn't break resistance level that you mentioned.
2) Pinbar's tail should stand alone outside nearest bars' max/min. Otherwise it is not a pinbar.
Hope that helps you)
  • #26,231
  • Jun 23, 2018 3:14am Jun 23, 2018 3:14am
dollar index mounthly , daily
eur/usd mounthly , weekly
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yes yes yes
  • #26,232
  • Jun 23, 2018 3:53am Jun 23, 2018 3:53am
EURUSD H4
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Self discipline It is a practice
  • #26,233
  • Jun 23, 2018 5:15am Jun 23, 2018 5:15am
Wishing all of you MAX profit next week, but first - JOY-full weekend!
Attached Image
Instagram - FX_ELITE_Europe | In Search of #BIG_R | Need No Small Pips
  • #26,234
  • Jun 23, 2018 5:25am Jun 23, 2018 5:25am
Quoting Maxjoy
Wishing all of you MAX profit next week, but first - JOY-full weekend! {image}
looking good bro! Enjoy ur weekend
  • #26,235
  • Edited 9:24am Jun 23, 2018 5:29am | Edited 9:24am
Short bias...

M30 - Intraday setup
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Weekly setup
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Since Frank Sinatra sings in his own way, my chart sing... I did it, my way
  • #26,236
  • Edited 7:27am Jun 23, 2018 7:08am | Edited 7:27am
Weekly outlook:

We see a type 2 close (Daily) at Support on the USDX, and the corrosponding Type 2 close (Daily) at resistance on the EUR/USD.
Charts are self explaining, we take a closer look at the USD Index, and that's my prediction for next week.

USDX - I can't find (technical) weakness in the Dollar, even if I desperatly wanted to. US boys do a great job in keeping trust out of Europe...
Technicly speaking, the "Double Top" looks tempting, and that's exactly where most Retail Traders lose their money. Have no faith in it, it will most likely retest the upper level again (see zoomed out H4)

D1:
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H4 (zoomed out):
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EUR/USD - same old lame old range. If you trade this, buy the bottom (green), sell the top (red) until it breaks.
Good for intraday scalping though...
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We'd need a fundamental trigger to cause a breakout, to whatever direction I do not know. (I prefer staying with the downtrend)
Last weeks analysis has all the pricelevels for targets (in case of a breakout), all of them stay true because nothing has changed.
Happy weekend and good luck for next week
you are not expected to understand this
  • #26,237
  • Jun 23, 2018 9:47am Jun 23, 2018 9:47am
Reverse head&shoulders forming on daily?
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  • #26,238
  • Jun 23, 2018 9:55am Jun 23, 2018 9:55am
What do you read on weekends? how do you prepare for the next week?

Please share

https://www.forexfactory.com/showthr...3#post11195083
Help Others with GOD help
  • #26,239
  • Jun 23, 2018 10:44am Jun 23, 2018 10:44am
Quoting JmFinancials
What do you read on weekends? how do you prepare for the next week? Please share https://www.forexfactory.com/showthr...3#post11195083
Only like this))
@Maxjoy, cheers, bro!)
Green, green, only green!)
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  • #26,240
  • Jun 23, 2018 11:28am Jun 23, 2018 11:28am
totaly forgot the fundamental aspect of the really important part in my analyis this week, that everyone was waiting for, and...
...that came from yesterdays: x-ray of my right pinkie finger

The damn thing is fractured from the very tip through slightly the middle, almost to he knuckle.
48 years and still a physical beast. F*ck yes!
you are not expected to understand this
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