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Price Action and Trading Discussion

  • #2,741
  • Jan 3, 2013 4:25pm Jan 3, 2013 4:25pm
Quoting Forexgogo
USDCHF and EU have a big juicy daily pin bar -- USDCHF could reach 0.9400 or even 0.9500, I think...
A nice first trade of the year
Where?
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  • #2,742
  • Jan 3, 2013 4:37pm Jan 3, 2013 4:37pm
Quoting Kanzler
Where?
Yesterday -- it may not be a "pin bar" to the criteria of James16 (the nose part is not sticking out), but it is a "hammer," which I consider a kind of pin bar. hope it makes sense to you
  • #2,743
  • Jan 3, 2013 4:46pm Jan 3, 2013 4:46pm
Quoting Forexgogo
Yesterday -- it may not be a "pin bar" to the criteria of James16 (the nose part is not sticking out), but it is a "hammer," which I consider a kind of pin bar. hope it makes sense to you
Yeah I thought that might have been what you meant, but at the same time brokers sometimes have different opens and closes. Not sure how it could have ended up a pinbar today but I was open to alternative views.

I love pinbars, but I have a real problem being patient enough to take the "good" ones. Weeks pass by and I don't get a setup and I get nervous.
  • #2,744
  • Jan 3, 2013 5:02pm Jan 3, 2013 5:02pm
Quoting Kanzler
Yeah I thought that might have been what you meant, but at the same time brokers sometimes have different opens and closes. Not sure how it could have ended up a pinbar today but I was open to alternative views.

I love pinbars, but I have a real problem being patient enough to take the "good" ones. Weeks pass by and I don't get a setup and I get nervous.
I like pinbars, too. People have different definitions of pin bars (James16 is good one, a bit strict though). To me, the most important factor is the size -- the bigger the better. Also, if it is at SR areas, it's good. I don't take the so-called "continuous pin bars" that are in the middle of trend.

It is only 1/3. Take it easy buddy I bet we'll see lots of volatilities this year, especially the first quarter crossUSD...
  • #2,745
  • Jan 3, 2013 5:34pm Jan 3, 2013 5:34pm
Quoting Forexgogo
I like pinbars, too. People have different definitions of pin bars (James16 is good one, a bit strict though). To me, the most important factor is the size -- the bigger the better. Also, if it is at SR areas, it's good. I don't take the so-called "continuous pin bars" that are in the middle of trend.

It is only 1/3. Take it easy buddy I bet we'll see lots of volatilities this year, especially the first quarter crossUSD...
The ones I prefer are the ones that stick out after a first interaction with a s/r zone...that tells me that there's been a clear rejection and that control has probably switched. But those kinds of setups are rare and I'm considering some of the other more reliable candlestick reversal patterns as well.
  • #2,746
  • Jan 4, 2013 6:00am Jan 4, 2013 6:00am
Is all that happened this week anything but short-term traders pissing in their trousers?

The 290 pips drop from the high Wednesday has caused all of those who 2 days ago wanted the EURUSD to sky rocket from 1.33 to turn around and now almost predict no bottom for the pair if it breaks below 1.30.

Well – good luck to them.

The market this week has been one for which short-term punters have been in – keen to get on with the new year, while the professionals have been skiing in St. Moritz, Courchevel and Aspen.

I have taken the approach that while 275 pips is significant over 2 days, whether or not this is a move to be extended or one to correct, is not to be properly put to test before next week.

We are back to the level we had before the festivity season and it might very well be that all that took place during the feast is to be forgotten – but again – we need those taking this period off - the pros - back on the pitch to see where EURUSD is heading.

It has been like this always – and with the news picture we have had this week, I am slightly sceptical to whether there has been anything else supporting the drop than short-term traders pissing in their trousers.

Today is jobs day in the US and prepare yourselves for more nervousness. It is Friday and it is a Friday thinner than usual. The volatility from a NFP figure today that surprises could be substantial. Whatever the outcome – the real reaction to today’s figures and all that has been going on over the last 2 weeks is up for judgement next week.
  • #2,747
  • Jan 4, 2013 9:09am Jan 4, 2013 9:09am
I would like to participate in your thread. I trade using price action, although I do look at the RSI. I just exited a NZD/USD long trade. I attached my hourly chart.
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  • #2,748
  • Jan 4, 2013 4:02pm Jan 4, 2013 4:02pm
What do you guys think about this beauty? Markets are closed but I'll probably jump on board Sunday.
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  • #2,749
  • Edited 3:15am Jan 6, 2013 2:36am | Edited 3:15am
Hi all,

I hope that you all have had a fantastic xmas and new year.

I have had a good break from the charts and am looking to be back on the charts next week.

I was hoping to be back on last week but was still quite busy with a few things and then I had some computer issues and had to format my PC and due to a bit of lack of time am only just now getting all my programs etc back on it.

Setting up my charting platforms now with my templates etc so will be all ready for next week.

I see that some of you have already had a good start to 2013

Cheers.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #2,750
  • Edited 5:26am Jan 6, 2013 5:00am | Edited 5:26am
Hello everyone i hope this week will be a successful one again. Let start with this and comment is always welcome, cadchf daily time frame is it not good for short?

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  • #2,751
  • Jan 6, 2013 5:07am Jan 6, 2013 5:07am
This is on a longer time frame GBPUSD WEEKLY TIMEFRAME some people will like it and some will not i do and remember the bigger the rejection the better the move but be caution comment are welcome as usual.

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  • #2,752
  • Jan 6, 2013 8:00am Jan 6, 2013 8:00am
there is eur-aud scenario in my estimation. what are your comments

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  • #2,753
  • Jan 6, 2013 9:31am Jan 6, 2013 9:31am
Quoting P.Action
there is eur-aud scenario in my estimation. what are your comments

Attachment
With respect to DW, I think his thread is pure PA, no indy as I observed so far.
Well, my comment on E/A is posted here
Trade As A Sniper
  • #2,754
  • Jan 6, 2013 9:43am Jan 6, 2013 9:43am
Quoting pama.fx
With respect to DW, I think his thread is pure PA, no indy as I observed so far.
Well, my comment on E/A is posted here
thanks for ur comment.

and also i want to emphasize that there is positive divergence with MACD at Monthly time frame. maybe fist step will start to divergence affect. so in long term it seems north for this currency.
  • #2,755
  • Jan 6, 2013 10:02am Jan 6, 2013 10:02am
Quoting P.Action
thanks for ur comment.

and also i want to emphasize that there is positive divergence with MACD at Monthly time frame. maybe fist step will start to divergence affect. so in long term it seems north for this currency.
well... the monthly tf... yes there is a +ve divergence sign... but for the moment... i do not trade based on it unless PB and Fakey shown up.

if i were traded E/A, then i would have a tight RR to short.
Or i will wait to see the PA signs to go long next week.

cheers
Trade As A Sniper
  • #2,756
  • Jan 6, 2013 10:14am Jan 6, 2013 10:14am
Quoting Tiwa
This is on a longer time frame GBPUSD WEEKLY TIMEFRAME some people will like it and some will not i do and remember the bigger the rejection the better the move but be caution comment are welcome as usual.

Attachment
i have the similar feeling (to go south) but just that last fri the candle retraced upward at RN 1.6000 and this goes against the PB last wednesday... perhaps it is time to ambush for next PA to short.

on the other hand, i notice commodity like oil, gold, silver are offering better signs... i long on silver, worth to long the oil here next week imho...

good nite.

cheers
Trade As A Sniper
  • #2,757
  • Jan 6, 2013 10:55am Jan 6, 2013 10:55am
I would not make a decision atm. What I would do Is hope Asia and London drive price right down and NY to reverse price up.
Find your Favourite Pattern
  • #2,758
  • Jan 6, 2013 1:02pm Jan 6, 2013 1:02pm
Hi guys, look at this GBPCAD DAILY i think is good for long on both daily or 4hour comment always welcome. Good luck

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  • #2,759
  • Jan 6, 2013 1:08pm Jan 6, 2013 1:08pm
Quoting Tiwa
Hi guys, look at this GBPCAD DAILY i think is good for long on both daily or 4hour comment always welcome. Good luck

Attachment

I wouldn't take long under any circumstances after seeing a huge negative engulfing candle on a weekly....
Just my two cents...
  • #2,760
  • Jan 6, 2013 2:37pm Jan 6, 2013 2:37pm
I bet
Quoting Forexgogo
I wouldn't take long under any circumstances after seeing a huge negative engulfing candle on a weekly....
Just my two cents...

The price HAS to retrace. Based on the reaction to this level, it should be from here.

I agree with you in a sense, that shorts are higher probabilities, but it is all about what presents itself.

If 1.59 does not have a very strong bull close above it (pref 1 hr or above TF) then down we go.
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