Up and under price pattern | Page 5 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Price pattern scanner where I choose the pattern 4 replies

Price Pattern Notifications/Trend Alert Price Action Scanner 7 replies

Price Action and Chart Pattern Trading 5 replies

Am i under under-capitalized? 6 replies

Price action pattern, and random thoughts 6 replies

Attachments: Up and under price pattern
Exit Attachments

Up and under price pattern

  • #81
  • Sep 11, 2013 3:17am Sep 11, 2013 3:17am
Quoting Quidsey
Hi Josh, got your eye in there for this pattern {image} {image} I really liked the GBP one short but just didn't quite pullback enough for me.

Yeh seen the pattern before but never honed in on it.. Ill try and study it with you as long as i can

The AUDUSD had a nice demand formed at the area with that big candle out away so i liked the look of that..
Same thing on the GBPUSD but this time supply.. I know the engulf was not a big one but I think it pulled away enough plus the supply as well helped..
As you have probably found the low or high doesnt always seem to need to be engulfed for the level to work.. Well thats from what ive seen so far..I guess only as much study on the "pretty pattern" will help us out..
nollej is power..
  • #82
  • Sep 11, 2013 3:33am Sep 11, 2013 3:33am
Was about to post this one up then it just triggered..
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd.armm15.png Size: 45 KB
nollej is power..
  • #83
  • Sep 11, 2013 3:56am Sep 11, 2013 3:56am
Quoting nollej
{quote}As you have probably found the low or high doesnt always seem to need to be engulfed for the level to work.. Well thats from what ive seen so far..I guess only as much study on the "pretty pattern" will help us out..
Yes but if you don't wait for price to engulf then you're trading a different pattern. From what I've understood so far this pattern is basically a "stitch up", it's confusing the direction. Get everyone going one way, then freak them out by going the other way, then finally end up going in the original direction.

The engulf and the lower low/higher high are important for me because they are the trap, the point that we enter is the release of that trap.

I could be wrong
  • #84
  • Sep 11, 2013 4:59am Sep 11, 2013 4:59am
Quoting Quidsey
{quote} Yes but if you don't wait for price to engulf then you're trading a different pattern. From what I've understood so far this pattern is basically a "stitch up", it's confusing the direction. Get everyone going one way, then freak them out by going the other way, then finally end up going in the original direction. The engulf and the lower low/higher high are important for me because they are the trap, the point that we enter is the release of that trap. I could be wrong

I agree its a trap so that some smarter money people can get in some orders.. Check out my ideas..
People see a possible place to buy.. They buy on the breakout.. Price quickly retraces so they then want to get out..(if they havent already).. If they want a breakeven trade they place their stop at the point they got in which turns into a market sell order.. Also we now can reason that smarter money wanted to sell around this price previously so may do it again..
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd.armm15.png Size: 51 KB

In this sense i do see the engulf of previous low important but as we all know price and patterns are never exact.. More reasons we must study hard my friend
Josh..
nollej is power..
  • #85
  • Sep 11, 2013 5:40am Sep 11, 2013 5:40am
Yeah that's the general idea I see around the webnets, as I say whether it's true or not I honestly don't know, and whether it helps in trading the pattern I don't know either.

Anyway lets try and grab some winners, I'm down so far this week and I don't want to end it that way.

Here's some I'm looking at:

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD_2013-09-11.png Size: 27 KB


Attached Image (click to enlarge)
Click to Enlarge Name: XAUUSD_2013-09-11.png Size: 18 KB


Attached Image (click to enlarge)
Click to Enlarge Name: AUDUSD_2013-09-11.png Size: 37 KB
  • #86
  • Sep 11, 2013 6:11am Sep 11, 2013 6:11am
Would you condsider this a possible example on the nzdusd daily?

Attached Image (click to enlarge)
Click to Enlarge Name: nzdusddaily.png Size: 38 KB
  • #87
  • Sep 11, 2013 6:47am Sep 11, 2013 6:47am
Hi, yes that looks like it's got potential. My own MM would put the SL above the high which is 60pips away so I'd be looking for a target of at least that.

If you drill down to the hourly there is quite a nice level at 8127 which could resist, reducing your stop by 20pips.

The reason I don't trade this pair is I've found that weirdly this set-up doesn't work that great, but what does happen a lot is the reverse trade. It often blows through our up & under trades but uses that level as S/R.

I'll be watching it now just to prove me wrong
  • #88
  • Sep 11, 2013 7:46am Sep 11, 2013 7:46am
Quoting Quidsey
Hi, yes that looks like it's got potential. My own MM would put the SL above the high which is 60pips away so I'd be looking for a target of at least that. If you drill down to the hourly there is quite a nice level at 8127 which could resist, reducing your stop by 20pips. The reason I don't trade this pair is I've found that weirdly this set-up doesn't work that great, but what does happen a lot is the reverse trade. It often blows through our up & under trades but uses that level as S/R. I'll be watching it now just to prove me wrong
So at the level shown on the chart?
So you'd enter a pending order (if you traded this pair) with the stop above the high?
What do you then do for targets, or is this done on a trade by trade basis depending on FTA's? Would you be looking for a run all the way to the low of the prior engulfing move?

Oh, and Thanks for the reply and the interesting thread.

Attached Image (click to enlarge)
Click to Enlarge Name: nzdusdh1.png Size: 42 KB
  • #89
  • Sep 11, 2013 8:49am Sep 11, 2013 8:49am
Nice trade long on Gold M30 today.

Bounce happened within a couple of pips.

Minimal drawdown and FTA hit with ease for an R of 2.

Sorry, can't post a chart at the moment.

Love trading with limit orders!!
  • #90
  • Sep 11, 2013 8:53am Sep 11, 2013 8:53am
is it useful for 1 MIN TF also?
  • #91
  • Sep 11, 2013 10:00am Sep 11, 2013 10:00am
Quoting erublycuris
{quote} So at the level shown on the chart? So you'd enter a pending order (if you traded this pair) with the stop above the high? What do you then do for targets, or is this done on a trade by trade basis depending on FTA's? Would you be looking for a run all the way to the low of the prior engulfing move? Oh, and Thanks for the reply and the interesting thread. {image}
At the moment I'd wait, it's still a way off the price I'd want and the whole structure could be different then, but yes I'd be looking certainly for an FTA as a TP, stop as tight as I dare.

One of my trading goals before I hang up my trend line for good is to RUN a trade......

No I'm intraday looking for 15-30pips.

This is obviously a major swing point area we're coming into so we don't have to rush in, although it's always nice to get the best price you can.
  • #92
  • Sep 11, 2013 10:14am Sep 11, 2013 10:14am
Quoting faststare08
is it useful for 1 MIN TF also?
Not tested it personally but...

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD_2013-09-11 1M.png Size: 18 KB
  • #93
  • Sep 11, 2013 10:45am Sep 11, 2013 10:45am
Quoting Quidsey
{quote} Not tested it personally but... {image}

wow! its applicable too.

thank senior for quick response.
how many bars do you have with your chart senior?
you don't use bar/candlestick reading?
  • #94
  • Sep 11, 2013 10:54am Sep 11, 2013 10:54am
wow! easy with the senior stuff faststare08.

How many bars do I have with my chart? what do you mean?.... no wait....it's ok.

No, I'm not trading candlesticks.
  • #95
  • Sep 11, 2013 10:55am Sep 11, 2013 10:55am
I'm going to short this.

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD_2013-09-11 2.png Size: 25 KB
  • #96
  • Sep 11, 2013 11:18am Sep 11, 2013 11:18am
I mean, is it max zoom out or next to zoom out?
  • #97
  • Sep 11, 2013 11:29am Sep 11, 2013 11:29am
Quoting faststare08
I mean, is it max zoom out or next to zoom out?
I just use regular zoom out, keep it simple.
  • #98
  • Sep 11, 2013 11:37am Sep 11, 2013 11:37am
Quoting Quidsey
{quote} I just use regular zoom out, keep it simple.
thanks buddy.
  • #99
  • Sep 11, 2013 11:52am Sep 11, 2013 11:52am
Ok... I've found a perfect U&U trade on the £cad that I'd like to use to illustrate the problems I have with running trades.

TP1 is what I tend to go for. In out and move on to the next.

TP2 doubles your money but you have to live through a pretty heavy squeeze and give back those 40pips, plus go negative on the trade. This is horrible when I'm trading hundreds, what's it like at thousands?

TP3 gives you the jackpot but boy oh boy you've earn't it, give back 40, then give back 80 in a painful slow sideways range..... it's just too much.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPCAD_2013-09-11.png Size: 35 KB


There is another U&U trade by that second red star.
  • #100
  • Sep 11, 2013 12:03pm Sep 11, 2013 12:03pm
Quoting Quidsey
Ok... I've found a perfect U&U trade on the £cad that I'd like to use to illustrate the problems I have with running trades. TP1 is what I tend to go for. In out and move on to the next. TP2 doubles your money but you have to live through a pretty heavy squeeze and give back those 40pips, plus go negative on the trade. This is horrible when I'm trading hundreds, what's it like at thousands? TP3 gives you the jackpot but boy oh boy you've earn't it, give back 40, then give back 80 in a painful slow sideways range..... it's just too much. {image}...
Thanks, that perfectly answers what I was asking above in terms of what you look for in targets.
Cheers.
4 traders viewing now