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Simple, Powerful and Effective Price Action Trading Strategies

  • #181
  • Mar 13, 2014 5:53pm Mar 13, 2014 5:53pm

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A large bearish rejection candle formed on the GBPUSD when moves higher were rejected in the New York session. There is support below but its looking like this level is going to break, which could see prices fall aggressively.

The Forex Guy
Obsessed with Price Action Trading, Swing Trading & Breakout Strategies
  • #182
  • Edited 1:52am Mar 14, 2014 1:34am | Edited 1:52am
Hi,

Been awhile, have had a rough time getting tradable set ups. Markets changing. This is my AUDUSD possible Head and shoulder.
Attached Image (click to enlarge)
Click to Enlarge Name: 2014-03-14 - AUDUSD,Daily.png Size: 35 KB
"Taking Responsibility is The Cornerstone of A Winning Attitude"
  • #183
  • Mar 17, 2014 7:50am Mar 17, 2014 7:50am
Hey Libra

Yes I agree with you, my bias on the AUDUSD is to the upside. We just need to see a break of that neckline containment before any upward momentum can develop. Just sitting and waiting for a nice price action signal.

A bullish breakout trap occurred on gold this morning during the asia session. We are probably going to see prices weaken as the market corrects back the mean value.

Attached Image (click to enlarge)
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Obsessed with Price Action Trading, Swing Trading & Breakout Strategies
  • #184
  • Mar 17, 2014 8:38am Mar 17, 2014 8:38am
Ha,
Are you thinking recection on 1355.00 ?
  • #185
  • Mar 17, 2014 8:41am Mar 17, 2014 8:41am
If the bearish momentum continues, I am not sure what level the move will find support at. But the 1355.00 level is anticipated to act as support. The bears may end up breaking in and we could even see further downward movement on gold. Just have to play this candle by candle.
Obsessed with Price Action Trading, Swing Trading & Breakout Strategies
  • #186
  • Mar 17, 2014 8:44am Mar 17, 2014 8:44am
Thanks Wait to look maybe pin bar or inside bar or ....
  • #187
  • Mar 18, 2014 4:06am Mar 18, 2014 4:06am
Quoting DnBPriceAct
Hey Libra Yes I agree with you, my bias on the AUDUSD is to the upside. We just need to see a break of that neckline containment before any upward momentum can develop. Just sitting and waiting for a nice price action signal. A bullish breakout trap occurred on gold this morning during the asia session. We are probably going to see prices weaken as the market corrects back the mean value. {image}

Attached Image (click to enlarge)
Click to Enlarge Name: audusd.png Size: 34 KB


A breakout trap occurred through a strong resistance level communicating with price action that lower prices are to be anticipated this London/Ny session. Let's see how it goes
Obsessed with Price Action Trading, Swing Trading & Breakout Strategies
  • #188
  • Mar 21, 2014 9:59am Mar 21, 2014 9:59am
AUDUSD strength remained intact and we've seen the aussie attack that resistance level aggressively again.

Due to the aussie strength AUDCAD asia breakout trap didn't produce any bearish follow through and the uptrend still looks intact.

The GBPCHF market produced a bearish rejection candle off a nice swing level which is getting a lot of attention...

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A countertrend rally terminated at this previous support level, now holding as resistance. A nice point in the downtrend to consider short positions. If the bearish momentum continues we could see the next extension of this downtrend develop. It's important not to chase price during trends, let the market come to you.
Obsessed with Price Action Trading, Swing Trading & Breakout Strategies
  • #189
  • Mar 24, 2014 7:08pm Mar 24, 2014 7:08pm
Quoting DnBPriceAct
Just sitting and waiting for a nice price action signal. A bullish breakout trap occurred on gold this morning during the asia session. We are probably going to see prices weaken as the market corrects back the mean value. {image}
The gold asia breakout trap pattern did end up producing a nice move...

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Those traders who chased price when gold broke out during the early asia trading hours would have been upset. This was a nice false breakout at extended, or already "expensive" prices.

The AUDUSD dropped a strong looking rejection candle last session...

Attached Image (click to enlarge)
Click to Enlarge Name: audusd.png Size: 34 KB


The bulls picked up price as it sold off into the mean value. The mean value held nicely and the market rallied back upwards to close much higher than it's open - a nice bullish indicator. We will probably see higher prices develop off this setup but the overhead resistance may prove to be troublesome. The overall bullish pressure will most likely prevail, break the containment line and be drivin into new highs.
Obsessed with Price Action Trading, Swing Trading & Breakout Strategies
  • #190
  • Mar 25, 2014 9:08pm Mar 25, 2014 9:08pm
Quoting DnBPriceAct
{image}

A large bearish rejection candle formed on the GBPUSD when moves higher were rejected in the New York session. There is support below but its looking like this level is going to break, which could see prices fall aggressively.

The Forex Guy

Now I am waiting for a bearish price action sell signal to form at this old support containment line...

Attached Image (click to enlarge)
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This would make a nice 'breakout and retest of a level' type pattern as any bearish reversal pattern will confirm this as a new swing level.
Obsessed with Price Action Trading, Swing Trading & Breakout Strategies
  • #191
  • Mar 26, 2014 7:53pm Mar 26, 2014 7:53pm
The GBPUSD hanging around the bearish hot spot now, just waiting for a good sell signal to form.

Also the AUDUSD has been on an explosive run lately after some bullish rejection candles seen price fire up into new highs.

Attached Image (click to enlarge)
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Now we're just waiting for a pull back into the critical support level to get long if a bullish price action reversal signal forms here.
Obsessed with Price Action Trading, Swing Trading & Breakout Strategies
  • #192
  • Mar 28, 2014 12:47am Mar 28, 2014 12:47am
Another chart I'll be watching for signals next week is the GBPAUD which could set itself up into a nice short position...

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Waiting for a pull back into the old breakout level, waiting it to see it act as new resistance and create a new swing level within the trend. The area also lines up nicely with the mean value and will produce what we call a "bearish hot spot" for bearish price action reversal signals to form.

Keep this one on your watch list for next week.
Obsessed with Price Action Trading, Swing Trading & Breakout Strategies
  • #193
  • Mar 31, 2014 12:16am Mar 31, 2014 12:16am

Attached Image (click to enlarge)
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AUDUSD looking a bit "top heavy" here as a bearish rejection candle was printed when price reacted with a minor weekly resistance level. Price is overextended here, making it vulnerable to a bearish mean reversion move.

Using breakout entries when price breaks the low of the rejection candle would be the most prudent entry method here, considering it's monday and price action can misbehave during the market open hours. It would be better to confirm selling momentum and enter via a sell stop order.

Looking out for a bullish price action signal to form at the old resistance area. I am anticipating this level will act as support and become a new swing level within this bullish trend. Looking out for long signals here to help position into the upward momentum.
Obsessed with Price Action Trading, Swing Trading & Breakout Strategies
  • #194
  • Apr 2, 2014 2:35am Apr 2, 2014 2:35am
Still waiting for the AUDUSD to move lower...

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A double top formed on the intraday 4 hour chart suggesting lower prices, we need to see a break of tat neck line and a close below.

The daily chart also has a second, larger rejection candle that formed last session at the end of day close. All the variables are pointing downward, just waiting for the action.
Obsessed with Price Action Trading, Swing Trading & Breakout Strategies
  • #195
  • Apr 3, 2014 12:02am Apr 3, 2014 12:02am

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Sell off from two bearish rejection candles occurred last session. Very aggressive bear day with prices falling straight from the open price and closing near the lows there. We're now moving into London trading hours and we can see that the Asia session retracement up the "power candle" has been rejected.

This is generally a good sign there is more follow on movement coming in the busier London/New York session. Plenty of room for the market to fall down into, and could potentially develop into a full blown down trend.

Price has already breached the previous days lows, encouraging bearish momentum.
Obsessed with Price Action Trading, Swing Trading & Breakout Strategies
  • #196
  • Apr 3, 2014 12:47am Apr 3, 2014 12:47am
Hi I am the beginner of price action, this is awesome because you don't need to be a mathematician to understand the price movement, price action is really like a 24hours 7days drama. Once you are able to read the price action signal, you will able to enter a trade. It's even function better with a good money managing skill.

I am fall in love with price action and sure wanna to learn much more about it.

Thanks
Jason
  • #197
  • Apr 3, 2014 8:49pm Apr 3, 2014 8:49pm
Quote
Hi I am the beginner of price action, this is awesome because you don't need to be a mathematician to understand the price movement, price action is really like a 24hours 7days drama. Once you are able to read the price action signal, you will able to enter a trade. It's even function better with a good money managing skill.

I am fall in love with price action and sure wanna to learn much more about it.

Thanks
Jason


That's right Jason, I only understand entry level economics and I am not one to churn through complex algebra either. Reading price action is reading the psychology of the market, and that's really what trading is mostly about, it's a giant psychological battlefield not a math puzzle.

Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpy.png Size: 41 KB


Looking at the GBPJPY price action for the last candle of the week. We've got an indecision candle at the range top on the daily chart with a negative close on the body, giving the candle a nice bearish tone. If price breaks the low of the Indecision Candle then short positions could be considered with the range bottom potential targets.

Last time this level was tested a bearish rejection candle formed and seen very nice bearish follow through to the range bottom.

Keep in mind it is NFP tonight, and we all know what that means.
Obsessed with Price Action Trading, Swing Trading & Breakout Strategies
  • #198
  • Apr 7, 2014 2:21am Apr 7, 2014 2:21am
Quoting DnBPriceAct
{quote} That's right Jason, I only understand entry level economics and I am not one to churn through complex algebra either. Reading price action is reading the psychology of the market, and that's really what trading is mostly about, it's a giant psychological battlefield not a math puzzle. {image} Looking at the GBPJPY price action for the last candle of the week. We've got an indecision candle at the range top on the daily chart with a negative close on the body, giving the candle a nice bearish tone. If price breaks the low of the Indecision...

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As anticipated we did see some bearish price action as the market broke out of the Indecision Candle and moved away from the range top. The bearish response from this setup was quite strong, and today heading into London trading hours we're seeing signs of continued bearish price action.

We will most likely see the market move down lower to re test the range bottom.

The AUDNZD broke out of a double inside day setup last week and produced a nice move...

Attached Image (click to enlarge)
Click to Enlarge Name: audnzd double inside day breakout.jpg Size: 111 KB


Watching the AUDNZD daily chart as price heads toward a bullish hot spot within the uptrend. We're basically looking for the old resistance to hold as new support and create a swing level within the trend. It's here Ill be looking to take advantage of this uptrend and position on long if any bullish price action reversal signals form.
Obsessed with Price Action Trading, Swing Trading & Breakout Strategies
  • #199
  • Apr 8, 2014 7:58pm Apr 8, 2014 7:58pm
Quoting DnBPriceAct
{quote} {image} As anticipated we did see some bearish price action as the market broke out of the Indecision Candle and moved away from the range top. The bearish response from this setup was quite strong, and today heading into London trading hours we're seeing signs of continued bearish price action. We will most likely see the market move down lower to re test the range bottom. The AUDNZD broke out of a double inside day setup last week and produced a nice move... {image} Watching the AUDNZD daily chart as price heads toward a bullish hot spot...
AUDNZD respects old resistance level as new swing level by printing bullish pin bar...

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Also waiting for the AUDUSD to pull back to a support level a drop a buy signal...

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Obsessed with Price Action Trading, Swing Trading & Breakout Strategies
  • #200
  • Apr 9, 2014 5:15am Apr 9, 2014 5:15am
Hi DnBPriceAct,

I just wanted to write that I like your treat. It's nice to be able to refer to someone else and compare ideas. My outlook is quite the same .
I was wondering how many trades do you do a month trading from daily charts? Do you trade many pairs?

Regards ,

Kilopip
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