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Simple, Powerful and Effective Price Action Trading Strategies

  • #201
  • Apr 9, 2014 5:19am Apr 9, 2014 5:19am
Quote
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

Hi Kilopip,

I am glad to hear we're on the same page. I don't trade that much, I actually try to remain as disconnect from the charts as I can. I probably take about 4-7 trades per month, 7 is a lot for me. I prefer to take one trade and let it expand and give decent return.
Obsessed with Price Action Trading, Swing Trading & Breakout Strategies
  • #202
  • Apr 9, 2014 10:23am Apr 9, 2014 10:23am
Hi DnBPriceAct,


How do you feel about NZD/USD forming today? It tests for the second time 0.867x level. Normally I trade 4h but this one looks good on daily chart , especially it is correlated with my indicators RSI (14) - divergence and right direction on default MACD

Regards,

Kilopip
  • #203
  • Apr 9, 2014 10:42am Apr 9, 2014 10:42am
NZDUSD looks like it could be a decent short tomorrow.

I don't use any indicators, so I can't comment on how the RSI ties in.

But that resistance level is acting like a market top, containing price. The trend looks like it's lost momentum now and more like ranging conditions developing.
Obsessed with Price Action Trading, Swing Trading & Breakout Strategies
  • #204
  • Apr 10, 2014 9:56pm Apr 10, 2014 9:56pm
Quoting DnBPriceAct
{quote} AUDNZD respects old resistance level as new swing level by printing bullish pin bar... {image} Also waiting for the AUDUSD to pull back to a support level a drop a buy signal... {image}

The AUDNZD market moved as I forecasted, but unfortunately I was taken out of the long position

Attached Image (click to enlarge)
Click to Enlarge Name: audnzd trade update.jpg Size: 85 KB


The FOMC dropped some bombs during their announcement and caused a sell off on the AUD. As a result of the news volatility my trade stop was hit and I was taken out of the trade. But after the market stabilized from the news 'noise' the market exploded higher from this key turning point within the trend.
It's a shame, but sometimes the news does annoying things like this to your trading and there really isn't much you can do about it without compromising your trading integrity.

I'll just have to sit this one out and wait for the next bullish price action signal.
Obsessed with Price Action Trading, Swing Trading & Breakout Strategies
  • #205
  • Apr 13, 2014 10:30pm Apr 13, 2014 10:30pm
Watch the EURUSD this week for a buy signal after corrections into support...

Attached Image (click to enlarge)
Click to Enlarge Name: eurusd.jpg Size: 87 KB


After the explosive rally last week on EURUSD, we need to wait for any bullish price action reversal signals form off key support levels to consider pulling the trigger for long trades. Just have to watch and see how the market reacts when the level is tested.

Alternatively, if the support level does not hold, we can wait for short signals to form off the bottom side as the market tests the level a resistance.
Obsessed with Price Action Trading, Swing Trading & Breakout Strategies
  • #206
  • Apr 14, 2014 9:53pm Apr 14, 2014 9:53pm

Attached Image (click to enlarge)
Click to Enlarge Name: nzdusd.jpg Size: 102 KB


Looking at the NZDUSD chart today, price is now wedged between a critical resistance level and a the mean value, which has been acting has dynamic support.
Generally in these situations the momentum of the market, and the mean value generally prevail. So we're anticipating a breakout to the upside here. Also, the last two days have demonstrated rejection of lower prices reinforcing our bias to an upside breakout.

Waiting for the price action to break the highs of these candles before considering long positions. A close above this level will pave the way for much higher prices.
Obsessed with Price Action Trading, Swing Trading & Breakout Strategies
  • #207
  • Apr 17, 2014 7:56am Apr 17, 2014 7:56am
Hi DNB,

Your thread is great. Your price action analysis is clear and easy to understand. I believe price action traders at different levels can all benefit from it. Here I have couple of questions about your "retracement entry". Do you go to a lower timeframe to make this retracement entry ? Like H4, H1, M15 ? Do you use limit order for it ? Can you please elaborate on this with a trade example ?

Thanks
  • #208
  • Apr 17, 2014 10:36pm Apr 17, 2014 10:36pm
Quote
Hi DNB,

Your thread is great. Your price action analysis is clear and easy to understand. I believe price action traders at different levels can all benefit from it. Here I have couple of questions about your "retracement entry". Do you go to a lower timeframe to make this retracement entry ? Like H4, H1, M15 ? Do you use limit order for it ? Can you please elaborate on this with a trade example ?

I was waiting for an upside breakout with the core bullish momentum as price was squeezed into a weekly resistance level. The market didn't break higher and no trade was triggered. We've seen the market selling off even since the failed attempted to move higher.


Attached Image (click to enlarge)
Click to Enlarge Name: eurusd flat markets.jpg Size: 82 KB


A lot of quiet markets this week ahead of the Easter break. Most weekly candles showing indecisions, EURUSD one of the biggest sufferers of the low volatility.

Despite the low price action, the market has clearly demonstrated rejection of moves into higher prices, so we may see some continues bearish movement next week when normal trading resumes.

Have a great time over the Easter break though guys and enjoy your time with loved ones.
Obsessed with Price Action Trading, Swing Trading & Breakout Strategies
  • #209
  • Apr 22, 2014 12:03am Apr 22, 2014 12:03am
I hope everyone had a relaxing Easter break and enjoyed the time off. The markets should pick back up now as things return to normal. One market I am watching is the GBPNZD cross pair.

Attached Image (click to enlarge)
Click to Enlarge Name: gbpnzd.jpg Size: 88 KB


This bad boy has just broken out of consolidation, and breached a resistance containment line as price exploded into new highs. We've got a bullish bias on this chart now and are now targeting bullish price action signal that do develop to get in long with the fresh upward momentum.

The best play here is to wait for the market to weaken and re-test the old resistance level and let bullish price action confirm it as new support. This will create a new swing level, and it's here we should jump on any bullish signal that develops.

The Forex Guy
Obsessed with Price Action Trading, Swing Trading & Breakout Strategies
  • #210
  • Apr 22, 2014 5:26pm Apr 22, 2014 5:26pm
Hello DNB, Anastasius

From your name, I guess we are from the same region of the world

I've been a trader from 1 year and half already, but still not so successful, the important one is that, I found and understand where I was wrong, I was tried to trade intraday and... you know- loss after loss... sometimes 1-2 wins, but more often I was stopped out.
Unfortunately I lost most of my account but, still I have some $ that allow me to work with careful MM.
I am familiar with candlestick patterns, as I try from the beginning in Forex markets to trade them, but again mistake- use them for reversal of big trends.
I will follow your thread with interest, Im sure can learn more!

With kind regards
Dimitar

P.S. I hurried yesterday and now Im on trade the EUR/USD short, I enter after price broke the red engulfing, I hope to continue down, target- near 1.37000
  • #211
  • Apr 23, 2014 4:18am Apr 23, 2014 4:18am
DnB, what you think if this candle close as a engulf?
Would be a good setup?
Attached Image (click to enlarge)
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  • #212
  • Apr 25, 2014 1:52am Apr 25, 2014 1:52am
Quote
DnB, what you think if this candle close as a engulf?
Would be a good setup?

This looks like a nice long setup. I am currently looking at a strong bullish rejection candle which formed on the GBPNZD daily chart. We anticipated this in some recently posted commentary...

Quote
I hope everyone had a relaxing Easter break and enjoyed the time off. The markets should pick back up now as things return to normal. One market I am watching is the GBPNZD cross pair.


Attached Image (click to enlarge)
http://www.forexfactory.com/attachme...1&d=1398142900


This bad boy has just broken out of consolidation, and breached a resistance containment line as price exploded into...


Attached Image (click to enlarge)
Click to Enlarge Name: 25-04-2014 7-49-39 AM.jpg Size: 103 KB


As anticipated the GBPNZD market did retrace back into the hot spot we were watching and did prompt a strong bullish reaction from the market. The bullish move created a very strong bullish rejection candle. The close price was much higher than the open price, a nice feature for any bullish signal. Waiting for a retracement entry which probably won't get triggered until next week.
Obsessed with Price Action Trading, Swing Trading & Breakout Strategies
  • #213
  • Edited 6:21am Apr 25, 2014 3:21am | Edited 6:21am
Quoting DnBPriceAct
{quote} This looks like a nice long setup. I am currently looking at a strong bullish rejection candle which formed on the GBPNZD daily chart. We anticipated this in some recently posted commentary... {quote} {image} As anticipated the GBPNZD market did retrace back into the hot spot we were watching and did prompt a strong bullish reaction from the market. The bullish move created a very strong bullish rejection candle. The close price was much higher than the open price, a nice feature for any bullish signal. Waiting...
Hi DnB, Im now long on this GBP/NZD When I saw this rejection candle, which is also bullish engulfing I place my buy stop little above it.
My target is around 500pips, stop loss- 130

AUD/USD is pair that we may see next week or after it some nice PA for long, for now I will watch the Daily chart to see if show some opportunety for short to the green triangle. Your opinion DnB?
Attached Image (click to enlarge)
Click to Enlarge Name: audusdweekly.png Size: 82 KB


Also NZD/USD formed nice rejection candle for short. DnB, can you ask you would be considered also as a engulfing bar this? And, do you consider the engulfing and the outside bar as the same formation? I see that some place tell that for engulfing we only look the body of the candles, no mater the wicks. Other place consider the whole candlestick to be engulf. Thanks.
Attached Image (click to enlarge)
Click to Enlarge Name: nzdusddaily.png Size: 74 KB
  • #214
  • Apr 27, 2014 2:29am Apr 27, 2014 2:29am
Still optimistic that we will be able to grab an entry on this setup next week...

Attached Image (click to enlarge)
Click to Enlarge Name: gbpnzd waitng for retrace.jpg Size: 107 KB


Quote
AUD/USD is pair that we may see next week or after it some nice PA for long, for now I will watch the Daily chart to see if show some opportunety for short to the green triangle. Your opinion DnB?

I actually have a bearish bias when looking at the AUD and NZD pairs, considering they are breaking down into new lows.

Attached Image (click to enlarge)
Click to Enlarge Name: audusd.jpg Size: 92 KB


The old resistance level has failed to hold as support when price collapsed back down underneath it. An inside day signal has formed under the level in the form of a bearish rejection candle knocking back higher prices. Breakouts of the would be a nice trigger for short positions.
Obsessed with Price Action Trading, Swing Trading & Breakout Strategies
  • #215
  • Apr 29, 2014 7:43pm Apr 29, 2014 7:43pm
Hi DnB, thanks for your nice post. great thread.

May i know how to confirm the current trend? So that we are trading with the trend, not against the trend. Thanks.
  • #216
  • May 3, 2014 4:39am May 3, 2014 4:39am
Quote
Hi DnB, thanks for your nice post. great thread.

May i know how to confirm the current trend? So that we are trading with the trend, not against the trend. Thanks.

That's not a simple question to answer. Nice stable trends follow the flow of the 10 & 20 emas and will respect them as dynamic support or resistance. Just have a look back through your chart and you will see what I mean.

The currency markets have been so slow and hard to trade due to the lack of volatility we've been seeing. Lots of pairs are producing hostile trading environments that we need to avoid until things pick up. The EURUSD is an absolute mess at the moment, I don't know how any trading system could cope with all that violent whipping up and down motion.

Some light at the end of the tunnel, looks like USDJPY is gearing up to move lower, producing a nice sell signal after the NFP release.

Attached Image (click to enlarge)
Click to Enlarge Name: usdjpy sell.jpg Size: 119 KB


To read more about this setup you can read my post: http://www.theforexguy.com/large-sel...cts-range-top/
Obsessed with Price Action Trading, Swing Trading & Breakout Strategies
  • #217
  • May 4, 2014 9:22am May 4, 2014 9:22am
DnB, what is your opinion for GBP/NZD, if we look the weekly chart, we are for down movement.
Aud/usd also is for up move according weekly TF.
  • #218
  • May 4, 2014 9:47am May 4, 2014 9:47am
After the NFP was released I exited GBPNZD at a small loss. Too much heavy bearish price action digging into this setup. I've lost confidence in it and was happy to take a 1% loss. Looking forward to the USDJPY trade this week.
Obsessed with Price Action Trading, Swing Trading & Breakout Strategies
  • #219
  • May 4, 2014 11:01am May 4, 2014 11:01am
Quoting DnBPriceAct
After the NFP was released I exited GBPNZD at a small loss. Too much heavy bearish price action digging into this setup. I've lost confidence in it and was happy to take a 1% loss. Looking forward to the USDJPY trade this week.
Thanks DnB
I wish you profitable week
  • #220
  • May 7, 2014 12:53am May 7, 2014 12:53am
No retracement entry was offered for the USDJPY signal. It just sold off without retracing, don't you just hate that

This is my game plan now...

Attached Image (click to enlarge)
Click to Enlarge Name: usdjpy waiting for signal.jpg Size: 120 KB


Waiting for price to test the bottom of the range. I am anticipating a bearish breakout. If this event occurs I will wait for a bearish price action signal to form off the bottom end of that level as it acts as new resistance. One of the benefits of price action is that there will always be another opportunity around the corner if you're patient.
Obsessed with Price Action Trading, Swing Trading & Breakout Strategies
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