2nd chart.
Attached Image (click to enlarge)
Simple, Powerful and Effective Price Action Trading Strategies
- #243
- Edited May 28, 2014 3:52am May 27, 2014 9:31am | Edited May 28, 2014 3:52am
DnB, what is your opinion about my USD/CHF entry?
We had red inside day, that was broken up before minutes, this is also a breakout trap entry with this break high of the inside bar, right? Also if it stay like this- outside bar.
DnB, is there a some different between "breakout trap and revers" and the Outside candlestick pattern? I mean, we enter the breakout trap when price past the opposite direction candle in movement, the outside candle is it not the same just with outside candle we wait to close the candlestick? And this rule with London session entry, is it valid for Outside candle, or just for doji, inside candle and the rejection candlestick?
Like this one: its a breakout trap setup, so we may enter at break the low of the blue candle without waiting to close this trap candle, or we may wait to see if it close this red candle as a Outside candlestick, then may open as a Outside pattern. Am I right?
We had red inside day, that was broken up before minutes, this is also a breakout trap entry with this break high of the inside bar, right? Also if it stay like this- outside bar.
DnB, is there a some different between "breakout trap and revers" and the Outside candlestick pattern? I mean, we enter the breakout trap when price past the opposite direction candle in movement, the outside candle is it not the same just with outside candle we wait to close the candlestick? And this rule with London session entry, is it valid for Outside candle, or just for doji, inside candle and the rejection candlestick?
Like this one: its a breakout trap setup, so we may enter at break the low of the blue candle without waiting to close this trap candle, or we may wait to see if it close this red candle as a Outside candlestick, then may open as a Outside pattern. Am I right?
- #244
- May 28, 2014 7:21pm May 28, 2014 7:21pm
- Joined Nov 2008 | Status: Trader | 50,188 Posts | Online Now
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
good've definitely a good way to work with the price action
Just following up on the bearish breakout trap and reverse trade setup that occurred on the GBPUSD last session...
This is a good example of how catching the momentum as it unfolds can be beneficial as the drop was quite severe. Traders who took the break below the day's lows prior to the asia breakout trap would have gotten in to this bearish momentum at a decent price.
I didn't manage to catch this move, I was hoping to catch a bearish breakout trap and reverse signal on the NZDJPY, which looked like it was going to trigger but didn't until the next day. I already removed my pending order by then... tough luck for me.
Our bias on the GBPUSD is bearish now that support level has been clearly broken. Waiting for the next bearish price action signal to develop, ideally when the market retests the sold support and holds as new resistance.
Obsessed with Price Action Trading, Swing Trading & Breakout Strategies
- #249
- May 29, 2014 9:05am May 29, 2014 9:05am
- | Commercial User | Joined Feb 2008 | 1,909 Posts
DnB,
Thanks for your answer!
Yes, I was looking for major turning points in the market. I'am not sure that supply/demand is the
answer. Maybe just old fashioned s/r levels do the same thing...
In the article I enclosed. 300 years of data put through a super computer to see which indicator
performed the best. The conclusion is: Indicators don't work, for a assortment of different reasons.
So...that leaves us with old fashioned price action. The point I was trying to make to everyone is.
The sooner you drop all indicators and learn old fashioned price action the better for your pocket book.
I look at it as an adventure to learn something new. Old fashioned price action. Why, cause it
works...
In this light...teach away...teach everyone the best way to trade...you'll have all my support.
I have seen the light and I know old fashioned price action is the way to go
snarlyjack
Thanks for your answer!
Yes, I was looking for major turning points in the market. I'am not sure that supply/demand is the
answer. Maybe just old fashioned s/r levels do the same thing...
In the article I enclosed. 300 years of data put through a super computer to see which indicator
performed the best. The conclusion is: Indicators don't work, for a assortment of different reasons.
So...that leaves us with old fashioned price action. The point I was trying to make to everyone is.
The sooner you drop all indicators and learn old fashioned price action the better for your pocket book.
I look at it as an adventure to learn something new. Old fashioned price action. Why, cause it
works...
In this light...teach away...teach everyone the best way to trade...you'll have all my support.
I have seen the light and I know old fashioned price action is the way to go
snarlyjack
- #250
- Edited 5:33pm May 29, 2014 1:07pm | Edited 5:33pm
{quote} If a breakout occurs during the Asian session and it fails as the market moves into london trading hours, then it's a good idea to leave it alone.........
I want to show you one chart, and if you can comment please,
Yesterday at the end of NY session I saw a nice rejection candle on EUR/AUD, so at the morning, about 1 hour before London open, I come back to PC to set my order or direct entry, but the next candle was very strong and it was made already its movement around 4-5 hours before London open, and never push back to enter the trade. Yes, it was asian trap, but it was too early in the asian session, and then just go down before London hours.
Is there any way to enter in this situation, or just to move forward to next signal?
Cheers!
- #251
- May 29, 2014 7:31pm May 29, 2014 7:31pm
- Joined Apr 2011 | Status: Hoc Etiam Transibit.... | 6,086 Posts
Welcome back Snarlyjack!!!
Simplicity is the ultimate sophistication - Leonardo da Vinci
I want to show you one chart, and if you can comment please,
Yesterday at the end of NY session I saw a nice rejection candle on EUR/AUD, so at the morning, about 1 hour before London open, I come back to PC to set my order or direct entry, but the next candle was very strong and it was made already its movement around 4-5 hours before London open, and never push back to enter the trade. Yes, it was asian trap, but it was too early in the asian session, and then just go down before London hours.
Is there any way to enter in this situation, or just...
It's not an asia 'trap' unless the breakout fails. This breakout was valid for the simple reason it contained a currency whose economy is active during the asia session - the AUD. Asia breakout traps can occur on currency pairs with asia based currencies, but you need to check around the london open to see if an asian breakout was rejected.
Today an asia breakout session occurred to the high side on the GBPCHF. One of the war room members pointed this out not long ago...
Neither the GBP or CHF are asia based, so an asia breakout is a warning sign. A rejected asia breakout is a red flag, especially for those traders who bought into the breakout.
This setup looks very bearish to me. Waiting for the lows of the previous day to break to confirm the bearish breakout trap and reverse setup.
Obsessed with Price Action Trading, Swing Trading & Breakout Strategies
A bit of light reading for you guys if you're interested over the weekend.
We've been experiencing some harsh trading conditions of the last few months. I've just posted up an article with a fews tips that you can take on during poor trading environments.
SURVIVAL TIPS FOR LOW VOLATILITY MARKET CONDITIONS
We've been experiencing some harsh trading conditions of the last few months. I've just posted up an article with a fews tips that you can take on during poor trading environments.
SURVIVAL TIPS FOR LOW VOLATILITY MARKET CONDITIONS
Obsessed with Price Action Trading, Swing Trading & Breakout Strategies
- #255
- Jun 1, 2014 12:29pm Jun 1, 2014 12:29pm
- Joined Dec 2010 | Status: Never Stop Learning | 7,322 Posts
{quote} It's not an asia 'trap' unless the breakout fails. This breakout was valid for the simple reason it contained a currency whose economy is active during the asia session - the AUD. Asia breakout traps can occur on currency pairs with asia based currencies, but you need to check around the london open to see if an asian breakout was rejected. Today an asia breakout session occurred to the high side on the GBPCHF. One of the war room members pointed this out not long ago......
I agree it's looking bearish but there's Daily support right below. See image below.
i want to see this level broken and tested before looking to go short. How do you see it?
How come this guy http://www.forexexposed.com/theforex...-1/#comment-27 has such a problem with what you are doing?
I've checked out your site and it seems well set out with a lot of free information for anyone wanting to get into PA trading.
I've even PM a guy who is a member of your "War Room" and he says there's nothing untoward going on.
I'd like to hear your side of the story.
I agree with Steve, i received an email from this guy claiming that your a scam artist and he had exposed you, i would like to hear your side of the story and why it seems he has it in for you.
Yes I know all about it, he is someone I employed to help out with the site. It didn't work out so I kindly let him go, but he got all hostile on me and is now on a revenge path to damage me as much as he can. As part of the work he was doing I allowed him access to my email list. In hindsight I know that was an error of judgment on my behalf now. He stole the email list and is now using it against me and for who knows what else. For that I am sorry.
I've checked out your site and it seems well set out with a lot of free information for anyone wanting to get into PA trading.
If I didn't know anything about price action trading then I wouldn't have been able to produce this sort of information.
I've even PM a guy who is a member of your "War Room" and he says there's nothing untoward going on.
Well, you've done your own investigations and found out that no one is getting scammed in there. I don't ask people to sign up, they sign up at their own free will if they want to learn price action trading. A scammer would push push push for a sale, take the money and not deliver.
I share a lot of excellent information in the war room and given some extra help to some of the traders (I didn't ask for money). These guys are making money.. it was just yesterday when I noticed a few of the guys talking amongst themselves in the war room chat about their monthly gails.
These aren't people who've been scammed. I've got plenty of other testimonials to show if you still think I am a thief.
I would appreciate if you would contact me directly about these issues. By talking about it on here you're polluting the thread with this garbage and playing right into his hands to damage my credibility.
You can contact me here directly if you have any issues with me or the site... Contact The Forex Guy
Obsessed with Price Action Trading, Swing Trading & Breakout Strategies
Hi DnB,
I agree it's looking bearish but there's Daily support right below. See image below.
i want to see this level broken and tested before looking to go short. How do you see it?
Your analysis was correct, the support area did hold and prompted a bullish response from the market yesterday. No short positions were triggered however because the lows were never breached and no bearish breakout trap trade was triggered.
Obsessed with Price Action Trading, Swing Trading & Breakout Strategies
- #259
- Jun 3, 2014 12:03am Jun 3, 2014 12:03am
- Joined Dec 2010 | Status: Never Stop Learning | 7,322 Posts
