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Simple, Powerful and Effective Price Action Trading Strategies

  • #261
  • Jun 3, 2014 12:21am Jun 3, 2014 12:21am
Not a problem Steve,

It is a nice area to consider shorting from (if the market respects dynamic resistance). I would want to see a nice dominant sell signal on the chart before pulling the trigger. I do agree with direwolf. It does look like the market wants to correct higher upwards were a potential sell signal could develop of that resistance level he has marked.

At the moment there is nothing to do, it's just a matter of waiting and letting the price action guide us.

Direwolf's input also lines up nicely with the weekly chart.
Obsessed with Price Action Trading, Swing Trading & Breakout Strategies
  • #262
  • Jun 3, 2014 12:44am Jun 3, 2014 12:44am
Hi AndreasF

I noticed on one of your posts dated October 2013 that you have two indi's that you had on your chart. Do you still use and if so how?

The two indi's are TRO_Multi_Meter_CandleColor.ex4 and Lawgirl's Trend Display v1.03.ex4

Thanks
  • #263
  • Jun 3, 2014 12:35pm Jun 3, 2014 12:35pm
I have a Sell Stop in place on GBP/USD D1 chart.

DnB would you consider this a valid setup?
Attached Image (click to enlarge)
Click to Enlarge Name: 3rd June 14 GBP:USD D1 Chart.png Size: 149 KB
  • #264
  • Jun 3, 2014 8:21pm Jun 3, 2014 8:21pm
EURJPY approaching my kill zone dum dum dum *Jaws soundtrack*
Attached Image
Everything you can imagine, is real - Pablo Picasso
  • #265
  • Jun 3, 2014 8:44pm Jun 3, 2014 8:44pm
DnB,

Thanks for your help!

I'am 100% committed to price action trading with no indicators and very simple charts.
I have alot to learn but I'am heading in the right direction with no distractions.
8 ema (Blue)
21 ema (Red)
S&R
N/Y close charts...5 day candle chart
Daily chart

That's it...It's easy to remember...it's very effective...I like it!

Thanks for your articles and teaching!
P.S. The enclosed chart is not my N/Y close, 5 day candle chart. It's just my trade chart from IBFX.
I use FXCM charting package...

snarlyjack
Attached Image (click to enlarge)
Click to Enlarge Name: eurusdmdaily.png Size: 58 KB
  • #266
  • Jun 4, 2014 7:30am Jun 4, 2014 7:30am
Hi snarlyjack Didn't see you around for quite a while. I have just about given up on using the TDI indicator on the TMS forum. Whenever I look at any old charts it's so easy to pick out the winning entries by looking at the red/green cross but when I do it live it usually changes direction after I have entered.
I know a lot of traders make it work but I must be a bit of a dumbo because I can't.
  • #267
  • Jun 4, 2014 7:46am Jun 4, 2014 7:46am
Quote
I have a Sell Stop in place on GBP/USD D1 chart.

DnB would you consider this a valid setup?

Yes this is a valid short setup. This is what I would call a bearish hot spot on the chart, an idea place for short signals to develop.


Quote
I'am 100% committed to price action trading with no indicators and very simple charts.
I have alot to learn but I'am heading in the right direction with no distractions.
8 ema (Blue)
21 ema (Red)

I am not sure where you got those values from, but I use the 10 & 20 EMAs just incase there was any confusion


Quote
EURJPY approaching my kill zone dum dum dum *Jaws soundtrack*

Attached Image (click to enlarge)
Click to Enlarge Name: eurjpy.jpg Size: 71 KB


EURJPY has produced an asia breakout trap, I am very tempted to short this one. I think I'll wait for today's lows to be broken. Waiting for the prior day's lows to trigger a short trade looks a little impractical and would need a stop that's too wide for my liking.
Obsessed with Price Action Trading, Swing Trading & Breakout Strategies
  • #268
  • Jun 4, 2014 10:55am Jun 4, 2014 10:55am
Hi Digf,

Nice talking with you again! Hope your doing great!

After years of trading, I think I have found the secret to it...

It's all about reading price action and trading off of levels. The price action will give you the signals
and the s & r will give you the levels. What your doing is mapping out the market. It's a super effective
way to trade the market. Their is no 100% way to trade the market. Their is no holy grail. But this
way of trading is as close as it get's.

What a person needs to do is learn how to trade using price action...once you learn how to trade this way, I
believe you'll have the skill & knowledge to trade any market for the rest of your life. So...were all in
this together trying to get really good at how to really trade the market's

snarlyjack
  • #269
  • Jun 7, 2014 1:46am Jun 7, 2014 1:46am
Quoting stevepatt
I have a Sell Stop in place on GBP/USD D1 chart. DnB would you consider this a valid setup? {image}

I think this was a valid setup that didn't work out.

I also had a sell trade running on EUR/USD D1.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 7th June 14 GBP:USD D1 Chart.png Size: 108 KB
Click to Enlarge Name: 7th June 14 EUR:USD D1 Chart.png Size: 138 KB
  • #270
  • Jun 7, 2014 7:12am Jun 7, 2014 7:12am
What is the settings of the moving averages you have on the below charts?
http://i.imgur.com/gfwfV7A.png
http://www.forexfactory.com/attachme...1&d=1373745837

Thank you.
  • #271
  • Jun 7, 2014 7:40am Jun 7, 2014 7:40am
The signal candle is really small. When you're playing Price Action, size does matter. The signal candle should be large, obvious and stick out like a soar thumb.

Looking at my GBPUSD chart I would only consider these 2 to be large and obvious enough. Although I wouldn't play the purple one personally, the position is too high. I like to see the body lower, near the resistance, with more room above.
Attached Image (click to enlarge)
Click to Enlarge Name: 2014-06-07_1938.png Size: 9 KB
Everything you can imagine, is real - Pablo Picasso
  • #272
  • Jun 7, 2014 7:47am Jun 7, 2014 7:47am
What I think about the pin in purple mark.
Attached Image
Everything you can imagine, is real - Pablo Picasso
  • #273
  • Jun 8, 2014 12:02am Jun 8, 2014 12:02am
Stevepatt,

I'am just learning price action trading myself so...

In my opinion what we have is a Large Engulfing Bar (Bullish Engulfing Bar) that is rejecting
a key support level. "After price makes a large move either higher or lower it will often
then stall and consolidate before it's next move up". So I'am bullish.

We will have to wait for DnB to get his read on it.

snarlyjack

http://www.forexfactory.com/attachme...1&d=1402123509
  • #274
  • Jun 8, 2014 3:06am Jun 8, 2014 3:06am
Quoting snarlyjack
Stevepatt, I'am just learning price action trading myself so... In my opinion what we have is a Large Engulfing Bar (Bullish Engulfing Bar) that is rejecting a key support level. "After price makes a large move either higher or lower it will often then stall and consolidate before it's next move up". So I'am bullish. We will have to wait for DnB to get his read on it. snarlyjack {image}
Hi Snarlyjack,

The chart below shows why there's always so much to be aware of when trading PA just a few lines can change the perspective.

It's wait and see what the market decides, as always, we have to find the aspect of PA that gives us our EDGE to put the odds in our favour.

I'm still looking for that defining EDGE that's why I flutter between pure PA and using indicators to help me find IT.

I feel I'm getting closer to finding that EDGE by using Strong Structure levels and Price Action and, like yourself, not relying on indicators to find IT for me.
Attached Image (click to enlarge)
Click to Enlarge Name: 8th June 14 GBP:USD D1 Chart.png Size: 122 KB
  • #275
  • Jun 8, 2014 3:11pm Jun 8, 2014 3:11pm
The difficulty I find is the discretion needed in finding significant levels to trade from.

This might well be worth a Sell Stop on D1 at last weeks low with plenty of room before hitting strong Monthly support.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 8th June 14 USD:CHF MN Chart.png Size: 89 KB
Click to Enlarge Name: 8th June 14 USD:CHF W1 Chart.png Size: 93 KB
Click to Enlarge Name: 8th June 14 USD:CHF D1 Chart.png Size: 101 KB
  • #276
  • Jun 8, 2014 9:26pm Jun 8, 2014 9:26pm
Attached Image (click to enlarge)
Click to Enlarge Name: nzdusd.jpg Size: 100 KB


The NZDUSD has produced a nice price action signal to start off this week's trading. It's rare to have a really nice signal waiting for you at the market open, usually they are interrupted by price gapping.

This signal shows rejection of the old range bottom, demonstrating it's acting as new resistance. Looking to take advantage of asia session retracements to grab an optimized entry price on this one.
Obsessed with Price Action Trading, Swing Trading & Breakout Strategies
  • #277
  • Jun 8, 2014 9:28pm Jun 8, 2014 9:28pm
Quote
his might well be worth a Sell Stop on D1 at last weeks low with plenty of room before hitting strong Monthly support.

Did you manage to catch the bearish movement by selling breaks of the monthly low. I too have also been paying more attention to higher timeframes, focusing a lot on the weekly chart for extra clarity.
Obsessed with Price Action Trading, Swing Trading & Breakout Strategies
  • #278
  • Jun 8, 2014 11:46pm Jun 8, 2014 11:46pm
Quoting DnBPriceAct
{image} The NZDUSD has produced a nice price action signal to start off this week's trading. It's rare to have a really nice signal waiting for you at the market open, usually they are interrupted by price gapping. This signal shows rejection of the old range bottom, demonstrating it's acting as new resistance. Looking to take advantage of asia session retracements to grab an optimized entry price on this one.

Hi DnB,

The only thing putting me off this setup was Thursdays strong Bullish move from a previous Supply/Resistance level.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 9th June 14 NZD:USD W1 Chart.png Size: 102 KB
Click to Enlarge Name: 9th June 14 NZD:USD D1 Chart.png Size: 122 KB
  • #279
  • Jun 8, 2014 11:49pm Jun 8, 2014 11:49pm
Quoting DnBPriceAct
{quote} Did you manage to catch the bearish movement by selling breaks of the monthly low. I too have also been paying more attention to higher timeframes, focusing a lot on the weekly chart for extra clarity.
Hi GnB,

I wish I had been
  • #280
  • Jun 9, 2014 12:14am Jun 9, 2014 12:14am
hi all,

I have also placed a sell order for Nzd/Usd after a good pin bar at an important resistance level...


lets c how it goes


regards

Dennis
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