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Simple, Powerful and Effective Price Action Trading Strategies

  • #281
  • Jun 9, 2014 7:44pm Jun 9, 2014 7:44pm
Stevepatt,

Here is a article on s & r the Forex Guy wrote. I thought it was pretty good
and that you would enjoy it Please keep in mind that I'm not a member of
his forum but this was a free to everyone article so enjoy...I hope it helps!

http://www.theforexguy.com/how-to-dr...nd-resistance/

snarlyjack
  • #282
  • Jun 10, 2014 11:31am Jun 10, 2014 11:31am
Quoting snarlyjack
Stevepatt, Here is a article on s & r the Forex Guy wrote. I thought it was pretty good and that you would enjoy it Please keep in mind that I'm not a member of his forum but this was a free to everyone article so enjoy...I hope it helps! http://www.theforexguy.com/how-to-dr...nd-resistance/ snarlyjack

Snarlyjack,

Thanks for posting the link
  • #283
  • Jun 10, 2014 6:32pm Jun 10, 2014 6:32pm
Hi DNB,
Thank you for your work on this thread.
What is the outlook for NZDUSD today? Should we still expect a reversal? I may have jumped the gun and entered too soon.
  • #284
  • Jun 10, 2014 11:56pm Jun 10, 2014 11:56pm
Quoting mallithud
Hi DNB, Thank you for your work on this thread. What is the outlook for NZDUSD today? Should we still expect a reversal? I may have jumped the gun and entered too soon.
Hi Mallithud,

I don't know about GnB but I always enter the market with pending orders.

I set my sell/buy stop 3 or 4 pips below/above the setup candle this way I usually avoid getting into a trade too early and having it reverse.
  • #285
  • Jun 11, 2014 6:58am Jun 11, 2014 6:58am
Thanks Steve. I did the same, at least I thought I did. Entered at the 3rd candle from today's.
  • #286
  • Jun 11, 2014 11:44am Jun 11, 2014 11:44am
Currently in this USD/CAD D1 short trade.

Watching AUD/JPY for a potential setup short
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 11th June 14 USD:CAD D1 Chart.png Size: 143 KB
Click to Enlarge Name: 11th June 14 AUD:JPY D1 Chart.png Size: 128 KB
  • #287
  • Jun 11, 2014 2:01pm Jun 11, 2014 2:01pm
Quoting stevepatt
Currently in this USD/CAD D1 short trade. Watching AUD/JPY for a potential setup short {image} {image}
Hi all, first post here.

Yes, possible reversal at double top emerging, weekly resistance still a bit higher mind. I'm not mad keen on entering on engulfing candles because of the size of stop required but definately one to keep an eye on.
Attached Image (click to enlarge)
Click to Enlarge Name: AUDJPY 11 June 2014.png Size: 42 KB
  • #288
  • Jun 12, 2014 8:48pm Jun 12, 2014 8:48pm
Hey guys,

Sorry for being late catching up here.

Quote
Hi all, first post here.

Currently in this USD/CAD D1 short trade.

Watching AUD/JPY for a potential setup short.

We posted this as the 'chart of the day' in the War Room as a potential sell opportunity. But we aborted the trade at breakeven/small loss due to the failed asia breakout to the downside. Also a large 4 hour bullish rejection candle formed which was a large enough 'red flag' to get out of the trade before the London momentum come into play.


Quote
Stevepatt,

Here is a article on s & r the Forex Guy wrote. I thought it was pretty good
and that you would enjoy it Please keep in mind that I'm not a member of
his forum but this was a free to everyone article so enjoy...I hope it helps!

http://www.theforexguy.com/how-to-dr...nd-resistance/

Thanks for sharing !


Quote
Hi DNB,
Thank you for your work on this thread.
What is the outlook for NZDUSD today? Should we still expect a reversal? I may have jumped the gun and entered too soon.
​

Quote
Hi Mallithud,

I don't know about GnB but I always enter the market with pending orders.

I set my sell/buy stop 3 or 4 pips below/above the setup candle this way I usually avoid getting into a trade too early and having it reverse.

The NZDUSD setup was technically sound, and had all the boxes ticked. It was really 'picture perfect actually'. The problem is the NZD interest rate announcement caused the fundementals to take over completely. There is usually no stopping moves from interest rate changes, it's kind of a biggie. Actually someone commented on my blog and warned me to check out an article about the upcoming rake hike, but I was a little arrogant and ignored his input because I was confident in the trade setup.

Now speaking of the NZDUSD, there is a technical setup that is a little out of character for the way I trade. I just 'sold ' the NZDUSD without a price action signal, but for other strong technical reasons.

Attached Image (click to enlarge)
Click to Enlarge Name: nzdusd.jpg Size: 98 KB


I've written a small post about the setup. Read more here: NZDUSD Sell Trade Idea
Obsessed with Price Action Trading, Swing Trading & Breakout Strategies
  • #289
  • Jun 12, 2014 8:54pm Jun 12, 2014 8:54pm
Quote
Hi all, first post here.

Yes, possible reversal at double top emerging, weekly resistance still a bit higher mind. I'm not mad keen on entering on engulfing candles because of the size of stop required but definately one to keep an eye on.

The USDCAD Daily chart can sometimes be a hostile trading environment. It does whip around a lot and can be a hard market to trade due to the connection with WTI crude oil.

I tend to find more clarity on the weekly chart...

Attached Image (click to enlarge)
Click to Enlarge Name: usdcad.jpg Size: 72 KB


The weekly chart shows a clear downtrend in place. Price looks very bear heavy on that support level and I anticipate it will be broken. Lining up the weekly chart with your daily time frame analysis can be beneficial. There have been some good sell signals on the USDCAD daily chart that turned out ok, and they line up with what the weekly chart is communicating.
Obsessed with Price Action Trading, Swing Trading & Breakout Strategies
  • #290
  • Jun 18, 2014 8:00pm Jun 18, 2014 8:00pm
The Forex market is probably really going to die down now. Not only are the markets quieter than usual with extremely low volatility levels, we're probably starting to see the full effects of summer trading. Here is a disturbing article a friend linked...

http://www.businessinsider.com/low-v...-street-2014-6

I opened that charts today to see the NZD trade didn't snap back to the mean.

Looking at the charts, some of the AUD cross pairs have produced some nice swing trade signals...

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


EURAUD printing a thick bodied rejection candle which demonstrates rejection of a swing level. The area also shows the mean value holding as dynamic support.

Attached Image (click to enlarge)
Click to Enlarge Name: audchf.jpg Size: 96 KB


Similar situation, but inverted on the AUDCHF cross pair.
Obsessed with Price Action Trading, Swing Trading & Breakout Strategies
  • #291
  • Jun 22, 2014 8:50pm Jun 22, 2014 8:50pm
Still waiting for the AUD signals to follow through with bullish momentum. Price stalled towards the end of last week's trading.

The AUDCHF dropped two consecutive Inside Days. Just waiting for a breakout of the top of the inside days to consider long positions...

Attached Image (click to enlarge)
Click to Enlarge Name: audchf.jpg Size: 89 KB


Double inside day patterns as one of the best forex signals for breakouts. They can produce very explosive moves on the daily chart. Watch this chart and see how they play out.

If price breaks the top, but fails to maintain the higher prices and closes back down lower. This would be considered to be an aggressive bearish signal.
Obsessed with Price Action Trading, Swing Trading & Breakout Strategies
  • #292
  • Jun 30, 2014 7:12pm Jun 30, 2014 7:12pm
Still anticipating AUDUSD strength. The Aussie has been a slow mover, stuck in a sideways grind, but bullish pressure is hinting this market is gearing up for an upside breakout.

Attached Image (click to enlarge)
Click to Enlarge Name: audusd price squeeze.jpg Size: 97 KB


To reinforce the bullish bias here, a bullish pin bar formed last session as the market denied moves into lower prices. The mean value is holding strong as dynamic support. Price is squeezing up and there will most likely be a strong breakout. As I said we're favoring the highside and the bullish price action signal here could be an early tip off to the potential breakout.
Obsessed with Price Action Trading, Swing Trading & Breakout Strategies
  • #293
  • Jul 4, 2014 2:00am Jul 4, 2014 2:00am
Attached Image (click to enlarge)
Click to Enlarge Name: audusd breakout trade.jpg Size: 102 KB


Just following up on the AUDUSD trade. The bullish rejection candle setup did trigger as anticipated and offer us our 1:3 risk reward money management target. Thankfully this happened quickly because the Aussie dollar couldn't maintain these higher prices and has collapsed back down under the resistive containment line as that level failed to hold as support.

I honestly expected a much longer term breakout to be generated out of this setup, as did some of the other price action traders. But the trade was profitable none the less, and just in the nick of time. Price action trading gives you an advantage where you can anticipate breakouts like this, before they actually happen.

It's looks like we are back to a more bearish/neutral market now on the AUDUSD.
Obsessed with Price Action Trading, Swing Trading & Breakout Strategies
  • #294
  • Jul 5, 2014 6:16am Jul 5, 2014 6:16am
Quoting DnBPriceAct
{image} Taking a look at XAU/USD (Gold) on the Daily time frame, we can see a very interesting potential set up for next week. Last week price has punched through a key resistance level, and is now holding as new support. A succession of Higher Highs and Higher Lows is an indication that the market is trending upwards at the moment. Looking at Friday's candle, we can see that price re-tested the support level, and closed as an inside day, but also as a small bullish rejection candle. Inside days are basically a consolidation flag. Based on recent...
Dear DnB, What is weekend gap, could you please show in chart? ByeAjentha
  • #295
  • Jul 5, 2014 7:14am Jul 5, 2014 7:14am
[quote=DnBPriceAct;6846471]{quote} {image} An update on NZD/USD. Price played this out perfectly for us, as the daily candle that I mentioned above closed as a bullish rejection candle. This kind of price action in the market was hinting to us that higher prices were getting more and more desirable, until price finally took off and left the bears in their tracks. A good example of how powerful
  • #296
  • Jul 5, 2014 11:41pm Jul 5, 2014 11:41pm
Quote
Dear DnB, What is weekend gap, could you please show in chart? ByeAjentha

A weekend gap is when there is a difference between Friday's closing price and Monday's open price. There will usually be some minor gapping each week, but sometimes events of the weekend can cause large weekend gaps. It's rate but I've seen over 100 pip gaps.
Obsessed with Price Action Trading, Swing Trading & Breakout Strategies
  • #297
  • Jul 6, 2014 4:05am Jul 6, 2014 4:05am
Hi Guys,

I try to learn stock trading since 1 and half year. I have tested Bill Williams Chaos trading system for last 6 months and is not working for me.
In the past, i have many times returned to nacked chart because of the simplycity.
I am very bussy at my job so i use mainly 4H a 1D charts. It is a big stress for me to use lower time frames because i canīt control and analyse the position every 15 or 30 min.
One of my question is " How do you back test your strategies based on priceaction? ".
Thank you for answer.
  • #298
  • Jul 6, 2014 4:14am Jul 6, 2014 4:14am
Quote
One of my question is " How do you back test your strategies based on priceaction? "

You simply go back into your chart history and work of the historical data. You can press F12 in mt4 to move the chart forward a candle which is great for manual testing.

This article also might be of interest to you as well: Using Price Action History to Improve your Trading
Obsessed with Price Action Trading, Swing Trading & Breakout Strategies
  • #299
  • Jul 6, 2014 10:22am Jul 6, 2014 10:22am
Thank you,

The web site link above is interesting. Itīs good to see the same things form another point of view. After a 1 an 1/2 year self education the things start to make sense and all the basic rules are truth. So hope after another 1 and 1/2 year i will be a consistent winner
  • #300
  • Jul 8, 2014 11:54pm Jul 8, 2014 11:54pm
I am watching the S&P this week because it's positioned itself into a nice buy position on the daily chart...

Attached Image (click to enlarge)
Click to Enlarge Name: S&P waiting to buy hotspot.jpg Size: 86 KB


This is a perfect area for buying because it's an old resistance level which is now being tested as support. A nice bullish price action signal will complete a text book perfect swing trade setup. The trend mean value also coincides in the same area. The mean value has also been the main termination point for countertrend retracements.
Obsessed with Price Action Trading, Swing Trading & Breakout Strategies
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