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MultiTimeFrame Trend Trading with Price Action

  • #41
  • Dec 17, 2014 5:33am Dec 17, 2014 5:33am
EUR/JPY H4

Been looking for Bearish PA after the Weekly Engulfing Candle.

Short Trade after a Pullback to the Weekly Control Candle.

Watching, closely, the 145 RN
Attached Image (click to enlarge)
Click to Enlarge Name: 17th Dec 14 EUR:JPY H4 Chart.png Size: 116 KB
  • #42
  • Dec 17, 2014 7:14am Dec 17, 2014 7:14am
Quoting stevepatt
EUR/JPY H4 Been looking for Bearish PA after the Weekly Engulfing Candle. Short Trade after a Pullback to the Weekly Control Candle. Watching, closely, the 145 RN {image}
What do you think about E / N ?
Make choices and don't look back !
  • #43
  • Dec 17, 2014 7:57am Dec 17, 2014 7:57am
Quoting Purec
{quote} What do you think about E / N ?
Hi Purec;

Start by looking at the higher TFs and work down to the TF you Trade from.

I have never Traded EUR/NZD but I can see it has a large Trading Range.

The market has just hit a Trend Line dating back to August 2013 with a lot of Weekly Bearish Rejection Candles at this level.

I don't see very clean PA at the moment to take a Trade. See H4 Chart below

I don't think I would want to Trade this pair from D1 because of the size of stop needed, in most cases to take a Trade.

Personally I'd be looking at other Pairs at the moment.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 17th Dec 14 EUR:NZD W1 Chart.png Size: 93 KB
Click to Enlarge Name: 17th Dec 14 EUR:NZD H4 Chart.png Size: 95 KB
  • #44
  • Dec 17, 2014 11:55am Dec 17, 2014 11:55am
Quoting stevepatt
EUR/JPY H4 Been looking for Bearish PA after the Weekly Engulfing Candle. Short Trade after a Pullback to the Weekly Control Candle. Watching, closely, the 145 RN {image}

Well that didn't last long.

I tightened my SL after the market started to reverse on me and got taken out by 0.4 pips.
Attached Image (click to enlarge)
Click to Enlarge Name: 17th Dec 14 EUR:JPY H4 Chart 2.png Size: 110 KB
  • #45
  • Dec 17, 2014 2:11pm Dec 17, 2014 2:11pm
Quoting stevepatt
I've been posting on Nihilist Thread here http://www.forexfactory.com/showthread.php?t=490220. As this has mainly been an Indicator based thread I've been told it would be a good idea to set up my own thread. My method of trading is Price Action (PA) led using the Daily charts, mostly, to take Trades. I take my Trade Bias from the Weekly chart and look for Pullbacks on the Daly Time Frame and look for PA at Support/Resistance/BRN/RN to take Trades with the Primary Trend (Weekly). I'm currently in two Trades AUD/USD and NZD/USD I've taken...

AUD/USD D1

Just exited this trade with an average return of +164.65 pips +2.70R.

The 0.81 RN has always been my target for this Trade the Momentum created by the USD FOMC News Release took it to my target.

If you look left on a Weekly Chart you should see why this was my target for this Trade.
Attached Image (click to enlarge)
Click to Enlarge Name: 17th Dec 14 AUD:USD D1 Chart.png Size: 117 KB
  • #46
  • Dec 17, 2014 4:42pm Dec 17, 2014 4:42pm
Steve, I really appreciate your posts! Very informational. Thank you a ton.
Be Patient....
  • #47
  • Dec 17, 2014 5:25pm Dec 17, 2014 5:25pm
Quoting stevepatt
{quote} AUD/USD D1 Just exited this trade with an average return of +164.65 pips +2.70R. The 0.81 RN has always been my target for this Trade the Momentum created by the USD FOMC News Release took it to my target. If you look left on a Weekly Chart you should see why this was my target for this Trade. {image}
Well done Stevepatt. I don't have patience to wait so long
  • #48
  • Dec 18, 2014 8:19am Dec 18, 2014 8:19am
Quoting Purec
First Edit : Good job steve . You will do a great job here . I will be here also and also watching new indis in nihilist thread . Keep it up !
hi steve. let'sgo. Subscribed
  • #49
  • Edited 6:34pm Dec 20, 2014 6:22pm | Edited 6:34pm
Quoting stevepatt
{quote} AUD/USD D1 Just exited this trade with an average return of +164.65 pips +2.70R. The 0.81 RN has always been my target for this Trade the Momentum created by the USD FOMC News Release took it to my target. If you look left on a Weekly Chart you should see why this was my target for this Trade. {image}
Need to ask you something ...

How is the correlation between EUR / USD - AUD / USD - EUR / AUD ?

I ask this because next week I want to trade support lines on EUR / USD and AUD / USD . Both long . TP 1.23 EUR / USD . TP 0.82 AUD / USD , BUT my biggest problem is EUR / AUD . 1.499x - 1.50 acted as ressistance and now support . Both weekly and monthly . Second opinion : friday's candle was an inside candle ... And weekly trend is still bullish .

What do you think ?
Make choices and don't look back !
  • #50
  • Dec 21, 2014 4:02am Dec 21, 2014 4:02am
Quoting Purec
{quote} Need to ask you something ... How is the correlation between EUR / USD - AUD / USD - EUR / AUD ? I ask this because next week I want to trade support lines on EUR / USD and AUD / USD . Both long . TP 1.23 EUR / USD . TP 0.82 AUD / USD , BUT my biggest problem is EUR / AUD . 1.499x - 1.50 acted as ressistance and now support . Both weekly and monthly . Second opinion : friday's candle was an inside candle ... And weekly trend is still bullish . What do you think ?

Hi Purec;

The only correlated pairs I'm cautious of Trading together are EUR/USD and USD/CHF.

Last Week closed with a Weekly Bearish Engulfing Candle on EUR/USD. The Bears are still very much in control.

The AUD/USD reached 0.81, last week, which has acted as a Bullish Swing Point, going back to May 2010, the last time there was a Bullish close, on the W1 TF, was the week beginning 9th November. Still no signs of the Bulls having any power.

Last week, the EUR/AUD closed as a Bearish Pin Bar at the 1.50 BRN which has acted as Support/Resistance in the past. There is no sign, yet, that the 1.50 BRN is going to act as Support the Market might well drop from here. After Fridays Inside Candle it could be worth placing a Buy Stop at the High +5 pips of of this Candle.

Personally I won't be taking any Trades until the New Year.
Attached Image (click to enlarge)
Click to Enlarge Name: 21st Dec 14 EUR:AUD W1 Chart.png Size: 103 KB
  • #51
  • Dec 22, 2014 2:51am Dec 22, 2014 2:51am
I am in.
If you believe in yourself anything is possible !!
  • #52
  • Edited 8:52am Dec 22, 2014 7:24am | Edited 8:52am
Attached Image (click to enlarge)
Click to Enlarge Name: Image1.png Size: 77 KB


Hi Steve,

Looking at the Eur/Usd pair I've noticed a weekly bearish engulfing candle, showing nice strength with the bears. I waited for the pair to retrace a bit to 1.2260 and I entered a short position there. What are your thoughts on this?

Thanks in advance!

Edit: I'm posting from my demo acc mt4 btw
  • #53
  • Dec 22, 2014 12:41pm Dec 22, 2014 12:41pm
Quoting saruhn
{image} Hi Steve, Looking at the Eur/Usd pair I've noticed a weekly bearish engulfing candle, showing nice strength with the bears. I waited for the pair to retrace a bit to 1.2260 and I entered a short position there. What are your thoughts on this? Thanks in advance! Edit: I'm posting from my demo acc mt4 btw

Hi saruhn;

Any other time of the year and I'd be shorting this all day long.

But it's Christmas and the markets are slowing down to a crawl so I won't be Trading.
Attached Image (click to enlarge)
Click to Enlarge Name: 22nd Dec 14 EUR:USD H4 Chart.png Size: 112 KB
  • #54
  • Dec 22, 2014 2:55pm Dec 22, 2014 2:55pm
count me in! Steve is a great pa trader, and also exceptionel at explaining his trading. Averybody who fellow this thread become better pa traders :-)
MY SITTING, NEVER MY THINKING!
  • #55
  • Dec 22, 2014 5:27pm Dec 22, 2014 5:27pm
Quoting stevepatt
{quote} Hi saruhn; Any other time of the year and I'd be shorting this all day long. But it's Christmas and the markets are slowing down to a crawl so I won't be Trading. {image}
You, as a trader of the international financial markets, are not seriously entertaining an Ernesto Guevara Avatar as a defining feature of your online-identity, are you?
  • #56
  • Edited 2:14am Dec 23, 2014 12:27am | Edited 2:14am
Quoting Nf414
{quote} You, as a trader of the international financial markets, are not seriously entertaining an Ernesto Guevara Avatar as a defining feature of your online-identity, are you?

Hi Nf414;

I've had this avatar for 4 years and you are the first person to notice.

I most definitely am using "Che" Guevara as my defining online identity whilst Trading Forex.

It's his Spirit that keeps me grounded and helps put Trading into perspective, for me.

I Trade because I enjoy the process of Trading and I want to be the best I can be at Trading, "money" is a by product of doing something I love.

If money ever became my overriding reason to Trade I'd give it up tomorrow.

Trading is one of the few ways to acquire money without Interest being attached to it.

It's the Interest associated with the Supply of money that keeps us, as Individuals, very much suppressed. When we receive money, by way of a loan, we are only ever in receipt of the Capital sum, where does the Interest associated with this loan come from? It's this Interest that steals our "Freedom" imagine a world Free from it at least two Presidents, Lincoln and Kennedy, tried to Free us from it and look at what happened to them.

I'll get off my "Soap Box" now but you did bring it up.
  • #57
  • Edited 4:28am Dec 23, 2014 3:21am | Edited 4:28am
Quoting stevepatt
{quote} Trading is one of the few ways to acquire money without Interest being attached to it. It's the Interest associated with the Supply of money that keeps us, as Individuals, very much suppressed. When we receive money, by way of a loan, we are only ever in receipt of the Capital sum, where does the Interest associated with this loan come from? It's this Interest that steals our "Freedom" imagine a world Free from it at least two Presidents, Lincoln and Kennedy, tried to Free us from it and look at what happened to them. I'll get off my "Soap...
Islamic banks operate without interest. Ive been reading about it because I first heard about this while watching lots of clips from Syria and all the hype about IS and other similar "organisations". Basically their rules are based on Sharia law and earning money (interest) from loans is forbidden. Profit can be generated through trade or investment in assets. Interesting stuff...

I personally don't understand how a bank can operate profitably in the long term without the use of interest rates in the real world. Maybe in theory it is applicable where inflation/risk/money changing over time is not a thing. Also interest rates are a huge monetary tool for balancing. You'd have to change everything in order to apply something like this i guess :S
  • #58
  • Dec 23, 2014 4:00am Dec 23, 2014 4:00am
I've finished trading till the New Year
Wishing you all a Very Merry Christmas and a Wonderful New Year with a lot of green pips!
I'll see you in January
  • #59
  • Dec 23, 2014 10:00am Dec 23, 2014 10:00am
Quoting saruhn
{quote} Islamic banks operate without interest. Ive been reading about it because I first heard about this while watching lots of clips from Syria and all the hype about IS and other similar "organisations". Basically their rules are based on Sharia law and earning money (interest) from loans is forbidden. Profit can be generated through trade or investment in assets. Interesting stuff... I personally don't understand how a bank can operate profitably in the long term without the use of interest rates in the real world. Maybe in theory...
Hi saruhn;

This is why banks are not interested in changing the statuesque.

The work force, of any country, is it's ENGINE creating wealth for their country why should that wealth creating force have to pay Interest when it's their efforts creating the wealth that's then being leant back to them with Interest.

Anyone taking a loan or mortgage should only be paying their bank a fee for organising their loan and then paying off the Capital sum only and that's it.
Imagine the amount of "Freedom" this would generate.

But of coarse, the only thing, any bank or country wants is for their work force to have a sense of "freedom" whilst in essence they are slaves of the interest they are paying. We are all constantly being dumbed down and being manipulated in the the way we think without taking, or having, the time to make informed decisions for our selves.

It will only be when we all start to understand the power we have to change things that anything will improve.

Sorry, but this is what happens when I take my eye of the Markets and start to think, very dangerous.
  • #60
  • Dec 23, 2014 10:03am Dec 23, 2014 10:03am
Quoting Tronis
I've finished trading till the New Year Wishing you all a Very Merry Christmas and a Wonderful New Year with a lot of green pips! I'll see you in January

Hi Tronis;

A very Merry Christmas and Happy New Year to you too and to everyone reading this.
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