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Price action and pattern trading

  • #1
  • First Post: Jan 11, 2016 8:58pm Jan 11, 2016 8:58pm
I figured I might as well start a thread showing a few things I look for when I want to open a new trade. To me its the simple way to trade without all the extra indicators. All encouragement and criticism is welcome.
JOHN 3:16
  • #2
  • Jan 11, 2016 9:00pm Jan 11, 2016 9:00pm
Here is a weekly chart of USDCAD​
Attached Image (click to enlarge)
Click to Enlarge Name: usdcad weekly.png Size: 82 KB
JOHN 3:16
  • #3
  • Jan 11, 2016 9:01pm Jan 11, 2016 9:01pm
Here is a daily chart of USDCAD. All signs tell me this will be going up this week.​
Attached Image (click to enlarge)
Click to Enlarge Name: usdcad daily.png Size: 97 KB
JOHN 3:16
  • #4
  • Jan 12, 2016 9:11am Jan 12, 2016 9:11am
Quoting renasdad
Here is a daily chart of USDCAD. All signs tell me this will be going up this week.​ {image}
May I ask, based on what ?
  • #5
  • Jan 12, 2016 9:50am Jan 12, 2016 9:50am
Quoting renasdad
Here is a weekly chart of USDCAD​ {image}
Is there any reason why you zoom out that much?
  • #6
  • Jan 12, 2016 12:10pm Jan 12, 2016 12:10pm
Quoting renasdad
Here is a daily chart of USDCAD. All signs tell me this will be going up this week.​ {image}
I think Price is driven to far, I assume a Correction before buying

What do you think about Oil (WTI)? When would YOU start buying it?
(.)(.) think first ...
  • #7
  • Jan 12, 2016 12:13pm Jan 12, 2016 12:13pm
Lovelyman, my apologies. I should have zoomed in a little more on the daily chart. On the weekly chart I did to show the bounce it made around .9400 which is huge support. There is good resistance that was at 1.3000. My experience tells me once that resistance was broke, it should go up to around 1.5900 to 1.6000​
JOHN 3:16
  • #8
  • Jan 12, 2016 12:22pm Jan 12, 2016 12:22pm
Quoting maximumguita
{quote} I think Price is driven to far, I assume a Correction before buying What do you think about Oil (WTI)? When would YOU start buying it?

I​ don't have oil on my charts. I strictly trade forex but I'm considering getting into other things other than forex. If I had the time I would start looking into it. Maybe someday. You are right though with usdcad, it have gone so high in a quick time but I've been in for a while now on it. I wasn't trying to tell anyone to buy the crap out of it right now but price action is saying nothing but longs.
JOHN 3:16
  • #9
  • Jan 12, 2016 12:31pm Jan 12, 2016 12:31pm
Here is another one zoomed in a little more showing the consolidation on a weekly chart. Last week it broke that consolidation with a strong close above the consolidation.​
Attached Image (click to enlarge)
Click to Enlarge Name: usdcad.png Size: 63 KB
JOHN 3:16
  • #10
  • Jan 12, 2016 3:03pm Jan 12, 2016 3:03pm
Quoting renasdad
Here is another one zoomed in a little more showing the consolidation on a weekly chart. Last week it broke that consolidation with a strong close above the consolidation.​ {image}
Okay, so you will buy on the retrace to those highs ??
  • #11
  • Jan 12, 2016 3:15pm Jan 12, 2016 3:15pm
Quoting renasdad
Lovelyman, my apologies. I should have zoomed in a little more on the daily chart. On the weekly chart I did to show the bounce it made around .9400 which is huge support. There is good resistance that was at 1.3000. My experience tells me once that resistance was broke, it should go up to around 1.5900 to 1.6000​
Those are all round numbers, do you only look at those ?
  • #12
  • Jan 12, 2016 4:35pm Jan 12, 2016 4:35pm
There's nothing that indicates a decline in USD/CAD, especially close above the last week's consolidation - 1.60 is the profit target for those who are willing to wait - I've been monitoring it daily, and there's no a reversal signal yet on my daily chart - not even a "stretched" one. Good luck if you're trailing this beast. Just out of curiosity, if you're trailing it, what is your trailing size?
  • #13
  • Jan 12, 2016 5:48pm Jan 12, 2016 5:48pm
Quoting renasdad
{quote} I​ don't have oil on my charts. I strictly trade forex but I'm considering getting into other things other than forex. If I had the time I would start looking into it. Maybe someday. You are right though with usdcad, it have gone so high in a quick time but I've been in for a while now on it. I wasn't trying to tell anyone to buy the crap out of it right now but price action is saying nothing but longs.
I agree with you but in my opinion Oil and USDCAD are heavily correlated and oil is very low. Also there is a divergence in both pairs so be aware By the way, in uscad i´m in for a while too and hope we will reach 1.58 or more best regards and good luck
(.)(.) think first ...
  • #14
  • Jan 12, 2016 10:37pm Jan 12, 2016 10:37pm
Quoting lovelyman
{quote} Those are all round numbers, do you only look at those ?

No, I don't only look at round numbers but, with a pattern like the one we have on a chart like this, that is the area I feel like it will stop going up. It will take a while to gert there but worth the wait. I will probably be a tad conservative and start taking profits around 1.5700. I will say though, round numbers are good psychological areas for trading . ​
JOHN 3:16
  • #15
  • Jan 12, 2016 10:45pm Jan 12, 2016 10:45pm
Quoting lovelyman
{quote} Okay, so you will buy on the retrace to those highs ??
​
It all depends on how much it retraces. I just got home from work, turned the charts on and this is what I see... The highlighted bar makes me want to go long a little more but this time of day, I'm not too sure. The first chart is a 1 hr chart. And the 2nd chart is a 5 Min. If there would be a strong bar with a close above the trend line, I probably wouldn't say no and jump in for a little more.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: usdcad 1.png Size: 62 KB
Click to Enlarge Name: usdcad 5m.png Size: 69 KB
JOHN 3:16
  • #16
  • Jan 12, 2016 10:49pm Jan 12, 2016 10:49pm
Quoting DemoAntares
There's nothing that indicates a decline in USD/CAD, especially close above the last week's consolidation - 1.60 is the profit target for those who are willing to wait - I've been monitoring it daily, and there's no a reversal signal yet on my daily chart - not even a "stretched" one. Good luck if you're trailing this beast. Just out of curiosity, if you're trailing it, what is your trailing size?

I​'m a chance taker. I don't have a trailing stop. If I was trailing it, I would probably use one that is around 75 pips at least.
JOHN 3:16
  • #17
  • Jan 13, 2016 12:26am Jan 13, 2016 12:26am
Butterfly pattern with trend line is famous one , there is 40 candle stick patterns but important patterns are around 20
  • #18
  • Edited 1:17am Jan 13, 2016 12:28am | Edited 1:17am
Quoting renasdad
{quote} No, I don't only look at round numbers but, with a pattern like the one we have on a chart like this, that is the area I feel like it will stop going up. It will take a while to gert there but worth the wait. I will probably be a tad conservative and start taking profits around 1.5700. I will say though, round numbers are good psychological areas for trading . ​
What kind of pattern is it?

Does it have a name?
  • #19
  • Jan 13, 2016 1:28am Jan 13, 2016 1:28am
I couldn't help it. It broke above the trendline and I got in. The red arrow is where I took another long. This is trading based on price action solely​
Attached Image (click to enlarge)
Click to Enlarge Name: usdcad5.png Size: 66 KB
JOHN 3:16
  • #20
  • Jan 13, 2016 11:25pm Jan 13, 2016 11:25pm
I've been watching this one for a while now. Looks like its about time to get in long in this one.​
Attached Image (click to enlarge)
Click to Enlarge Name: eurgbp.png Size: 75 KB
JOHN 3:16
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