Trading Forex with Price Action Journal *NOW LIVE* - Page 3

Looks like I did the right thing taking profits off the EUR/USD trade last night. Stop was hit as well.

I need to start noting what I see in the pairs so I know which one to check up on since I've been looking at more pairs now.

NZD/USD - Daily chart is at strong resistance from PPZ (one that was many year back). Bearish divergence as well. I looked into intraday chart and H1 seems to be setting up a very nice PB with divergences as well. Will have to check on this when it closes.

AUD/USD - Same deal with the above pair except not as strong. It is at multi-year high. H4 and H1 has strong bearish divergences. H1 retesting previous high as resistance and a PB seems to be forming. Need to check for close.

Quote:

Originally Posted by JLC 

Looks like I did the right thing taking profits off the EUR/USD trade last night. Stop was hit as well.

 

I need to start noting what I see in the pairs so I know which one to check up on since I've been looking at more pairs now.

 

NZD/USD - Daily chart is at strong resistance from PPZ (one that was many year back). Bearish divergence as well. I looked into intraday chart and H1 seems to be setting up a very nice PB with divergences as well. Will have to check on this when it closes.

 

AUD/USD - Same deal with the above pair except not as strong. It is at multi-year high. H4 and H1 has strong bearish divergences. H1 retesting previous high as resistance and a PB seems to be forming. Need to check for close.

Darn it. Didn't close as a PB. If only it closed below previous candle to form a bearish outside bar..now it's back to the observation deck.

Not much going on today. Here's what I am looking forward to:

EUR/USD - Price is still consolidating in the resistance. Can break either way but weekly is still bullish. Patiently waiting.

EUR/JPY - Price corrected downward from a lower high and is now sitting on a PPZ confluenced with 50% fib ret that's close to a 23.6% fib ret. Can go long if PA presents itself with such opportunity. Patiently waiting.

USD/JPY - Sitting on support from PPA confluenced with 2 fib ret lines. No trade signal yet. Patiently waiting.

GBP/USD - Today ended with a dark cloud cover (almost like a bearish outside bar/DBHLC). I could have entered short at the open of next candle but wasn't here...would've been in profit for about 40pips since I hit my profit target zone that I would've set. Now it's sitting on the 38.2% fib ret and a support from PPA. Patiently waiting for a reversal signal.

USD/CHF - Nothing much here except a weak DBLHC with no confluences around. Patiently waiting.

USD/CAD - I went long on this pair based on the bullish outside bar (although a bit weak). Not exactly an A++ trade so I kept the position smaller than usual. But I took this trade because of the potential bullish wedge breakout (approaching apex) and the reward can be sweet. Stop loss is tight of course since I do not want to be in this if I am wrong.

NZD/USD - Price has been rallying for a while and reached a resistance set from many years back, and is now flirting around it. H4 and H1 charts today showed excellent entry via pinbar and dark cloud cover respectively that would've yielded some nice profits already. I think it will go down to round number at 0.8000 but we will see. Patiently waiting for another entry.

AUD/USD - Again, nice little pin on daily chart and H1 chart (with bearish divergence) that would have been a sweet entry and again I missed it. Bitterly waiting..just kidding patiently :)

EUR/NZD - Ok this one tripped me out. The chart on MT4 shows a semi PB followed by a DBHLC at confluences of PPA and 365EMA as resistance in which I took it as a good signal and went short. Then when I saw this chart on TOS. It looked completely different. Price was nowhere near 365EMA..no PB, weak DBHLC, and not a trade I would take at all. So uh..what's up with this?

Took another trade on my futures demo account today...pinbar + support turned resistance + 62EMA (along with many others + crosses). Easy decision. Profit was taken at the 365EMA.

Also took a short in /QM based on H4 chart bearish divergence and bearish inside bar. Daily chart closed with a semi-weak bearish outside bar too.

Just took this trade. It almost went wrong and I'm trying to dissect as to why. Confluences of gap support, 61.8% fib ret, and close above 150EMA coupled with a pinbar. Quick profit but that was risky.

Quote:

Originally Posted by RebelT09 


I've seen that quite a bit, especially on the lower time frames (15min). I've found that if price retraces back above that line of support, then it has a higher probability of continuing higher.

Sometimes the momentum in these plays gets so strong, that past support isn't even going to hold up price. That red bar filled with no lower wick, indicating lots of quick selling. It wasn't until things cooled off where buyer/sellers got rational and raised the bid.

As you said, though, buying/selling right at these areas, while the probabilities are on your side, always come with a bit of risk as you don't know if price will hold or not.

Yeah, I got lucky I entered off the retracement of the pinbar as opposed to the open of the candle after the pin. If I had done that Instead, then I would have been stopped out with a loss. I took profit where I had planned on but it looks like it ran a bit more

Chart

Doh!

My futures demo account looking good! Three trades taken so far and all three profitable just based on PA alone.

Short on EUR/USD:

Long on USD/JPY

USD/CAD - looking great!

EUR/USD - took profit where I outlined in the chart. Seems to be breaking out..maybe...maybe not. lets see how the H4 closes

USD/JPY - took small loss at stop loss

shorted EUR/USD and EUR/CAD

hey z thanks for looking out. i found a bundle of mt4 indi's before and i believe it has something similar to that already. thanks though! that's some useful stuff huh ;)

I'm looking to see if a right shoulder will form on GBP/USD...coupled with this gartley could provide a nice signal.

Quote:

Originally Posted by Z-OldEurope 

Found this Indi for MT4, will test him a little..

 

I cant upload here, but if you want it search for him or pm me your mail address..

 

Gartley v101  Indicator