Price Action Traders

[wakka]

I'm currently looking into price action as a major trading indicator.

Do you add any other considerations to your trading? Support/resistance or trend lines? Would you trade against the trend if the price action looked good?

 

[Cornix]

I'm currently looking into price action as a major trading indicator.

Do you add any other considerations to your trading? Support/resistance or trend lines? Would you trade against the trend if the price action looked good?

As for me, I consider S/R and trendlines being part of the price action. Countertrend - no, trend reversals, yes. And of course all time favourite: reversals on smaller timeframe within the context of a bigger one.

 

[wakka]

As for me, I consider S/R and trendlines being part of the price action. Countertrend - no, trend reversals, yes. And of course all time favourite: reversals on smaller timeframe within the context of a bigger one.

Yeah I agree.

I think the original poster said he only trades pin bars.. But I might have misunderstood and he has only begun to trade pin bars... ie. added them to the list of things to check.

It would be interesting if you could trade pure pin bars and come up tops with the correct stop loss and take profit settings..

 

[Cornix]

Yeah I agree.

I think the original poster said he only trades pin bars.. But I might have misunderstood and he has only begun to trade pin bars... ie. added them to the list of things to check.

It would be interesting if you could trade pure pin bars and come up tops with the correct stop loss and take profit settings..

Ya, interesting about pin bars, but in my experience trading some setups completely isolated from context is not the way to go... I may be wrong, though, there are many ways to succeed in this game.

 

[ChocolateDigestive]

As for me, I consider S/R and trendlines being part of the price action. Countertrend - no, trend reversals, yes. And of course all time favourite: reversals on smaller timeframe within the context of a bigger one.

I like your thinking here

 

[rathcoole_exile]

Not to mention applying to get a job in the Police after going public with all of the above.

but somebody, err humm, wrote to the Chief Constable of the Met with transcripts of all the little weasel's misdoings

 

[Cornix]

I like your thinking here

Thanks.

All simple old stuff, learnt mostly from studying Vic Sperandeo's books, generally idea of long-term, medium-term and short-term trends (classic Dow theory) applied to intraday markets action.

 

[ForexProdigee]

yes i agree with cornixforex. i trade pin bars that are related to the context of price action. if a pin bar forms going against the trend then i wait hoping for another big move with the trend once again. as for s/r, i find those based on 4hr and daily and then zoom into 1hr/30min for early price action indicators of reversals or breaks.

 

[Cornix]

yes i agree with cornixforex. i trade pin bars that are related to the context of price action. if a pin bar forms going against the trend then i wait hoping for another big move with the trend once again. as for s/r, i find those based on 4hr and daily and then zoom into 1hh/30min for early price action indicators of reversals or breaks.

Way to go! Many underestimate the importance of context when trading price action.

But pin bar (as well as many other price action patterns) without the context is simply price going some way and back, which gives not much of an edge to a trader.

 

[ChocolateDigestive]

Way to go! Many underestimate the importance of context when trading price action.

But pin bar (as well as many other price action patterns) without the context is simply price going some way and back, which gives not much of an edge to a trader.

100% agree, context is everything if you are trading price action.

 

[ForexProdigee]

as for price action with context, how do you guys feel about the fairly decent pin bar on the eur/usd 4hr? there was a pin bar prior to the current one, and price reacted by pushing up 30 pips but it has made its way down once again. im hoping with the opening of the new york session soon, sellers bounce on this and continue to push prices down.

 

[Cornix]

as for price action with context, how do you guys feel about the fairly decent pin bar on the eur/usd 4hr? there was a pin bar prior to the current one, and price reacted by pushing up 30 pips but it has made its way down once again. im hoping with the opening of the new york session soon, sellers bounce on this and continue to push prices down.

Looks to me as good with trend setup, but to be fair I am day trader and watch mostly 5M chart within the context of 30M/1H and daily/weekly macro picture (that one for general awareness more than particular trading decidions).

 

[ForexProdigee]

the 30min/1hr show possibility of downward momentum unless the downtrend is a mere retracement for higher highs. i'll be sure to keep an eye on this

 

[Cornix]

Here's my last fill into the current swing...

 

[ForexProdigee]

your definitely making pips with that short trade, price seems to have made it's way down.

 

[Cornix]

your definitely making pips with that short trade, price seems to have made it's way down.

Yup, 1H closed so well and 5M offered a nice 123 entry (I covered many entries like this on my blog)... throw very ugly fundamentals for the Euro and you get a perfect short possibly into the new 2012 lows.

 

[ForexProdigee]

where can i see your blog? this is my first 100 pip gain trade, feels good.

 

[ChocolateDigestive]

Yup, 1H closed so well and 5M offered a nice 123 entry (I covered many entries like this on my blog)... throw very ugly fundamentals for the Euro and you get a perfect short possibly into the new 2012 lows.

I am also playing the H1 cornix. quids in now. but where do we take profit. I am sorely tempted to just hold this until it reaches 1.00000. we have the weekly support ahead, might take partials there.

 

[Cornix]

where can i see your blog? this is my first 100 pip gain trade, feels good.

There's a link to my homepage in the profile (or simply if Google my username ), I don't want to post it here, cause not sure it doesn't conflict with T2W rules (hence I have a sort of small trading community there as well)...

 

[Cornix]

I am also playing the H1 cornix. quids in now. but where do we take profit. I am sorely tempted to just hold this until it reaches 1.00000. we have the weekly support ahead, might take partials there.

Depends for me, from quick 8-10 tick scalps to rides to the next hourly or even daily level (if enough air to it without any evidence of strong support).

This particular case was closed on the huge climax bar (the clue was wide range of it after quite a ride and a huge volume spike in 6E futures)... No need to be too greedy, we can always re-enter.