Price Action

[USMC]

eur/chf 4hr. Again, you can look at what I have circled and you can also look at the yellow dots beneath the candlesticks. I'm not going to tell you that you should look to take 50 pips on all of these pairs. I would look for maybe half of that on anything other than eur/usd, gbp/usd and gbp/jpy.
I read on a website called candlesticker that inside bars were low reliability. Maybe they just don't want people to know the truth because I find them to be highly reliable. The site is candlesticker.com though. Anyway..here's the chart.

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That's a perfect entry man! I didn't catch it.

[sniper012]

Just keep your eye on the 4hr charts. Of course I always check the daily charts first but if there's no good signals, I'll switch to a 4hr chart.

That's a perfect entry man! I didn't catch it.

[DickP]

I'll help you keep it going man

[lktr0926]

so...nobody's interested in price action anymore?? Keep the thread going dammit!! I'm gonna post after todays close.

It seems there are multiple price action threads on this forum now! I think my thread is the best, but I guess you can never really talk enough about how awesome price action trading is!

[lktr0926]

Hey everyone, as I am a member over at learn to trade the market, I just wanted to let the followers of my thread here know that Nial Fuller just posted a new article about believing in yourself when trading, check it out here: believe in your trade.

[DickP]

eur/chf 4hr. Again, you can look at what I have circled and you can also look at the yellow dots beneath the candlesticks. I'm not going to tell you that you should look to take 50 pips on all of these pairs. I would look for maybe half of that on anything other than eur/usd, gbp/usd and gbp/jpy.
I read on a website called candlesticker that inside bars were low reliability. Maybe they just don't want people to know the truth because I find them to be highly reliable. The site is candlesticker.com though. Anyway..here's the chart.

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What about that reversal at the end of the day, that was the doozy and just purely based on price action could have been caught, I see how!

[sniper012]

This is true. The only problem I would have with the reversal is that it was awfully close to the first support. Now in hindsight, we see that it blew right through that support but there were no real assurances that this was going to happen. Was it worth the risk? Probably so!

What about that reversal at the end of the day, that was the doozy and just purely based on price action could have been caught, I see how!

[DickP]

Yea it just looks like a hard hammer top whatever they call it and it could go down and it did, hard to tell when its happening, hardest thing in trading if you ask me.

[sniper012]

This is just a basic price action setup. That baby blue line is todays open. I draw it on the candle that opens at 1:00am NYC time. Then we wait. I don't take any of these trades before the european session opens so even if I see an inside bar form at 10pm, I won't take the trade. So there was an inside bar and as you can see, this pattern formed above the daily open so I would only look to trade it long. I also have daily pivot points on my chart. I used the green line, which is R1, or resistance 1, as my target. My stop loss was the low of the inside bar but some people use the low of the mother bar as their stop loss.

[sniper012]

this is another trade from today on a 1 hour chart. These are very cool because if you trade them properly, they are very reliable and your stop loss is usually very reasonable. This was the exact opposite of the last trade that I posted. Instead of the inside bar pattern forming above the daily open, it forms below the daily open. Enter at the low of the pattern and use your daily pivot and sup/res levels as targets. This pair easily made it's way down to the first support level and actually exceeded it by a little. I find that the most reliable levels are the first support and first resistance levels. What I mean is, let's say that there is an inside bar that formsabove the daily open and also above the first resistance. I would take that trade but I wouldn't target the second resistance because price is not AS likely to hit R2 as it is to hit R1.

[sniper012]

This one would have tested your will but it does what it's supposed to do eventually.

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[sniper012]

and again on usd/cad 1hr.

[sniper012]

usd/jpy 1hr. Although the inside bar closes below the daily open, the high is above the daily open so this setup is tradable.

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[sniper012]

This would may have stopped you out if you stayed in it. There was reason to exit the trade before the stopout though. There was economic data coming out at 8:30 and I will always advise that you do not trade around the news because we have no idea how the market will react. Had you found yourself in this trade, you could have ideally exited with about 10 pips and then re-entered at the entry point after the news dust had setteled. But that's in a perfect world. At best, you would have taken the 10 pips.

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[sniper012]

so just from today alone, I have shown 5 trades that would have, without a doubt, made you at least 10 pips per trade if you wanted to be conserative. The truth is that these were all at least 20 pip winners and better. even the trade that I exited with 19 pips made over 20 on that candle but I just respected my target. As you can see, it actually has gone beyond the first resistance and now is flirting with R2. The point is, we don't need to hit homeruns. Take your 10-15 or 20 pips per trade and, with good money management, you will see how it adds up.

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[sniper012]

just another example on another pair. 1hr chart. All of these are from today on 1hr charts. Could have easily taken 10 pips if you were long on this with the pivot level as your target.

[ironman]

and again on usd/cad 1hr.

Great example mate

[progresso]

I like what you are having to say here

[sniper012]

If you follow the method, you will make money.

I like what you are having to say here

[trade4life]

just another example on another pair. 1hr chart. All of these are from today on 1hr charts. Could have easily taken 10 pips if you were long on this with the pivot level as your target.

Wouldn't this trade technically be against the trend? If you traded that inside bar long for 10 pips? I don't get the whole taking 10 pips profit thing, it seems really stressful, whey not just try to ride the 4hr or daily charts? You seem to be really good at trading inside bar sniper, I am interested in learning more..