In Price Action Trading Strategy

Just checking in with the web conference crowd from yesterday, and wanted to point out one of the first things I noticed when I sat down at my desk today.

We had a good example of EU using our 3/4 pull discussed in yesterday's free web conference happen just now. I did say that they are frequent in their occurrence / very common and heavily monitored so I am just putting my chart where my mouth is today.
At this point it already hit so we want to use it as a reference for failure or follow through. Particularly, watch any upwards sloping (demand) trendline underneath for breaks to the downside OR upside, the 3/4 level itself. A “continuation thrust” is not out of the question just yet. Also worth noting that on my standard charts I have perfect usage of 78.6, leaning more towards 76.4 on this one. Either way we have them both, and deviation is only a matter of a couple pips, also discussed.

And one more point: open gaps leading towards highs are within reach. Particularly the one closing circa 1.3415-17 is worth noting, and again right up to the highs. The daily trendline's (supply line) integrity has already been tested and price has been consolidating around it. Happy hunting everyone.

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Showing 15 comments
  • mids99
    Reply

    It was a useful webinar last night, thanks again for that, especially the extra time that you both put in answering all of the questions. I took screenies of your slides so have been going through them again this morning looking at the chart set-ups.

  • nobrainertrades
    Reply

    Thanks mids it was good to have everyone join in and support. Glad to hear it was useful!

  • Nezar101
    Reply

    Will you post the webinar online? I was unable to attend the entire meeting do to my work schedule

  • nobrainertrades
    Reply

    Yep we are working on it. Will let you know when we find a good home for the files.

  • David
    Reply

    Thanks for the webinar Steve. Chf/Jpy also had the same pattern discussed on the 1H chart.

  • Lee
    Reply

    USD/CHF 1Hr had a beautiful 3/4 Pull at 9am EST (14.00 GMT). Thank you Steve once again for providing your insights and knowledge. Last night was an eye opening experience.

  • Michael
    Reply

    Thank you it was awesome. Man, it is so simple; yet so hard. The truth is to keep it simple, just price action, again and again. Love it. Cheers.

  • Antony
    Reply

    .. really good webinar. another pattern on 5M USDCHF today around midday CET. many thanks!

  • mids99
    Reply
  • mids99
    Reply

    Don't really want to get into the sad habit of replying to myself, but noticed this trade was also a Quasimodo pattern : http://farm6.static.flickr.com/5243/5243691459_bb

  • nobrainertrades
    Reply

    It was indeed and no worries there – everyone talks to themselves sometimes!

  • Waynetheron
    Reply

    I caught this eu and also noticed gbpusd on the hourly exhibited the 3/4 pullback over and over again. The eu trade lined up with resistance but I have yet to work out a quality method of taking advantage of the 3/4 pullback when that factor isn't present. Something for the research activities I think. Thanks again Steve for pointing this out.

  • Ingo
    Reply

    In elliott terms 78.6 is the maximum pullback of a wave 2 or B. That's why I think it's widely watched. If you expect a wave 3 or C you also get a pretty decent risk reward ratio.

    In regards to this there is some good stuff on the trading naked site from a guy called Brach.
    He uses the "Brach Zone" which is simply the range between 61.8 and 78.6

    Thanks in general for this fantastic blog, steve

  • Fitz
    Reply

    Just wondering if the webinar is ready yet??

  • Luis
    Reply

    It seems I’m 2 years later jaja,do you have any video copy of this webinar? I would really appreciate that.
    Regards
    Luis

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