Dead Pips

[MattW2009]

So you want to learn Price Action and Candlestick Analysis? Good because you wont find any indicators in this thread, just an education on how to read a chart.

Ultimately I aim to cover the various bar formations that I like to trade in detail - the IB, OB and PB. I'll also in time cover aspects of psychology and maybe even a few other PA tricks.

To some extent this thread will be a record of my trades (although I wont be posting every single trade I take), my ramblings and other technical analysis. It will develop over time so in the early stages is likely to be all over the place til I clarify its direction.

More to come...!

[MattW2009]

The technical analysis in this thread is primarily pinbars, outside bars and other PA on trendlines and PPZ (S+R).

I'll be throwing up charts, both showing trades I'm taking before the event (yes, live charts) as well as some post-event charts (it's not always possible to put a chart up when trading).

Also I hope to cover some more general aspects of trading such as money management, trade management and trader psychology along with any other useful snippets and links I find along the way.

This thread will contain setups on both Foreign Exchange charts and US stock charts and potentially other markets too as my approach is a chart is a chart and technical analysis, in a general sense, will work on any chart (with caveats, which I'll address later in this thread).

I've deliberately kept these first two posts brief for now so that I can add and flesh them out at a later date. In the meantime if you have a question about my methods feel free to ask away

[MattW2009]

Alright, first trade on this record is a pinbar on USD/CAD.

As I write this we've already hit the trendline but it's too close to be moving the position to BE so I'm just going to monitor it for the time being.

Edit: Also notice the huge Bearish Outside Bar off the old trendline that started the recent downtrend - that would have been a nice trade.


Here's the USD/CAD 4hour chart that prompted the entry:

[o990l6mh]

I had to take the chance to be your first guest here!

Congratulations on your thread, may the pips be many and the account balance ever growing!

[MattW2009]

Update on the USD/CAD:

We're at BreakEven. Possibly a little quick to move to that point but we're going into the dead time before the asian session and I don't want to take a loss whilst I'm asleep now that I'm up 20-odd pips.

Target 1.0546 - just shy of the x50 mark in case that provides resistance and the area is a ppz. Optimistically we'll blow through that and all the way up to the upper trendline at 1.07 and if the trade is still open in the morning I might try and manage it with a tighter stop to see if I can squeeze more pips. The risk is if you don't close at the PPZ and it bounces you end up giving back hard earnt pips.

Tomorrow will tell...

Edit: Out at BE - it bounced off the trendline

[MattW2009]

Alright, tonight we have an outside bar off a trendline and intermediate support at 9550. The pair is CAD/CHF and the timeframe is 4 hour, the target is 9500. I'm going to let this one run, firstly because I've been moving to BE too early on a couple of recent trades and secondly CADCHF moves dead slow - we're talking about 50 pips on an 8pip spread pair! I may as well shoot for the whole target

[MattW2009]

CADCHF Update:

I decided to manage this one for a few more pips as it was moving quite nicely. I aimed for 9460 PPZ as the new target and it reached that so easily I decided to squeeze an extra 10 pips out to make it a round 9450. Glad I didn't push it any further as price reversed pretty much to the pip!

This was a good trade

[o990l6mh]

Very nice trade and well executed!

[Shr1k]

Looks good!
I love to hit a top or bottom like that always makes me feel real smart .

I appreciate people sharing real trades, even if I don't trade the same way I learn new things that I might be able to apply to my trading. Thanks.

[MattW2009]

Originally Posted by Shr1k

Looks good!
I love to hit a top or bottom like that always makes me feel real smart .

I appreciate people sharing real trades, even if I don't trade the same way I learn new things that I might be able to apply to my trading. Thanks.

Yeah I'd be kicking myself if I'd pushed it and price had reversed!
Doubt they'll all be that good but there is a lot of advantage to managing trades on lower tfs to squeeze as much as you can.