Hei!
For me there is no trade, I can’t see any PA signal there. As for the PB, it’s way too small for me to trade, u see the big bullish momentum before (the large candle), that’s why this formed little PB is not valid for me.
You never know, maybe it works out, but it isn’t A+.
[U]EDIT:[/U]
P.S. It closed above the BRN (@1.2600), so it would be trading straight into the zone.
Safe trading,
Richard
What brokers have MT4 with new york close candles and with unlimited demo accounts?
There are plenty. Who have you got now? Most are 30 days but when run out you simply just go to menu and open another demo. All charts and profiles stay same.
It will depend which country you are trading from, in the UK I am using Alpari MT4, and as long as you log in to your demo once a month it will remain active indefinitely. Very useful, as my go-no go decision to fund a live account is based upon my demo performance 1 May this year to same time next year.
Regards
Andy
I have an real oanda account, but it is not new york close and it can be changed on oanda.
Jonathan,
Apologies if this has already been covered. I would normally be expecting to stay in a trade for 5-10 candles, maybe more for a small portion of the trade. What history do you look for prior to entry signal to identify the trend?
It seems you can always zoom in or out to question whether you are going with or without the overwhelming trend, yet my 5-10 candles is lost in a year or more of candles. I guess my question comes down to how many previous candles do you consider to form the ‘trend’ from the D1 timeframe?
This I feel is my weakest area when trying to enter a trade with positive expectancy.
Thanks
Andy
So here’s the trade. bit late now, of course, but you can see what I did. not perfect and sold too early, but its a start. there was a pin bar into support on the USD/CHF H4 and I went long with the trend. the red lines are where I opened and closed my trade.
This is one I was looking at. AUD/NZD Daily. Its ranging a bit and there’s a sort of pin bar at resistance. The lower shadow is a little long and it hasn’t closed within the body of the previous day’s candle. Actually, at the time of writing it hasn’t actually closed but there’s what looks to be a 2 bar reversal on the 4H which leads me to believe the price will now go lower. Or maybe I’m just jumping the gun…Thought’s welcome.
AUD/NZD Daily
speaking of two bar reversals, they’re everywhere today! :eek:
A good start I’d say! As there was solid resistance you were expecting to hit, it’s not unreasonable to take 100% of your trade out at that point. I tend to open multiple trades on MT4 all at the same price with the same initial SL, but with different TPs. In this instance you could have scaled out 2/3 or even 3/4 of your position where you did, and leave the remainder open with the SL brought up to BE or a valid area of support. It’s an easy way of developing a plan for each and every trade you do, which shouldn’t be any onerous task if you are only trading an average of half a dozen trades per month.
Just a thought, I find it takes all the pressure off when I place my TPs automatically on MT4, that way I don’t miss out on the daily charts when I check my screen at the NY close each day.
I’m still learning more and more each week, stress levels are much reduced since my early days of feeling I needed to place 10 trades a day with tight stops to make any money!
Andy
I just went short on GBPAUD which looks promising.
Maintrend being downside
Price action signal (doubled, looks weak though, small pinbars)
Price at relevant level, support turned into resistance.
Opinions?
Hey thanks Ang.
Different strokes for different folks.
It all depends what suits the individual. There are many ways to make money in forex markets.
If someone doesn’t understand a method or it just does not sit with them well it is clear they need something else. The other thing is it methods need to be simple.
Safe trading,
Johnathon
A little trigger happy? Use entry orders rather to stop you entering at market.
Cheers
We are only concerned with the short term momentum. That is why the 1,2,3 pattern suits out style so much because it shows change in the short term momentum.
The chart below has an example. We are only concerned with recent move and trading with it. The reason for this is because of the length of trade. We are only trying to jump in and ride swing back and fourth. Other traders may be after large chunks of the market which they will stay in trades for a few weeks and months but we are normally only in trades for days tops.
The black arrow below shows what others may be after, and the red arrows show what we are after. Just remember we are simply trading swing in the market.
Hey all,
I am super busy making up a few new things and will be a little quieter in here over the next 2 weeks or so. If anyone needs me or has questons they can email me direct at <[email protected]>
I will be back around soon. I just need to knuckle down for a while and finish of a few things.
On another note that setup I posted of the GBPUSD 2 day Pin Bar/2 Bar reversal has come of to the downside. I did not personally take this setup but traders who did would be sitting pretty right about now!
GBPUSD 2 DAY CHART
Safe trading and talk soon,
Johnathon
How come this guy got banned?
i dont know…
in all honesty i think the thread was a canvas site to recruit members for his site and get guys working finding trades for him…
i didnt mind though because i actually learned some stuff from the guy…
plus he was plugging pepperstone and when anything else was mentioned that wasnt pepperstone…he kinda got upset.
i think he maybe has connection with pepperstone, they are australian based company…and he is aussy.
but i give him his due…he pulled the wool over most peoples eyes…and if he was doing all that stuff which is just my opinion …then credit due …fantastic marketting. top drawer.
but you cant out fox the fox.
it was so obvious from the 1st page of this thread was to push readers to his member site. If you go back to the 1st page you can see I think it is bhops come in and start contributing like he did not know Jonathan, but then Jonathan decided to share the ,fact Bhops was a member of his site.
Anyway the info he offered was enough to get most started on this PA. but think of it as a discount to his site.
I would laugh when people would come on here…'oh thanks for your time, thanks for sharing", blah blah…so obvious this is internet advertising, just be straight about it from the start
one other thing about fx trading,if any of you had a very profitable way to trade, i mean very profitable, would you spend your time trading it or start a memebers site showing others how to trade it, think about it, think what would be more profitable.
but im grateful he came on…
as i only work a few major pairs…and this thread showed me that these A+ trades are worth taking on obscure crosses some of the time…so now i do my normal trading…and i have a wander in the thread to see if you guys have come up with any obscure cross pairs that i dont bother with …that may have A + trading opportunity…and if i liked them i checked em out and maybe took the odd punt.
he also enforced lots of good stuff about good signals and bad signals and buying at the low and selling at the top…very important stuff…
so it was great really from a free learning point of view whilst it lasted.
i wonder how much the training for life cost ?
