Hey BA!
Hope that makes sense 
Cheers
.
I would disagree that it is overtrading. Moving a SL to BE is something you will always do, I am just doing it before it reaches my TP. As I said earlier I don’t always do the exact same thing on every trade(I.E. 3 Take Profits and SL to BE on TP1). It all depends on the chart setup and my perceived risk of the trade. It sometimes gets me out of trades early, on the other hand I don’t take losses very often. I believe Dudest mentioned a few posts ago he will also sometimes move to BE before TP1. I imagine for the same reasons that I do. Although I only do this with confidence after reading price action and trading for years.
Can you please post the chart for the USDNOK trade? My broker doesn’t offer this pair and I’d like to see. Thanks in advance…
-BC
this is a daily chart for nzd/jpy, if a bullish 2 bar reversal formed at the arrow, is it ok to long?
i agree with you on this. 3-5 a+ daily chart setups per month with some weeks going without a trade (this according to the master) is just not going to happen for someone new to this. it’s not cut and dry that newbie and seasoned trader alike will catch all of these trades together, adding to this people’s daily routine etc will also mean missing some of these important opportunities
most of the time it’s a matter of the newbie catching the trade but getting stopped out while the experienced trader will catch it and make profit. the losing trader will be affected psychologically from the loss which further impedes progress
for many newbs it will take more than 3 months before going live. i think this goes for most trading methods?
throwing myself under the bus here…i realize he says 3 months profitable, not just three months…
just relating my experience with this method (it’s not so easy for everyone)
I would personally have to pass on this trade. There was a price gap on 04/05, and this area acted as support for the next 6 weeks. I am personally watching for price pull back to 80.00 where there is another significant support level.
You got a very good point there Ahoy.
That is where a new trader needs to run the extra mile!
We are all big guys and gals,we gotta do our homework and jump when opportunity presents itself. For some these opportunities will come rarely but in a an obvious setup.
The seasoned trader will trade more than the less experienced fella. But you always got to remember they also started out as a newbie and had to sit out sometimes while the rest were cleaning up,and there is nothing wrong with that.
If I remember it right lately Krugman said that ,this system is SIMPLE but not EASY. Your edge dictates you to only take the very best of setups.(if anyone feels they genuinly cannot identify a good setup then there is more studying to do).
Bottom line is that a trader got to be disciplined ,anyone who lacks in that should seriously put much more effort in that and not underestimate the lack of it!
Cheers
Thank you Dudest, that makes complete sense. I need to work more on figuring out my swing lows and swing highs better, I think I am slowly starting to grasp the concepts but learning this way (On the job so to speak) helps me very much. I really appreciate your feedback because I know from starting at the beginning of this thread that you are the real deal Dudest!!!
Many thanks again!!
BA
Sorry
Don’t want to discuss about it anymore.
From now i will post only my potential entry signals.
Right now I don’t feel experienced enough to give advice anyone.
What I wrote was only my opinion and I could keep it to myself. It was out of this thread and I make only mess here. That was unnecessary.
There is so many new forex traders and they are like blank book I don’t want to write crap and give them bad habits.
Cheers
Why do you want to trade into the BRN of 1.2500?
1.25 really hasn’t played a critical role for this pair the last 6 months. Put a line there, and zoom your chart out. Just because there is a big round number in your way, doesn’t mean that price will stall there every time. We look to the past as to how price acted around certain levels, and expect it to act similarly again- This, coupled with signals, and the overall story being told, gives us the edge and higher probability setups. I’d argue that 1.24 is more significant than 1.25.
With proper trade management, I don’t see the problem. Also are you just saying avoid it because it is a BRN, or do you have price action at that level to back it up as potential problem area?
Hi, just like to share some of my views/experiences here as well.
This thread is a GEM.
New forex traders may not see it because when they just entered the world of forex, their mindset is very immature, all they can think is that there are easy money in forex. However after some time in this place, do you guys(seniors) still think that money will be earned very quickly and within few months you will be one of the billionaires driving Lamborghini down the street? Certainly not.
I remember when i just started about 2 years + ago, i dreams about “Hey, when price go up, i can buy and when it retraces, i can sell and take every dollar i can earn”, also i will use my calculator and try to do compounding the amount of money i put in live which was 500USD then, and dreaming that about 5 years im a Billionaire, it felt good.
That was total BULL**** when i think back now.
So when newbies met this type of PA methods, they wouldn’t want to stay because why? They have to wait weeks to take 1 or 2 setups and they think this method is holding them back as they can make more using other indicators and enter 100 times a day and win lots of money.
When these traders finally settle down and start to really focus in studying forex, read forex related books, finish babypips school and had experiences of getting account blown out, they start to grow up(of course not everyone grow up this way but i did). The more they read, the more experience they had, they will realise one day that to be successful in forex, you have to really treat it as a business. When they think back, they will not understand why they were even in live trading then with the knowledge they have now. This is when they finally learn the truth about forex trading.
After these encounters in forex trading and THEN if they are LUCKY enough to stumble on this GEM and study it thoroughly, they then can understand what HIGH PROBABILITY setup truly meant, what A+ setup truly meant.
Yeah, 3 months of demo in my opinion is definitely not enough to be gd in this PA trading, thats why i spend half a year only trading Daily A+ PA signals and still counting. Trust me it is worth the training.
I dont know if i was typing to answer your comments but the words just came out. Also, please spare my bad english it is not my main,so it probably has lot of grammar, sentence structure etc issues(anyone english teacher here? haha).
Anw, im saying this thread is not someone who stumble on it and immediately will know that its truly a good thread but certain experiences, basic knowledge need to be acquired before you continue this. So if you think you just started and really doesnt have much clue what forex is about yet, go to babpips school and complete it.Also, read as much as books you can find and finally come back to this thread again( of course you can continue to study this while studying other basic stuff), you will realise you are one more step near success.
Just have a leap of faith (Prison break anyone?)
Ok, lets get some chart out as there are many possible A+ setups forming on Daily(in 2 hours time). Come in waves rmb?
Sweet A+ if it close like this! but i wont be taking as im in another EUR pair trade.
A little push up above my Resistant line and close like that, its gonna be a sweet A+ babe as well!
Currently in range, the body needs to close above the previous body to be a valid signal.
Add On:
If the Price close higher, it will be a nice A+ pin bar to go long!
Look out guys!
Jack
P.S.
Volatility Patterns for Day Traders and Scalpers by Chris Lori - YouTube
This video is about how a successful trader develops. Just have to watch finish the front part and you can ignore the teaching at the back.
EURNZD- Trading into 1.62558 zone
CADJPY- Trading into 96.22 zone
Broker doesn’t offer NZDCHF- but it looks like price sold off pretty hard at that swing high so I’d be careful.
NZDJPY- Look left. There was recent strong movement upwards, but look how deep price retraced since that last swing high (almost 100%). Buyers stepped in, but I think there is chop off to the left where things can get dicey.
Good Post Jackson.
Specially about that feeling of being held back.
Cheers
Hey Dudest!
I’m so sorry for late answer, but I cannot writing into the thread while I’m working.
Besides, this thread has a mega-turbine under its feet like Willy Coyote!! Hi hi!!
It’s going on fast and I have to spend a lot of time to read and catch the most important informations.
About previous setup USD/CAD W1, sincerely I don’t like Weekly TF; but, in the eventi it would have been on D1 TF and without consider the next new candle, my opinion was: enter on 40-50% of PB (so to have a better R:R), SL at the end of the wick, then the TP set at 1.05, trailing SL when price has built a complete candle above entry level.
All like the graph below.
This is what I’d have done.
And when price will get there, I’ll wait to see its reaction because of strong resistance; I don’t trade over S/R levels, unless the price has retested it as support (going long) or as resistance (going short) with a clear PA signal.
Do you think it’ll be correct?
Cheers
Hey Jackson and BC,
On my broker the 2br on eur/nzd is invalid since the second candle did not close under the first candle’s opening price,as far as I concern it is a must for a 2br to be tradable. However given PA structure I strongly believe it is a great area to short given a setup presents itself.
Cheers.
We enter at the break of a valid PB’s high/low, not a retracement. We do so because the PB is nothing but a signal candle, that an opportunity exists. We wait for confirmation (which is why we use a pending order with a buffer above/below the PB) in the direction we want the trade to go. What if there is major support at 10-30% of the PB- would you still try to enter @ 40-50%?
