EN: Its in a very weak bull trend since late oct…risky trying to short a top…wait and see if it breaks through and then retraces back to this level
GN: Nothing there…a short is trading into long term support from feb '12
Hkdjpy: i don’t trade it but looks like a very clean trend (similar to most jpy graphs). Wait for strong bounce off that support
good luck!
I didn’t trade it because of the sharp downtrend.
This is the chart of EURNZD daily. The PB formed at the resistance, but the open and close of the PB were not formed within the previous candle. What do you all think?
thanks
EJ
had strong momentum down but i would say overall trend is still up? been in this range since november, possibly time for a reversal. Not A+ but what would you rate it?
Yeah it’s longer term uptrend. I’m no expert. Just saying why I personally didn’t enter it.
I’m looking to see if it provides a short opportunity closer to 1.0500
Thats cool, I’m no expert either. Only been at it for about a month. Would like to see what the experienced PA traders think.
On another note, I opened a $3000 demo account on jan 4th after reading through a chunk of this thread, so far I’m up 60%. I was risking a little too much at first but I’m starting to wrap my head around proper trade management. Couple more consistent months and I will go live. Thanks for all the great advice Jonathan and everyone else, this kind of info is priceless.
say what… :20:
I started learning this last week of november. I’ve had profitable weeks, but no where near 60% in such a short time. December resulted in a loss for me.
Merchantprince, you can’t set an extra limit order to take partial profits on fxcm’s trading station 2. You can close part of it manually or you can create another entry order in opposite direction.
I never said you could. In fact I’ve never heard of a trading platform where you could open one position, yet give it two different TPs from the beginning.
You originally wrote in reply to someone else:
I merely pointed out that in fact you can. You just have to close out the desired portion of the position manually, which I believe also to be the case with Metatrader and indeed every other trading platform out there.
I never close partial positions out, anyway. I’ve read more than one good article on how mathematically it [I]reduces[/I] ones profit over the long term. It’s a psychological accounting gimmick that makes some traders feel better, but in the end gimps your much needed profits on winning trades.
Just my opinion.
Hey guys.What do you say about this oportunities.
On EurNzd I wait to close BUEP
I thought trading is all about trading psychology. The consistency versus low win/loss rate maybe should be reserved for another thread. No one full proof method that is why we have a market. Let’s get back to discussing PA the FSO way. 
I think you got me wrong buddy.I was not looking to enter that trade .Actually i am still looking to enter to enter long if the strong PA signal happens at the S&R line as predicted by dudest yesterday.I just saw a valid pin bar where support break the resistance line and asked straight away the reason for it.I read first 50 pages and still reading 5-6 pages daily but offcourse i need more practice and time to perfect myself in PA.
Thanks.
Tahir.
Hi) Did anyone took the trade on GBPNZD daily chart which dudest predicated yesterday ? A Bearish pin bar is formed just a pip below the VBRN 1.9000.I entered a short trade(on demo account) almost two hours ago.But i have no idea how to set a take profit level for such a tade because even i zoomed out i can,t see any FSA(first support area) or any previous resistance area on a daily chart.Any suggestions?
Forex4, This was the time frame I was looking at 4H on GBPNZD but that pin was not convincing enough so missed that 200 pip run.
Yes this pin bar not convincing enough and happened at the irrelevent S&R zone .Look on a daily chart a very nice,stong and valid pin bar waas formed.I am still in the short trade hope it will go lower.
The first support is directly at the low of the daily pin bar.
Because this is not at a swing high like we need Pin bars it means price is trading straight into the recent swing area.
You will find every time you trade from the incorrect swings you will be trading straight back into the recent swing high/low which will be support/resistance.
This has formed with strong trend in place which is definitely a plus for the chances of price moving lower. All the momentum of late has been for price to move lower. If price continues to bust lower it could fall into 1.8650.
Good luck and safe trading,
Johnathon
Hi johnathon) Thanks for the answer.Actually i entered late into this trade because i was sleeping.I entered at 1.8781 and that first area was so little for me that,s why i didn,t choose it because i need some space to trade into.Thats i need a second take profit area.1.8650 is the price level from last year january 2012 but chances are that i am going to hit my stop loss which is set right below the previous recent support area because i entered from the wrong area.But as you said it may go down because the pin bar formed with the downtrend and it have a strong bearish momentum to behind it.
Ah, guess I just had a different thought in my head.
Makes sense. My last trade was the first one I took partial profits.
[B]OFF TOPIC[/B]
Hi) Could anyone please tell me what does it mean to create another entry into the opposite direction? And Merchant price i respect your opinion but don,t you think that closing out your partial positions may reduce your profits in the long run but the same time it is protecting you from those unexpected events when the market can turn against you?And at the end the result is equal it might reduced your profits in the long time but it also protected your capital which you might loose in the long run? Taking out the partial profit and moving your stop to break even makes our trade a 100% risk free trade and this gimmick makes you feel so better,disciplined and patient while trading your other half position.And it is quite often to see such unfreindly events while trading in december last year i blew up my 140 USD real moneyaccount because i was so careless about protecting my capital and i know how heartaching and demoralizing it was(.Many times i made the right entry made from profit but later i saw all earned profit dissappearing infront of my eyes.But later luckily i came to this thread and i found all the logical answers behind my defeat in the forex market like overtrading,relying on indicators,poor money management and overexcitement,impatience etc. Three months while trading i have learnt that positive psychology and comfortness plays a great part in trading( please fogive my ignorance if i am wrong because i am still a new bie)
