pending order on the break of Pin Bar High, targeting 1R only. this pin bar is quite small but its from daily support area.
Sallu,
I would get into the habit of placing your targets based on price action rather than that RR indicator you have. Placing targets based on that RR indicator is very arbitrary. Instead, look for minor S/R levels and psychological levels as price is most likely to react to those levels.
I completely agree with you, Its very good thing you reminded me
what is your edge ? you risk 72p with the hope of making 122p. you need to be right a lot of times to make a profit trading this way and from what I read some of the best traders in the world are only right about 60% of the time.
I didn’t realise this thread would get popular. I will check in more often from now on.
Guys, trades like this are nowhere near valid… The upper wick on USD/CAD is way too long. The upper wick of the daily candle cuts right through the 1.1015 resistance area. The fact that buyers could push up so far suggests that they are way too strong to be countered.
Also, to get to your target, price is going to have to fall through two major support areas… the 1.0930 and the 1.0880…
Support and resistance is an area that stalls or reverses price. You are expecting price to cut through two of those major areas and hit your target.
Thanks Nick, I didn’t have those other levels on my chart because I saw them as minor support and resistance, but I see you have them as major S&R.
I appreciate the feedback.
Do you have any feedback on this EURJPY H8 setup, it has been in range for a while?
Many thanks
PS I am waiting to see what the next candle does, so not taken a trade decision on this as yet as the Pin doesn’t seem perfect.
Hi MrBurger,
I don’t have an edge, I’m just trying this out at the moment as I am new to Price Action.
The traditional 1:3 risk to reward ratio was I believe a stock trading tool set up years ago, and people have jumped on the bandwagon without question it. I agree reward needs to be greater than risk, but Ideally I would usually aim for 1:2 or higher.
Though in practice I find when you tighten your stop loss you just get stopped out before the trade turns and hits your target anyway.
hey Thanks Nick, happy to see you here, we always like to see your comments and Suggestions,
pleas try to reply on Our posts. thanks again mate.:5:
I do not really trade support breakouts at the moment. I only trade reversals.
Yes Nick, my point is to wait for reversal to form in the Marked area. ether bullish or bearish.
Hi NICK, first thing thank you , i am trading since 7 years and guess what , no consistent results … but finally , i found price action that i went around since al that time beieve it or not , i guess it wasn’t enough colored … hahahaha
But i started last week to learn and watch all the videos and started to trade in Demo this week and had very good result even if market is kind of weird … and i also went from 4H 8H 12H and daily all week and found some nice set ups even with your price action scalping system … 4 trades 1 loss and 3 win for a total of 43 pips net … good system while whaiting for set ups on higher time frame … i will post some price action set ups this week … the only problem i encountered is the key levels i realised that i put to much S/R lines on my chart … but still learning again thank you
Alex
great post thanks for the strategy
Excellent Thread! I have now officially been introduced to Nick Bencino at forex4noobs.com! Also, thanks for the ‘bump’ of the thread, agagukalex! Wouldn’t have seen this otherwise.
I’ve read through the entire thread and it seems this died off September of last year. That’s unfortunate as that means NickB may not be responding to this thread any longer.
In any case, I’m certainly going to get started on his educational material on the website. I’ve almost finished the school of pipsology here at BabyPips. I’m sure I can probably skip through a lot of the material I already know about.
Thanks!
Like you said , i don’t know if NICk is active on Babypips anymore but like you i started to follow him on his blog from his website also. even if i trade since a while , i went over all the videos to make sure i get everything from his vision of price action and let me tell you , after 7 years going from Holy graal to holy graal , from all colored charts to weird set ups from gurus and mentors and whatever else … finaly … i found that forex is about price and time so combined price action from Nick and GANN CYcles but only to find key levels , so went they fall both at the price level , i have more confirmation but even the free scalping system is really good on AUDUSD 5M … Have a geat trading week …
Alex