Huge movements in charts (over 300 pips). Staying out, until the charts settle.
Friday is also USD bank holiday. I think I will take a break till next week.
Pin bar on eur gbp 4H. But the sl is too high. Hoping that the price will come back to test the SR. Opened a buy limit @ 0.8730., SL : 0.8664, tp : 0.8820
usd jpy 4H has engulfing. Opened a sell limit @ 105.36, sl: 106, tp : 104.65
I really appreciate your effort! Honestly, Price Action trading strategy is much powerful than any indictor based trading strategy! I am sure, your thread must be help new Forex traders to learn price action trading! Besides, it’s a long term process to build up professional price action trading skill. So new traders should learn first then have to practice enough in demo!
Thanks for the comments. Really appreciate. I am no expert with PA. I too am a total newbie. Still demo trading.
eur gbp and usd jpy both hit SL. Anyone care to comment whether they were good trades? I consider any bad trade as not a loss but a learning opportunity.
The EUR/GBP trade looked good to me just was not your trade to win I guess.
The USD/JPY on the other hand price had very strong momentum to the up side from the elections. It had also just broke above recent resistance so a better play would have been to wait for a pull back and retest of the 105 level. From there you had news from the FED although I dont think it meant much personally but it was enough to send price to the moon.
Both of these entries were sound for the most part but currencies are going to be whipsawish for sometime till the dust settles in the USA and after a major shakeup like that it could be a little while. Just a good time to have sound risk management and survive these shark infested waters or risk it all and sink into the obis and get fed to the sharks
G’day bro. 1st love your work. Always good to have someone open up about their trading regardless if live, demo, newbie or seasoned. Any form of documentation is great to go back to in the future.
But I am concerned over your definitions. From your post I observes you take your trades off japennese candlestick patterns. Unfortunately this is not PA. Support and resistance also, even though closely related to PA is a separate style. Knowing the different styles allows you to be more specific in your research and education. PA is more aligned to content. What the price is now, what was the price then, what did the price do to get from then to now. What evidence of past price action supports this current action and how you can take advantage of that. It is purely subjective and discretionary.
But I do believe you are on the right path and wish you success in your endeavors. Their are many of us here that are happy to help if we can.
Bob
Loss is a part of trading, just use your money management and stick to the plan. We have to look at a strategy’s result after a few months time as individual trades don’t count.
Thanks for the response. Much appreciated. I didn’t know my trades are not based on PA. You learn something everyday. I did subscribe to a paid course and this (PA) is what they said.
Any suggestions of what should I call this type of trading (ex: Candle stick trading with SR?)
Initially I was worried that no one was reading my posts. Glad to know I have experts here to pick their brain and get their valuable opinions. Again, appreciate your comments.
Thanks for the reply. Much appreciated. Agreed, that I should have waited until this week for the dust to settle due to the US election.
pin bar on Gbp Chf (4h)
Entered a Sell Stop @ 1.2416, Sl : 1.2525, tp : 1.2275.
Might be able to get a better entry with good RR if 1H chart is watched carefully. For now I am keeping the 4h entry. If I get time to check the chart every 1H, will see whether I could get a better entry. Since I am at work, difficult to check charts every hour.
Call it your style bro and it’s the best and only style to trade. There is no right or wrong way. Your only opponent is yourself in this game.
Whats important is knowing the components that make up your style, which you have done already. But I’ll add a few thoughts. First, Price Action. PA by definition is very abstract and often miss-used by marketers to sell you there wares. PA is simply anything and everything price does over time. It is completely subjective and the most discretionary style of trading one can do.
PA traders look for repeated patterns in price formations from the past that demonstrated the ability to predict future price movements. Unfortunately, because of it’s discretionary nature, few are able to apply “technical” rules to PA more relying on that gut feeling developed from hours of screen time. To the purist there is only one true chart to study and that’s the tale of the tape. Again, unfortunately, you and I don’t have access to that data, we just see the end result, one tick. So technicians developed charts to study these ticks. Line charts, kanga charts, renko charts, point and figure, fix volume (ticks - my personal favorite) and of course Japanese candles.
The study of Japanese candlestick patterns is well documented. Your reference to pin bars and engulfing bars shows any research you do into this study will be of great valve.However, they only reference 4 price points verses time per “n” period. Open, close, high and low. Valuable bits of information in their own right but no predictive quality. You need to put them into context on your chart.
You do this with your support and resistance lines. Being able to correctly identify these on your chart is also a study in itself. I would start with researching supply and demand, particularly any and all work by Sam Seiden. Being able to link S/R with supply and demand will serve you well. It’s still an art I’m trying to master.
You’ll be surprised how many of us would have visited your thread. Although I doubt few would call themselves experts. For myself, I’ll like to think I’ve served a 4 year apprenticeship, survived and now learning to specialize. Probably a 5 to 7 year process to go. I think one of the best things I did in that journey was starting my own thread where I could document my own thoughts and progress. Its a great document to be able to go back over and remind myself of some of the basics and how they worked for me. Also how my own style has developed over time. This thread will serve you well over time.
So keep up the great work here.
Oh, I almost forgot, there will be one group of members here that will visit but probably wont share their thoughts. The [B]Lords of the Underworld[/B] I call them. That are industry “leaders” and I would love to spend a month working with them. They speak in forked tongues and like candles and cars. Well worth checking out their thread. They also like music so this goes out to them:
Gbp Chf hit my sl. But it did go my way 90 pips. Should have moved my sl to be. Unfortunately, I was asleep when this happened and my trade ended up in a loss. Should have been a BE.
eur usd 4h formed eng bars. Long at 1.0708, sl : 1.0703, tp : 1.0801
I already notice a weakness in my trading. I think I am taking little too many trades, trading higher tfs.
/\Working on it 
eur usd hit sl
Why Long? It looks going against a very strong downtrend SL = 5 pips? 1:20 R:R? Slip of the pen?
Sorry entry was 1.0746. Typing mistake.
Yes it is a downtrend, but in 4H was not that strong (closer to couple of candles before the eng candles), I thought it could be the beginning of a trend reversal.
usd cad 4h - 2 pin bar that also formed an IB. I see a possible Sell limit @ 1.3444, sl : 1.3382, tp : 1.3551.Downtrend is strong on D1, but 4H, it looks like weakening the downtrend. 2 big pin bars. Oh I wish I had 8H or 6H TF in MT4, to give me more data.
Any comments?
Big mistake, this should have been a buy order not a sell. My apologies.
usd jpy : Looks like the up trend is weakening. Got a pin bar on 4H, but RR not good. Yesterday’s D1 candle also a pin. Looking into 1H to get a good short entry. Comments appreciated.