Hi Sharebazar,
Thanks for your explanation. Yes I kind of understand what you say, but a bit confused on how you derive to that conclusion on pulling the trigger. Bcos as you see, although weekly bias is sell, but wednesday daily candle is a pull back bull candle. So am I rite to say that weekly bias supercede daily bias, more so when the momentum is strong as well?
And what is your stop loss on this trade? Is it in the region of 0.79930?
Sharebazar it is a very good explanation Thanks! My problem is how to find these opportunityās.
Hi TC Holland,
Market can only move up trend or Down trend, but there will be a range before it move to any direction.
Most of the time market range around the previous SnR area and also create new SnR for the future.
Our aim is to look for the wave of the market how the market is moving to one step to another step. I donāt know where the market will go now but the only way we can find the opportunity is to look for the same pattern every time near the SnR area, and when we find the pattern we open the position.
It doesnāt matter what we put on our chart.
If market want to go up it will go up and all the indicator, all the system and everything will show that market is going up after it moves up, same for down market.
Just follow the simple rule of this method and you will be fine.
Hi Gssg,
You are correct what you mentioned above.
Weekly bias is supercede daily bias. But we will get more profitable trade if both bias is on same direction.
I hade two trade on GBP / AUD,one I have loss of 50 pips hit my SL, open the position without confirmation so I had to take the loss, but I re entered again because of the previous weekly candle.
Managed to get 152 pips.
Thanks Sharbazar
What is your opinion about bias for this week for EU and GY? I am not sure about these pairs.
Hi TC Holland,
I will wait for the daily candle to close today, then we can find some opportunity to trade on EUR/USD and GBP/JPY.
But bias is short for EU and long for GJ.But price can go either way today so it is better to wait for the opportunity.
Very good explanation.
hi sharebazar,
Thanks for your explanation. Understood what you have taught me so far.
Just curious, how are you able to set your tp for over hundred pips. Why are you so confident about that? Bcos normally for me, if I am able to grab 50pips, I would already be very happy to close the position. What makes you willing to hold on for so more?
Thanks Sharebazar,
I went short on GY yesterday and had a good trade but lost the second one. Overall +25 pips
TC Holland over all you came out a winner and that is a great feeling,Great work.
Hi Gssg,
I have witnessed so many trade that move beyond my TP and so many times it moved may be 160-250 pips more after I closed my position.
It is really hard to resist when your position move 50+pips, it is very difficult also if you donāt take the profit and price move towards your initial entry and you think why I donāt closed the position at 50 pips. Sometimes price go against you and hit your SL.
According to the method we follow the Breakout, Pullback, continuation so when you get entry you know your SL, how much you will loose if things go wrong. So when you open your trade you know for sure that you will loose this amount but you donāt know how much you will make, so when you get certain amount of pips and you are confirmed that you are in correct direction, you can move SL to BE or live it until donāt see any higher TF SnR to move your SL or close the position at certain predicted amount.
Be sure to have a pips amount in your plan of trade how much you want from this trade, if you see market moving very fast move your TP and trail it accordingly.
Try to see the market high and low in higher TF.
Very good TC Holland 25 + pips is a good amount of pips. Keep it comingā¦
Open short position on AUD / USD pair yesterday made 33 pips where I can get 60 + pips if I can manage my open position properly. I was late to take profit.
It is very important to manage the position according to the market behaviour.
Move SL to late or to early is bad for the open position. But it is very difficult to decide what to do when you have a open position. Price can retrace back to the entry price and close the open position exactly what happened on AUD / USD pair today.
And today I moved my SL too early only managed to get 11 pips from GBP / USD pair.
Hi Sharebazar,
Do u spend your time in front of the computer when you open a trade? And as you say, when you take profit of 11pips, why do you only set at 11pips? Just curious. Is there a reason why you didnāt hold on for more?
Do you also have a standard guide line on stop loss? As in the maximum number of pips to lose or amount of dollars to lose in a trade?
[QUOTE=sharebazar;663231]Open short position on AUD / USD pair yesterday made 33 pips where I can get 60 + pips if I can manage my open position properly. I was late to take profit.
It is very important to manage the position according to the market behaviour.
Move SL to late or to early is bad for the open position. But it is very difficult to decide what to do when you have a open position. Price can retrace back to the entry price and close the open position exactly what happened on AUD / USD pair today.
And today I moved my SL too early only managed to get 11 pips from GBP / USD pair.
Hi Sharebazar
Thanks for your comments. Last 2 weeks of trading were positive on my demo I will see after this week to go life or not?
You had 2 good setups and the trade on GU had a big potential and is still going up Do you put your TP on top or bottom of a wave?
Thank you for the interesting analysis.
Hi Gssg,
Yes I have 40-50 pips Stop loss in my 95% of my trade and 5% in the region of 10-40 pips stop loss. I always look at my stop loss before I open my trade, I will not open trade until the price come in the region of my Stop loss. I am missing few good trade because I am waiting too long, but I donāt have any problems with that anymore. Main priority in trading is to save the capital at any cost for future trade in my opinion.
During the day I donāt get enough time to watch the market, once I see a good opportunity is forming in any pair I try to look at the chart every 1 hour or 2 hour.
When I get an entry I do the same thing try to monitor every 1 or 2 hour but majority time after 4 hours or may be more. Most of the time price hit my target or hit my TS and closed position or may be hit my SL.
When I open the position on GBP / USD pair my SL was around 30 pips but I wanted to get the SL to BE asap because I wonāt get the time to monitor this trade, so I moved my SL to 11 pips and set the TS but unfortunately price stop me out and gone as expected.
Hi TC Holland,
It was closed with only 11 pips but my targeted TP was around 1.6130 area.
Hi Sharebazar,
Thanks for the info. I was burned badly by not having a stop loss last week, due to news hour. In the end, I was burned 120pips. I think need a long time to recover from that trade aloneā¦ Stressā¦
But my question is, if we were to set a stop loss of say 50pips,
Hi,
Sorry to post this newbie question so far down the line into this thread but I have read a fair bit on price action and canāt seem to find a definitive answer on this.
I trade the EUR/USD on a 1H and 30M timeframe only and it seems to react to economic news in a big way.
I totally subscribe to price action trading as I believe simplicity is key but I canāt understand how it can disregard economic news. For e.g, using price action basics, I see a great setup to go short on the EUR/USD, all the price action indicators are saying go for it, I take the trade and then in the next hour a news release giving strong support to the Euro causes the price to reverse creating a losing trade.
Personally I would think it prudent to avoid price action data (regardless of how good it is) if it appears just prior to a major news release that could affect the currency pair Iām trading.
Iām sure I am missing something as from reading up on price action trading it advises you just avoid economic news all together. Can someone help me understand?
Thanks 