Trade #1 EUR/JPY H1
Reasons for trade:
2 bar reversal back into a ranging h1 market
stop loss is at bottom of the 2 bar reversal
TP is at top of the range
Entry is at break of the 2 bar reversal
[QUOTE=“aujla17;691616”]Trade #1 EUR/JPY H1 <img src=“301 Moved Permanently”/> Reasons for trade: 2 bar reversal back into a ranging h1 market stop loss is at bottom of the 2 bar reversal TP is at top of the range Entry is at break of the 2 bar reversal[/QUOTE]
Trade #1 update
Trade hit stop loss
Possible reasons to why it failed:
Not good entry signal into range as price did break out of range before I deemed it entered again
Against daily trend which was short
Emotions made me excited and emotions should not be used for trading
Lesson learned:
Trade trending markets only
If you can figure out how to get on the other side of yourself you’ll be a much happier trader. Remember price fluctuates.
On this chart I would have my short order in the circle with a profit target at the green and stop loss at the red.
agreed
emotions make you fail as a trader.
I think the best thing to do is set and forget.
I have a pending order in for a trade right now, I am waiting for it to enter before I post it here. Once it enters I will just delete the chart and check it again next week if it hit my tp or sl.
Trade #2 EUR/USD Daily Chart
Taking Eur/Usd bearish engulfing bar short
Reasons for trade:
With trend
At a fibo level 50
engulfing bar at resistance zone
fundamentals support this trend as euro is weak due to greece crisis and usd data is very positive from what I have read.
Taking break of engulfing bar short
stop loss is above the engulfing bar
and tp is at the last lower low as indicated by my chart.
Hello everyone,
just wanted to give everyone a heads up on two gorgeous pin bars on GBPAUD and GBPCAD weekly charts.
I have set a pending order on GBPAUD. I will post it here once it is triggered.
[QUOTE=“aujla17;691967”]Hello everyone, just wanted to give everyone a heads up on two gorgeous pin bars on GBPAUD and GBPCAD weekly charts. I have set a pending order on GBPAUD. I will post it here once it is triggered.[/QUOTE]
I’m not sure what this means. What do pin bars have to do with anything? Is that a top, bottom?
Do you have a chart?
Thanks and good luck.
[QUOTE=“MikeCa;691975”] I’m not sure what this means. What do pin bars have to do with anything? Is that a top, bottom? Do you have a chart? Thanks and good luck.[/QUOTE]
Hello Mike
I will post the chart once my trade gets triggered
Go to the GBPAUD weekly chart. The candle that formed this week is a pin bar. In addition if you look at the daily time frame, you will see this pair is trading as a channel and this pinbar formed within the channel. I recommend to google forex pin bar as there are tons of tutorials on what it is and they can explain it better than I can
Long story short, a pin bar with the trend at support zone is a good trade setup that has formed.
Will definitely be following this thread! As for this trade, it does have a lot going for it but the only thing that would have made me wait is that the 2 bar reversal happened right in between the support from the upper range, and resistance from March 20. I just simply would have waited to see where price went first. Just my 2 cents hope it helps!
Thanks for the comments!
As this journal continues, my trading will definitely change as I realize my mistakes.
Where I end up should be different from where I started 
Trade #3 GBPAUD weekly
I am taking this GBPAUD trade long on the weekly timeframe
Reasons for the trade:
- Bullish Pin bar formed on support zone
- Bullish Pin bar formed that touches bullish channel
- Strong looking pin bar that is clearly bullish
- Trade is with trend as proven by the channel direction
I have taken this trade at the break of the pin bar
The stop loss is below the pin bar
Target is price level 2.0 as this was the price area previously tested by the last higher high as seen in the chart above.
I have moved my stop loss to break even on both trade #2 eurusd and trade #3 gbpaud.
Reason I moved them to break even was to protect my capital and remove my emotions out of the trade. Now that I know my money is safe, the trade can do whatever it wants and I don’t care. I hope they both hit my tp points tho :P.
[QUOTE=“aujla17;692681”]I have moved my stop loss to break even on both trade #2 eurusd and trade #3 gbpaud. Reason I moved them to break even was to protect my capital and remove my emotions out of the trade. Now that I know my money is safe, the trade can do whatever it wants and I don’t care. I hope they both hit my tp points tho :P.[/QUOTE]
The gbpaud looks promising.
Trade management is one of my greatest weaknesses in Trading. Did you see something that made you move to BE? Other than protect your profit?
I’ve been top ticked too many times and I’m almost too willing to give pips back to see the trade out.
I usually wait till a new high or low. Something that tells me price is not likely to come back to my entry and subsequent SL.
Good work!
Hey Mike
So the main reason why I moved to break even was just to control my emotions. However, if you look at the GBPAUD, the pair is near resistance on the daily time frame anyway.
Also, if you get stop out because of break even, you can always enter the trade again if the trade is still valid.
Main thing is to protect your capital so you can enter more trades at same time without a worry about too much account risk at the same time.
I know this is a conservative method, but slow and steady does win the race in the long run in this market.
Update: Trade #2 EURUSD Daily chart short
Trade hit my stop loss at break even.
I am happy to exit without a loss.
One reason I can think of that this trade did not work out is that the bearish engulfing bar did not have a strong close.
Other reason is that I moved my stop loss to break even too soon.
If trade ends up working out and hitting my target I am fine with that. Moving to break even is a big deal for me as I want to make sure my capital is safe from any unexpected event that could happen at any time.
If another signal comes up, I won’t hesitate to enter short on EURUSD again.
I agree with you about moving to break even. I try to do it sooner rather than later to be more conservative. Being in a risk free trade is a good feeling and makes it easier to forget about watching that trade every 5 minutes.
It sounds like you are doing a good job of keeping your emotions in check. Keep up the good trading!
[QUOTE=“aujla17;692864”]Update: Trade #2 EURUSD Daily chart short Trade hit my stop loss at break even. I am happy to exit without a loss. One reason I can think of that this trade did not work out is that the bearish engulfing bar did not have a strong close. Other reason is that I moved my stop loss to break even too soon. If trade ends up working out and hitting my target I am fine with that. Moving to break even is a big deal for me as I want to make sure my capital is safe from any unexpected event that could happen at any time. If another signal comes up, I won’t hesitate to enter short on EURUSD again. [/QUOTE]
I hate getting top ticked. I refuse to move to BE anymore unless a new high or low has been established.
Although you may ‘lose’ out on trades cause it hit your Break even stop loss before hitting your target, it does save you from losing trades.
If a trade is good, it usually hits the target fast. If you see its going to the target quickly, you can always remove TP and set it higher because you see momentum in trade.
It depends on your strategy and risk tolerance, I move to break even if a it is near a reversal zone. Because you never know if it will reverse or go through. Forex is just a guessing game. If trades always worked out, there would only be one way to trade and no one would make money cause everyone would trade the same.
Price Action is perfect when you are winning, but can be catastrophic when you are losing. This is perhaps why the best way to use Price action trading is in long term time frames… e.g the weekly charts, rather than the short term periods which can go either way.
I think it depends on how you trade price action on the shorter time frames. If you see a bullish trend on the daily chart and enter a bullish pin bar on the h1, it works out fine. However, if you trade against the daily trend on the lower time frames, then you are going to have issues unless you have tons of experience.