Check out a set-up on the EUR/USD,
Triangle False break out to the down side.
Hi Bhuruhan,
You might not be taking into account the bid-ask spread when you compare the prices you see on the FXCM Trading Station charts with the price levels of your entry orders and your stop orders. On a long (buy) position, you enter the trade at the ask (buy) price and exit the trade at the bid (sell) price.
By default, the Trading Station charts show the bid price, which explains why your trades get stopped out when the chart price reaches your stop level. If you have an entry order to buy, you have to keep in mind that the ask price is actually a bit higher than the price you see on the chart, because of the bid-ask spread. That is why you can see the chart price touch your entry level price, while the entry order still remains unfilled.
There is a way to change the Trading Station chart settings to display the ask price instead of the bid price. You can do that by clicking on the “A” button in the toolbar along the top of the chart window as shown above. If you have any further questions about this, feel free to ask me in the Broker Aid Station.
Jason
This posting is a reminder for me to trust my system and to stick to it until it plays out. (Bijoy, I hope you do not mind me putting this post here since this is my favourite thread) 
DAILY CHART NZDJPY
I took a short position at 66.17 (Thread # 312) but I lost my faith and prematurely cut at 66.30 (Thread # 363). I need advice on how I should stay commited, thanks!
Merrymaker
Friends,
I think Mr. Market is having some other plan for me in this month. Though the loses are minor, I faced my second consecutive loss for the month. Yes. I lost my trade 3(Nov-12)(Short GBPNZD from Post $ 473) within no time loosing 2% of my account.
See Chart
This trade lost me 80 pips and 2% of account Balance. Now the balance is reduced to $ 3802.91 from $ 3867.66
Each failure can teach us a lot.
This losing trade helped me to re-collect something. Initially I observed the chart very professionally and decided to enter on a short trade, once after getting a four hour candle closed below 1.9520. The decision was based on my trading rules.This was posted earlier by me as a reply to Mr. Sagrifa in Post # 462 in this thread. But, I myself violated the decision and entered emotionally on a short trade without having candle closed below 1.9520. Now, we can see that no candles were closed below 1.9520 in further price action. There was no possibility of triggering this trade, if I was strict with my rules and decision. Definitely the loss could have been avoided. There is nothing wrong with my strategy. But failure in controlling emotions and violating my own rules are the major enemies. This trade was lost in the same way I lost my USDJPY trade in the last month (Post # 91) because of violation of rules.
Mistakes are the stepping stones to success.
Anyhow, the loses are minor in terms of money because of my strict money management policy.
Be with me friends… Mr. market is having some other better plans for us.
My 1st trade (EURGBP) long is still open.
BIJOY
You are always welcome to post your thoughts and ideas at any time. Any posts can become an eye opener for anybody.
As I said in the above post, our enemies are not our strategies. They are our own emotions which tempts us to violate the rules. Having control over emotions can move us in the path of successful traders. Of course, reading and practicing Dr. Pipslow’s blog pipsychology once again from the very first post can help us improve better.
Good set up. Seems to work. Price is also testing previous swing high.
Bijoy,
I’m posting here my view. Please don’t let my ideas affect your trading strategy or system. This is just my analysis.
Whoever take the analysis at their consideration and take trades based on this ideas are up to them. I have No responsibility if they loss.
- GBP/CAD… This pair in a range from May 2010 till date… If I trade this pair I will enter top or bottom of the range.
Red lines are resistance R1 - 1.6050, R2 - 1.6180. Blue lines are supports. S1 - 1.5640-50, S2 - 1.5500
- AUD/USD… The pair print Two pin bars Wednesday and Yesterday… Most probably it will head south based on PA.
Resistance at 1.0475 Support at 1.0330… Your trendline seems okey but there is a support at 1.0385-395 area and it pull backed from there. Sometimes we will see a ranging here to upward to resistance.
We can wait a 4H PA candle formation at 1.0375-0395 to go long… But overall I’m in short bias.
- GBP/NZD… I can’t find anything on the chart… But Two trend lines conflicting at current price on daily chart. A falling trendline from 2.100 and a upward trendline from 1.8950.
Sorry no chart.
- NZD/USD… This is also in a range and it just pull back from the bottom of the range i.e. 0.8100-15. If it hold we can see a move to north up to the near term resistance 0.8280. A 4H pin printed already and who took this trade, for them good luck…
I’m sorry that my system is different from all of you who follow this thread. If it is an violation of the thread then PM me, I will delete with pleasure…
Good luck… 
Nice analysis. I will consider.
It is a pleasure to see your charts and thoughts here. Share your system. Share, teach and learn. You are always welcome.
Nice thread Bijoy
GBPCAD - I don’t have this in my charts
AUDUSD - Upside potential should already be limited as it’s reaching the swing highs. Stoch is also near OS in the daily chart
GBPNZD - the horizontal trendline has been violated several times… not a good area for S/R
NZDUSD - there is consolidation at that area your looking at
Thanks JunFlores, Thanks for sharing your insight
Bijoy, thanks for sharing your thoughts on the NZDJPY which I posted earlier. I will go back and read up (again) on Pipslow’s blog regarding pipsychology so as to reinforced my own belief system. Good luck and all the best!
Cheers
Merrymaker
bijoy i picked gbpnzd pair bcoz of you only, thanks for sharing friend.
Hi guys,
short GBPNZD looks prety promising, but but my broker doesnt provide this pair to trade.
What do you think, is to ok to do a synthetic pair (sell GBP[B]AUD[/B]; sell [B]AUD[/B]NZD… AUDs exclude themselfs, therefore sell GBPNZD remains)? …or should I just change my broker?
Btw, awsome thread… Im a newbie from europe (GMT+1) learning forex and I learned a lot from this thread.
Be well guys, I wish you all successful trading!
Yes. You can trade as above. But keep in mind about the spread you have to pay for different entries.
Hi all,
nice thread Bijoymj, thanks to have started it.
We have a very similar strategy, this is my current position on USDCAD short @0.9992 [email protected] [email protected]
Welcome and Best of Luck
