Good, bad and ugly - Be great to see a true Price action only system with long term profitability 
For sure. I just have to filter out MY problems with the problems of the system.
Iām with Tang. Post the good and the bad. Losing trades is part of the game. Youāre creating an edge in the market place, not a 100% wim rate trading system. Your set ups may as well be valid on a losing trade. So donāt chalk up a losing trade as a bad trade, it very well may have been the right trade to make given the conditions of which you decided to enter.
If you ask me me, I would tell you that a true price action system isnāt a system at all as it is a methodology and form of art.
After reviewing my wins and losses for the week, I have made the following adjustments:
- Get the heck off the short time frames! I will only trade off the Daily charts for this week.
- Be picky with my trades. āAim small, miss smallā from The Patriot. Instead of trying to push an edge and grab every available pips, I should aim for the more sure fire trades.
- I will post every entry I make, in real time.
I agree about staying clear from the short TFs. You may also want to trade on the 4hr charts as you may not always get signals on the daily.
In any case, I look forward to your posts.
I have about 3 possible targets for tomorrow. I will post them later tonight.
Unfortunately, none of those came to fruition.
Somethings I am seeing:
AUDUSD: It has run into a nice support line. The overall trend is upwards, so I suspect this to not break the support and reverse upwards. This is a possible buy target.
EURUSD: Similar to above, but has a nice pin bar forming right now. This is a possible buy target as well.
USDJPY: Near a resistance line, but I really donāt see any reason to gamble on it. Canāt really tell what it is doing based on price action alone. There is a long hanging man formation, but this along isnāt a strong enough trend reversal. It might be a short target, but as I am unsure, I am not planning on targeting it at the moment.
EURJPY: Nice pin bar forming against a support line. This is probably a good buy target, but I need to wait until the close.
AUDJPY: Similar to above. It should bounce off the support.
GBPUSD: Tested a support level. It is pretty strong. This could be a nice buy target as well.
All of this was based on the daily candles, as I have viewed them today on Monday at 10:30AM EST. I will review them later tonight and think about entering some trades.
This strongest signals thusfar: EURUSD, AUDUSD, EURJPY, GBPUSD, as they are all near a support line and showing reversal patterns.
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Went long at the yellow line. TP is green and SL is the grey line at the bottom.
Good luck with that oneā¦
Not too sure about warts, but yeah, i get ur point.
Closed it out at 1.41141, as the action on the lower time frames suggested a lot of instability. Made a decent profit. I havenāt entered any other trades as nothing looks good on the daily charts.