Whilst I have not exactly agreed with some of your other setups, this is an example of an A++++ False Break Pin Bar!
Super dooper dooper setup mater. This is an textbook setup and something all members in this thread should copy and look at as a very high probability post. These false break pins are my all time fav setups.
Print this setup out and stick it next to your computer!
The reason the method is high win rate is because we don’t take every setup we see! The idea of Forex is not to be accurate, the idea of Forex is to make money -Period. It does not matter about success or win rates or whatever, at the end of the day all the matter is the money made.
Our particular method concentrates on picking the best setups and concentrating on high probability setups which gives up a high win rate. If we then start to play rubbish setups our win rate will go down and so will our capability to make profits.
I go to say this was a super ballsy trade. A small BEEB straight against the recent trend and straight into the near support and not only did it come off for you but it smashed lower!
Well done this time, but please don’t continue to push your luck for too long like this…
Hi, this is my second post in this thread.
I just opened a position based on your strategy recently on usdjpy pair with 0,01 lot in Insta where 0,01 lot equals to 0,01 $ ( 10x smaller than normal brokers ) for training with price action, and I just liquid it and got around 30 pips.
I’m not sure if I took a wise decision even though the result was good since this is my first time trade with price action, and I didn’t even know when to close my position or where to put take profit and stop loss, I close it because the price returned back to my original position because of bullish pin bar after got around 30+ pips, so I was quite nervous and closed it.
Is this a pin bar ?
And I put the green line as take profit after some time I opened the trade and bullish candle showed up, but I changed my mind and just liquid it.
And I used old support around at January as the red line of resistance, I’m not sure if its valid resistance…
The best thing you can do is move from the live account and sign up for a free demo account with whichever broker you like. With this demo you can then use them to work our and practise everything you need to work on such as how to place positions. You should not be getting into trades and not knowing when to close a trade or not knowing where to take profit etc It is completing understandable not knowing those things, but you should not be on a live account with live trades on and then trying to work out the answers to those questions…
As for the setups; I am not sure what the two pins are. Which one was the Pin Bar you were trading? Which setup did you take or which Pin Bar were you working off? Are you aware of money management? Did you do position sizing? How many pips was your stop?
Actually I’ve been trading for around two years, but I have never traded with price action like this before
Usually in most strategies that I tried there are obvious rules when to put the take profit or stop loss etc, but I haven’t get lot of information on how to put take profit in price action yet because I just read your thread at around 25 pages, even though I put the stop loss in the top of the bearish pin bar candle ( if its really a pin bar candle ).
And don’t worry about my real account since I only put around 20 $ in it, with Instaforex lot that are 10x smaller than other brokers, I’ll have around 2000 pips as defense if I only use 0,01 lot.
And here’s the bearish pin bar candle that I was talking about …
Do you think it would even be possible to program an EA for price action trading…? Personally, I don’t really see how it could be done - not that I have any programming experience at all though! But, how do you tell a computer what a pinbar at a support level is, for example…?
Maybe it can be done, but I haven’t ever seen an EA work like that before
Everything is possible, but it would be harder than making an EA scan for candlestick patterns. It would probably require a fair chunk of AI.
One thing to consider though is if it’s really worth the effort? When you trade daily and H4 charts it really doesn’t have to take a lot of time to manage your trades.
I know the best EA in the world…it’s called your brain. Haha.
I understand you are just answering the post but seriously where did all this talk about EA’s come from? This method is the very antithesis of EA’s. This is about using the top 2 inches upstairs and NOT relying on anything mechanical to trade.
Whenever folks start asking about EA’s it gets me worried because I wonder just how dedicated they are to learning how to trade this way. It seems,well I hate to use the word, but I will anyway…lazy.
As has been stated already below it shouldn’t take you more than a few minutes day to scan your Daily and H4 charts.
I’m still new to price action even though I’ve been trading with indicators for two years, in overall I didn’t get or lose anything, recently I have been able to pay up for my losses in the past so finally from minus I came back to zero.
I follow this thread and I have read it until page 25 and I train with 20 $ real account in Insta where 0,01 lot have 100 unit so its ten times smaller than normal lot ( if I only use 0,01 lot I’ll have 2000 pips defense, enough to train ).
Recently I opened my first trade based on the price action on this thread, even though I’m not sure I made the wise decision but I got 30+ pips profit.
But I’m still confuse about how to put take profit and stop loss in here because I haven’t read about it yet ?
Recently I just read about Fibonacci, do we put our take profit on Fibonacci Line ?
Can anyone give me example how to put take profit in here ?
there are indicators for everything. There are plenty of indicators for things that will alert you when a Pin or EB forms etc or when anything forms for that matters. If your smart enough you can code anything, but the question you should be asking is what is the point?
It literally takes me at maximum 1hr per day to go through all my charts, mark all my levels, enter and manage trades. (Funny you bring this up in here, as I have just completed an article for Monday where I go through a general day in my trading routine). Depending on your EA you would still have to come to your charts anyway to look at the setup as well so you would not be cutting out any of this time and still would be taking just as long as what I am to assess and place/manage trades. Your basically going to be building an EA to be doing the exact same thing as I do with my brain!
The only way you could but down this time would be having a complete EA that does everything from wo to go, including assessing market structure, identifying trades appropriately and then managing them accordingly to how the market is at the time. Super dooper tough ask…
I really liked to set 2 orders to trade this setup, but my SL was a little large to do this. So I will move to BE if it reaches the first resistance (0.9030 on daily chart), and the final TP would be the next one (0.92).
