Iām not here to intrude, but are you sure youāre not over-trading? Someone asked you the same question a few posts back and I donāt know if you saw it or not, but I really think you should take a step back and review your charts. Iām not saying your charts are bad, because theyāre not. Iām just pointing out a flaw in your decisions - youāre taking trades right into traffic, youāre taking short trades with no regard for the absence of a swing high etc. etc. - the point is, all these factors are indicating that youāre more or less chasing trades. Once again, Iām not here to intrude, but my opinion is; take the rest of the week off. When the weekend comes, try to find some time to go over your charts and analyze them with a clear mind. Are you trading with the trend? Are you taking trades from key levels? Are you waiting for big price action - big BEEB/BUEBās, big pin bars, big 2-bar reversal patterns? Are you waiting for price to make a swing high before going short/to make a swing low before going long?
Iām just here to try to help. You donāt have to listen to me, if your way of trading makes your account balance consistently rise then by all means, continue as you do.
GBP/AUD BEEB. Looking for 3RR. Taking all the setups that i think look good for now on demo. Learning through doing. Thanks for all the comments. Good trading, G
EDIT: Counter trend! Oops. Will wait for pullback to a KHL and look for long PA.
Hi Pip dream. Thanks for your comments. I have posted the daily chart GBP/NZD. For me, the Daily chart looked to be in a downtrend the last few weeks with price pulling back, ready to resume downtrend at a KHL. Price looked like it would/will reverse at level it is currently at. This was/is my thinking. Thanks, G.
My D1 GBPAUD has already achieved a BEEBā¦so, with circumstances like this, do we still have to wait for todayās candle to close? I guess if we look at the 4hr & 1hr they already have confirmed BEEB (like gforce has jumped on), so am I being to reserved?
Hi gforce, see Nikz post above, he has also noticed that things donāt seem to be quite right with your trading. As he pointed out, we are not being critical, rather we are trying to help you.
Regarding the GBP/NZD trade, you need to draw your lines on daily chart but manage your trades on the timeframe upon which you take them. On the 1H and 4H charts we are looking for short term price action from the D1 S/R levels.
You said above that you thought the long term trend on the D1 is down, that seems like a fair call, but if you want to enter a trade based on that observation then you need to enter a trade once a reversal forms on that TF.
If you flip down to the 1H TF then you need to look at the 1H trend and trade with it. If price on the 1H is not at a D1 level then wait until it reaches one.
Please see the links below from page 1 of this thread.
> Importance of marking levels from Daily timeframe (even for lower timeframe trades) #1
> Importance of marking levels from Daily timeframe (even for lower timeframe trades) #2
> Importance of marking levels from Daily timeframe (even for lower timeframe trades) #3
> Mark S/Rs on Daily but manage trades on the timeframe you found the setup on #1
> Mark S/Rs on Daily but manage trades on the timeframe you found the setup on #2
> We need to trade AWAY from key areas, not INTO them
> Why we need to enter at correct value (swing) areas
> We are only concerned with the short-term momentum ( the 1-2-3 pattern )
> Waiting for price to move to your key levels
> Brief explananation on the 1-2-3 pattern
Hello to all ! I would agree that Gforce is overtrading but its a learning curve . I did the same thing when I first started with FSO and in time I have learned that the A++ trades are not easy to come by. From overtrading I turned to picking much lesser trades to trade overtime.
Anyways , I found this to be a pretty nice setup on USD/CAD with that BEEB on swing high . I guess its Sell when high , buy when low lol
jamesbh is right , USDCAD is against the trend and keep in mined that oil is cheap now , so it works against CAD because they produce oil . However anything can happen in the market , just make some money Baojie.
Hey everyone, had a question that I would like people to weigh in on. This stems from some of my recent trades.
When do yāall move your SL to break even? I usually have an SL of 50-100 pips. So for example, say I have an SL of 100 pips, I usually move my SL to break even when I am 100 pips in profit. It is great to know that I am eliminating risk once I do that. Unfortunately, I have had a few trades that I get stopped out on at break even. Price might just go a few pips past my break even, just to turn around and go in the direction of my trade. There are two trades I got stopped out on at break even this week that if I had just left my SL where it was, they would be +250 pips in profit (1:2.5 RR on both). So what do yāall usually do? Thanks for the feedback
I can so relate to this, and in the passed I have increased my stops, in an attempt to prevent the scenario you describe, however,more recently I have focused heavily on risk mgt and reduced my wide stopsā¦yet, all to often, like you, trades get some good momentum, I feel confident about moving my stop and then BAM! Price retraces, am stopped out at b\e or for a small gain and price carries on to where my limit isā¦doesnāt half make you feel it can be rigged considering how often it happens.
I donāt know how experienced you are, but I am reasonably new to Forex (few years in but very sporadic in the first two years), so maybe its an experience thing and when we start getting in to better trade set-ups and entries this type of occurrence diminishes?
I too am keen to hear a full time\experienced traders view on thisā¦its far from uncommon.
I have a question about updating support and resistance lines. Here is my AUDUSD Daily, which this week has broken through a very good support area (that does carry a good deal of weight if you go back in time) - unfortunately I didnt observe any FSO PA methods used in this thread to get in on this very nice dropā¦(did I miss something?)
Now, where my yellow line is, is where I see a new resistance level, especially after yesterdays candle. But looking back in time it doesnt carry much weightā¦those of you more experienced with the FSO mentality, is my original line still the valid line or would you now be confident to go with the yellow line?
Maybe I am over complicating this and should keep an eye on PA around both these levels and take a decent swing high and PA signal should one form if price retraces to the yellow line area?
Iāve been learning Forex for a little over a year. Have developed a pretty good price action strategy and am making profits. Iāve made 5 trades this month. 2 winners, 1 loser, 2 break evens for +9%. And if I hadnāt moved my stop Iād be in the 20% range for the month. But not going to complain, just have to learn from it.
I think in the future Iām not going to move my stop loss to break even as quickly. I risk anywhere from 1-3% of my account on a trade, and I need to be willing to lose that amount rather than quickly eliminating that risk. If 50% of the time it went back to BE and ended up hitting my SL and the other 50% of the time it went to BE and then hit TP, it would still be profitable since my RR is a minimum of 1:2
Iāve noticed it is usually pin bars that are stopping me out. So maybe atleast waiting until the end of the day to move SL.
This is a great question and one we all have come across at one point or another. Just as you have mentioned above, you have to determine if the reward you are going for is worth the risk. Certain situations I will move to BE, and other situations I will allow my trade to run because I have decided that I would rather risk a full loss for the profit I am after, then to be stopped at BE and watch it go on to hit my target. I am always more inclined to look for bigger profits, but that is just my style. Some people call it āaggressiveā, and some traders are more āconservativeā and would rather take small pieces out of the market and be sure that they are safe from losing anything. This takes lots of chart time and understanding of how price moves to determine when the right time is for a certain action, as well as a higher understanding of your own personal trading style.
I saw this signal too and I was extremely tempted to take it because the strong bearish momentum that had broken through a very key resistance and how the signal formed with a really high wick and strong bearish close, but in my plan for this pair I was waiting for a retrace back into the white level you have marked. This is always the safer and more high probability play.
Hi,
Johnathon teaches that b/e should be taken when your trade reaches the first trouble area or take profit area on the chart. This is where you would take 1/3 or 1/2 profit and move the rest of the trade to b/e. If the trade does turn around at this point of resistance/support, you will at least have a part of your position taking profit. In my experience the psychological benefits of taking some kind of profit are incredibly important.
Dubadat, you need the next candle to close below the PB. That will give you an entry below the PB, but as next support is at 1.42500 it is not going to give you much room for profit with a stop loss above the PB.
Also the trend on the 4H seems to be upwards at the moment so perhaps waiting for a pullback to 1.42500next week might be a better option.
lol
