Hi Tranceaty. Your S/R lines look ok here to me. Scotty, that BEEB on 4H GOLD doesn’t look to be at a KHL.
G
I may have had my sr level a little too low it seems on the gold. Where do you have yours set at
I’ve got a sell of aud/usd at the .81600 stop is at the top of the beeb. Price has been sitting around my entry hoping for it to keep going down to about the .80450 and take some off the table at the .81100 point. Give me your thoughts. I’m new to price action but loving it so far makes a lot more sense to trade this way just need to hone it in lol
That’s a big stop loss, almost 100 pips. Your RR looks to be about 1:1, but are you prepared to lose the amount risked? It may work out, but for me/my trading plan, the risk is too great, so i will pass and prefer to take 2:1 RR trades at least. If your first TP is .8110 what is your RR? All the best with it.
Here are my S/R levels for gold on D1. I am still a newbie though so read page 1 on S/R levels. G
Short AUDUSD off 4H BEEB after assessing RR. My RR is 1:1.5 with SL just above resistance rather than all the way at top of BEEB. With downtrend, although price is approaching weekly lows. See how it goes. P.S. Gold at KHL. I am looking for bearish PA.
I ended up closing at .81400 as it kept going to about .81300 and going back up so decided just to close it didn’t move as fast as I was expecting. As you said too much risk for reward on that one but it’s a leaning curve. I moved my sr level on gold too 1238. It’s at about that now too. Don’t know how that’s gonna go. Maybe 1255 or so would be better as it was the high in october
Great move by you Scottyspips to close the trade. You still made some pips and you realized that it was to risky, we all do that from time to time. Nothing wrong with what you deed , that shows you are on your way to greatness.
Pending order triggered short off resistance and blended candle PB H1 a couple of bars ago. 2:1 RR at first TA. G
Moved stop to BE as price stalling. Free trade. Could take pips off the table but decided to let trade run.
EDIT: This may be foolish, but on re-assessment i’ve put stop back above resistance in original place and will trust the BEEB 4H signal and stay in the trade. My thinking is i should give such a big signal more time to take shape.
G
Hi Nasr
by FSO rules a pin bar has to close within the previous candle so your chart is not a valid pin bar
Cheers for the encouragement there tony. Your very right too there gforce it was a big beeb so at least your in a free trade now still a couple of days till the weekend. Hope it drops for you
Oh yeah looks to be a great setup forming daily for gold. Looks like a perfect pin bar setup just gotta wait for the candle to close.
Thanks Scotty. I didn’t realise it was only tuesday when i wrote that! :rolleyes: I’ve decided to stay in AUD/USD trade and have moved SL back to original position just above resistance. I’m thinking i should give such a big signal room to move and time to play out. My other option is to close trade now as price hovers around my BE point to protect capital. It’s a bit of a toss up, but i’m happy to let trade run ultimately. We’ll see. All a learning experience. Hello Nasr. Please read page 1. You will love it. Hi Eternal.
My gold trade has triggered and 50 pips up. A potential bearish PB forming on D1 at KHL. 50 mins to go. If so, i will get in again short on break of D1 PB. Good trading, G.
EDIT: Cross post Scotty. Yep. All the best if PB comes off.
I have pending order to short gold at break of D1 PB. My SL is above tail and fairly large, so i’m not 100% happy with that. It’s an area for improvement for me. Maybe stop could be just above previous candle high or just above resistance to give me better RR. All comments/suggestions welcome. Anyway, 2:1 RR with TP at 1185.10 just above next KHL. I am also already in this trade as posted earlier off a H1 signal. Demo only still until i am consistently profitable for at least 3 months. All the best if you are in Scotty and all. G
You’d be doing well now GeForce the aus/usd kept falling. I should have stayed like you and just moved to break even but oh well hind sight is a mystical thing lol
Yep Scotty, i’m up on that pair. Getting near my TP level. Gold order triggered on D1 PB. Jpy pairs are bolting south, so worth keeping an eye on for a retrace back up to KHL. G
Yeah in on the gold too. Hope it turns out well.
To Scottyspips , there will always be times when we say "i should have stayed ". but you didn’t , however soon there will be a chance to ride that pair north with less risk AUD/USD at the support area. Remember you came out of that trade with out a lost and your now stronger to go back in with a great chance to make pips.Just saying …
This is very true. Like your thinking mate.