Do you understand that profit will be relative to the risk reward. In other words if you have a $1,000 account and you want to risk 2% of that account or $20 you work out your risk before every trade so that you are risking that 2%. Then it does not matter if you have a 1000pip stop or a 10 pip stop. You will always be risking 2% and the only thing that will change is how big of trade you will need to enter to keep this risk. Does this make sense? Please forgive me if you are well aware of this but when you say “I realize it’s a matter of controlling risk and you can do this by trading smaller lots – which means smaller profit until you gain confidence.” really makes me think that you maybe not using this.
So once you realise this above it should really answer the rest of your question.
Because I look at the charts at the same time every day, the H4 candles I watch close at 9am(0900), 1pm(1300), and 5pm(1700) Eastern time, which is where I live. Not sure if it will change when daylight savings time ends.
I would just like to comment on the chart setups posted by nctrades. Isnt that a pinbar followed later by a bullish engulfing on the usdchf 4hr? And they are both at support.
This was a really solid price action setup here on the EURAUD 4HR chart. This was with the trend and at a nice pullback to old support which held as new resistance. Pin Bar formed and price now sold off into support.
Very nice…
firstly the pin bar is embeded and does not stand out as a good signal should
2. the trend for me is actually ranging at the moment.( this is questionable) either this leg of the price is a very long retrace or the trend is ranging and may possibly go up from here)
3.you would have to take profits real early…like after about 10 15 pips as support is about 35 pips underneath the pin bar
4.the markets were not switched on full today as canada or someone is on holiday …so trading was not normal, and could go either way tomorrow.
maybe it will drop tomorrow…but johnathon wants A+ and this is far from it…maybe C+.
it doesent mean you should not trade it and that it wont make pips…that is your decision…
but in this thread i suppose your here to learn the meaning of A+ trades…and posting your ideas…is how you learn.
nice try.
4 hour chart showing trend (i wouldnt say the trend is down—undecided maybe–ranging maye- but not really up or down)
I find this thread very interesting. I used to trade stocks and could often pick up insider buying simply by watching the course of trades and the market depth. With forex you can’t do that so your thread here has really caught my attention.
I have one very simple question for now. What is a pin bar. Is it simply a candle with a very long upper or lower wick, or is there more to it?
High high speculation welcome to the thread, I believe everything you need to know to get you up to speed can be found on the first 20 or so pages of this thread and also on johnathons website there are many articles and videos explaining most things you could want to know in great detail! Good luck
I agree with your assessment of the trade and appreciate your input.
I think that you were right and I rated this trade too high. It may have been a case of “Looking too hard” for a trade. As that pin bar was not outside creating a easy to point out swing high with a rejection.
I did take this trade and it worked out for me, but in the future I will have to better assess the pin bar.
My list is always under construction, but for the moment this is what i have on my radar:
eur cad H4
eur gbp H4
eur nzd H4
aud usd H4
nzd usd D1
usd sgd H4 /dont ask me where my broker took sgd from /
I have just edited the first post so now there is a basic list with the basic knowledge for new people to go through. I still recommend going through the whole thread but this will now at least help.
i hope my it will break my losing streak on my live …
/