Bit of convos about the GBPUSD and AUDUSD so thought I would post some charts.
The first is the GBPUSD but with a 2 day chart. This shows the 2 Bar some have been talkng about as a Pin Bar.
The second chart is of the AUDUSD 4hr. This shows a great area I will be looking to go long should price fall back.
GBPUSD 2 DAY CHART
AUDUSD 4HR CHART
Safe trading to all this week. Many pips to all!
Johnathon
thank you johnathon,great thread ,im learning more and more everyday
Hey Johnothan
I just had a look at one of the new thread by an ex city trader, im sure his stuff works for him and others. What I like about yours is its simplicity together with longer time frames. To look at 15min charts all day long is just INSANE, will need meds all day long for headaches.
Thought id share, keep it up
Thanks to walker1 & Johnathon for your comments on AUDUSD & AUDJPY, much appreciated
Thanks Hemantarora and Dudest,
I am using Pepperstone so its NY close. Which is fortunate really because I signed up with them before I even thought about that.
Its good to know its normal to get a bit impatient and frustrated. At least I know Iām on the right track and just need to persevere.
On a positive note I did get 70 pips from USD/CHF trade that closed yesterday (woohoo - my first āwinā using PA). Iād post the chart but Iām at work. Hopefully I can post it up later.
Iām guessing people just keep on looking for these setups and after doing it continuously for some time, the setups will be more obvious. At least thats what Iām hoping. I do see some setups but Iām usually in two minds whether to take them. I guess if they were A+ theyād be obvious. Still, I know to post them up here and get some great advice from you guys.
Hello guys,
How are these pinbars/setups for you?
Hi Sicnarf,
Out of two setups, I preferred USDSGD as it has a better defined Support turned Resistance and the major trend is in down trend. Iāve entered at the retracement @1.2605. T1=1.2575, T2=1.2530, SL=1.2625.
Regards,
Toyogo
Hei!
For me there is no trade, I canāt see any PA signal there. As for the PB, itās way too small for me to trade, u see the big bullish momentum before (the large candle), thatās why this formed little PB is not valid for me.
You never know, maybe it works out, but it isnāt A+.
[U]EDIT:[/U]
P.S. It closed above the BRN (@1.2600), so it would be trading straight into the zone.
Safe trading,
Richard
What brokers have MT4 with new york close candles and with unlimited demo accounts?
There are plenty. Who have you got now? Most are 30 days but when run out you simply just go to menu and open another demo. All charts and profiles stay same.
It will depend which country you are trading from, in the UK I am using Alpari MT4, and as long as you log in to your demo once a month it will remain active indefinitely. Very useful, as my go-no go decision to fund a live account is based upon my demo performance 1 May this year to same time next year.
Regards
Andy
I have an real oanda account, but it is not new york close and it can be changed on oanda.
Jonathan,
Apologies if this has already been covered. I would normally be expecting to stay in a trade for 5-10 candles, maybe more for a small portion of the trade. What history do you look for prior to entry signal to identify the trend?
It seems you can always zoom in or out to question whether you are going with or without the overwhelming trend, yet my 5-10 candles is lost in a year or more of candles. I guess my question comes down to how many previous candles do you consider to form the ātrendā from the D1 timeframe?
This I feel is my weakest area when trying to enter a trade with positive expectancy.
Thanks
Andy
So hereās the trade. bit late now, of course, but you can see what I did. not perfect and sold too early, but its a start. there was a pin bar into support on the USD/CHF H4 and I went long with the trend. the red lines are where I opened and closed my trade.
This is one I was looking at. AUD/NZD Daily. Its ranging a bit and thereās a sort of pin bar at resistance. The lower shadow is a little long and it hasnāt closed within the body of the previous dayās candle. Actually, at the time of writing it hasnāt actually closed but thereās what looks to be a 2 bar reversal on the 4H which leads me to believe the price will now go lower. Or maybe Iām just jumping the gunā¦Thoughtās welcome.
AUD/NZD Daily
speaking of two bar reversals, theyāre everywhere today! :eek:
A good start Iād say! As there was solid resistance you were expecting to hit, itās not unreasonable to take 100% of your trade out at that point. I tend to open multiple trades on MT4 all at the same price with the same initial SL, but with different TPs. In this instance you could have scaled out 2/3 or even 3/4 of your position where you did, and leave the remainder open with the SL brought up to BE or a valid area of support. Itās an easy way of developing a plan for each and every trade you do, which shouldnāt be any onerous task if you are only trading an average of half a dozen trades per month.
Just a thought, I find it takes all the pressure off when I place my TPs automatically on MT4, that way I donāt miss out on the daily charts when I check my screen at the NY close each day.
Iām still learning more and more each week, stress levels are much reduced since my early days of feeling I needed to place 10 trades a day with tight stops to make any money!
Andy
I just went short on GBPAUD which looks promising.
Maintrend being downside
Price action signal (doubled, looks weak though, small pinbars)
Price at relevant level, support turned into resistance.
Opinions?
Hey thanks Ang.
Different strokes for different folks.
It all depends what suits the individual. There are many ways to make money in forex markets.
If someone doesnāt understand a method or it just does not sit with them well it is clear they need something else. The other thing is it methods need to be simple.
Safe trading,
Johnathon
A little trigger happy? Use entry orders rather to stop you entering at market.
Cheers
