Thanks!
My AUDJPY, AUDUSD and GBPAUD charts below:
Nice 2BR forming here will be interesting to see what happens at the close
Hi Bigd, You were right in that 2BR forming. I see your Resistance Line is pretty much the same as mine. Now that bar has just closed , I have posted my chart too.This shows a BEEB has closed but IMHO , the action is too small for me to consider a trade. Now that I have said that, it will possibly make me look stupid Eh (LOL). In my next post I have compared my lines of S&R to Dudes and describe what I am seeing. I think it is helpful to see that not all traders approach S & R exactly the same. I think that is the reason that Johnathon is not interested in using Trendlines - because they are a personal interpretation and given 10 traders to draw T/Lines on the same chart, a large number of these would be different. Good to see your posts.
I agree on the S&R observation. I have not had great success with holding my postions past the first resistance or support levels depending on if im shorting or going long. Maybe I should be more patient Iām not sure or start doing breakeven trades. But I have not figured out how to close a certain amount of a postion on oanda yet.
P.s. You are correct these bars look far smaller than the other bars on the chart I think I will zoom my chart out a tad.
:Stick with it my friend - we got a long way to go. Letās stick together & try to learn how this beast can feed us.:53: :54:
Cheers for the feedback on my charts. Bouncing charts & chatting about what we are seeing certainly helps me & I guess everyone else too. I see from your EU that you have used the BRN as your Resistance level. I have now added that to mine as well. Generally I will use the Round Numbers but in this particular instance, I went with the extreme Demand Level from Mid-Jan. There is still a decent value of pips available up to the 1.2700 should that happen although would be a minor success only.
Price has hit us 3 times with 2 of those fairy strong attempts. All have been repelled so that tells me that Sellers are still sitting at that level & there are not enough Buyers to carry on through and close above.
I guess we just wait it out & let PA do all the hard work for us - Then Pounce !!! (LOL)
The NU seems to have made its decision & now sits out in No-Mans Land. It can either retrace to that resistance then go short again , or continue to support & give us a Bounce away, or break on through the support, come back & retest as Resistance then continue short. Man - the options ???
It will tell us soon enough. Have a great day / nite everyone ( 9.48am here in NZ)
Unless im missing something you just have to set multiple orders and close each of them at the the different TPs, I donāt think you can close parts of a single position
So a number of days ago a 2bar formed on the EurCad daily.
EDIT: The chart is mislabeled as EUR/USD. The chart is actually of the Eur/Cad, my apologies, it has been a long day.
Hopefully the chart image here is large enough to see, the 2bar was almost half large as the most recent bullish surge, and it formed with a strong resistance line halfway through it.
I decided to enter after a break of a few pips on the bottom of the 2bar. My order was filled at the green dotted line, and the red dotted lines are, from top to bottom, my stop loss, TP1, and TP2. The solid red lines are the nearest support and resistance I could find.
What do the veterans here think of this trade? It spent a lot of time going against me, but I set my stop loss and lot size such that I was comfortable holding the trade until it hit my stop loss if necessary, but every night I checked it, it wasnāt far enough away for me to really warrant getting out early, despite the lack of movement in my favor.
The way I see it, the trend was strongly down until 3 days prior to the signal. Although the signal made a Higher high, there is still an incredibly large bearish pin 3 days ago which strongly rejected the high of the 2bar, and Iāll keep my bearish bias for this pair.
Was this sound? While I know we donāt talk too much about trade management, do the veterans think I was sound in my thinking to keep the trade running this long?
What is your bias for the EurCad?
The pin bar looks fine to me. My only concern is the R/R ratio. I donāt know the weight distribution of your positions for TP1 and TP2, but anyway the R/R must be more than 1/2, which is not good enough to me. And that R/R is in case TP2 is hit. If TP2 is not hit, then the R/R will be higher.
Just my 2 cents.
Okay so this is not trading advice but thought I would make a comment because I know heaps of traders are in this short trade.
The best way around this problem is to write out a trade management plan before entering the trade. Now you have to write it down and you have to do this before entry! Not after. Doing it whilst in the trade will cause you to make bad choices, because when money is on the live we act and think differently. This plan should say exactly how you plan to manage the trade. For example do you move to BE? Where are profit targets? When your first profit target is hit how much do you take off etc etc it needs to detail exactly how you are going to manage the trade. Once in a trade all you have to do is follow.
Now as for this trade. Why would you/anybody be contemplating exiting now? You have to ask yourself has something changed in this trade thT changes the original trade?
You entered off the 2 bar. This is still valid and mow there is another pin bar rejecting the sane area. Resistance is holding. So the reasons you entered this trade ate still there.
Price is struggling to break lower but you get the feeling if it does price may fall quickly into the recent lows. Remember this: the longer the range or price winds up, the bigger the break out normally is.
I donāt know what will happen and am not in this trade. The reasons for the trade are still valid and I think people are starting to pannick because price had not moved. Take a deal breath and walk away.
Good luck to the people in this trade.
Johnathon
Hi Casey,
Isnāt it neat to get a solid answer from Johnathon. Without advising you one way or the other, he has clearly explained why you & others have entered this trade . I certainly agree that you let it chug along. There has been the new High made and until the low identifies itself to complete this current swing down, there is no reason to pull out. As it is - you have suffered the big surge towards your stop already and this was very strongly rejected by the sellers. Accoring to my calculation , you must be somewhere near 40 pips in profit so it is now a matter of applying your trade management . Good trading with this one. I am urging it downwards for you mate.:35:
This EU shows a BEEB but I did not take the trade as I considered that these bars were too small compared to recent PA. Regardless of whether it would be profitable or not, does the BEEB high have to be the Highest High in this swing upwards .???:45:
Actually, you can 
[ in MT4 ]
In the close order dialog (the one that comes up when you want to manually close a trade), you can specify the volume (lots) to close. By default, the value there is the total volume in the trade, but you can specify a (lower) value to close out part of the trade.
Though I personally prefer the method youāve said (multiple orders, multiple TPs)
Cheers!
anyone have position size calculator software for mt4??
or just a software 
Thereās an MT4 indicator for position sizing at the bottom of this page: Position Size Calculator, Forex Position Size Calculator
( the page also happens to be the online version of the position size calc )
Cheers!
Hi meadsie,
In this scenario, Iād prefer that the BEEBās high be the highest high in the swing.
Iād also like if the BEEB closed lower still.
These characteristics would make it commanding, clearly signaling a turn to the downside.
As you said, it may still end up working out, but itās not for meā¦ [also not at my S/R level yet]
Cheers!
Thanks for that mate. I have been reading up on Engulfing Bars but there is no specific direction that the H or L be the extreme of the swing. I agree with you - it makes more sense that the reversal comes from the swing High or Low.
Attached is my take on the AJ. Waiting for bar close to see if any PA . If not tomorrow then next day perhaps?
What do you reckon ?
Youāre right, thereās no specific direction about the H/L being the extremity of the swing.
IMHO, the good ones Iāve seen are usually like that, so it basically discretion (and that the setup be at swing high/low)
For AUDJPY, Iām also waiting to see what happens today/tomorrow!
Price is at my D1 S/R, so i will be switching to H4/H8 to see if any (big & obvious) long PA appears
Hi peeps,
Does anyone know how this thread can be archived ( posts, charts and all ) into an offline version, e.g PDF?
