hi…could anyone tell me about the exit points (tp) in the price action?when we enter, when should we close the trade?
Only thing I fear with the EU/D is that we are seeing higher lows instead of a 1,2,3 setup. It may be in a new uptrend. We will see if we get a price action signal at 1.2700
This is a nice distinct 2BR which allows to join the trend off of a retracement. I set on TP and another one a bit lower. Have not decided on my stop loss. Hoping this is a good setup feel free to give feedback
Not every trade will win with every method. It may have been some recent news driving the market, it may just be that the market does what it will, and does not always behave the same way.
This strategy works on high probability patterns for success, but there is always a small probability of the trade going sour.
My question, instead of why did these lose, is are we seeing a reversal of the trend, and can we legitimately call the rangebound behavior of the last few days a legitimate new high/low (respectively) and use these new engulfing bars to enter the market in the opposite direction?
In general I do agree with CaseyAR. With our method we have an edge on the market and will, in the long run, win far more trades than we lose. Not every trade can be a winner.
But, and this comes from a newbies point of view, the trades did what we could expect.
CADCHF:
2BR + Pinbar (not sticking out though)
Trouble zone on the left
SL not yet hit
=> Two possible scenarios depending on your trading plan:
- Nothing happened. Trade is still going
- TP1 somewhere around 0.97200, SL to BE => +20 pips, rest closed at BE by now
EURCAD:
2BR + Pinbar (not sticking out though)
Trouble zone around 1.23500 on the left was hit
=> Two possible scenarios depending on your trading plan:
- SL hit. Take the loss and move on.
- TP1 somewhere around 1.23500, SL to BE => +30 pips, rest closed at BE by now
The reason why I didnt take those trades is because I am just starting and was insecure because of all the choppiness on the left. I hope my approach is not completely wrong. But please correct me if it is.
Thanks ni1990 r comments, however I am not totally convinced these trades failed due to trend change. I could totally wrong but it certainly needs something more to it to b convincable.
Let us take for example the EURGBP attached, if you look at the full picture of chart:
- The major trend is down
- It is mostly under 50SMA
- On a strong S/L line, which happens to be a 50% fibo level as well, and W S1 pivot line
- PA Pinbar on 31 Aug,
Any comments ….
I took the Eur/Cad trade on the 2 bar, as it was at a significant S/R level, was large enough and was with the larger trend. However, the recent higher high had called the recent trend into question, and I entered anyway.
Let this serve as a lesson to the new traders here, or people new to this method. This is not a method where you take every possible setup. If it is not 100% convincing, in this case the higher high calling the setup into question, you’re probably better off not taking the setup, there will be more.
In the same vein, I will not be going long off of the recent engulfing bars, as the possible lower-low for the 1-2-3 setup for trend change confirmation is too ambiguous for me to bet more money on.
As for Wafikjabra, that chart is a bit different form the two previous examples as it does not have as clear of a consolidation period, nor does it have an engulfing bar as the most recent bar. That example does look much clearer to be in line with the long term trend. If your trade lines up with the long term trend thats great, but with this strategy we are much more focused on the recent trend, as I understand it.
Greetings Wakif,
My input is that your trading a pinbar that is not at the very top of this swing. They must be stand alone & stand out quality to entice us into a trade. Your pin is pretty much in no-mans land & a choppy zone. Pins are a reversal signal at the end of a swing. That said, the 2 currencies you have chosen here are mirror images of each other. You have virtually taken a double up trade - if one loses, the other will also ( generally ). Place the 2 charts on top of each other so to speak and you will see exactly opposite movements. Hope I have helped here.
Have a great day .
Meadsie;)
Hoda - Entries, exits & profit targets are a personal decisionand will depend largely on the strength of the signal bar(s). Basic rule to exit (TP) is at the 1st available zone of support or resistance. Entry is where you are comfortable also, usually 1 or 2 pips above or below PA signal although some members here go out as far as 6 - 10 pips. On a daily chart even 6 -10 is pretty acceptable when you consider the possible reward. Johnathon does not have a set rule for taking profits - each trade should be managed according to what you have laid down in your own rulebook. Probably the best advice I can give is NEVER let a winner turn to a loser. Take what the market will give you and protect yourself always. A breakeven trade is a good trade.
The 1st 30 -50 pages of this great thread will offer you many pearls of wisdom.
Trade well my friend;)
meadsie
[QUOTE=kytan91;393208]anyone have position size calculator software for mt4??
or just a software :p[/QUOTE]
Hi kytan91
Try this on for size. (Attached) Lot Size .mq4
G
:Good Morning Bigd -
" Only thing I fear with the EU/D is that we are seeing higher lows instead of a 1,2,3 setup. It may be in a new uptrend. We will see if we get a price action signal at 1.2700[/B]"
I agree - I think we are making Higher Lows. Warriors on both sides seem to be happy where price is at the moment. If they break upwards and can take out that 1.2700 , there would be a good case to watch for further longs on the retest .
Until one side makes a strong move ,we may be stuck in this no-go zone.
“This is a nice distinct 2BR which allows to join the trend off of a retracement. I set on TP and another one a bit lower. Have not decided on my stop loss. Hoping this is a good setup feel free to give feedback”[[/B]
I do not normally watch this pair but thought it would be good practice to try & read what it is telling me. The 2BR reversal is definitely at a strong zone and IMHO would b a good signal if only the bear bar had closed lower. I think there were still enough buyers there to push price back up from the lows. As for the PinBar - again this is a reversal signal but should be the swing high of this move. It sort of sits in the channel too & did not excite me at all. In fact this latest Pin is a better formation but would been better if the down move was stronger. Just my take on things . :33: :22:
CADCHF shouldn’t have been stopped out anyway if you had the stop just above the tail of the pin. I took the EURCAD sadly so im out 
Hey all,
I did not see this trade posted in here so thought I would post it as it was an very good setup. (Sorry If someone has posted but I have been through all pages and have
AUDUSD 4HR
It seams lately people are really picking the complicated setups but possible missing the very simple ones. This setup was very simple and also had a lot of thing going for it. It was old support turned resistance. This was with the trend and very solid Pin. Price has now moved much lower and given traders a chance to take profit or move to BE for traders looking for the big kill.
Safe trading all,
Johnathon
Great spot and trade! Well done.
Some times we just have to say that oh well it did not work out but not in this case. These were not inline with the pins we get people to try and trade. They did not stick out at all and they should have been out and sticking away from all other price.
I watched both of these forum and when price forms a Pni still within the price is it a trade the sucks in a lot of traders.
Look at the difference to the Pin I just posted that I took on the AUDUSD 4hr chart. Can you see the difference? Price sticks out and is very obvious/clear on aussie. On the setups you have posted up price is stuck back in the pack.
I cant add links but I have done an article about price action setups that suck traders in and this is one setup I talk about. Youy may find this article interesting.
I think this is a good trade for you to learn from.
I have attached two example below. See the difference to the pin on the right and how it sticks out?
Safe trading,
Johnathon
Waf, great work on reviewing a past trade to understand why it went wrong…do it everytime!
while reviewing …
1)Learn learn learn from this trade what went wrong, what you may have done wrong, ask yourself was this a high probability setup and as most said it wasn’t. Write it down in your journal/plan. A few excellent responses on here from others why it may have gone wrong.
2) Understand it doesn’t matter how many techincal indicators, PA signs, fundamentals, seasons, moons aligning, etc say its a buy you can still get it wrong. Just ask yourself was it a high probability setup and did i make a solid good decision at the time. If so and still get it wrong understand it was still a good decision with an edge.
3) Take full accountability for your decision, don’t blame others. (I am not suggesting you are blaming others I am just pointing this out)
Just on the importance of #3…I know a person that is constantly following other peoples’ systems and never makes his own decisions on trades. Has paid $10Ks to other people for many different trading systems. When I ask him how its going he always says such and such told me to take this trade and it didn’t work. You could imagine his results at the end of the year, however it doesn’t seem to bother him, because he just blames it on other trading companies have made these recommendations and ‘they made the losses’ not him so its ok.
Hi Johnathon,
Thanks for your post. I did notice that pin bar in the AUDUSD pair. However, I was reluctant because it seems to have a very narrow pull-back after reaching new low at around 1.0220. I think you said that we need a decent pull-back so there’s more room for the pair to move. Could you please elaborate? Thanks a lot.
Yeah there is nothing to trade off of here yet you’d have to wait for an exhuation candle such as a doji or a hammer to confirm the pullback with a close above that candle this is a sit on your hands pair at the time this chart was put up probably way better set-ups to trade on other pairs
Well spotted Dude,
I couldn’t resist dragging a chart of this up to look at. Mine shows it is currently +36 pips approx. You must have real dedication to go through all of the charts available.? Awesome work.
About the only thing I can offer tonite is my take on the Aussie which will have bar close in about 12 hrs from now.
Patience is a real virtue as they say.
Nearest I can get to the AussieDollar is this AussieYen. Only a possible 2br so we will wait & see ?
