Hi Andreiirk,
Zoomed out shot of the PoundAussie for you. At this moment there is no signal for a trade. I have simply outlined my personal view of the possibilities. The PinBar does qualify as an acceptable signal for me but the retrace that it has formed in is not that strong . I am inclined to leave my short order in place until such time as Price breaks the high of that Pin. The other option is for us to try & get in the trend going up. This will need Price to break this resistance level clearly and then return to test it as a support level before heading off back in the original trend direction. Going Long is the preferred trade if Mr. Price Action will give a good signal. I am not trying to guess what way price will head - all I am doing is trying to learn what the candles are telling me so I am better prepared to take action if an A+ signal confirms. Perhaps the masters can help us out with a comment or two.:59:
Hi Aman,
This BUEB should form at a swing low - this one is in the chop so to speak. There is a video in post #7 Page 1
that may help. Not saying this one would not succeed but it is not a High Prob. signal.
All the best
Or If I look at the above image… this most recent downswing, should I call it a correction or a pull back to the uptrend?
It is a lot bigger then the other two…
I just finished most of the articles from Forex school online. I am ready to demo trade on daily charts (as said in an article, as i have to take care of my day time job also) based on Pin bar, EB and 2 Bar reversals. I will create a routine to check daily charts and place orders and when possible to visit charts to manage the setup in daily charts.
[B]I was not clear still with one important point, which is SL and TP. where to setup SL and TP in every method (Pin bar, EB, 2 Bar) because i will not be watching my charts during my day time job.[/B]
I will post my charts as well to discuss with other forum members as well…
Hey Aariff. SL is typically placed at the base of the wick of the signal bar against the direction you’re trading. In the picture I’m attaching (bearing in mind that I’m just using them as an example because they are similar in formation) the orange lines denote where you would set a stop loss. The first would be if you were selling on a PinBar. The second would be if you are buying off of an EB or Reversal. Once those planes are broken, they are no longer considered a valid signal.
As for your take profit, your goal is at least 2:1 risk to reward ratio. So, double the distance between the price and the stop loss and make that your tp. That will change your dollar amount drastically depending on the volatility of the pair. So, change your lot size amount until you are using only as much money as you have decided is an acceptable loss in your trading plan.
Johnothan doesnt teach money management in here. It is covered in his course he teaches.
Iv got to say from personal experience, its very simple to place trades, the reason so many people fail is money management. I know some people use 1:1 or 2:1 ect ect but IMO its a load of …!
I could never understand why I wasnt doing so well even though I was reading the market with PA and thought I was taking rather good setups.
You can learn allot in here by just following, JUST do me a favor and DONT use a set 1:1 or 2:1. I cant explain how we do it for obvious reasons, but there is quiet a few non members in here doing a good job.
I’ve question about AUD/CAD daily, don’t mind the buy level, it is just an demo experiment, but what class of setup is this in your opinion? I’m not trading it because it seems me choppy but I’m total newbie. However it is from a short pullback with recent upward momentum. Thank you for your thoughts.
Hi there Belier,
My 2cents worth - there is no clear engulfing bar on my chart & it is more like a 2 bar reversal signal. But - IMHO we are in a downtrend and I will be looking to re-enter if Price can break this current support then re-test as resistance before resuming down trend. What do others see here ?
Aariff, have a read through this thread from very beginning, do not skip a page, and you will find a lot basic stuff on MM, as explained above - never in detail, but if you are a smart guy (and I bet you are, after all you are trading forex!), you will be able to get some rough idea on the subject you’re interested in.
LETS LOOK AT A LOSER !!
Just wanted to share this trade with everyone - My entry was a 2br off the 62 Fib and looking good to me. Went my way for around $260 before tipping me upside down completely - what went wrong ? I stuffed up - forgot one of my golden rules - missed checking FX Calendar. Red news from NZ ( was obviously good news but that is irrelevent )… Must avoid RED NEWS AT ALL TIMES. Hope this saves someone else from the same fate. :17:
