Btw, dudest you are still commenting on this thread! good to know! by now you should be very good at this already!
I sure hope so! hehe
Anw, this is my first comment here and below is a 1HR EUR/USD chart. What i think is that price would retrace back up and we look for PA signals and Sell at the new resistance area? Please correct me if im wrong!
Also i will continue to read this and try to finish reading the thread asap and absorb as much as i can!
Yes, I trade Fridays live, I set orders after close or during the weekend, thereās also possibility of what dudest wrote - wait for a while and enter after Asia session (for me itās in night, so I donāt do this). The reason I have written it is simple, itās idea - if you can not recognize Friday bar at history chart, I think the validity or meaning of setups are still the same, there could be reversals, low or high volatility but this can occur on any other day, thus because of this I find illogical to avoid Friday (daily) bars.
Kind of interested in what GBPUSD is going to do on the Daily Chart. Seems like a good point to come in with the BEEB and a strong bearish bias on the weekly.
Your right about the CADJPY pinbar that it didnāt retrace down which is also the reason it doesnāt have alot of space to move into.
Noticed this aswell when posting the charts and reading them again the next day.
I wouldnāt be trading the setups anyway but it is very nice to hear opinions from others about the setups.
Expands my view when looking at pros and cons for setups to come.
For profit taking, we should always set a limit order at our target profit, however with limit order, wouldnt it limit our room for ālet profit runā?? (we couldnt maximize our profit on a strong trend), can anyone help me out on this?
[QUOTE=āTkMpZ;491736ā]For profit taking, we should always set a limit order at our target profit, however with limit order, wouldnt it limit our room for ālet profit runā?? (we couldnt maximize our profit on a strong trend), can anyone help me out on this?[/QUOTE]
Split the trade up into 2 or 3 different positions with different TP
Thanks to all that responded to my earlier post. That has promted further thoughts, namely about how we ātrade-offā set-up requirements.
As a newbie trying to be disciplined and learn etc, my priority order of issues/requirements for a trade are:
Place support and resistance linesā these are the hightest priority because I think that you want to place these without any consideration of other factors. I give myself only a few seconds to place two lines. If its not obvious and I cant do it in only a few seconds then I start to āseeā s/r lines that might not be there. Look for clear peaks and troughs. This is number one because you cant trade swings if there is no āmacroā indication of where swings might occur.
Trade with the trend ā difficult at times because there might be a longer term clear trend, but a medium term opposite trend with its own retracement. I fall back on Elliot wave theory, looks for the clear 1,2,3,4,5 pattern forming, and remember that your looking for HHs and HLs (for an uptrend) (sometimes we get every indicator that we want except we forget that we havenāt completed the L, H, HL, LH pattern in the case of an uptrend or the H, L, LH, LL pattern in the case of a downtrend). This is number two because its another āmacroā component of any set up.
Swing points - Once I get the trend right Iām looking for clear swing points ā that means Iām looking for highs and lows that are not tucked in amongst individual bars. For me a high and a low is not one bar, itās a series of bars. In the case of a swing high, if I can remove the peak bar and it still looks like a swing high, then thatās good, but if I remove the the peak bar and what I see is really just sideways movement, then its not a swing high for me. This is three because even with an amazing candlestick (eg large pin bar, if its not in context then Iām not sure why the market is making such a price action candle in the first place.
Retracement ā looking to see retracement back to a s/r that also has some confluence with a fib level or big round number or both! This is less important, but still more important that price action for me. As above, if you have price action, but its not at the end of retracement, then its probably against the trend, or not at a swing point.
Price action ā this , as jonothan and others have indicated, is where Iām looking for very clear bars etc. But for me no matter how good the price action is, if I donāt have 1-4 above, I donāt trade.
Now what I make of all this is that these rules limit trading opportunities ā and I note that jono et al have also indicated this to be true.
SO, what seems a natural tendancy if for us to ātradeoffā some of these requirements to get into more trades ā for example I note that Jono et al also trade against the trend when conditions suit. So from what I can tell, they value price action above trend, at times.
In fact below is an example of Jono identifiying a relatively big pin bar (page 358 of thread), but on a place in the chart that is clearly not a swing high. In doing so heās valueing price action above swing points, I think?
Now, I want to be clear ā I am not questioning the validity of the ātrade-offsā. Iām fairly new to all this and think that youāre all doing a great job. But to help me learn, Iād like to understand how others see the trade-offs?
You can see more clearly S/R levels on biggest TF. That is the reason for change it. On 1H you have many fluctuations on price and you can confuse yourself. For example (EurUsd) - I would have waited for the euro to reach 1.30 and sell it with some BEEB or strong PB (On daily chart) or 1.2930 on 4H chart
In my earlier reply to you, i intimated that itās best for you at this stage to operate off the Daily chart
PA on higher TFs is more reliable, and D1 will aslo enale to develop the eyeballing and patience needed for swing trading
With regards to your trade: i dont see any obvious PA you were trading off of
And are those pivots on ua chart? We dont use those, just support and resistance
To cap it off, and A+ cake is baked using the following ingredients:
Key horizontal S/Rlevel (the level is first and foremost)
Large and obvious PA at said level and at correct swing point
The PA should preferably be with the trend
With regards to SL: we do not pick a lot size arbitrarily, we base it on the size of the SL and our percantage or dollar risk
With a fixed risk (e.g 3pct per trade), the bigger the SL, the smaller the lotsize. So u can take a trade with any size of SL
Search the thread (or google) for position sizing calculator, youāll see what thatās about
bt ok iāll try change to daily.
