Forex Price Action

dudest · May 20, 2013, 4:29am

Wow, thanks guys for the congrats and appreciations, warmly appreciated

forbiden · May 20, 2013, 4:29am

The other positions that I wait is NzdUsd,CadChf and GbpAud.
NzdUsd 4H chart

CadChf 4H chart

GbpAud 4H chart

The only thing that bothers me is traffic on CadChf.
I will be very happy to hear your comments.

forbiden · May 20, 2013, 5:01am

Dudest, what we do now with AudChf

Spongybob · May 20, 2013, 5:13am

Nothing, not a convincing close. Pass for me!

Spongybob · May 20, 2013, 5:18am

Congrats old mate!

dudest · May 20, 2013, 6:32am

Thanks old friend

krugman25 · May 20, 2013, 1:56pm

Great honor, congrats Dudest

jackson905 · May 20, 2013, 5:29pm

dudest:

Hallo Jackson,

In my earlier reply to you, i intimated that it’s 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, you’ll see what that’s about

Cheers

Thanks for the advise!

Here is a SGD/JPY pair that may be coming up. What do you guys think? Now ive switched it to the Daily and this pair looks like having a Gd Support to me

Jack.C

jackson905 · May 20, 2013, 5:30pm

Its great to see the old members are still here! Has just started reading the thread!

ansunirmal · May 20, 2013, 5:40pm

Watching…counter trade

eadesy77 · May 20, 2013, 8:45pm

Hi is there a valid BEEB forming on the NZD/USD 4H? Sorry I havent been able to work out how to upload a chart. Trade to go short I see a nice pullback to resistance area.

Thanks

Shannon

traderamateur · May 20, 2013, 11:45pm

Interesting countertrend BUEB Silver D1 off a good level. What do u think guys?

Wookie1985 · May 21, 2013, 12:59am

[QUOTE=“traderamateur;492175”]Interesting countertrend BUEB Silver D1 off a good level. What do u think guys?[/QUOTE]

Personally I’m still a newb so wouldn’t take it as it’s counter trend but would be interested to know how you would manage it, it’s a big pin and the stop would be huge unless u either tried to play a retracement or used the 61.8 level of the bar

traderamateur · May 21, 2013, 1:09am

Stops dont bother me as much since i use a position sizing calc. Howevr if i were to take this trade i would tweak my stop to below a respected BRN more than 2/3 down the wick. I dont do retracement entries. Period. That is one of the key benefits of learning johnos method. Wonder if dudest is out there…

Wookie1985 · May 21, 2013, 1:24am

Stops dont bother me as much since i use a position sizing calc. Howevr if i were to take this trade i would tweak my stop to below a respected BRN more than 2/3 down the wick. I dont do retracement entries. Period. That is one of the key benefits of learning johnos method. Wonder if dudest is out there…[/QUOTE]

So then your target area is around 24.5 somewhere? Would you just use 1 position or split the trade up? Just seems a bit risky for me as if you just play the break to that target the RR isn’t great with that bigger stop. I also use a position size calc but my point wasn’t the monetary value of the stop more the fact that it seems like a risky trade against very strong momentum with not that large a reward if it did work, only my opinion

traderamateur · May 21, 2013, 1:38am

Thanks a lot for your reply. I would of course always have two split positions targeting two different trouble areas. [U]I am not in his advanced course so it is NEWS to me that Johno teaches retracement entries for engulfing bars there[/U]. Now that is going to take me some time to digest…and think through. So I wont comment on that. As far as my understanding of Johno’s method goes, there is not much worry about RR, it is about picking high probability entries and trading with confirmed price action upto the next first trouble area with a reasonable reward. Wonder if ANY OF THE SENIOR TRADERS HAVE DECIDED TO TAKE THIS LIVE.

Raj

As for me, I am still in the sidelines, with buystop order on my demo account and I have not yet decided my course of action in my live account. …

So then your target area is around 24.5 somewhere? Would you just use 1 position or split the trade up? Just seems a bit risky for me as if you just play the break to that target the RR isn’t great with that bigger stop. I also use a position size calc but my point wasn’t the monetary value of the stop more the fact that it seems like a risky trade against very strong momentum with not that large a reward if it did work, only my opinion[/QUOTE]

Wookie1985 · May 21, 2013, 1:48am

[QUOTE=“traderamateur;492203”]Thanks a lot for your reply. I would of course always have two split positions targeting two different trouble areas. I am not in his advanced course so it is NEWS to me that Johno teaches retracement entries for engulfing bars there. Now that is going to take me some time to digest…and think through. So I wont comment on that. As far as my understanding of Johno’s method goes, there is not much worry about RR, it is about picking high probability entries and trading with confirmed price action upto the next first trouble area with a reasonable reward. Wonder if ANY OF THE SENIOR TRADERS HAVE DECIDED TO TAKE THIS LIVE.

Raj

As for me, I am still in the sidelines, with buystop order on my demo account and I have not yet decided my course of action in my live account. …

So then your target area is around 24.5 somewhere? Would you just use 1 position or split the trade up? Just seems a bit risky for me as if you just play the break to that target the RR isn’t great with that bigger stop. I also use a position size calc but my point wasn’t the monetary value of the stop more the fact that it seems like a risky trade against very strong momentum with not that large a reward if it did work, only my opinion[/QUOTE][/QUOTE]

I completely agree with the high probability low risk trades and the RR not being so much of an issue, but it would have to be with the strong bearish trend to be really high probability, I mean all trends eventually change or have retracements but it is safer to trade with one that large IMO, just my thoughts anyway mate and I’m still learning so don’t put to much stock in them. Wish u luck if u do take it live

eadesy77 · May 21, 2013, 2:02am

Hi,

Re my post at 10.45am today for the NZD/USD could it be a 2 bar reversal on the daily chart to go long? This would be in with the long term uptrend? Sorry on the daily chart

Thoughts please .

Thanks

Shannon

Wookie1985 · May 21, 2013, 2:06am

I wouldn’t class it as a 2BR because of the gap, the pin formed from the 2 bars would have 2 bodies, again just my 2 cents

eadesy77 · May 21, 2013, 2:34am

Thanks wookie sorry I edited my post I meant on the daily chart.

Thanks