Forex Price Action

[Ang101]

If you had to trade only the 4hour time frame, how many trades do you think you would get a month on average?

[bhops]

If you had to trade only the 4hour time frame, how many trades do you think you would get a month on average?

4-6 a think would get the job done.

[Ang101]

OUCH, I was thinking in the region of 15-20. Johnothan says he gets that many from daily.

[Alienonweed]

@bhops

Combining or candle blending sometimes gives us the PA we seek but not always. I’ll post up the 12 hour version.

As I say don’t get me wrong, a really lovely level to play from, but respectfully I’ll disagree, the PA around this level didn’t scream long or loud enough to be traded. At least not for the style of trading we are trying to endorse in this thread.

It is frustrating I know when you have finally reached a level you have had marked out, sometimes for days, and to then not get the level of PA you had hoped for, but as Johnathon is trying to endorse, it is those who have the discipline to sit on their hands and wait for all the stars to align who will consistently make money over time.

Thanks bhops. I agree with your comments and its a problem I’ve noticed in my trading. I’ve found myself taking trades that in retrospect weren’t ‘shouting out’. I think the problem is that these levels have been penciled in prior to price reaching it. Because I’m anticipating what will happen when price does reach them I end up seeing my preconceived idea and what I want to happen instead of what the market is actually doing. I suppose it boils down to patience and discipline in striving towards becoming a consistently profitable trader.

I don’t want to keep flogging this already dead horse but I suppose it doesn’t help that different brokers have different charts and the one that I was looking at showed a different 12hr chart.

[bhops]

OUCH, I was thinking in the region of 15-20. Johnothan says he gets that many from daily.

But think about it though.

Say you have 3 months of trades with just over 2:1 R/R and lets say the average winning trade is 60 pips.

But as you take only A++ trades your winning ratio is 80%.

So over 3 months X 6 trades/month is 18 trades.

18 trades X 80% win rate is 14 winning trades. Remember our winning trades were 60 pips. So 60 and 14 is 640 winning pips.

Plus you have 4 losing trades at 30 pips each (as it is a 2:1 winning ratio so you have 120 pips to claw back equals an overall winning amount of 520 pips.

Now at a modest $10/pip you have made a lazy $5200 bucks with very little effort. In reality it could have been a lot more if it was compounded and it all depends on what your account size, but the point I make is you don’
t have to take a bunch more trades to make more money, just stay mores disciplined to wait for the bst trades.

[dudest]

@Alienonweed

It wasn’t the ‘pinbar’ alone that I was looking at. That was just an indecision candle. If you combine the 2 candles surrounding the pinbar I think that’s pretty decent price action. Combining the 3 we have a strong pinbar on a ‘12 hour’ candle don’t you think? I don’t know how to put up 12 hour charts so I just kinda do it in my head.

My 12-hour is posted below (no pinbar)

Steps in MT4:

1. Open H4 chart
2. Under Navigator ( “View” > “Navigator” ), expand “Scripts”
3. Drag “period_converter” into the H4 chart, set ExtPeriodMultiplier value to desired value [ e.g in this case, 3 => 4x3=12 ] and “OK”
4. Go to: “File” > “Open Offline” => you’ll see, for example, “AUDJPY,H12”; select and click “Open”
5. Voila, new chart in desired timeframe opens (as offline chart)

==

[bhops]

@Alienonweed

Thanks bhops. I agree with your comments and its a problem I’ve noticed in my trading. I’ve found myself taking trades that in retrospect weren’t ‘shouting out’. I think the problem is that these levels have been penciled in prior to price reaching it. Because I’m anticipating what will happen when price does reach them I end up seeing my preconceived idea and what I want to happen instead of what the market is actually doing. I suppose it boils down to patience and discipline in striving towards becoming a consistently profitable trader.

I don’t want to keep flogging this already dead horse but I suppose it doesn’t help that different brokers have different charts and the one that I was looking at showed a different 12hr chart.

Yeah you are right it doesn’t do much good to keep flogging a dead horse.

[Forex_School_Online]

But think about it though.

Say you have 3 months of trades with just over 2:1 R/R and lets say the average winning trade is 60 pips.

But as you take only A++ trades your winning ratio is 80%.

So over 3 months X 6 trades/month is 18 trades.

18 trades X 80% win rate is 14 winning trades. Remember our winning trades were 60 pips. So 60 and 14 is 640 winning pips.

Plus you have 4 losing trades at 30 pips each (as it is a 2:1 winning ratio so you have 120 pips to claw back equals an overall winning amount of 520 pips.

Now at a modest $10/pip you have made a lazy $5200 bucks with very little effort. In reality it could have been a lot more if it was compounded and it all depends on what your account size, but the point I make is you don’
t have to take a bunch more trades to make more money, just stay mores disciplined to wait for the bst trades.

I am gonna be super lazy as I am just way out of time and it is past 1am here as is but basically agree and would say exactly what Bryce has said in last 3 posts (including this 1).

nice stuff to all,

Johnathon

[Ang101]

Ok, we need some kind of heads up here.
Like if we find a BEEB ECT we post something like, HEADSUP BEEB EUR/USD 4H.
Sometimes im sure you not going to have enough time to post the chart with targets ect ect.

What you guys think about that?

[Alienonweed]

Ok, we need some kind of heads up here.
Like if we find a BEEB ECT we post something like, HEADSUP BEEB EUR/USD 4H.
Sometimes im sure you not going to have enough time to post the chart with targets ect ect.

What you guys think about that?

Good idea Ang101

[Alienonweed]

Couple possible areas of interest I’m looking at:

1. Nzd/USD: Looking for bearish action at upper bound of range on daily around 0,825. If it breaks above (which is looking highly probable), will be looking for a retest of that level for a long.

2. Cad/Jpy: Broke support at 82 level. Waiting for retest of this level for a possible short.

Any thoughts?

[dudest]

Heads up:

Cheers

[Spongybob]

Nice going Dudest

[bhops]

You on this Aussie/Yen pair Dudest?

[szatek]

I am
Hello everybody. My first post on this thread.

[bhops]

I am
Hello everybody. My first post on this thread.

Welcome welcome and don’t be shy to post up any trade ideas or questions. There are some really good people in this thread who will help you out.

[Forex_School_Online]

@szatek

I am
Hello everybody. My first post on this thread.

Welcome Statek!

Hey all,

So now this pair has moved along I can post it up in here. I need to say this to make it clear for all. To be fair I do not post live trades in here. I only post live trades such as this one on the AUDJPY for my members at FSO forum. I do still post trades after they have been and gone in here as this can still help traders learn what is trade able and what price is all about.

Anyway here we had a nice BEEB on the 4hr chart with the strong momentum/trend and at a key area and pullback zone.
Dudest did cover this trade along with a few others and this for me was the pick of the bunch.

AUDJPY 4HR CHART

[Paddymctaff]

Dudest on the GBP/USD are you shorting that and targeting the BRN of 1.5900? Are you not concerned about the swing high at bout half way in that range around the 1.5925 mark?

[szatek]

@Forex_School_Online

Welcome Statek!

Hey all,

So now this pair has moved along I can post it up in here. I need to say this to make it clear for all. To be fair I do not post live trades in here. I only post live trades such as this one on the AUDJPY for my members at FSO forum. I do still post trades after they have been and gone in here as this can still help traders learn what is trade able and what price is all about.

Anyway here we had a nice BEEB on the 4hr chart with the strong momentum/trend and at a key area and pullback zone.
Dudest did cover this trade along with a few others and this for me was the pick of the bunch.

AUDJPY 4HR CHART

First target price at 82.69 ?

[Ang101]

szatek you not going to get the cake with the cherry ontop and eat it here.

Money management they only talk about in FSO forum. Fair in my opinion.

Later