Forex Price Action

[Ang101]

Paddymctaff nice spot dude about GBPUSD, its why im not taking that trade either

[szatek]

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

I was hoping for other people’s opinion. Not necessarily forex school online

[bitizhu]

Hi szatek!
I would expect 83.20.

[szatek]

Hi szatek!
I would expect 83.20.

Any specific reason for that ?

[Paddymctaff]

Paddymctaff nice spot dude about GBPUSD, its why im not taking that trade either

Thanks. Getting there slowly but surely I hope. Be interested to see if anyone else agrees as well…?

[dudest]

You on this Aussie/Yen pair Dudest?

Hi Bryce! Yes. Took GBPUSD and AUDJPY

[dudest]

@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?

Hi Paddy,

Wasn’t too worried about it (used the level to take some profit off though)
I really thought it had a chance of hitting 1.5900 (came within 8pips of target!)
All my positions are now exited (at partial profit or breakeven)

Cheers!

[szatek]

God damn you bullish candle on AUDJPY 4H chart. Still holding on to the trade.

[dudest]

@szatek

First target price at 82.69 ?

Hi szatek,

My target TPs for this AUDJPY trade are around 83.60 and 82.53
Reasons: purely because they are the next S/R levels on the way down

PS:

-> I don’t have a fixed pre-determined risk:reward ratio when entering a trade ( I believe the point of learning to pick A+ trades is that they have a high probability of delivering worthwhile risk:reward )

-> I set my stop loss beyond the setup I’m trading ( e.g in this case, 10pips above the BEEB’s high ) and set TPs at the next relevant S/R levels. ( If it was a bullish setup, the stop loss would be 10pips below the low of the setup )

That’s how i do it.
Cheers!

[szatek]

@dudest

Hi szatek,

My target TPs for this AUDJPY trade are around 83.60 and 82.53
Reasons: purely because they are the next S/R levels on the way down

PS:

-> I don’t have a fixed pre-determined risk:reward ratio when entering a trade ( I believe the point of learning to pick A+ trades is that they have a high probability of delivering worthwhile risk:reward )

-> I set my stop loss beyond the setup I’m trading ( e.g in this case, 10pips above the BEEB’s high ) and set TPs at the next relevant S/R levels. ( If it was a bullish setup, the stop loss would be 10pips below the low of the setup )

That’s how i do it.
Cheers!

Your targets make a lot of sense. Cheers.

[dudest]

God damn you bullish candle on AUDJPY 4H chart. Still holding on to the trade.

Don’t worry about it, no need to take God’s name in vain

As long as you have traded it according to your plan ( SL, TPs ), don’t even watch it; let it’s A+'ness do the work for you.

If it’s indeed a good setup (i.e, a good pointer of direction market wants to go), it will work its way down.

Even in worst case scenario, even if it stopped us out, we would not have beaten ourselves at our own game

Cheers

[Forex_School_Online]

Don’t worry about it, no need to take God’s name in vain

As long as you have traded it according to your plan ( SL, TPs ), don’t even watch it; let it’s A+'ness do the work for you.

If it’s indeed a good setup (i.e, a good pointer of direction market wants to go), it will work its way down.

Even in worst case scenario, even if it stopped us out, we would not have beaten ourselves at our own game

Cheers

Heya,

I have to agree and also add something here which some people don’t realise and never actually stop to think about.

No system or method in the world is 100% correct. None. And the reason why is because of how price works. Price goes up or down by other traders either bidding it up or down. Think of it this way we need other traders to make us a winner or a loser.

We can do all the research in the world and then some lot of traders can come in and change everything. When someone says to “this will happen” or “that will happen” you ask then next time: “Do you know exactly what every trader in the market is going to do at every second do you?”

This is why correct money management is so impornant and why never risking to much on one trade or doubling up on risk etc is so important. No matter how great a trade looks we can never know if a trade will work out or not! We can know however that over time the % are in our favour and that if we keep playing the A+ trades that over time we will be successful.

So don’t stress about the individual trades. They are not important! It’s all the trade put together over time that matter. This is why I stress so so so so so so much all the time to everyone in here that you may get away with things once or twice but overtime is what matters and over time bad habits will come back and bite you . Good habits however will serve you well.

Safe trading and good night,

Johnathon

[teb5108]

We can do all the research in the world and then some lot of traders can come in and change everything. When someone says to “this will happen” or “that will happen” you ask then next time: “Do you know exactly what every trader in the market is going to do at every second do you?”

As soon as someone tells me they “know” where the market is going, even in the next hour or so, that is when I know they aren’t a successful trader.

[Ang101]

Looks like AUD/JPY is finally starting to move in our favor.

[szatek]

Next 4HR bar has not closed yet so hard to tell IMHO.

[Alienonweed]

Do you guys hold trades over the weekend? I understand Johnathon covers trade management in his course and might not want to discuss this but for the other guys, how do you treat weekends. Especially in the current case with Aud/Jpy that isn’t deep in the money.

[dipak]

Do you guys hold trades over the weekend? I understand Johnathon covers trade management in his course and might not want to discuss this but for the other guys, how do you treat weekends. Especially in the current case with Aud/Jpy that isn’t deep in the money.

Personally I hold over the weekend. If there are summits over the weekend and I have a trade that’s in profit I may decide to take some profit and move stop to BE or just move my whole position to BE. The market on occasions may open up on Sunday evening with a price gap which can play to your advantage if it gaps in your trade direction

[Forex_School_Online]

@Alienonweed

Do you guys hold trades over the weekend? I understand Johnathon covers trade management in his course and might not want to discuss this but for the other guys, how do you treat weekends. Especially in the current case with Aud/Jpy that isn’t deep in the money.

Hey all,

as you know I am personally in the AUDJPY trade and yes I am holding in this one over the weekend. This is a trade by trade scenario and this has not hit targets for me so am happy to let this ride a little longer. For me this is below a very important level on the daily chart and whilst this remains the case I am happy to let this trade ride lower.

See chart and level I am talking about:

Safe trading to all,

Johnathon

PS: Great to see this thread kicking along nicely. Great work to all involved!!!

[ywboo3]

[QUOTE=dudest;340979]Heads up:

Hi dudest
This is a thank you note. Cos of our heads up, I was able to catch hold of this GU setup. Though it’s on a demo account, it still feels great to make a profit after a series of losses

Thank You!

To return you the favour, I noticed there is a sort of evening star setup in USD/CAD. May not be appropriate in this thread as it is not advocated in FSO. If you are interested, you may wish to take a look. Just note that I am a true newbie here on a demo a/c and can be very wrong as evidenced by my declining account.

[ajyong830]

[QUOTE=dudest;340979]Heads up:

Hi dudest
This is a thank you note. Cos of our heads up, I was able to catch hold of this GU setup. Though it’s on a demo account, it still feels great to make a profit after a series of losses

Thank You!

To return you the favour, I noticed there is a sort of evening star setup in USD/CAD. May not be appropriate in this thread as it is not advocated in FSO. If you are interested, you may wish to take a look. Just note that I am a true newbie here on a demo a/c and can be very wrong as evidenced by my declining account.

yeah,i noticed evening star in usd/cad daily time frame