You are completely right, placing the same size on every trade is not logical in terms of risk management with Price action trading.
Thanks for your input.
Cheers.
I understand you new, but all the more reason you should start properly.
Account size x Risk% = Risk Amount Divided by stop is your Lot Size
Eg: $500 x 3% = $15 divided by 150pip stop = 1 micro (10cent lot size)
$100 x 3% = $3 here you can only have a 30pip stop = 1micro
Let the market tell you where to stop, not your account. So up your balance to sufficient amount of at least $500 as shown, or stay on demo until you can get at least that deposit.
My 2 cents
Donât push your self to do something like this, it makes you nervous and force you to take some trades that you shouldnât take.
Some weeks we have 0 trades , what you are gonna to do then ? youâre gonna to make some trades against the rules or you close your eyes on some of the rules .
Actually you 2 cents are very important. I didnât know this was the correct approach
I will re-read it carefully and come back for more questions
any link you advise me to read on that ?
What you are saying makes sense but, on the other side, I should be able to find at least 3 trades / month each for about 130 pips no ?
that should be fair enough for me
[QUOTE=âKasravi;526734â]I Hope no one got sucked in Cad/Jpy.
<img src=â301 Moved Permanentlyâ/>
Cheers.[/QUOTE]
Very close to, order never got triggered as it didnât break my buffer. Now cancelled as pin invalidated
i put an order in but thankfully it didnât get hit. seems like matthgm was the same. i always try to put my order at a position to confirm that there is a reversal and it seems to be working.
The high hasnât been broken yet, so my order is still in place, not looking likely though haha, but I will wait until the high has been broken before removing it.
Guys i am not an expert just a modestly profitable trader using this method exclusively. A lot of the new guys here are posting setups that are not A**. Please read atleast first 200 pages of this thread before even doing demo trading. I have read every post in this thread from beginning and it changed me completely even though i was already a price action trader for atleast 2years before johnathon showed me the light in this thread. Please read the first 50 pages before even asking questions. It will save your trading career.
I think I read the first 150 pages or so, and I made a word document full of notes from this thread and Jonathanâs website, actually 110 pages in a word doc haha. It has defo changed the way I trade too, I used to trade 15 minute charts, but will never go back, I love being able to place a trade and sleep at night and feel confident that it is going to hit my target.
Eur/cad daily
pin forming on daily.
Trend is up.
Pullback to broken resistance.
Still some time till candle close.:33:
I think it is a good setup. If the close is good i will take the trade.
I agree that this could form a very nice signal. I have been keeping my eyes open for a good Euro setup, but avoiding the USD until after this Friday. I think the EURCAD is forming a nice pin. My personal hope is that it would be able to close above 1.3900 as that is a near term resistance. If not it is still playable but would just have to be mindful of the overhead resistance, then itâs free flying until 1.4100.
This looks good 
Well spotted!
Johnathon pointed out that 1.3906 area as a kill zone on 23rd Aug. .
(So start sniping).
Getting a close above 1.3900 would be more pleasing.
Cheers.
Hallo Mselva!
Iâm glad this trade is working out for you. Looking at your charts it seems to me you went long before the break of the pin I strongly advice you to not enter setups that way, why? because our setup is only confirmed once the high/low is broken. We are taught to set pending orders instead of entering at market for a number of reasons:
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So the market can take us in if our analysis is correct.
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To reduce the number of times we get whipsawed. If you go back a few posts you will see that Kasravi put up a the CADJPY chart with a bearish pin at resistance. Those who set pending orders to get filled at the break of the pin got out with no loss at all because their orders werenât filled but those who decided to go short because a pin formed at a key level suffered a lossâŚan unnecessary one if I might add.
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This helps us not to stay glued to our charts.
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Setting pending orders insures that you donât experience slippage and you get filled at a good price.
These are the few reasons I could think of.
Good luck!
So the entry point should better be 1.3906 range rather than 10 pips above the nose ?