another suggestion here, actually it will be much better if you post your trade setups that lost you 50% of the equity, and also how you managed your SL and TP there. Jon himself always comes from time to time and gives suggestion on what went wrong and what to do in the future to prevent that kind of disaster ever happened again (within the context of this thread as there are things that I cannot discuss freely unless Jon specifically allows me to do that). What do you think? We all here could learn also from Coach Jâs advice.
Hi
I am a new Forex trader I want to know that in price action strategy anyone use pivot ( Daily, weekly or monthly)
Please tell me about Pivot point with price action.
Can I use pivot with PA?
So thatâs why dudest has been missing. I miss all his witty remark.
For newbies in this thread, allow me to introduce dudest as our local legend. His unofficial nickname among us is âthe fastest gunman in the westâ. And no, Iâm not making this up.
We avoid all indicators as they all are fancy calculations based on historical price. Pivot points are created from historical prices just like EMAâs, stochastics, etc. The best way to trade using price is to trade it as fresh and untouched as possible, which is why we use plain candlestick charts with key horizontal support and resistance levels.
If any one guide me pls.Infact i can not give attention to so many forex pairs i only focus to NASDAQ, & GOLD and got so many achivements in these two after applying PA in my trading. I Still waiting analysis for these twoâs.
If I understood you right,You are asking for examples where setups were big enough to turn the price around;
Eur/Usd
19.Dec.2013 Powerful pin reversed former push.
01.May.2013 another pin big and obvious enough which rejected resistance and slammed price lower
19.Jun.2013 Massive BEEB was big enough to turn around all that bullish move
I thought Id share what has helped me with staying on track. Im hoping you already have a trading journal and it took me some time before I actually started to write it down. Once I did though it helped allot.
Here is a basic version of how I log my trades, then at the end of the week I would go back and look at the trades I did. If you have a $500 acc size and risking 3% per trade, it gives you $15 risk per trade and that lets you trade any trade up to 150 pip stop.
The trick to making money is money management, so if your looses are higher than your wins OBVIOUSLY you gana loose money. As you can see, with a 60% strike rate and even at just 1:1RR your end results are very impressive. Seems a little but if you can average 6% per month you can double your account every year. Again doesnt sound like much on $500 but to double $50k a year it DOES!
Still 3 hours until NY close. We should typically wait until the candle is in the books because price can move. This is all speculation because the candle has not closed yet (for me at least). Not even going to pay attention to it until 5:01 PM EST.
Remember the requirements for the highest probability trade, and, the fact that just b/c there may be a PA signal, does not mean there is a solid trade opportunity.
Still 3 hours until NY close. We should typically wait until the candle is in the books because price can move. This is all speculation because the candle has not closed yet (for me at least). Not even going to pay attention to it until 5:01 PM EST.
Remember the requirements for the highest probability trade, and, the fact that just b/c there may be a PA signal, does not mean there is a solid trade opportunity.
Hey, no problem. I love it when we share ideas hereâŚ@ the end of the day, we are all here for one reason: to protect capital whilst making money. There may be some opportunity with this pair in the near future, but there are still too many scenarios which can play out right now. For example, the 1.47 level has held for 28 hours now.
I have been with Jon a bit over a year. We definitely should wait until the candle is closed. However if I am bored temporarily at work, I will do a quick scout a few hours ahead to see what is likely (end of my work day is a bit hectic and that is when NY close happens), and I will note what needs to happen for a particular pair to work. This also becomes my intraday scouting mission too.
This one popped up on my radar screen. If it closed as it did now, it looks like a good trade from the high of a range. I havenât dived deep enough into it yet though to make sure it meets all of my requirements. We will know in 2.5 hours.
It looks like there is a support/resistance band that goes from 1.4700 - 1.4800. A close below 1.4700 would put the candle below the band, the BRN and inside the previous candle.
