need to trade in a well defined trend
up on bad figures from OZ (even though we donât talk about news here (sorry)
I think there is something that needs to be clarified here. Basically, as we trade on reversal of a retracement or swing if you want, there will always be a relevant zone right ahead. The issue with this setup is the fact that it isnât a downtrend and therefore that the 1.625 area has been âvisitedâ to often recently which makes it a stronger support, right ?
news also can give huge impact
Some nice plans have been coming together this weekâŚI am looking at the pin on USD/CAD 4hr, it is with trend, at a swing high and looks good to me.
Hi All,
Some psychology food i came across:
"Aversion therapy. Taking a drug that makes an alcoholic person sick whenever they drink ends up being one of the most effective ways of dealing with the addiction. Positive intentions and self-help exercises donât nearly possess the force of gut physical disgust.
If disgust can turn eating into a behavior to be avoided and an alcoholicâs drinking into a thing of the past, perhaps it can be leveraged into a brief treatment for trading problems. The key is turning common wisdom on its head. Instead of trying to make yourself do the right things, fill your mind with thoughts and images of how disgusting you are when you do the wrong things. Just as anorexics spend hours in front of mirrors berating themselves for their looks, you can create your own metaphorical mirrors and become emotionally connected to the wasted effort and lost money from poor trading practices.
We are most apt to change a pattern once we become truly disgusted by it. Would you continue to do business with someone who violated your contract with him and took your money? No, youâd become so disgusted with such a dishonest individual that youâd shun him altogether.
Well, that person is you when your own patterns violate your contract with yourself and cause you to lose money. Once you become truly disgusted with your own patterns, youâll shun them altogether. And thatâs the briefestâand most effectiveâof therapies."
Brett steenberger
Cheers
tricky one this Mr B,I can see what your seeing on the 4hr. Daily is on an uptrend, but is on resistance on 4hr,so could be a go,er,bit of support at 1.03190 ish though.Good luck.
Hi Buster
Thanks for replying. I know what you mean, I have my first TP at 1.02982 which isnât a great deal of pips but might be good for a couple. I feel the very recent uptrend on the daily hasnât been very convincing and for sometime I was looking to go short with the stronger momentum on this pair.
Thanks!
I wonât give up! I did read more than 200 first pages and that EUR NZD trade seems a very A trade for me, except that Support Area I was trading in.
I just need to train my eye to see the all scenery.
Hello again
I am not sure whether this is something that is allowed to be discussed here so I completely understand if this topic is reserved for Johnathons site. I am currently implementing some of Krugmanâs excellent tips (I.e moving my SL to break even after around 50 pips which I think is awesome) But I wondered how first and second TP is handled? Is it done by placing two orders, the second a little after the first TP? Or is literally managed by moving or trailing SL? I hope this makes sense.
Thanks again
BA
Are You Over Managing & Micro Managing Your Forex Trades Into Losers? - Forex School Online
hope this helps
Thank you Fazliy 
I think that does help.
Excellent.
Now, you can stop acting like an amateur, and start treating this as a professional business. You should begin writing your own:
- [B]personal trade plan[/B]. Reading another memberâs plan or even Jonathonâs post doesnât count because it is easy to overlook your own A+ trade criteria when you simply read other peopleâs plan. If you write your own personal trade plan, however, you ensure that you know what you should do and should not do whenever you encounter a tempting setup.
- [B]a trade journal[/B]. You can start by writing down your first failing trade that we have just discussed a little bit earlier. I even give you a bonus with the screenshot and a clear reason why it failed!
If you have these two in your arsenal, you can easily learn from your past mistakes and build your personal strategy to survive in this business. Think of it like how the pros do that in professional football or soccer. Itâs very common for the Coach or Manager to review his team using video recording of the past games, and how he will use that to later develop the kind of strategy needed for his team to optimize their true potential and hopefully win the upcoming games. And you bloody well bet that he has complete data on how his team performs throughout the season. 
You should also check Johnathonâs FSO website. He has elaborated much more than I could possibly write here about the kind of thing you should incorporate in your trade plan and trade journal.
Cheers!
what about eur/aud buy trigger at 1.4489? anyone? i was in at 1.4411. moved my stop to 1.4450. trade based on 4 hr chart
Hi Bizzaro,
please post your chart also so that we can be sure you are using the right NY-Close chart.
trade triggered for ear/aud. stop loss placed just under the current bar. any idea where should i place my take profit?
sorry for repeated posting. i took profit at 1.4532 as it is major resistance. is tht considered a good decision?
I really would like to start pushing people to post their chart screenshots with entry/exit/tp levels and a short description about the trade. Mostly because saying âI took XYZ tradeâ doesnât really add any educational value and nobody is learning from it. Also it keeps you honest with yourself about where you stand as a trader. I notice a lot of people post charts for potential trades, but not very often for actual trades.
Full chart view
Zoomed in trade view
So let me give it a shot. Yesterday I set an entry to go short on AUDNZD just before I went to bed. Given the overall chart context(S/R levels, noise, space for TP) and the pinbar itself I gave this setup an A+. I had marked in pink a minor resistance level that I thought would pose minor trouble to my trade. This was an S/R level a few month back, but the most recent swing high/low showed no problems breaking through it. I put it there as a mental note to watch for trouble, and also a candidate to move my SL to BE after this level has been broken below and held. I generally use advanced SL techniques to put my SL below the high of the PA candle, but on low time frame trades like this I try and use the whole candle length if it makes sense as far as risk and reward go. This pair broke itâs downtrend so I am treating this as a range trade. Since the SL area I marked is the very bottom of the range, I will take full profit at that level.
Edit: I accidentally captured my second monitor in my screenshot, the actual graph on the left is hard to see.
Hooray!! My first official PA success with the EUR/CAD 4hr Engulfing Bar next to the Pin Bar I posted a little further back. I just wanted to say thank you for everyoneâs help here. I took my 100+ pips profit at my first TP around 1.40618, I could have tried to ride it further but I think price will struggle at this RS line. If it breaks it I will look to get back on at some point. I feel this was an A+ trade and did not need the Trader 3000 this time out.
Thank you again.
BA