it’s just as we talk about to make money we need price to be moving in the same direction and that’s why trend trading is so much easier than range trading, so when new traders range trade it is why they 9 times out of ten get eaten alive. The easiest and also best way to trade is to look for the obvious trends and then try and find a trade within them. Heck that is still what I try and do to this day, let alone what newbies should be doing. I still try and avoid major ranging markets myself, just because they are so tricky.
Good to see you posting. It really is the quickest way to improve your trading.
-Market: 4H USD/CAD
-Entry Reason: 2-bar bearish reversal at resistance and 61.8% fib confluence
-Entry price: On my trading plan, low of the 2nd reversal (red) bar, but since I got home late to enter the trade and the next bar had broken the low of the reversal bar, I jumped straight in to short I know this is a bad habit so I’ll stop doing this after this trade
-Initial Stop Loss: 10 pips above the 1st of the 2-bar reversal.
-Trade management: 40% at 1st target, 30% at 2nd target (all stops to breakeven if 1st target is hit), 30% at 3rd target.
-Current situation: 1st target is hit, all stops to breakeven. Price is halfway between the 1st and 2nd target.
Now that I look at the Daily chart, a bearish pin bar is forming. Well, I did not take the 4hr chart trade, but if the Daily pin bar is formed, perhaps I can jump on board
AUD/NZD 4Hr chart showing a formation of an evening star. If the bearish candle is able to close near or lower than the bullish candle, might be a good chance for a trade??
What do you think of the USD/CHF the pinbar sitting on a Daily level to go Long ? I think it’s a bit of counter-trading since the downtred is still very dominant, but…the short momentum seems to be going up, at least until the upper Resistance. Also the swing-low is not as well formed as I would like…
Just an update on the trade. 2nd stop was never hit and both my 2nd and 3rd portion got stopped out at breakeven, so the trade was a winner with the 1st portion included
Hi TSE13, You are right. There is a difference between your chart and my chart. Still I need to improve my self in drawing support & resistance lines. anyhow thanks a lot for your valuable comments.
no no no… this was just my opinion… i don´t know if i am right or wrong that´s why i´m posting. honestly i have no clue if this S/R is important for your/this trade. but because i didn´t know, i skipped. i am new to PA as well so i will try to take part in discussion to improve.
greetings and i would like to use this comment to say thank you to johnathan, dudest and bhops. i am reading the first pages atm and the input is just nice!
