Forex Price Action

Which one is this bro?

this was my gbpchf trade i took on friday.

was this what you meant chisha?

darth

Ohh yes of course, I saw this. You moved your stop to BE so you were taken out by the adverse excursion. This is the same market you & Bhops talked about a few days ago.
Cool letā€™s keep playing this game.

Hi Bobba,

While itā€™s wise to keep stops tight on a counter trend trade, I had to give the position space to move before I go BE. Moreover I planned out before I took the trade how Iā€™m gonna treat it, so I sticked to that.(of course I felt a bit stressed once it went in profit and then in loss,on top of leaving it open over the weekend just like you, but I trade following my pre trading plan not my feelings and emotions. They are no good trading assets to me)

All in all if you are profitable than give yourself a big pat on the back, it only looks easy once itā€™s done,but itā€™s a hell of a ride
that many other crumble under.

Cheers

Haā€™ good one Chisha.

Cheers mate

Thanks for your reply.
I am fairly sure i would have stuck with it had it not been for the weekend. Think perhaps i should walk away more.
Cheers.

Iā€™m glad i could help. see sweet setups on friday but then get faked out. iā€™m lucky it didnā€™t cost me anything this time.

Kas,
which trade are you and Bobba talking about?

The Aussie daily Beeb short trade.

Cheers

Iā€™m definitely the right person who can teach you mandarin if you wanna learn :smiley: just that Singaporeā€™s main communication language is still English though lolll

Nice trade management mate) Do you use fib levels for adjusting your TP ? Also cannot understand the language on your chart,i guess it,s german

Pin bar forming on the GBPJPY, wait for confirmation then go long with the trend?


Hey there! The pin is Very Valid to go long if it closes within the previous candle.

However, the FTA is too near. unless it close above it then i may consider taking it.Chart below.


Jack

Thanks Jack, I would definitely look for confirmation before entering the trade. Sorry, Iā€™m fairly new here, what do you mean by ā€˜FTAā€™?

Will

That means the First Trouble Area(FTA). The area where the price will highly likely to turn against you when reached. It is also where traders usually move their Stop Loss to Break Even(BE) or take some profit or both when the price reached there.

No worries man, we all have to start somewhere :slight_smile:

Ah I see, that makes sense, thank you. If it does close above the FTA, surely it is too close to the next resistance level to make it a worthwhile trade?

Thats y its harder for new people to trade Range market as it is abit more difficult and need to be managed closely. Trade with trend with significant PA is much more easier and recommended.

However lets say if it does close above, the next trouble area would be the one marked red. However i think it is not as significant as the one marked black therefore i will be trading that. Hope its clear for ya :slight_smile:


Hallo Will,
You have some very good levels marked on your chart. Longs are pretty much the way to go here.
Although you must know that for a pin to be valid it has to open & close within the previous candleā€™s body, so far this one isnā€™t doing that but weā€™ll see. Another thing is that since we play from swing areas price has to make a pullback in this case itā€™s kindaā€™ walking along support. Of course to be sure I think this level might hold & price might shoot higher but these are some of the rules were following with this method.
I hope Iā€™m making sense.

Doesnā€™t get any better than peeps cleaning up! :slight_smile:

Whatever way it would have gone (probable outcome), this was a super example of counter-trend PA.

Cheers!


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I see you changed your chart colour hahahha