Looks good but from recent experience, Friday trading is deceptive. Been burnt from great looking trades on a Friday. Anyway good luck bro.
I’m sitting fridays out until further notice.
Darth
Yeah i you are right but the thing is could you share your view of FTA in my chart? Thanks
Jack
Depending on where your SL was placed, you were either stopped out, or currently sitting on a tidy sum… (I hope somehow it is the latter)
Cheers
.
When the candle closes and it is a valid setup ( e.g pinbar ), you set a PENDING ORDER ( buystop above high for bullish, sellstop below low for bearish ). The order will be triggered when price is moving in your direction.
PS: You can still set a ‘late’ pending order (i.e, if you see the setup late) IF and ONLY IF:
- The setup has not been invalidated ( i.e, price has not gone through the other end ).
- Price has not broken the high/low of the setup (i.e, the setup is not yet in play)
Hope that makes sense; holla back if need more clarification.
.
Hallo Juan,
Traffic = boxing areas or trouble areas that could prevent price moving in the desired direction.
Two posts right after yours, Kas posted a pic of NZDUSD with an area where price has boxed itself in the past, that could pose a threat to someone wanting to go long ( for whatever reason ).
Two superb further readings where ‘traffic’ is dealt with:
Cheers!
3 words my good friend: pre-trade plan
Decide before entering a trade how you will run it.
Then it doesn’t matter how the trade turns out, you will not have beaten yourself.
Cheers.
@Stopped losing money: that’s super!, next stop: breaking even + making money!
@Drawing S/R + experience: actually, not as much as you’d think. Practice marking your charts on as many pairs as you can find ( even once a day on Dailies ) and you’ll ‘see’ it in no time.
Hey Jack :)!
H4:
Pros: nice pin!
Cons: lower wick + my KHL was around where price has now FTA’d (a few pips above RN 1.2400 )
Hope if falls further for you if you’re in.
Cheers
.
Hey dudest,
I recalled your post when I saw the blow on E/J. Seems that it was a bomb after all.
Well spotted level mate.
Cheers
Looks to me like we have a long trade shaping up on the Daily CHFJPY today. Looks like a pin bar at support in an obvious uptrend. Placing buy stop 3-5 pips above todays high with stop loss one pip below low of today’s candle.
Targeting the near double top around 109.675 would give you between 2:1 and 3:1 risk/reward. Apologies if this has been noted already.
Taking this one at close in my demo account with 1% risk (assuming pin bar still valid).
Hi Texassandman’,
That is a trade that we could look into. Well done for spotting it.
However I would like to see your support and resistance lines and what is your pre trading plan,if you don’t mind me asking.
Cheers
I am trying to follow this, I elaborated a long trade plan in form of a contract that I force myself to fill before entering each trade and it contains pretty much every step I am going to follow in the trade (of course still in progress)
But sometimes (should I say often) I see a trade that is looking so good on my phone (for example) and I feel the urge to just jump in in order not to miss it 
is that rushing into a trade ? do you just let it go and say there will be another one ?
I’ve also been looking at a few pairs before the close today. My support line is actually lower than the low of the “pin” and the candle didn’t really close “beautifully” I’d like to say haha Looking down onto the 1HR, volume doesn’t really show a fight to move price up but rather traders just unloading their positions for friday close no? Seems like one of those too good to be true candles. Any opinions?
Oh, definitely. Writing down a trade plan ironically is the easy part. The hard part is to consistently follow it when a tempting setup comes.
The way I play it, I always keep my trade plan in both hardcopy and softcopy. I put one in my email, my dropbox, and my flashdisk. That ensures that whenever I somehow ‘see a trade that is looking so good on my phone’, I can check my trade checklist easily and proceed with the trade if it fist my trade plan. That habit has also saved my ass quite some time as more often, the trade simply does not fit my checklist, and I choose to ‘just let it go and say there will be another one’.
Here’s one thing to consider. There will ALWAYS be another one. Always, always, always!!!
Don’t let the fear of missing out override the common sense of not rushing into a trade.
Resistance/Support is seldom a fixed number carved in marble, but a zone.
How does it form?
It forms from all the winning traders who don’t want to see a gain turn into a loss and all the losing traders happy just to be made whole. Therefore, it follows support & resistance won’t be some fixed value carved in stone.
It helps, IMHO when you can get other factors supporting to give you a range. So, while the bottom of that pin bar that formed today in chfjpy is just above the chart support (at least as I see it) denoted by the solid red line, it is hitting just below the 24% fib retracement level of the prior advance. So, in some sense, you could call that range from the chart support just below to the fib retracement level a confluence support zone, and honestly if I got supportive PA anywhere in that zone (other things like trend, etc being supportive as they are here), I’d take the trade. Maybe it’ll work. Maybe not. But it seems a reasonably high probability bet. I’m sorry not to be fully up on the other 1460 pages in this thread & don’t know if I’m straying far from the party line. But that’s my call.
In this line of work, you seldom see mathematical perfection, because this isn’t mathematics. It’s horse racing. And if you have some combination of factors to give you a solid statistical “edge” and decent money/risk management, that’s good enough.
All JMHO.
No I agree I think the red line you have marked is a solid ‘zone’ from which to look for longs. Although this pair is steadily moving up it is doing so in a more ‘choppy’ way than I would personally prefer. I can see a lot of peeps getting whipsawed out on this pair.
That red line is a number, not a zone. But we’ll see. I have the buy stop in place, with my TP and SL values out there. If triggered, we’ll see how it goes.
What do you mean by “number”?