Well hasn’t hit the tp just yet so anything could happen, but I’m hopeful.
Cheers dude.
Darth
Keep on firing the questions R! It will cut your learning curve by lots
Yes, you are going about it the right way.
Looking for shorts at that level on the AUDCAD (esp on intra-day TFs) is a high probability play.
Cheers!
Hey goldenfisher!
The weekly throws up quite a bit of PA, and if you can position size ( to account for big SLs needed ) and be patient for them to play out, it is possible to net quite a bit.
I know some here trade the weekly exclusively. PA signals on large TFs tend to be very reliable.
Speaking of which, how are those trading the W1 AUDCAD BEEB managing?
Cheers
wish i took this one, though my heart would of been in my throat when theat second week started to climb back up. Talk about rollercoaster.
Indeed it would have been money in the bank by the time it reached 1.39. However if someone had moved to break even by that point it would have been taken out subsequently… Safeguarding the capital is first, though, and a trade with a gain is a winning trade, I guess 
Thanks for confirming my levels were right.
Cheers
Mmmmmm still hopeful myself :33:
Heya Dudest,
thanks for your opinion, it is much appreciated as always.
And thanks for confirming that the larger the TF the more reliable the PA signal, it makes so much sense. I personally wouldn’t trade weeklies exclusively, however I will definitely not forget to look at them on Monday mornings! Especially since here in Australia markets are extremely slow at that time of the week (ie before Monday morning kicks in in Europe and then NY), perfect for investing time in some larger TF analysis!
This brings me to my next question. As a preface, I understand that this thread was especially thought for discussing simple, basic, reliable PA setups, how to spot them and where to enter our trades. My next question might be a bit off topic, if so, apologies…
Example: a huge PA setup forms on a (any) weekly chart, it’s with the trend, at a relevant area, all the stars are perfectly aligned (A+); let’s say the probability of the trade working successfully is 9 out of 10, just to give it a figure. Comparing that to a setup of similar strength on a 4 hourly chart, where less data is included in the actual candles and therefore the probability might be, let’s say, 8 out of 10 (still A+). Thinking about risk management, it would make sense to me to risk more on the weekly chart based trade than the 4-hourly based one, for example if I usually enter trades risking 2% of my trading capital, I could risk 4% on the weekly based one, maximising my profits since the higher probability of the trade. I understand that my SLs would be bigger as well, at the same time if statistics (because at the end of the day it is all about statistics) tell us that higher TF give much more reliable signals, shouldn’t we trust them more, be less scared of them?
Am I making sense?
Interesting point, risk management is a personal thing I guess. I mean if i had an 80% success rate on the 4hr i would be risking 5% a trade! lol. see you can learn alot about risk management but it boils down to personal preferance. So trial and error and experience is your best guide. Just hold off betting the farm and you’ll be ok.
Darth
I couldn’t have put in better 
Cheers guys!
Hi Everyone,
I’ve spent a while looking at my charts and I’ve got a few ideas to put forward, mainly to get all your fantastic advice and tips!
Firstly, AUDNZD seems to be ranging but with an overall downwards trend, so I’m going to wait until price moves up to the resistance I’ve marked and then look for sell signals.
Secondly, the GBPJPY has broken resistance at 159.5, so I’ll be waiting for price to retrace before looking to trade with the up trend.
EURJPY also seems to be ranging nicely, a strong sell signal at the top of the range would be a high probability trade right?
Please correct me if I’m wrong, I love learning lessons from you guys, trading is such an exciting distraction from schoolwork!
Will
Hi Will,
I’m new to this method of trading too so please don’t take anything I say as gospel. For now, I only have a comment on your AUDNZD chart. I guess plotting S/R lines is something quite subjective and I guess if you were simply trading the range your S/R would be spot on (not sure about this). Here is what my daily chart looks like though:
You can click this for a larger version.
Not sure why you would wait till it hit the top of the range to short and perhaps this is where I’m wrong. If PA presented itself even at the bottom of the range, I would take the trade. Case in point, the same pair as shown in the image below:
You can click this for a larger version.
Once again, let me stress that I am very new to this, so please do not take anything I saw to be the last word. Like you, I am learning, and hopefully others with a bit more knowledge will be by to dissect this for us and put us straight.
Mate they look pretty good to me. I might have that Support line down a tad lower but that is still a decent range for price to ping pong around at and make some decent profits.
Thanks for your reply, I see your point, and if a huge obvious PA signal presented itself I’d be tempted to take the trade as well, but I’ve recently started trying to stick to my trading plan which says only trade with the trend. Maybe this pair is actually ranging at the moment instead of trending downwards in which case I’m wrong! Thanks again
Will
That’s good and nice to know you are going to stick to your plan, however if price fired off a really nice PA signal at the zone marked would you take it?
Great anticipation.
Cheers
Hi, I’ve started being really picky with my trades therefore none this week that fit my trading plan, Bummer!!
So I was wondering as I don’t trade lower than the 4hr t/f where do i find 8 and 12 hr charts on MT4, maybe these will throw some PA signals my way. Otherwise are there any brokers out there that can offer this with New York close.
Steve.
Hi All,
Setups have been pouring in lately which is great, I’m talking about quality setups here.
That brings up some super good feelings. However if you have missed out on any trades or have actually lost
on trades then there is no reason to be unhappy.
In general Elite traders tell you that winning or loosing one trade shouldn’t affect your mood at all. Which is not untrue,
but nobody enjoys a loosing trade . On the other hand when you catch a big mover you sit back in your seat and feel
relaxed,invincible or/and enthusiastic.
There is not much you need to do when you are winning apart from keeping your rhythm. But it is super important to give yourself
a little treatment when you missed a high probability trade or actually lost a trade.
First things first, don’t shovel it under and make time to entertain yourself and bring up good moods.
Bringing up good feelings means your subconscious mind will work better and won’t be effected by a negative trade outcome.
Moreover you’ll be able to think clear. Which is vital for your business.
Honestly there is so much to consider in order to stay on top of your business and one of the keys is feeling good.
It is an underlying force that drives you to be at your best and to do what you are best at. It’s one of the most overlooked
aspects aswel but yet so important.
Take a look at all those traders that are performing well over a longer period. They are all feeling confident and happy.
It’s not because they are cleaning up but it is because they do their best to always stay fresh and alert.
In the end that’s what everyone need to capitalize on in order to sustain a considerable amount of income.
Hope peers find it useful.
Cheers
Hi Bhops,
Yes, I would definitely take that trade, you’ve misunderstood me, that was actually my plan! Rsharpe suggested (completely validly) that I should take a long trade at the bottom of the range, but I am trying to stick to trading with the trend, which in the case of this pair is downwards! Hope this clears it up
Will
