i dont see any good trades today…and nothing seems to be good anytime soon as well
you guys catch anything?
My First Live Trade on USD/CAD 4H Chart
i assume you mean the big Pin bar? i saw it too…its a huge one but the fact it didnt happen at a swing low and all that traffic put me off
this looks promising, not a real pin bar but its an uptrend and a huge reaction is happening near the support line
@dudest if you read this can you please email me? i cant pm anyone since i still dont have 20 posts and i wanna ask something about forexschool
I personally very rarely trade against the trend and if I do the signal has to be really big and at a sweet level. But you’re right I see a lot of newer traders do it and I can’t fathom why. I can only think people are sometimes so desperate to trade they will even take Counter Trend trades just to be on something when they should really be keeping their power dry for trades with the trend.
what do you think of the market atm? any pair your paying close attention to?
The Aussie Dollar has been trending down quite nicely lately and the Yen has been trending nicely up. I will start looking at my charts in earnest next week.
USDCHF DAILY S/R, TRADE IN H4.
Any comment?
pro - Rejection twice
con
- only 15 pips to first trouble area
- the pins’ size are very small compare to previous bar.
- It’s making higher high.
4H CAD/CHF
Do you all consider as a Pin bar?
Closed strong
With the trend
FTA (50 pips away)
4H EUR/CAD (another CAD)
same as above but FTA is 90 pips away
Not that this changes much but i am in the EURCAD for the pin with 80 pips SL and two exits, at 100 and 200 pips.
The S&R looks a lot better with a 90 day view, but year i think it looks tasty so lets see where the start of 2014 takes us.
So prior to Christmas, I made a few trades before I was learning Price Action and made profit.
I made a few rookie errors over the past few weeks which have cost me what I made in profit (and a couple bucks more) which brings me back to square one.
Now I’m truly ready to be 100% committed to Price Action trading and cannot wait to see where it will take me! (just coincides with the start of a New Year - how exciting!)
One thing I need to really apply myself to is to not over-trade. Sometimes I think that there’s something there to be traded, when really
1 - the PA signal is not as strong as it should be in hindsight
2 - I’m taking half decent trades (i.e. trades that have the majority of the signals needed, but not all)
With that said, I have another question for the more experienced guys out there. Let me explain a scenario and I would like to understand your approach to it.
So you’ve spotted a trade which is clearly defined as A+++. You enter two positions as usual (one with a take profit near the FTA, and another with a longer kill). Do you enter both positions as the same stop loss initially?
The reason I ask is because I was in USDCAD today, two positions. My first position hit it’s target while I was at work, and while I’d usually move the stop-loss on the second position to break-even, I was not able to check at work and as such wasn’t able to move it. I came home and closed the second position which basically broke me even (I didn’t want to hold over weekend - I know we are taught not to manually close trades over weekends in this thread). If I did not manually close this trade, there would be a potential that I’d lose money (even though I took profit from one of the two positions), so I wanted to know how you guys manage this situation.
I’m split as to where to place my priorities:
Trade Management (should I be checking often and move to break-even)
or
Protecting Capital (manually closing the trade a good idea, or should I let it run?)
for the ones asking me about the london NY timers i have on my chart…and the previous bar high and low…i use these
they dont clutter your chart or anything…they basically show you this
While moving stoploss to break even is definitely a good move and is taught by Mr. Fox, checking often in the other hand is not what he teaches.
Make a plan, stick to it, see it plays out. Give it room to breathe.
I use cTrader, and it has an option to move stoploss for us automatically when the price reaches certain pips.
For MT4, I see some members use alarm system that would alert them when price reaches where they want.
I’m sure there are EA that can move stoploss to BE for you, it’s out of my territory so I won’t be able to help tho.
Personally, if my stoploss is already at BE I’d just let it run. It’s essentially a free trade anyway, right? Unless some inverse PA form (such as an opposite direction pin bar)
Keep in mind - you [B][I]will[/I][/B] have trades that hit stoploss. It’s just part of trading. If you don’t let your winning trade run, what you make from a win will never make up for your full loss.
When using stop loss like everyone should use weather is mental or physical is important. However this is not one size fits all, example if someone can be infront of the computer for a long period of time, that person might use a mental stop, someone who is not infront of the computer all time but is close by , that person might want to use an alert and for someone who needs to leave, that person will use a physical stop. So is up to your life style.
