That was a nice false break pin. Problem was all the traffic / boxing it was trading into. In a scenario such as this, most of us would let it pass.
Truth is: there will always be trouble areas in the path of a trade; with some practice, one can gauge (with reasonably good accuracy) which ones are less likely a threat than others [ has everything to do with the area the PA is formed, and the overall story).
But generally, if the first trouble area looks strong (e.g boxed candles) and is close to entry, itās usually a good idea to let the trade pass; best to stick to ABSOLUTE BEST setups.
Once we see a PA signal, how many candles do we give it for confirmation or do we just set pending orders and forget?
I ask because Iām seeing this BUEB on CADJPY that formed earlier today on the 4HR chart. However, I donāt think the candle currently in session is going to trigger my order. However, I believe the next candle may
If you see a signal why would you wait? Maybe because you donāt already know where you would have to place your stop in order to know that your analysis was wrong. If you knew what the market had to do in order to prove to you that your trade isnāt working out in your favor there would be no need to make your risk all that big nowā¦right?
I am now catching up on the thread and going through all the posts I have missed out on. As you all know; I like to read every single post that gets posted in here if I can. Sometimes I miss one or two, but on the whole I like to try and get to them all. It is super to see so many of the regulars making great posts and so many new members making solid contributions.
I must say for such a huge large with so many different personalities and great people, everyone stays on track and on topic and it makes it a pleasure to come in here to make posts. Whilst some threads can quickly go off track and into areas that have nothing to do with the original topic, it is a real credit to you guys and your commitment to wanting to learn that this thread is still what it is.
Going through catching up on the posts I noticed that a lot of traders are making really good posts and posting their charts as links instead of the full chart in their post. The problem with this is I know hardly anyone will click on this link and then all the great work to make the good chart will be wasted because it has not been posted into the post. It is very easy to post it into the post and takes no more work than what you are already doing and I noticed there are quite a few doing it. After you have made your MQL5 chart or you have uploaded your chart to whatever service you are using you will be given an image HTTP:// link. Copy all this link and then in your post go to the attach picture button where you normally would and click it. Instead of uploading a picture click āfrom URLā and insert this URL and then hit enter. Now when you make this post your picture will be uploaded into your post rather than as a link so everybody can see it and gather what you are saying.
The next topic I wanted to touch on is something I tend to go on and on about, but itās because it is the most important factor to making high probability price action trades. When going through the recent posts I noticed a high concentration on the price action signals and a real lack of concentration on the price action story. I want to remind everybody about the importance of the story and that where a trade is played is far more important than the signal being used to play it. The signal is just one candle on a chart that we are using for confirmation to get into the trade, but the reason we mark all our levels first and first work out where we want to make a trade from long before we look for any trades is because where we make our trades is the key to high probability price action trades.
Fxpro should be NY close 5 day charts, Hotforex too.
What you will find and what I think a lot of people are finding is that with brokers that are STP - Straight Through Processing, they will be slightly different. Pepper, Go, HotForex etc are all STP brokers Axi I think in Asia is a STP broker, but in the US it is a market maker, but what you will find with these STP brokers is that they have slightly different prices and this is why I normally say just go with Pepper. They have the charts we need and 62 pairs/markets to trade and means we are on the same page.
The reason they are slightly different is because they banks and liquidity providers each broker use is different and it actually shows they are not all colluding and making dodgy synthetic prices like market makers do.
It is not a huge deal, but it can be when the difference gets large and on one charge you have a EB or pin bar and on the other it does not close within the previous candle or whatever the case need be.
yes today they may do, but just be aware that tomorrow or one day next week it very well be different. As I said it is not a big issue at all, just something to keep in back of your mind and I always make sure I have a few different MT4ās and a MT5 on my computer so that I can check anything if I ever get the feeling something looks a bit suss.
first of all from myself welcome aboard in here and great to have you with us!
Great to here you are ready to commit 100% because good things really do come to those who put in the time, effort and commitment.
First of all it sounds like you are managing your trades on the fly and simply just making it up as you go along and to be rather frank this is when all the worst mistakes are made. Simply put; all our worst emotions come out when we are in a trade and if you analyse this one trade you made on the USDCAD I think you will see that making decisions as and when we are in the middle of the trade when we donāt have any pre-trade plans does not give us anywhere near the best outcomes at all.
We have plans before we ever get into a trade and then once we get into the trade it is simply a case of having to follow that plan. As I said above; once in a trade our emotions are at our weakest, but before the trade we can make clear and logical decisions based on exactly what price is saying right in front of us. Once the trade is placed price will do itās thing and it really is just a matter of following the pre-trade plan.
Following on the discussion on USDJPY D1, i have set a pending order with entry 5 pips above the pin bar high and SL 5 pips below the pin bar low. As for TP levels i was looking at the 105.8/.9 levels. I would like to see how others are managing this trade and any comments are welcome.
(thanks John for showing how to attach the picture)
Happy new year to you to! I have that same level marked in my chart. For the trade itself Iām hoping I can ride the trend even higher if itās triggered, so Iām not setting any hard TP at the moment.
