I’ve got pending orders for AUDSGD but I don’t think it’s going to be entered. It’s at the bottom of the range if you mark daily S/R resistance correctly, and the previous 4HR candle that close has formed a nice bullish pin bar.
looks good, does your broker provide 8hr or do you have to mash the charts together?
Darth
TRADE OF THE DAY
this is a valid pin bar as the price of the candle open and close between the high and low of the previous candle
the wick of the candle almost 2.5 times bigger than the body
and most importantly it creates at valued support point
and it symbolyse that the recent downmove has finished
so price is pushing high
so we can buy from here
BUT BE CAUTIOUS ABOUT TAKING THE TRADE AS ARE PLAYING AGAINST
OVERALL DOWNTREND
AND AS WE ALL KNOW SWIS FRANK IS HIGHLY MANIPULATED BY ITS
NATIONAL BANK
Hello everyone!!
I was having a look at eur jpy and focusing on the possible pin forming on D1.
Providing the pin is confirmed, to me it looks like after the latest short term up swing there has been some consolidation, then it managed to break the resistance and made a small retracement. I m inclined to go for it but wanted to share my thoughts. Opinions are much appreciated.
Thanks guys.
Good trading all
Sorry i forgot to get rid of trendlines.
it has nothing to do with broker , you can use meta trade 5 or period converter indicator for MT4 to make all other timeframes you wish to have . best and easiest way is to use MT5 .
Good Luck
The pin is good but the FTA is very close . I don’t know , it could work but I don’t take it anyway .
I prefer to trade with a breakout .
Good Luck
Thanks for ur reply. Yes FTA is close but there would be at least 70 pips to rake up if all goes well. Also pin is at BRN 140. Let’s see if it’s still good at midnight.
Cheers
Nope. Have always traded only pure price action. Same strategy started over with more attention to the basics of the strategy and always sticking to the trading plan no matter what. Ofcourse we all modify our price action strategies with some tweaks as we gain experience but no serious shift in strategy. The key point i wanted to make is about the importance of taking a break from trading to recharge ur batteries once in a while…
Cheers
Raj
Usdjpy forming a bullish pin if seniors could plz check and guid me the S/R levels to enter
Support is 101.15 resistant you have more than one, but i give you 105.30. Be ready to pull the trigger when the candle closes today, however there is allot of news coming out before the candle closes. If your trading from the daily T/F your going to be fine.
Must be the deep breath before the plunge…
I use period converter which is downloaded from FSO to make the 8H chart.
Thanks to FSO for providing this useful indicator.
Hey guys,
I took this trade (AUDUSD H4) at NY close.
My reasons:
- It was at swing low
- Pin closed inside the previous candle
- Pin had a long nose and looked perfect to me
- It is an uptrend
I divided the risk by taking 3 co-related pairs: audchf / audusd and audjpy (Hey dudest, please correct me if I did it wrong way :))
I look forward to your thoughts.
Cheers
Farhan
Hi Farhan,
I suggest against opening intraday trades outside of the major trading sessions.
But what is really critical is you are splitting trades where there are no Setups. The only reason dudest suggested splitting the risk on the cad trades was because there were setups on other cad pairs. Which doesn’t apply here.You have only found one setup and should only trade that one setup solely.
wish the best.
Hi guys, there is one thing that is bothering me a lot. I would like to share it with the seniors here:
-lets suppose I have 1000 USD in my account.
-I risk 3 percent on a trade.
-Since we are trading on the Daily charts, the stop losses may be 100 pips or even more
-To keep the risk level to 3%, I choose the position using the position calculator.
-The position calculator tells me to buy a micro lot of say 0.01
-Now even if my stop loss gets hit, the loss wont be more than $ 15 usd or so – Good
-But lets say if the trade goes in my way and gives me a 100 pips profit. Wow, I would be overwhelmed. But, like less loss, my profit will be very less too. I believe around 15 USD or so as well.
-Now, we only want to trade A+ trades. This may happen only 5 to 6 times a month. Right?
-So, lets say I win 4 trades out of 6, I will be getting like: $15 USD * 4 - $ 60 USD
I lost 2. So, loss = $ 15 USD * 2 = $ 30 USD
-Net profit: $ 30 usd only in whole one month? Is this right? If so, it looks too small and seems for this kind of setup I will need to have a bigger account like $ 10000 USD or so.
Please advise me if I am thinking it the wrong way. I am sure there will be many traders with small accounts looking for the advise here.
Thanks a lot in advance.
Cheers,
Farhan
P.S: Dudest, you have been very kind and helpful, I will appreciate your guidance as well.
Hey Kasravi,
Thanks very much for your advise, I have made a note of it. I actually read it somewhere that states:
If the pairs are co-related. If one gives you the setup, go for it. But since others are co-related, they will follow the first one no matter if they give a price action signal or not. So go for them blindly, but do look out for the traffics on them first.
I seem to be doing it WRONG way then :(.
Cheers,
Farhan
Hey Kasravi, I am sorry, it is not H4, it is actually daily and I entered at the close of NY time.