My name is Bill and I am a Vietnamese Aussie.
Happy to join the community, I hope to find a partner to harness Forex Trading Skill together.
I am looking for a Trade Review partner to review each other’s trades weekly on the weekend. A bit about myself:
I am a Day Trader and I’ve been trading Forex for 1.5 years.
What I trade: USDJPY, XAUUSD, EURUSD & S&P500.
Timeframes I use: 4h, 1h, 15m & 5m.
Indicators I use: EMA21 + Fib
My commonly used set-up: Break-out & Buy set-up
There are losing trades I can see why they’re bad, some others are not very obvious. Therefore, I am looking for a Day Trader with a similar approach who can review these trades and input his/her opinion on this matter, I will do the same for you. We will also exchange winning trades to learn about each other’s good trades as well.
Since I am in Australia, someone in the same or similar timezone will be ideal as it will be easier to setup meetings.
Did it satisfy all your trade criteria? If so it was a good trade. In addition to what @tradeforex077 has asked, please consider the following questions /statements:
What I trade: USDJPY, XAUUSD, EURUSD & S&P500. Yes it was EURUSD traded.
Timeframes I use: 4h, 1h, 15m & 5m. Not known. for this trade did you enter at the start of a 4h, 1h, 15m or 5m candle, or at another time?
Indicators I use: EMA21 + Fib Not known. for this trade, I don’t see a Fib indicator on the chart, and at what Fib level you are supposed to enter, is it the same level for long and short, or is there more than one Fib level you may enter? If not a fixed level, it is a variable trading plan.
My commonly used set-up: Break-out & Buy set-up. Not known. Can you describe, in this case, exactly where the price broke out, and what was your entry level and how did that decision to enter relate to the breakout and buy setup?
Did you have a take profit target for trade management, and what was your reward / risk ratio you had in mind for this trade before entering?
Thank you for your input. The trade satisfied my criteria so i considered it a good trade. I couldn’t find anything bad about it so for me it was good. However, since it was a loser, I would like to see if other people can help me see if there’s anything bad about it that I missed.
You can see the in the note section of my slide screenshot. The trade was a 15m COC bar which means Entry at the break of the high and SL below the low of that 15m COC bar which was circled on the 15m chart.
You can also see there in the note that says 40% Pull-back, I consider anything from 35% to 62% an ideal Fib level.
In summary, the trade has:
A break-out on 4h and 1h.
A 40% Pullback (in the ideal Fib range)
To rising 1h ema21
A 15m COC bar (which means 15m is my entry tf)
As for Target and RR, I do profit max by pivot management so Target is the next pivot high on 4h which is around 1.1370 which should be about 6R but I got stopped out.
If I understand it correctly, you entered a long on the 4H break out? Here is why you should not have bought EURUSD:
Looking at the MN/W1/D1 this pair was trending down, so the chance for you to get caught in a fake bullish break is higher.
I will say this pair does look like it can give a reversal, however we still need to see the D1 give a clear bullish break.
The way you get caught is why typical retail trading tend to not work. You need to read where most of the liquidity is placed in the market, by using price action, and where the big money flows. The banks who control this market do not use ema’s. They use specific price levels to capitalize and re-capitalize orders.
Let me give you a short and easy example:
EURUSD is down trending, cause price is going lower and breaking levels. We saw price pull back above the resistance, but where did it move to? It moved towards an old high to grab liquidity. Price then went below the bodies of the lower liquidity level. We can see how price currently stuck in between. So what do I do now? I wait for a clear break higher or lower.
Thank you, SMifx for your opinion, I appreciate your perspective.
I agree that looking at the higher timeframes, EURUSD was still downtrending. However, since I day trade, I try to utilize Pull-back trades as well. In fact, I had a successful trade Long on EURUSD the very next day.
While I tend to only look at Candlestick chart, I am eager to learn about your view over big money flows and specific levels banks use. Would you be willing to point me to the right direction to look for these levels and how to track the big money flows?
The 15M chart looks good to go short after that bearish move followed by consolidation. A short entry may be triggered right after that bearish engulfing candle. However, The H4 chart and the H1 chart look good for the buyers to go long upon finding a bullish reversal pattern. The H4 chart and the H1 chart are having a correction.
