Hey everyone ! I just started trading seriously on demo account with a certain analysis before any trade and a bigger timeframe than what I generally use (1min) so as to reduce “market noises”, I was using indicators but it didn’t work so I started learning price action analysis, here are some stop orders I just prepared right now and the expected price action.
CAN YOU GIVE ME FEEDBACK ?
Thanks in advance !!
My opinion is that you are on a good path, since you can recognize important chart patterns, but you have a wrong execution.
EURUSD
We have a rising wedge (bullish till the price stays in that pattern), with very strong action by buyers in the last 5 candles. Is your stop entry order really significant to speak for sellers’ strength? I wouldn’t be sure and I wouldn’t go for this trade.
Also, the problem about trading a rejection with a short position on a rising wedge, is that your stop loss will likely be still within the chart pattern, since you have an uptrend line and, placing your stop loss above it, means that you have a bad risk to reward ratio and also that, as the price proceeds, the uptrend line will pass your stop loss and you lose an important key-level that was protecting your stop loss.
In addition, I see that your stop loss would be anyway below last swing high, not good, in my view of the market. You would have absolutely no key level or important historical price to protect your stop loss.
In this scenario, I would only trade the bottom part of the wedge, either with a short position trading the breakout or with a long position trading a rejection, it depends on how the market evolves.
GBPUSD
Here it seems that you are trading a breakout. I don’t particularly like trading breakouts with short positions, when the price is in a down-channel. It means that the price already covered the whole range of the down-channel (from top to bottom) + needs to cover another strong down-movement to catch the take profit after the breakout.
I like this better, although I wouldn’t personally go for it.
Another thing is: stop loss again below last important swing high. Not good 
PS: I’m a bit confused about the second position, because the order makes me believe you are already trading a breakout, but the red lines make me believe that you are waiting for a rejection within the channel.
Good luck!
Thank you so much !!
Try to support your trades with something outside of the chart itself. Volume, Intermarket,…
Start with the daily chart (or at least include the daily chart in your analysis). Work hard there. Then go to a lower time frame.
What @the_halfblood_cake is saying about the stops is correct.
Also, the stop-loss in EURUSD is very small. Brokers will kill you
About targets is there anything else besides 1:2.5 R/R
Mind the volatility expansion and contraction. Your EURUSD order might be triggered because of the volatility expansion in the last few periods. Then it will contract and you will be stuck there.
Why selling both EURUSD and GBPUSD? Think about which is the better trade.
Very nice feedback ! Can you give me an ebook name or something that may help me with price action analysis ?
The price action has its place in the overall trading process but it is not everything. There are things outside the chart that move the market.
I don’t know of an ebook but to learn price action you should learn about the market structure first. This is a concept of Henry Wheeler Chase improved by Larry Williams. You can find it in Larry’s book Long Term Secrets to Short-Term trading.
This one will explain where to focus outside of the chart. Read it and then try to combine the price action with one of them. Then add another one and so on
