My Price Action Trading Strategy

Hopefully next week I’ll be more active again. Just been a busy two weeks lately with travel and other work.

I’ll have the weekly roundup posted tonight, nothing special. Just had two trades this week.

Good to hear buddy! So in all this time, what was the highest DD you’ve had?

Oh goodness I don’t quite remember. At one given time I think right at -$2100.

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That was 5am eastern

Got ya, wonder what made price drop so much. Oh well. We’ll actually never know.

You could place a buy but maybe have your stop not down at the low since that would be a very big SL. Never place it at the latest low before that pin candle

Seems though that it has closed below that support. I myself would pass on it.

Here is the weekly round-up, not much but here it is.

CADCHF
Hit SL on this one.

EURCAD
Reached TP1 before retracing back to BE.


Journal
Majors/ Minors


Graphs





I am a bit late to this post but I just want to say that this review is golden, both for yourself and us following you.

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What strategy do you rely on?

Thanks dude, it was nice to go through and actually see how my trades were doing and being able to log thr data.

Helped with figuring out where I need ro take profit. I’ll be doing another at the end of the year.

I’ve been a firm believer in 1:1 RR , however I am starting to test 1.5 in some cases but that’s realistic to me, so I am glad I got the confirmation from a trader like you.

2 trades finished today, EURUSD was a winner and EURCHF was a wiener. Went for 1.5:1, actually EURUSD was 2.5:1, EURCH went up 1% and then shot down :frowning:

EURUSD 4H

EURCHF 4H

Both looked like good setups. Just how it goes at times.

nothing wrong with 1:1RR at all. its just not what the “gurus” suggest in text books, lol. they also state not to risk more than 1% of your account too. Tom says, why would I have a 100k account and only want to risk 1K? lol

First trade of the week. One I opened this evening.

USDCAD

My thread is my strategy, not sure how to sum it up but will give it a try. I’ll use this evenings charts for examples and explain what I’m looking for. Not saying I’m right all the time either or even know what I’m talking about lol.






These are just a couple examples of what I’m looking for when trading. Just used the first 6 charts I came to for examples.

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i opened 2 Longs; AUDUSD and NZDUSD. down $100 on both so far lol. we’ll see how much longer i hold. im usually too early t the party… interesting on USDCAD brother. I was thinking of shorting the pullback today if it hit 1.3. could very well see that number tomorrow. or in the middle of the night lol. right now indexes are up a little

ALG, GBPCAD finally got above 1.71. well see if it can get above it now and hold that as support

nice work. i am try forex one more time. last time i spent too little for trading indicator. this time i put more and pay attention more. any suggestions?

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Just wanted to post a funny chart from some person showing something on forex and compare it to our charts :rofl:

DAYUM!

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GBPUSD loser from yesterday, touched my SL and now seems to be going up again. Anyone long here?

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Not yet. So far we have only seen a pullback from yesterday’s down move and we are still in the lower half of last week’s range, BUT…:

I am watching all those long tails under the 4H candles which are surely suggesting some good buying interest at these recent lower levels. So I suspect we may well see a break to the upside - it just isn’t triggering anything on my charts - yet! ( I could add that a trader looking at shorter term charts might be tempted with a buy here up to 1.3270 area for 20 pips - but I am only looking at the Daily/4-hour chart here).

Another caveat is that we are closing in on the holiday season and year-end, both of which are unfriendly towards breakout trends. Thin markets and end-of-year accounts positioning/settlements may lead to erratic swings and fake-outs.

Take care! :smiley:

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