How do you exit now? do you trade from zone to zone or R:R?
Hey guy, don’t take this the wrong way but how about actually reading the thread before asking questions that have been answered multiple times and spamming the thread?
One answer is in the very first post, the other a few posts above this one.
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Zone to zone as my full TP, but once trades reach certain spots I close some of my position and move my SL to BE. That way my trade is now risk free and I’ve made some profit.
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I would love to update my original post up top. But it seems to lock after a certain amount of days. 
Here is my backtesting with the 7 majors.
Just a reminder on how I approached my backtesting.
I did the rewind feature and went candle by candle and placed trades when I saw a good entry. Please feel free to check them as well. I have dated and told which position I took for each trade in the backtesting.
- It’s based on charting on 4HR, and locating support and resistance only on the 4HR.
- It’s just the 7 majors and like 2 crosses but you get the idea. Have done all majors and crosses before.
- Done using support and resistance zones along with only using pin bar, engulfing, and 2 bar reversal as my entries.
PA - Backtesting - 4HR-1.xlsx (54.3 KB)
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Update on my earlier trade.
CADCHF - Took some profit and have moved SL to BE : 15 pips locked in
8/9/21
Trades I opened.
AUDCAD
GBPUSD
This has been added to the first post on the thread.
I’m going to go over some of the guidelines for how I trade since I have changed a few things. I know this will eventually get lost in the shuffle. But wanted to post it up.
I trade based off support and resistance zones(usually placed around round numbers), engulfing(outside bar really), pin bar, and 2 bar reversal. Along with seeing the chart and what the whole picture says, just don’t trade based on a candlestick pattern but use them as a confirmation. Also have a few rules I go by.
- Trade off 4HR charts.
- Look for reversals and trend continuation(after breaking through a zone and retesting).
- I cancel if I place an order and the following candle retraces past the high/ low of previous candle.
- Support and Resistance: Usually place them around a round number. No one ever says “hey, you think AUDCAD will get to 0.93156?”. No, usually in conversation traders talk in round numbers such as 0.93000. Doesn’t mean it always happens like that but the important zones are usually around round numbers. I also use the daily and 4HR to draw my support and resistance zones.
- Entry is placed at the high/low of entry candle, with the stop being placed at the other. So if it’s a bullish candle and our position is long the order is placed at the high and the stop loss is placed at the low.
- I exit my trades like this. If the trade has a 60pip target. I place my first TP at 20 pips, close out a third of my position and move my SL to BE. Once my trade reaches 40pips I move my SL to the first TP and let the trade run, but do not close out anymore of my position. It’s either going to hit full TP or retrace back down and hit my SL that sits at my first TP.
So if it’s a 120pip move then my first TP is 40 pips, I usually set my first TP at the 1/3 mark of the trade. Unless it’s a small trade then I may just set the first TP at the half way mark.
Things I have dropped from the original post.
- 3 Bar Reversal
- Inside Bar
Just didn’t like using these as confirmation for entries into trades, the backtesting I posted is based off just pin bars, engulfing, and 2 bar reversal(which is really a pin bar if you blend the candles)
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Great post.
The inside bar has always been dodgy to me, it’s kind of a coin flip. I think J Fox concentrated mainly on the pin at the right spot, but I do like those big ass candles too!
So my understanding is that you will no longer use Daily to draw S/R levels in any case, hopefully it works out!
I do use the daily as well to locate zones, I should have added that in there(added now).
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What indicator do you use to trade, am trying to get a trading strategy. Most of my trades keep hitting stop loss🤦♀️
I don’t use any indicators, just price action and support resistance zones.
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Thanks , a lot. I might fail this challenge but it’s ok. I’m going to apply everything you mention. I have a backtesting system. I’m very hopeful that I’m doing the right things.
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Please how and where can I learn price action from scratch?
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Update on the trade from yesterday.
CADCHF : Full TP : 45 Pips
One I have opened up this morning as well.
USDCZK
Sweet trades , well done.
Thanks for sharing this! I think you can add this to the first post, or at least edit the first post indefinitely. If not, the mods can help you out making that change. I know a couple super long threads here, that have run for years, the main author can change stuff at will.
Thanks for the heads up, I’ll reach out to a mod.
Youtube is a great place for because I don’t like to read books. Please avoid retail traders videos, because they think in the opposite of professional traders. this is a great thread as well. I’m also going through the "Forex Price Action " thread, it is great. Alg626 posted a link for it on this thread. Happy learning
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