My Price Action Trading Strategy

Hey, sorry if its noob question, but how can you trade of levels and candles using forexcom based charst and use tradingview for analysys, and execute trade using ftmo? Is it 1:1 - candles, shapes price action, point by point? I just discovered that my broker is not NY type charting :frowning: need to look for another one ehhh. PS thank you for all your posts, i started with your momentum strategy i think its great for beginners, paper trading all day long with it.

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Not a noob question at all.

All my backtesting and learning to read charts has come from Forex.com based chart on Tradingview. So thatā€™s how I trade. I only use FTMOā€™s broker as my order taker, I donā€™t use their charts.

It doesnā€™t really matter which broker you use as long as itā€™s a good broker with nice spreads and nothing shady. The price is going to go where the price is going to go no matter who your broker is.

Yes the momentum strategy is a nice easy one that is profitable. Have backtested that one as well recently again.

I do feel itā€™s a little less subjective so may be easier for some to know when to enter and exit.

Thanks for the kind words. Hope you find that trading groove and kill it.

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Thanks Alg, will you post backtest results? can You pls share thoughts about first question, thank you.

I answered it above my last post there.

I will soon as I get back to my computer. Iā€™ll post it in that thread since this thread is the price action thread.

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I lied lol. The data is on my computer at home so wonā€™t be til this weekend. I have my laptop with me.

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Ohh i see, butā€¦ if you take trade i assume there might be some difference in pips between tview and broker, sometimes its very little but on pairs like USDTRY i imagine it can be quite a lot, and then if you place order on high/low of previous candle do you recalculate it somehow, or you omit this? so you see the question is how to properly set SL and TP if points donā€™t match precisely. I also assume that you set alerts like for tp1 on tview or? Sorry small details but these practicalities are so important and for some reason no one is mentioning it :smiley:

Yes there are at times but itā€™s never affected my TP or SL due to their broker and my chart being a few pips different, itā€™s usually like one to two. Plus their brokers spread is pretty fair as well.

Right now FTMO price on EURCAD is 1.48260, on Tradingview itā€™s at 1.48258. So 0.2 of a pip.
USDCHF is 0.91167, on Tradingview itā€™s at 0.91165. So 0.2 of a pip as well
USDTRY is 8.47907, on Tradingview itā€™s at 8.47841, Which is 6 pips on an exotic(which is not a lot for an exotic, especially when the average trade for me is 1025 pips.)

My orders are always based on tradingview, entries and exits, also use tradingview for my alerts. Itā€™s a nice charting package where you can set up alerts then no worry over watching the charts or knowing when one of the TPā€™s has been hit.

The price is going to move wherever the big boys take it, regardless if you chart on one platform and trade off another. Just make sure you have a good trading strategy and go from there.

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I just love the way you attend to all questions no matter how weird, also attention to details, you must be a very patient and kind man, please keep it up. I have been following the tread and I must confess am enjoying every bit of it .

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Just trying to lend a hand based on my own experiences and help out.

Itā€™s also nice to help out and explain how I see charts and view trades and the market. Certainly doesnā€™t mean Iā€™m right or even know what Iā€™m doing lol. But just want a thread where we can ask questions and gain a little knowledge. Keeps me busy and not looking at my trades all the time lol.

I feel the best strategies are the simplest ones, Iā€™m even starting my 12 year old on trading.

8/16/21
A trade my son caught, the little turd didnā€™t even tell his dad. I was away from my phone and computer.
AUDCAD

!

AUDJPY
Here is another I missed due to not being at my computer, there is always another. But wanted to show that the system works.

Give the boy a pat on the back :wink:

An update on the ones so far this week.

8/15/21
EURCAD : Stopped out at TP1.

8/16/21
USDCHF : Took some early profit, moved SL to BE then got stopped out.

USDTRY : Stopped out at TP1

So were EURCAD and USDTRY at 0 pips when your TP1 was hit or did you lock in some pips? They both look like they went over 2/3 your way.

I donā€™t get it because originally you said if TP1 is hit you move to BE but then in a recent post you mentioned both TP1 but with some pips in profit and BE in the same go (unless I misunderstood something).

Well the little guy knows how to read charts, good for him!

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Both hit my first TP so I close some of my position and move my SL to BE. Then once they hit my TP2 I moved my SL to the original TP1 but do not close anymore position.

Then they retraced back down to my SL which is at my original TP1 now. Lol

I think I see the confusing part, itā€™s how I word things.

TP2 isnā€™t really a take profit. Itā€™s just a alert to move my SL up to my TP1.

No, you wrote it good, just rechecked, yep, looks good.

Iā€™ll start marking where I place TP1 and TP2 as well. Think it would make it easier to see and follow.

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Hows the week going for you so far?

You seem to be nailing those lines, what I do (I suck though) is e.g. I mark a resistance line at the most recent high, then I check backwards a bit and hope to see a touch there, but if I donā€™t I try to see a touch in further past, like a year or two. Same for support. If there arenā€™t multiple touches at least way back in history then I check the next swing high and so on. The problem is sometimes itā€™s too far away from price and seems like I will be waiting forever for a trade, whereas you are entering positions basically every single day (I know the number of trades varies for you but still, all in all you open many positions throughout the week).

How do you look at it? Do you look for multiple recent touches, or multiple touches whenever in history (2,3,4 years back), or is one recent touch enough for you? Elaborate a bit please as thatā€™s the key I believe.

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