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 
DAYUM!
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Not yet. So far we have only seen a pullback from yesterdayâs down move and we are still in the lower half of last weekâs range, BUTâŚ:
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 isnât 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! 
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Yea, weâll see what USDCAD does. Been back and forth since I opened the trade.
Off top of my headâŚ
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Keep working at it, traders need time and experience to get comfortable looking at the charts. A lot of people give up before they reach that point. I think itâs due to most wanting to get rich quick kind of mentally then realizing how hard it is.
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Figure out how you want to trade scalp, day, swing. And what time frame best suits your personality.
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Work on your trading rules and follow them. Meaning take every entry that comes along and manage your risk with stops and lot sizes. But also donât chase price if it goes pass your entry just wait on the next setup, there is always another. Sometimes price gets to your entry area but doesnât look good, just move along and wait for the next.
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Letâs say you got that down and have a profitable system. Fear is going to shut you down, read up on trading psychology (I have links at the top with traders talking about that). Emotions is the next hurdle you face and I think the biggest one.
I have two strategies that are pretty easy to follow. My other thread and here in this thread at the top is a post with some backtesting using just support and resistance and only three different candlestick patterns.
And here is the backtesting with the three candlesticks (strategy taken straight from the Jonathan Fox thread). This is the style I was using more at the beginning of this thread and still do use these patterns.
Backtesting
I have attached some backtesting using three candlestick patterns and trading them at support and resistance zones. They are all reversal patterns. EnGulfing, Pin Bar, and 2 Bar Reversal.
PA - Backtesting - 4HR-1.xlsx (76.7 KB)
I am more discretionary now though, I donât just follow certain patterns but more of how price looks at certain zones. But the backetesting I did using those three is still a solid way to trade too.
Looks like you may have took an entry off that 2 bar reversal? Which I probably would have too. I think @SovoS and you have the right idea. Just may have to wait a little longer before itâs ready to move up.
But the cool thing is you can also be ready to short once it closes below the support there.
Just a reminder donât get too hung up on a certain direction, be flexible in your trading ideas so you can profit either way (or lose either way )
stopped out of both AUDUSD and NZDUSD last night. like right where my stops were and then it continued to do what i thought. both wouldve up $400+ right now. shaken out of GBPUSD and EURJPY early this morning, not theyre back above my entries. fed up to say the least. probably done for the day
Youâre late, Iâve been in those since yesterday (still going, green so far)
Always late to the party lol. Just as long as I make a little.
Where did you have your stops ? Got your charts to post ?
Yeah basically, but I donât really look for certain patterns anymore, I donât believe in it, Iâve been at this thing since march this year and looked at charts and various strategies day and night basically and have formed my own opinions and views of the market and am finally coming to the goal (hopefully).
Iâve switched from daily to 4H and thatâs all I use now, just S/R with realistic R:R and discretionary judgment of price movement and money management. So if itâs at a level and looks good Iâll take it, doesnât have to be an engulfing bar or a pinbar or whatever bar.
Sure thing buddy.
AUDUSD
AUDJPY
As you can maybe see Iâve reduced risk from 1% to .5% and am going for 1.5%. Just testing this now to see if itâs realistic or else I will go back to strict 1:1 RR (need around a 100 trades before I come to any final conclusions though).
I agree. I have evolved more into just trading off price and not just patterns. If I see certain patterns and the set up looks good Iâll still trade them. But certainly Iâm more discretionary then before on trading.
But the guys who are a little more fresh and just starting out. I thinks itâs easier to start with a mechanical system or something where certain candlesticks at the right zones helps them have some confidence in their trading. And as you learn and grow you can progress to more discretionary method.
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Right on buddy.
Now 2 more things to take care of as the timeframe has been decided:
- SL and TP
- Whether to eliminate or simply not trade some pairs that contain the same currency, e.g. my 2 pairs above, they are basically the same, so am I just doubling the risk? I donât know yet.
So as I said in a 100 trades I should know enough hopefully, I am taking notes on each trade so I can compare later on. Shouldnât take more than 2-3 months I believe.
Yea, I trade 43 pairs and will take setups with the same currency. Even if the trades are opposite directions.
I believe I have one long and short on the USD today. I enter if everything triggers my entry no matter the pair. I will scale down in lot size if needed. Have to watch my daily drawdown, but thankfully I havenât ever had to worry with it. Just part of managing risk.
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Youâve said that already somewhere in the last 3 months or however long I wasnât here and then read everything, and actually thatâs what inspired me to go for all the pairs I want (30 total). The fact that youâve been funded all this time and been trading as you do and letting us know has been a Godsend.
Youâve truly been a great inspiration buddy, and gave me a big push in my trading, God bless you.
However I am still not convinced I will stick to all 30 but I just might.
In the meantime check out this wiener, nearly hit my 1.5RR and then retraced, hopefully it comes down again, EURNZD
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Thanks dude for the kind words.
Iâm sure youâll find the right balance of how many pairs to trade.
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