this is the trade taken on the basis of price action at support level. false Bo or the PB at support/resistance level are usually very successful.my chart speaks itself.
another trade idea. GBPUsd gave us a very nice PB in the shape of false break out. PB is vey big so I can’t trade it at the break of nose. best entry is at the middle or I would use an H1 chart to enter short. if it fulfill the requirements otherwise I may let it pass.
Hi. Are you waiting for a 50% retracement of the pin bar for entry? Great journal by the way…keep it up.
No mr asthakar, some time we are bound to miss the train and stay back scratching our head but no hard feeling. that was my trading plan which didn’t work out so moved on to another one. why I didn;t enter at the break of nose is explained on the chart.at the close of last days action we didn’t know this will happen, what has happened. plenty of chances will come in our way.
stopped out on this trade on trailing stop for R:R 1:3. I was trailing my stop on H1 lower low of previous swing. still not bad.I think dollar started to get strength against all the currencies.
entered long at the completion of pattern plus the price action formation.set up was favourable so entered long.
stopped out on gbpcad with massive downpou of the prices. well hard luck.
today action suggest that lower prices have been rejected and there may be a bullish biased. thats the probability so I went long. chart is attached.
i got stopped out on nzdjpy, eurjpy both at BE but re-enter in nzdjpy again because I still think that biased is bullish. R:R 1:1. in previous nzdjpy trade prices reversed from within 2pips of PT. I could have manually closed but i left it and during asian session it went south and got me out at BE. got another signal and went long. so far doing well.
2nd chart shows my previous trade which was so close but???
once again i’m stopped out on nzdjpy at BE, I think my TP should have been next resistance. may be a good lesson.
my next potential trade is audusd daily TF. this trade is based on daily PB, if the prices retaced where I want them to be then I will go long.or I will let it go like gbpusd other day.now I’m long on gbpusd based on entry at 50% of PB on daily TF. I have already locked some profit on gbpusd which I think is premature.if I’m stopped out on that trade then i will think of different tactics. lets see.
stopped out on gbpusd R:R 1:1. I got it to 1:2 but was looking for 1:3, which didn’t work out. still not bad,
now short on GBPJPY, it may be a good trade. its doing very well at the moment. looks like there is a shift in trend, as the daily trend was over extended. H4 trend made LH which hints the weakening of trend, if we have a close below the blue line then chances are that it just have a free fall. don’t know yet but hopeful.
entered short on gbpjpy at the break of PB nose, SL is placed at the middle of PB, target is next major support level.its risky as its against the trend.
I have a this trade idea for the coming week. i tried to explain on chart. comments are welcome. some solid pips are waiting on either side of support.
well the trade idea on nzdusd worked out very well i couldn’t enter because it happened while I was asleep. may be some 1 got benefit from it. however now I went short on gbpaud as it break out of resistance, then it pull back below the support level, so hopefully it will continue its trend.
wonder why you stopped counting waves.
Kwonkicker, thanks for reminding. actually these days I was working on a different strategy, however i will try to mark the waves as well. I know they are very good tools.
here is a trade I took recently based on S/R and candle pattern.
enterd short trade using daily Tf with a very small SL of about 38 pips. this is a fakey set up. my entry is above support line but I usually don’t miss these trades where ever they occur because of high probability nature.in trading we look for high probability. well???/
this trade didn’t work out in our favour. the support outplayed us. well we have to move on.