It broke out of the lines of the triangle but I would suggest waiting until it breaks the high or both highs of the triangle to consider it a true break. Nice thread btw DnB…
It always hurts when it does that!
The question really is, what were you waiting for with this trade? You should have a clearly defined exit plan, especially in these present conditions. Perhaps, one third of your position off at 1:1, stop to BE, one third off at 1:2 or there abouts and the last third with a trailing stop just in case a real trend develops.
Obviously you made a good call and you should have profited at least a small amount from it and certainly not have let a winner become a loser. But we all do it and the market teaches us the lesson.
Onward and upward next week!
Hope the loss wasn’t too big! Have a great weekend!
Hi DnB
I have a question on how to handle trades. I entered long on USD/CHF on a set up I posted a few days ago. I took a loss, but the question is: I entered the trade and price showed a nice profit for three days, almost 2:1 RR, then price reversed and hit my SL, what would you have done differently?
Hi Evermore, tough one there. I don’t like to tamper with stops, but you were well into profit. Alarm bells would of started ringing when the daily lows started to get broken. Honestly I would probably been stopped out BE just like you.
If I like the setup and I am confident in it, I will just get in at market open. As you can see if you did that there you would have achieved good R/R, but caution doing that. It can screw you, without that ‘confirmation’ of the break of the high, it’s one of them double edged swords. Just some food for thought.
I am surprised no one has posted this bad boy yet…
- Nice Downtrend
- Bouncing off the mean value area plus a swing point
I’ll be watching this one next week. Hopefully price doesn’t gap down, because that really messes up the flow of price movement.
Thanks for the heads up – haven’t started my weekend analysis yet and had Friday off for the start of the Olympics here in
the UK.
Have a great weekend all!
ps congrats DnB your AUDUSD went well; my EURAUD stopped me out…all going well until Mr Draghi made some Euro comments and then we got a spike.This is why l am moving to BE/ taking profits quicker these days but that’s just my take.
Monthly chart showing Friday’s close below previous lowest close of support all the way back in 2008. On daily chart price coming back to test that support and confirm as resistance. So far has been unable to close above that line with it’s origin in 2008. Kind a cool. Looking foward to Monday!
Hello everyone,
I would highly appreciate it if an experienced trader could tell me where I am wrong or right in the following findings for Monday trades. I will not attach charts because there are quiet few of them:
-
EURGBP: - Major trend is down
- On 4H chart: 2 Bar reverse signal , Resistance line @ 0.7873 which is also at the
monthly pivot S2 line. Possible 60 pips there if we sell. -
EURCAD: 4H chart: Trend is down, there is a retrace to 1.2450, which holds S/R line as well &
weekly pivot R1 level with engulfing to sell.
Daily chart has a Piercing candle pattern to sell too. -
CADCHF: 4H chart
Trend is up, there is a retrace picked up with BUEB o S/R line
Daily chart shows also a Piercing bullish pattern. There is some 45 pips in pot. -
CHFJPY: 4H chart:
- Trend is down
- There is a retrace rejected on S/R line & weekly pivot R1 line.
- Inside bar to sell, stochastic is oversold as well. -
GBPCHF: 4H chart:
- Trend is up, there is a retrace ended up with 2 Bar revese signal at S/R line &
monthly pivot R2 line.
Your comments will really help me. Thank you so much in advance.
Wafik
- EURGBP: - Major trend is down
- On 4H chart: 2 Bar reverse signal , Resistance line @ 0.7873 which is also at the
monthly pivot S2 line. Possible 60 pips there if we sell.
The trade looks valid, however as you can see the good 4hour signals show through on the daily chart where there is a nice and more clean singal.
- EURCAD: 4H chart: Trend is down, there is a retrace to 1.2450, which holds S/R line as well &
weekly pivot R1 level with engulfing to sell.
Daily chart has a Piercing candle pattern to sell too.
That’s not an engulfing bar because the highs were not breached on the previous bar, however if you’re not using New York time candles this may be different for you.
- CADCHF: 4H chart
Trend is up, there is a retrace picked up with BUEB o S/R line
Daily chart shows also a Piercing bullish pattern. There is some 45 pips in pot
This just looks exactly like EURCAD but inverted,as you can see on the daily chart buying pressure come right out of the trend’s mean value zone.
- CHFJPY: 4H chart:
- Trend is down
- There is a retrace rejected on S/R line & weekly pivot R1 line.
- Inside bar to sell, stochastic is oversold as well.
I don’t trade Inside Bars on the 4 hour chart. I don’t even see one on my 4 hour chart or my daily chart. I don’t know why you’re looking at stocastics, my advice is to drop that from your chart it won’t do you any good. This is trading system -without- using indicators
- GBPCHF: 4H chart:
- Trend is up, there is a retrace ended up with 2 Bar revese signal at S/R line &
monthly pivot R2 line.
I just looked at the daily chart, there is a valid buy signal there.
As for pivot points, I think they are a load of s**t and I am not going to touch them. I am only interested in the RAW price action data in front of me on the charts, clearly showing me where the true S/R is. Not some mathematical formula that is going to “calculate” some lines for me, but if you can make it work for you, great 
I have been hitting my head against the wall for a long time with useless trading methods. I am so glad to find your thread… it is what I have been always searching for. Moreover, the fact that you are always giving… without any return… just to help others, is really something GREAT in itself.
I would like to thank you so much for all your kind effort & time given in helping us. Your comments were really valuable & very clear to me. I will certainly drop all indicators & just focus on naked charts. I greatly appreciate your help.
Wafik
Please follow up this set up at end of session GBYJPY 1D, it might still be inside bar. Will appreciate any comments only once session is finished
im GBPJPY with in with target around 121.016. it is perfect with the MAs, 38.2 fib and a strong trendline from the very top of the move as well as the resistance level you have marked…
I just placed market order this morning at market open to so I could get 1:2 R/R. Im not keen on retractment entry of in inside bar at all.
Any thoughts DNB?
Hi Wafik,
Just had a look at the chart. At first l liked it and saw the downchannel Paddy mentions plus EURJPY looks similarly bearish at first glance. However, on second study my fear is it may be in the bottom half of a Range and not have good R:R before hitting real resistance. My feeling is its not an A+ trade so not for me; but having said that it may well come off!
Good luck.
Hi Michael & Paddymctaff,
thanks a lot for your comments & remarks. It really helps to get second opinion to refine our choice.
Cheers
hey wafic…this could be a nice set up …if you look at the 4 hour chart …it has a nice head and shoulders formation.
which indicates price could drop…soon…
personally i dont like trading the cross pairs…but take a look at the head and shoulders formation and maybe get some pips.
edit
there is antoher head and shoulders on Cable 1 hr and 4 hour as we speak …setting up nicely
Hi Brinkfx,
Yes, you are absolutely right. I saw this H&S on the 4 H. In fact H&S is my most favorit pattern. I will certainly follow & analyze the result. Sharing together all the views does certainly open my eyes to so many things. I am really glad to be in this thread.Thanks for your comment.
Wafik
Hey Everyone,
sorry for the late reply, sometimes it stops sending me notifications that there are new posts.
I don’t think GBP/JPY is a high quality setup. Here is my chart below…
This market is really going no where, there is a slight bearish tone to it but if you zoom out a bit you will see nothing has happened in terms of movement. I have a support level marked there which you can also see the significance if you zoom out a touch. My concern is price dipped under this level but couldn’t maintain itself under it and pushed back up, now we’ve gotta see if this support line is going to hold. Too many what ifs here for me.
I think if you look at the GBPUSD chart…
I would be looking at this one if you wanted to short the GBP. I must admit I like to trade in trending markets, but this is a much more readable chart than GBPJPY, it’s a nice clear range. The inside bar under the range top could signify price stalled and churning under that level. Price has already broken the lows this session, traders looking to short this guy could realistically set targets for the bottom of the range.
But trading Inside bars from range tops and bottoms can get tricky, because price can get wild as large amounts of money change hands to to change position. This can cause can cause plenty of whipsaw spikes around.
All I had to do was click on the 1 hour chart and you can see the violence that took place when price reached the range top lol.
If you’re trading this one just keep in mind, range markets don’t offer as good trading opportunities than trending markets. Also make sure you’re sensible with your stop loss.
Hi DnB,
Just to say l am really enjoying your style of PA trading and although l already have a ton of books/courses on it l’m beginning to feel l should invest in your book/course to to get the complete picture on how you view the market.So, a question or two if you don’t mind. Do you go into real depth in your ebook regarding your insights into PA or is it more aimed as an intro for newbies to IB trading? Is there any follow up on the book like an active forum on your site or a Q/A section there for members? Do you plan to update your course in time and provide that free for existing members and finally is there an Olympic Discount available for folks on this thread??!!
Thanks again for your insightful contributions.
Hi DnB,
Just to say l am really enjoying your style of PA trading and although l already have a ton of books/courses on it l’m beginning to feel l should invest in your book/course to to get the complete picture on how you view the market.So, a question or two if you don’t mind. Do you go into real depth in your ebook regarding your insights into PA or is it more aimed as an intro for newbies to IB trading? Is there any follow up on the book like an active forum on your site or a Q/A section there for members? Do you plan to update your course in time and provide that free for existing members and finally is there an Olympic Discount available for folks on this thread??!!
Thanks again for your insightful contributions.
Hey Michael thanks man and you’re welcome.
I made the site as a project and something to do, instead of just staring at the trading screen. So I built it myself and still trying to improve it every day as much as I can. The reason I mentioned that is because you asked if there is a memeber’s back end section, unfortunately no not yet. That is something I want to do and move the entire course online and have a members chat room or something going. The only thing slowing me down is my technical ability but I will get there, I like to do things myself and hey it’s been a great project to learn about web developing.
As for the ebook, I designed to target people who already know about the basics of forex trading but don’t know anything about price action based trading. Some basic topics are covered, only the ones you need to know to use this method. Because everyone is different and like to trade differently I have given both ‘conservative’ and the more ‘aggressive’ entries /stops / targets / approach to money management. The conservative stuff for the people who are really tring to minimize risk and then the more aggressive entries that offer much better risk/reward. This allows the trader to formulate their own price action trading plan that they are comfortable with.
I do update the content, there is enough price action cogs turning into my head to probably double the content of the book lol, I’ve got some other non-forex projects going on at the moment so it’s just a matter of not enough hours in the day. But I have a record of everyone that has purchased and if I update the content I send it out to everyone free.
I hope that answers all your questions. Hopefully I don’t get butchered by babypips for this :15:
Thanks for the back story on your site etc. l am sure, or at least l hope, the forum rules haven’t been breached! l was going to pm my questions to you as obviously you don’t really mention your site on here but then l thought maybe others may have similar questions or don’t know that you do have an ebook etc so its probably good for everyone for me to ask openly on the thread. As l said l am generally “coursed out” but as l have said on other threads here l am always open to add to my knowledge and l read stuff on trading just for the sheer pleasure of it too. So, l’ll treat myself to yours for my holiday read in the near future and as usually happens l’ll probably pick up at least one thing l hadn’t thought of before and it’ll pay for the book in new pips!
Thanks again for your trading insights and l hope you keep this thread running for some time its great!
Hi DnB,
Thank you so much for the well detailed analysis on GBPJPY & GBPUSD above. It is highly appreciated.