In hindsight yeah them trades look great, but lets have a more objective look and see.
You traded with the trend
You traded valid Price Action Signals
Those price action signals were close to mean value
The signals were reacting with daily support or resistance
The signal candles closed in your favor
You entered with the trend momentum.
I would say your analysis was spot on, so yes your trades were very logical. Are you getting rich over Vasude with all these good trades you’re pumping out?
Price has broken down below its consolidation zone on usdjpy, there is plenty of room for price to move downward there if it falls. What does everything else think, is this chart going to take a dive?
you took the eur/usd trade yesterday ,because a outside bar has closed last week,yesterday in 1 hr chart ,there are pin bar has formed at daily R levels..
Yes the yen crosspairs really got moving, especially EURJPY,
I took profit on the EURUSD trade, I don’t pay attention to 1 hour candlestick formations. There is not enough data in the candle so the signals don’t have as much power in them so to speak. Also you’re looking at trading against the movement on the daily chart, a 1 hour candle is not a strong enough reason to go long into that if that’s what you were considering.
It’s best to wait for a correction now and a bearish Price action signal.
Not sure about this one Vas, would like to see a signal form a bit closer to the mean value, definitely would want to wait for price to break the low of the indecision candle before shorting this.
Just found this thread, and I found the material discussed here very intersting, however with this price action system I wonder how many trades it generates per month on average, and what is the average monthly return of this system assuming one picks the right setups and applies the right trading decisions in terms of lot size(say 2% of equity), and good risk reward ratio (say 2:1 or 3:1) thank you
I’m afraid the answer is not so easy and is not a black or white type. Trading requires patience, time and dedication. Expected return depends on the risk you are willing to take… With the same “system” as you call it, I could take 2 trades per month, while you can take 10: it all depends on your risk aversion
Trading is not made to make you rich fast, rather the opposite. If you are just starting, being Break-Even the first month, would be a very respectful result!
Keep it up with dedication and focsu on the quality of what you are doing, not on the results.
QUOTE=DnB Price Action;346488]First off I just wanted to post a setup that I took earlier today on the GBPAUD. The Inside bar setup is probably the most commonly out of all the price action/candlestick based setups
The GBPAUD is a bit of an out there pair to be playing with I know, but the setup was good so I jumped in. The trend is clearly up, a nice swing line (resistance turned support) which the inside bar is resting on, also the inside bar was resting on mean value (the Emas I have marked on the chart).
Because the trend was up I only was looking for a longs, so I set an order to go long on the break of the inside bar high. Thanks to the RBA news today this trade got a real nice boost.
Sometimes I trade off exotic pairs like the GBPAUD when the USD majors aren’t giving me anything to work off. The only real difference is you have to pay a higher spread, which I don’t mind because I like to trade off the higher time frames.
Did anybody else get in on this move by any chance, surely some of you caught the AUDUSD short?[/QUOTE]
I got a short opportunity on the EUR/AUSD pair as there is a bearish rejection candelstick of a static and dynamic resistance area, I would like to have your comments on this setup.
thanks,
