hi everyone awesome thread. noticed a couple of setups would appreciate some of your opinions
sorry theres no charts not sure how to get them from fusion program on mac
Hey guys,
Firstly thanks everyone for their kind words. Iāve got a bit of catching up to do here
Sloth, I am a bit late answering your post, sorry. From what I can tell the trades you posted are valid but it would be good if you could post up charts so we could see exactly what youāre talking about. Clip2net is a good tool you can download it at Clip2Net ā mac screen capture, linux and windows screen capture program, that way you can put markings on your charts when you capture them too.
I wouldnāt take multiple trades like that at once, although I post up a lot of trades setups I donāt trade every single one. I just pick the best one and roll with that only, at least until I have a good chance to move the stop to breakeven.
Iāve quickly discovered during my trading career taking too many trades has been one of the biggest killers for me. Once you open 3 or more trades at one time, more often than not, you will end up on the losing end of the deal, but of course at the time when you are placing all the orders all you think is that these trades are going to hit target and youāre going to be ballinā lol I know the feeling.
Stick to one trade at a trade, it really does keep trading real for you.
Here is a trade setup that Iāve take on Friday last week on the USDJPYā¦
This trade is an Indecision breakout trade. I canāt remember if I have discussed indecision candles here in the past but their common names are dojiās or spinning tops. The candle has a small centered body with two wicks protruding out each of the candle and communicates to the trader that the market has paused in consolidation and indecisiveness.
These guys are great when you trade them with strong trending markets, as the trend pauses and creates these indecision candles you take price breaks back in the direction of the overall trend, and thatās exactly what Iāve done here. We actually got two indecision days in a row here and I had a buy on stop order placed at the high.
Similar signals on some of the other JPY crosses, but like I was saying before itās best just to pick the best trade and nail it with that one only. Some traders would take all the trades across the yen pairs and they basically over risk themselves because if this trade doesnāt work out they will all most likely get stopped out.
Iāve almost been stopped out of this trade this morning as the market sold off with attitude at the market open but thankfully price has recovered and the trade looks back on track.
I am aiming for at least 3x my risk here, but since weāve broken into new highs so the skyās the limit here and will monitor this trade on a candle close by close basics (daily candle).
I have been in this since the engulfing bar prior to the dojis, good luck!
Just out of interest, why didnāt you take the doji just prior to the engulfing bar?
thanks for reply DnB i downloaded clip2net so heres first attempt to post chart its the us/chf i was talking about
i downloaded the clip2net tool but cant use it. Can anyone help out please?
hey Esosa did you go back to site and register then you have to put username and password in preferences
Hey Sloth,
Youāve got some interesting moving averages on your chart there, why do you have the chart arranged like that may I ask.
It took me awhile to work out what was going here, then I seen your chart is CADCHF not EURCAD. Youāve also got 6 day candle charts, itās best to use 5 day new york close charts when trading with price action.
I wouldnāt take a long trade here, the market has already recently moved up aggressively into a weekly resistance level. After such rapid acceleration we will most likely see this market fall off. Although these signals are valid I donāt think you will get the risk/reward trading into that weekly resistance @ the .9500 mark.
Sorry about the mix up with charts thatās my awesome goldfish memory at work.
The emas on my chart are just a visual I use to see trends. I borrowed them from a fellow Aussie called Darrel guppy. Basically itās to groups of emas and how they interact with each other give you a visual of trend direction and strength. Also good way to see if market is choppy. He has loads more uses for them if you google gmma or guppy mma thereās plenty of info on them
Is there a way to change my charts to 5 day my close I use mt4 with fxcm Australia. I read earlier post about it but couldnāt figure it out
Ill check that weekly chart when I get home this morning
Cheers the sloth
Hi Sloth,
Iād like to help you with your question but first want to make sure I understand exactly what you want to do with your charts. And just to confirm, is this on the MT4 platform, or the FXCM Trading Station?
Jason
Hey mate Iām using mt4 and would like to change to 5 day New York close chart as dnb mentions above
Iāve got a feeling this is isnāt possible Sloth, well with MT4 anyway. Your data feed needs to come from a broker with a New York Close price feed which I think is GMT +3
I am still long on the USDJPY, it hasnāt moved much this week but last sessionās consolidation did create and Inside day Signal.
If the Inside day breaks higher it could be the catalyst for some market movement here.
Hi Sloth,
I believe you are asking if itās possible to have the daily candles on your MT4 charts begin and end at 5pm New York time. (Please correct me, if I have misunderstood your question.) Since our MT4 servers are on Greenwich Mean Time, the daily charts on the platform begin and end at midnight 00:00 GMT. Unfortunately, it wouldnāt be possible to change the cutoff time to 5pm New York time without changing the time zone for all our servers.
However, if you log into FXCMās Trading Station, you will find that the daily candles begin and end at 5pm New York time. You can access this platform using your MT4 account login.
Jason
hi Jason thanks for reply, you have my question right its a bit of a shame it cant be changed on mt4 so iāll definately give the trade station a go.
dnb iām in that us/jpy trade to looking good so far
Hey Sloth,
My broker is Aplari Uk and their daily candles close at New York Close
The USDJPY is starting to take off now, it was a bit slow at first but the core trend pressure usually prevails in the end.
A large bearish rejection signal has formed on the EURUSD daily chart last session, most of the action took place within a 4 hour period.
This one would require a large stop loss, so weāre waiting to see if we can grab a retracement entry, using the pevious day high as our entry target. Thatās about 1.29300 on the new york close charts.
hey DnB
i was in that eu/us till that big tail stopped me out. i moved my stop a bit to early oh well.
with your retrace entry do you set a order at that level or just keep an eye on it and trade when it looks good
I just set the order at that level, there is no point trying to tackle this signal any other way, youāre stop is going to be two large and you wonāt achieve a decent risk/return on the trade. Unless of course you hold for about 3 months and hope the market moves down 1000 pips lol.
thanks mate iāll have to test that out
really liking this price action stuff iāve been trading [not very successfully] with trend following and indy strategy for couple of years and finally decided to try something different, so far so good.
thanks again DnB for explaining pa in a way that everyone can understand.
I managed to get out of this trade at break even, when I seen that large 4 hour candle form I knew some sort of economic news or event had taken place, lucky I did this market really tanked.
I am kind of annoyed that I held this trade all week and it ended up being a wipe, but on the other hand excited for a possible shift in trend here. If this sort of bearish aggressiveness continues then we could see the JPY become a bullish market again.
At the moment I am waiting for my EURUSD order to be filled and watching this bullish price action at the AUDUSD weekly support level. Iāve been waiting all week for price to test this level.
You are very patient, thatās what a trader need to be. A break even trade is a winning trade, you can always take that trade again at a better price.
