Price action ft S/R, time frames confluence and more

#31

Certainly a simple plan - and they often work best. You might want to add trade management rules (stop losses, exits, etc.), that way you can use that discipline to avoid the fear/greed effect which can blow results out of the water, even though your entry plan is sound. Develop your rules and follow the School of Pipsology mantra - ROCK SOLID DISCIPLINE.

I’ve been trading for over 12 years now and am still investing time in my learning. Good that you’ve moved off demo accounts - they can give you a false sense of security.

Good luck with the trading.

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#32

The buy stop above never got triggered and the price broke out of the trading channel.

AUDNZD
Order: Buy at 1.09734, SL under the recent swing low 1.09597. TP1 should be at 1.09924 and then I will move the SL to BE.
https://www.tradingview.com/x/dWb9VvdA
Reason behind the trade: The price went 12 consecutive days upwards before reaching a swing high at 1.10438 and retracing a bit which is normal as 1.10000 is a psychological level as well. The price is still respecting the 200EMA and has found support at 1.09650. If it goes to my entry buy stop at 1.09734 then it would have broken the golden level of Fibonacci and moved above the pivot point.
Edit: fixed a typo

#33

Closed AUDNZD at 205 pips profit, did not like how the price reached the resistance and turned away.

#34

hello bro need help here

#36

That is what I read as well. Whilst these signals were created in response to commodities, that doesn’t make them applicable to Forex which is ratios of one currency to another, not a commodity or corporate share. Not sure I have fully absorbed all the implications of that, but I agree they can be misleading if applied to Forex.

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#37

Hi and welcome.
Did you read Mark Douglas “Trading in the Zone”? Van Tharp is another excellent author on the subject of psychology which is now believed to impact up to 90% of traders (in a negative way) and that if fully understood in the context of the Forex markets is probably THE most important part of the successful Forex traders box of tools. I strongly recommend you read the first reference, and as for Van Tharp, Super Trader or Trade Your Way to Financial Freedom are both quite detailed, but very revealing. Remember, you are aspiring to become one of the 1%, not the 99%. If they tell me that psychology is 90% of it, I listen and follow.

I have a Mondeoman trade journal in the trading journals section of this forum. Take a look at my most recent post discussing the rationale behind my 32 consecutive loss trades. Purely a self imposed exercise designed to test whether I REALLY can survive and put up with a large number of losses provided they are consistent with a very hard and fixed trading plan.

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#38

I will have a look, it is undeniably true that psychology is a huge part of trading forex. But here is my problem. I do not care if I lose money on a trade, I am actually disappointed if my analysis does not come true, I have been working on this bad habit lately and already see improvements.

Trade idea: NZDUSD.
Order: Buy
Price 0.66300
https://www.tradingview.com/x/wrbetSu6
The price has reached twice a resistance level but the last time it was with a momentun candle . It indeed started to pull back and I expect it to go down to the 0.618 level if Fibonacci before going up again. I will watch it closely and see how the price behaves at that level before pulling the trigger. If I get a candle close abive the resistance with no any wicks, then I will buy.

#39

Except for the time frames (my TFs are higher), our plans are much alike, plus I like the NFPs and FOMCs also. Naked trading with minimal indicators. Been doing it for 6 years now. Keeping the psychology, mindset, and emotions in check were / are my biggest obstacles.
Start slow and Good Luck.

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#40

Following next week I will implement VWAP into my strategy, I did a few hours of backtesting and saw good results

#41

bang on perfect plan! me too :slight_smile:

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#42

Went on a vacation and was not trading at all. I have returned now and made an order.
UsdJpy Sell
https://www.tradingview.com/x/tTFHATsC
TP: 105.750
SL: 106.385
Entry: 106,230

#43

Sell stop AUDNZD
Trendline resistance on 4h and we can see how the buyers volume decreases as it approaches a resistance level under the trendline too. (Previous support level)
https://www.tradingview.com/x/wbuHSoXz
For extra intel I went to the 1H and drew a trendine below the price. https://www.tradingview.com/x/8eouYAD7
If the price closes under the 50 and 200 EMA then I will sell.

#44

USDCAD - Buy
https://www.tradingview.com/x/NaoxD1Uf
The price was in a downtrend but finally broke it, as it reached a new high it went down to test the support which was a previous resistance, the price is showing reaction to that level. There is RSI divergence indicating a reversal too on the 30M time frame. if I see buyers pressure and confirmation that it is a good trade, then I will go long, SL is at the 31250 level under the support and 200EMA while TP is at the 31900 level, if all goes well I will just trail stop loss this trade and move the TP to the 32300 level.

#45

It was a bit difficult for me to update daily what’s happening, so I kinda gave up on the journal. But I decided now to give it a second go and update only weekly or maximum twice a week. I can say that, the past two months have been really amazing, I will see if I can somehow connect my mt4 account to myfxbook through my phone. I did a challenge where I’ve turned a $50 account into $1450. It was a random experiment which turned out pretty well on a kamikaze account. My trading has changed from two months ago, now I strictly use support and resistance levels, combined with patterns, volume profile (fixed range from Tradingview), price reaction to the levels, and all of this to make an entry based off my macroeconomic outlook on the currencies, where I look at the expectations and reality of the economic news. So lets see what will happen to this account. I am strong believer that you can learn a lot from the people you surround yourself with, and all the comments here contributed to my trading journey so far pretty well, and I am grateful to you all for the warm welcome and everything.

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#46

646×1292

I can see some pretty good GBPUSD short here. There were news how Brexit deal won’t happen, so we can see liquidity hunt at the top which also shows rejection of the resistance area above, then a trendline break. I think it is fair to believe that it will hit 1.32000, we need a H4 candle close under 1.33000. I have already entered based off my gut at 1.33600, but this analysis just reinforces my idea.

#47

646×1292

Eurusd seems really bullish to me. But then I ask myself the question why is it raising so much? I got caught pretty badly by selling at 1.18300, not gonna lie. Right now I am hedging it, so I even made some money off this rally and plan to re-enter it Monday. This looks to me as if the price is being manipulated. Friday, no news, suddenly it takes off flying to kill sellers and trap buyers into the upcoming week. I think 1.18 is a good first level for taking profit and then just trail stop it until either it closes by itself or hits my second take profit target if 1.17 and possibly 1.16(maybe unlikely but we will see).

#48

646×1292

Gold, more accurately said XAUUSD.
The only thing which in my book can be classified as a permanent bull run. Let me first explain why. I remember reading an article where a gold miner was interviewed. We are 21st century. Even though we are so advanced with the mining technologies, the expectations of the near future are that gold’s supply is decreasing. We are advancing in this thing, yet the supply is decreasing. I think that a correction to the 1750 zone i’ve drawn is inevitable and I have begun looking for levels to buy and hold, because in my eyes this zone (1750-1800) is priceless and will pay off in future.

#49

Good stuff!
Our analysis is similar, I went short on GBPUSD today and I have a short order waiting for EURUSD. I expect it to get picked up next week.

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#50

I am really glad to see you are still here, being the first person I interacted with on this forum. And yes, I also introduced a wide stop loss to avoid the random swings, stop loss hunts and spikes up with any positive Brexit news.

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#51

S / R level trading helps a lot to earn the profit. However, it should be a combination of money management and risk management.