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

Nice job!

You’re posting all your winners, what about the trades that got away?

Keep up the good work.

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I am trading from my regular job, so I have limited time analysing and opening trades. The trades I post here reflect all the trades I took today. My GBPUSD buy almost got triggered but the price went downwards just before triggering it. I am counting that as a loss, no idea what happened there. :frowning:

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How does that count as a loss? The fact that you used a buy order that never got triggered is smart, and a win in my book.

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I know I am new and have unrealistic expectations, i know that a win rate of even 70-80 is nearly impossible and completely subjective, I am aware that the market does not care about what I want and just follows it’s own road, but I literally insert my whole soul into this and when my prediction comes untrue, i get fed up, I do not even care about the money. I am more disappointed into myself that what I have learned and spent countless of hours and nights basically practising and relearning was not put into good use, this is another reason why I post so few trades. I have unrealistic expectations, and it gets worse because I have no idea where it went wrong this time.

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You might not be wrong, give it time. There are not always answers, but if you want post the chart where you did your analysis, then maybe someone can tell you where/why you went wrong, after all…hindsight is 20-20.

Accept the loss and move on, don’t dwell on it. When you’re this passionate about something then you will only learn from your mistakes.

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A few of my trades have gone against me today. Like CADJPY for example:

But it doesn’t mean I’m wrong, yet, it just means I need patience.

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It took me years to feel “confortable” with my trading plan, and I ended up with a plan as “simple and clear as yours” … Add to your technicals a good Mindset and money management. Wish you all the best and will love to see your developement and improvements as you progress in your experince and learning process … Cheers !!!

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Do not set “win expectations”, set “progress expectations” … manage your PROCESS and study the “why´s and how´s” of your trades. Do not take any trade personally. If you win you are not “smarter than if you lose”. Do your analysis, follow your process, take care of your risk and position size; place the trade, and simply let the market do its thing.

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Thank you all for the advices here and the heads up. I strongly believe that you can always learn something from anybody that will help you in life obe way or another, and it is truly eye opening to me just having a conversation here with you all where I have learned a lot in just two days. Thank you once again.

CADCHF
Order: Buy stop. at 0.69100. SL: 0.68950, TP first 0.69350 and proceed with a trailing stop if it goes in my favour and breaks the resistance.
https://www.tradingview.com/x/WuoJ36fH
Resons behind the trade: Trading with the trend as the price is above 200EMA. Broken golden area of the Fibonacci retracement. If it goes to our desired price then it must have broken the daily pivot point. Trending channel, the price respects the 50EMA which acts as tough support, while on the 1H chart the 200EMA acts as support too.

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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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

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

hello bro need help here

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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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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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.

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

bang on perfect plan! me too :slight_smile:

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