Vanakkam Rajgopal & Welcome !
The screen shots are made around the same time the trade was taken. Example is the last trade post. I have also marked the entry and exit on the charts. Please note that the charts you see are trades that happen live and not after the trade got over. If I do see a setup that formed and i miss it, I do mention “”“I DIDN’T trade and this was the setup i WOULD HAVE traded”"".
Regards,
Muthu.
hi muthusai2000 you seem to have taken over this thread, whats happened to matstergunner?
have you been trading this strategy on a live account, and been profitable?
i like this system, and the idea of price action…how far back do you draw your fibbs on h1 is there a maximum number of days or just as far back as the trend goes?
and do you redraw your fibb in real time onto new lower lows or higher highs?
thanks…
I am still around. Muthusai2000 is handling things well and I pop in from time to time. He has added tremendous value to this thread.
Hi,
This is MG’s thread and i m just a contributor. I liked the idea of price action with almost no indicators to trade. I just use my eyes to spot valid swing high’s and lows that help me plot fibs and the same applies for trendlines as well. Redrawing fibs also happens when I spot new valid swing high/lows. No hard and fast rules there. Yes, I do have a live account although it is small as compared to many live traders out there. I look at forex as a continuous process of learning and experimentation. Just like our graduation which takes years to complete 
Feel free to post trades if you get the hang of the system. Lets learn from each other.
Regards,
Muthu.
Chennai.
India.
MG Thank you.
I did not take this trade as it was not possible to manage due to work commitments (4H Chart). However, I saw this setup forming for another short trade off Euro at the break of a mini support close to pivot line. Price action previously stalled at the resistance area marked with a red circle and retraced. Further confirmation of a possible short happened with a doji candle and it was followed by a huge bearish engulfer (candle prior to entry candle). Entry at break of low and pivot line.
Exit area is marked in the chart. It is almost close of 4h candle and just before volatile London open.
Regards,
Muthu.
Chennai.
India.
Do you trade the Asian session primarily or the London? Thanks, d.
My time zone is GMT + 0530 and I start about 2 hours before Euro open and wind up an hour after London open.
Regards,
Muthu.
I was skimming through charts and this one caught my attention. Yesterday this pair was hitting the support forming a possible double bottom setup and way it goes up today. So far I was able to spot double tops and this one looked like a double bottom (We can also see a possible double top on this chart as well). I also observed dojis (marked in the chart) that signified trend change. Yes, it is so easy and looks so perfect in the hindsight to look at chart and explain like it is just done. However, this chart is posted here to enable us to learn the power of price action and significance of candle stick patterns so when we spot it real time, we can get ready to make pips.
Regards,
Muthu.
Chennai.
India.
Hi!
I was reading this thread last week and got really excited about your methods that i just have to try this out. I opened up some charts today and this was the first opportunity that i could find, i know the pair is not the best because of the spread but just for some training, what do you think of my entry?
I saw some big candles heading towards the 23,6 line and when the next candle opened below the 23,6 line i went in for the kill. My plan is to exit before the 38,2 line?
If you would trade this (mastergunner or muthusai) would you need more confirmations or?
-----EDIT------
It really was a fast trade this one, closed out at ~34pips profit, maybe should have gone for more but can’t stay in front of computer so took it out already! the picture taken just before i closed for profit. 
rikuaim:
Very good trade. Keep them coming. You spotted a good resistance and shorted GY. Excellent. I also traded a similar setup but it is Euro. Charts to follow.
Regards,
Muthu.
Ok, Just came from work. I captured screen shots but unable to post it earlier in the day. I traded Euro today. It was looking to from a possible double top at the area marked so I decided to wait close to euro open to see how candle sticks formed on 1 hr.
Price action was wicking on the top of the candles. All were bear candles and showed some good selling pressure. Decided to enter short at the break of low (mini support) as marked in the chart.
thank you muthusai for the kind words! Don’t know if i just got lucky on that one though. I think i need much more training. But i like this method and i feel quite at ease making a decision based on this. I’m already out of the traid but i think it is interesting to see were to price will go from here. Below is the current picture. I really thought the price would burst through the 38.2 line because of the big candles before but now the price has climbed back to the 23.6 line. Curious. :rolleyes:
Cant say much about GY. I haven’t traded much. Besides, it is a highly volatile pair with a huge spread. Not to my liking though.
could you tell me where i could find the pivot indicator that you are using on your charts? It is much better looking then mine.
And a very nice trade you made there! how did you determine your profit target? did you use fibs or?
-rikuaim
A friend of mine shared this pivot point indicator. It plots S & R as well. Here you go. Save it in the Indicators folder of your MT4, shut down and restart. You will find it listed under “Custom Indicators”. Drag and drop on your chart.
Regarding profit target area…no rocket science. It was near day’s low (at that time)
Regards,
Muthu.
Pivot Lines Timezone.zip (2.59 KB)
