Thanks to MasterGunner & TakeMoney, I am rebuilding my acct. Nothing real dramatic yet but definitely progress. My Daily pin bar reversal is just so/so & the larger SL & Tps keep me in a trade longer than I really like so grabbing pips using TLs, S&R, and sometimes fibs on the 1H is for me the way to go. Thanks again. d.
MG - when you post a chart with tinypic do you 1st post it to Paint for editing or can you edit in tinypic too?
I donāt edit the charts. What you see is a direct screen capture of my charting platform. But letās assume I did, I would need to edit it in a program first prior to posting it to tinypic.
I am not computer literate but I think if I hit the print screen key my acct number, user name, etc. would be shown. That is why I asked if you edited. But maybe if I used the largest chart option all of that info would not be shown. I will have to try it. Thanks.
Hi,
If using metatrader
File -> save as picture, will only save your current chart, no account info!!!
N
Thank you very much. d
Here is a trade I made earlier on G/J. I had the fib drawn on the 1hr chart, but was zoomed in to the 15M for a closer look. I had resistance spotted at 145.02 and after it broke through I decided to go for it, my target was set for the top of the next fib around 145.95.
I went away from my computer for a little bit, but came back to see I hit my target for 79 pips.
A question for mastergunner, was it a good idea to get in as soon as my resistance line was broke? Would you have done the same? We can see that this trade was sucessful, but my last 3 or 4 trades based on PA went against me. I canāt tell a good time to get in when the fib is crossed sometimes, sometimes when a fib is crossed by 10 pips ill jump in just to have it retrace and hit my SLs. What are some confirmations to let you know the pair is actually going to go up or down to the next fib drawn?
When I zoom in, I generally look for retesting of s/r lines. So Iāll look to see if price broke through if itās looking to stay through. Iāll also look to see if there is any possible candlestick pattern forming that looks like it would have price moving in the opposite direction.
Furthermore, if pricing does move against me, Iām more opt to pull out. Remember, you can always get back into a trade. Granted, itās not necessarily the easiest thing to do when youāre paying a larger spread like you are with GBP/JPY.
I like hourly candles to close past the line of resistance as well, and then have the new candle break the high of the previous candle.
I also look at trendlines. Sure price broke a fib line, but was it right underneath some resisting trend-line?
Overall, it truly just takes practice. I was talking to a trading buddy last night and he asked my opinion of a particular pair. I told him my thoughts and he acted on it. 100 pips later he thanked me and was surprised I didnāt enter the trade myself.
My reply was that I still didnāt āknowā the direction of the price. I had an idea, but it wasnāt enough for me to put my money on.
Thereās tons of support and resistance lines that are out there that price is going to be bouncing between. The hard part is figuring out which ones are weak and which ones are strong. And the only way you can do that is to watch what price is doing around it.
Keep at it. Price action will be the hardest thing you master in forex, yet the most rewarding.
Right on, I just learned alot about candlestick patterns, that makes alot of sense waiting to see what they do once they break the fib. Ive also been afraid to let the hourly close on some, afraid ill miss the big move, but your right, they usually retrace a bit, and alot of times they will close under the fib.
Hey Method,
I think BRV off another forum said it well when talking about if a line will hold or break. Basically from what I remember is if it has lots of momentum leading up to the support/resistance then chances are it will break but if price smoothly and steadily comes up to it, it will bounce more than likely. Take for example that trade you entered. Nice large candle pushed price up (about the same size of the 5 previous candles) a very small retrace but candle still pushed on then another surge forward. A good sign price will continue for you as it did because it had momentum on itās side.
Hope that info can help you.
Juicyt
That has helped me alot juicyt, thanks. My trades have been much more succesful following that. When price comes rushing through one fib, theres a much better chance it will touch the next fib line.
Not a problem at all Method Iām glad it has helped. It makes a lot of sense that too much momentum is hard to stop and itās something that should give you more good signals than bad.
But as I said, I either got it from billyrayvallentine thread or forex4noobs site so really they deserve full credit for that price action lesson.
Juicyt
Did you find any trades this morning during the NY session? I wrongly shorted the $/Y and took a loss and didnāt really see anything else but I may have missed the obvious (nothing new there.) Just curious as to what you saw or traded. d
I took a short position on EU. Scaled down on a smaller chart, and added another unit. Closed first unit for 20 pips and am letting this other unit ride for the time being.
I missed the setup on that one, hope you get a good ride on that one. d
I mainly trade the London open and this morning I took a nice 47 pips out of the Eur/Usd pair. I am experimenting with a new system of looking at price action and promises good things so far. If it works out I will reveal all in a few weeks.It might even be possible to make an EA out of it though I would need to find some filters for it and that may not be possible.So far it is highly discretionary and I am only just getting the hang of it myself.
Keep on studying those charts and remember āthereļæ½s Gold in them thar hillsā
Go ahead and post the strategy. At best, weāll be able to assist you in making it better.
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THEORY
All pairs have an average Daily Range and of course a high and a low.
My strategy trys to identify the highs or lows and trade them.
The picture above shows a trade I took this morning, I entered the Trade selling EurUsd just before the peak of the three long term Stochastics, White, Green and RED. Exit when Short term Stochastics came together and then separated at the bottom of the chart.
I had previously looked for the short term trend on the Daily chart to see that a Sell was highly probable. This Trade came in at 32 pips.
I am trading this live on a Micro Account.
My research so far has shown that the M1 chart reflects the Daily highs and lows very well and that the long term stochs generally go up and down in regular waves though of course some trends last more than a few days.
I am also trying to trade the short term Stochs.
Long Term Stochs set at 4000/3/3, 2880/3/3, and 1440/3/3.
Short Term Stochs set at 240/3/3 and 89/3/3
EMAs set at 89 and 233 on Median Price.
OBSERVATIONS
I use the EMAs as set because these are Prime Numbers and also Fibonacci Numbers and I incorporate a bit of Elliott Wave in my thinking here.
I have also noticed that retractions often find a FIB level on or about the MAs.
This is nicely demonstrated today when the retraction took the price up to the 233 MA and has returned there 2 times more.
I expect the pair to fall again later today or tomorrow as the 3 LT Stochs are separated and still falling from the peak.
I will be glad to answer any questions that you all might have about this and will also appreciate any advice you all might care to give.
Remember " Thereļæ½s Gold in them thar Hills"
My personal comment is that you should post this as a new thread as I donāt see much correlation to MG99ās strategy. Finding Highs & Lows isnāt that difficult, go to the D. and draw horizontal TLs. MGās strat. also eschews lagging indicators which your strat. has aplenty. Now Iām not saying that yours wonāt work or isnāt any good, itās just that I donāt feel it falls within the framework of MasterGunners thread. Again, just my personal opinion as to where your post would do the most good. d
So no more about it from me.
I only want to find a way to trade successfully for me and my style and since I believe in this thatās enough for me.
We all need to find our own way in the Forex Jungle.
Like you Dobro I too am retired and I am just using the forex and Trading as a good way of keeping the little grey Cells ticking over to Ward Off the dreaded Dementia. A few pips along the way wont go amiss.
Good Trading to you all.
I have to agree here. One simple indicator I can understand. But I personally like clean charts. Line here, line there. Focus is on price, not on what indicators around it are doing.
With that said, your system shows promise and itās worth exploring it in itās own independent thread.