If the TL, S. or R. and PA all show a Buy BUT the RSI is very oversold and showing no signs of turning up (well below 30), do you still place a Buy Stop at +10 pips plus spread or watch for a while? I had a rough morning today and saw quite a few prs that signalled one way or the other but the RSI wasn’t compliant - need some guidance here. thanks, d
I prefer all my ducks in a row before entering a trade.
Don’t force a trade, wait for a trade. They’ll come. You’ll have plenty of opportunities.
Just took the time to read your thread , all the way through. Really good stuff for the new trader and some nice thoughts for the older struggling trader. Thanks for your efforts…
Ken Lee:DI just posted on Phil838"s Basic Chart Analysis thread that between MG’s posts & Phil’s ebook I feel I can have very good intraday trade results. Not looking for the killer trade but just picking up 20-50 pips/day depending on the pairs and how many trades. Thanks to both, d. (But if a killer trade happens I’ll brag at coffee with the boys)
Hopefully you all have had success in your trades. This week I plan to continue posting charts. However, this time I’ll show examples of trades on a 4HR chart. The charts will consist of two indicators. An EMA (9) and Stochastics (5,3,3).
There is less monitoring required on a 4HR chart. As a result, moving the Stop Loss and Locking in Profits will have more of an emphasis.
I do have a YouTube channel and plan to post my forex trades on there as well if a visual depiction is of value to you. And if you’re looking for a cheap laugh, the channel can probably help you out with that as well. [B]If you’re smart enough you should be able to figure out how to get there.
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I will not be sending the channel’s URL out to anyone in any fashion. So please don’t ask.
I just found this thread a few days ago and its very good. Your a great teacher mg99. I like the step by step walk through each trade. Heres a dumb question: when you set your fib lines are you working off the very last trend no matter its size or going back to the much larger trend or doesn’t it matter? Thanks again… 
Lisa
p.s. try to keep the indicator clutter to a minimum, the great idea here is following price action…keep it real…lol
Glad this thread has been of benefit to you.
When it comes to Fibs I’m generally working off the last trend. At times I will draw more than one on various past movements to see if there is any confluence I should keep an eye out for.
As long as you go the gist of it, there’s really no wrong way to plot Fibs.
Remember, Fibonnaci should just be confirmation of movement. Like any other indicator should be treated as. The trap some people fall into is they make hard rules for indicators. Such as, go long or short when price hits 61.8 Fib line. That’s a recipe for disaster.
Price will always tell you where it’s going. Indicators just help paint a better picture of what you’re looking at.
I might have to start showing trades after the fact, for training purposes. I’m never finding myself on my laptop when I see a viable set up. I’m going to give it another week to show a “live” entry, if I can’t get the timing down, I’ll just post the trade nonetheless despite being after the fact.
I prefer posting before the move has been made so that the learning experience is enhanced as it still allows those an opportunity to see how the analysis came to be. It’s always easy to see what price did after he already did what it was going to do.
Whats up all!
First off great thread. It turns out that this thread showed up at just the right time for me. Im a college student, almost done, 1 more week!!! Have really enjoy the forex markets but with school and all it is hard to really dedicate serious study time to it. I have been playing with indicators and the like for about a year or two now. It dawned on me no more than a month ago that understanding price action is the only name of the game. Sure the indicators are nice under the right circumstances, although, i have found that more often than not they send me false signals that only toy with my emotions.
I plan on spending much more time researching now that school is out. This thread has inspried me to learn more about the basics, aka basic s&r. I do however have a quick question for the mastergunner and whoever else may have some good input. How often do you incorporate pivot points? I find that many people use them quite a bit or many people dont even know what they are.
From my research, i have found that these points act just like a fibonacci point of support or resistance. I actually have become quite proficient at trading them. Any input would be great and i really hope this thread continues to grow. Thanks all.
Brian
P.S. Mastergunner, great youtube channel. I would love to see some forex videos up there. I am a youtube junkie in the sense of i do a bunch of forex and stock research on there. I would imagine many people would get more out of one ten minute video of listening to you explain your methods than they would reading a thread twice this long. Thats just my opinion though. Keep at it!!
Pivot points are a useful too as they rely heavily on psychological trading. However, it is an indicator and as such you should first focus on what price does around the pivot point self. If for a week you see it bounce off one, don’t go ahead and start setting limit orders around that simply to maximize the price move. You’ll see at times that price will barrel right through a pivot point.
Let price reverse first, confirm it’s movement, then jump on board. A wise trader once taught me, it’s not your job to capture the entire move… you only need to capture a piece of it.
Thanks for the response. Sounds like a fair plan to me. Your explanation is pretty much right on target with what i’ve been attempting. Maybe i’ll try and post a couple of trades over the course of this next week and let others critique my methods. Just another learing experience for me. Thanks
Brian
mg nice thread!!!
I just went through your threaqd and wanted to tell you I am 100% price action all the way. when i use an indicator it is only to see divergence. It is obvious to me you have a winning method. Im sorry i never noticed you in the daytrading area. Im glad your here you lend credibilty to this section 
what do you thing, is the gbpusd ever going to run out of steam? im looking for some nice pa to get me in short once it finds its ceiling.
I’m watching this pair as well. It hit a trend-line I had drawn and it’s moved into some indecision. That inside bar is making this possible short more attractive. I’m waiting for it to drop below 1.6900 before going short.
Great thread!!
Go easy on me I’m new. Weekly pin bar just formed near resistance (as displayed on the weekly chart, Sept 21, 2008.) Against the trend but slope of EMA8 has flattened on the daily (slowing momentum?). Also a retracement of the downward movement starting 13th July 2008. Oppotunity to short?
Any comments , much appreciated.
Yes, that weekly bar is damn near a doji candle. Last three days have been bearish. I have it right now around some support. How strong will only be determined by next week’s price action. Personally I think it will snap it in half and keep dropping over this next week.
I shorted this last week and took about 40 pips. And I plan to short this again this coming week once it breaks past the support I’m noticing. Once it gets past that I think dropping to .8200 shouldn’t be a problem and if it makes it past that, .8100 shouldn’t be a problem either.
Your analysis seems logical. Let’s make some pips this week.
Thanks for the prompt response. I see the support level you mentioned. Noticed the PB on the daily 2 days back as well. I truly think PA with S&R, trend, etc. is the only way to trade - NO indicators for me.
Don’t necessarily rule out indicators. They serve their purpose, such as you mentioning the slope of the 8EMA. Just realize that price comes first. Indicators just help paint a picture for you, but it’s price action that’s the brush strokes.
Hi, I don’t trade this pair often but there was a nice daily pin bar at a strong resistance point 2 days back, nice retrace yesterday & I have currently gone short.
Short at .6744
By the way the AUD USD is going to ‘plan’, so far so good!
I don’t ever trade NZD so I don’t have any real commentary for you in regards to it. I can only blindly speculate that it’s probably moving in a similar direction as AUD/USD.
AUD/USD did move nicely. I caught 20+ pips from that myself as I took an early out after some movement.
Caught nearly 90 pips on a GBPJPY drop as well.
I have a limit order on USDJPY and AUDUSD to go short. Right now they are retracing, but I speculate that they’ll hit that resistance and fall back down. If I’m incorrect, I have the orders set to close a little before NY opens.
Agree re NZD similarity to AUD USD, plus price action on daily.
I caught 38 pips of the AUD USD move, 78 on the GPB USD & 33 on GBP CHF. It made up for a rash 1st trade of the day expecting the EUR USD to bounce where I lost 37 pips. With such momentum on the USD what was I thinking?
Overall +112 for the day so no complaints.
Im short AUD USD at .8377. Happy trading!