Price Action, Market Structure & Bollinger Band

At the open price of the last candle. Very quick 1:1 RR and now still have my 20% runner going. Will be moving it up as it goes to try and secure as much of the run as possible.

1 Like

Yesterday was a nice day on this strategy. I entered 8 trades:

  • AUDCAD - 1:1 RR hit, runner still going
  • AUDJPY - 1:1 RR hit, runner still going
  • AUDUSD - 1:1 RR hit, runner still going
  • CADCHF - 1:1 RR hit, runner still going
  • CHFJPY - 1:1 RR hit, runner still going
  • USDCHF - 1:1 RR hit, runner still going
  • EURAUD - Shown sign of weakness so got out of the market at BE
  • NZDCHF - SL

That’s already nice profits for the week and with the NFP coming, I don’t want to enter into too many other trades at this point unless there is a REALLY strong signal. Will be pulling my SL uptight too for the runners before NFP comes.

3 Likes

Hi CloudNinee,
For my understanding only…
You told " * You only need to check the charts daily before the daily candle closes (about 20-30 minutes before), maintain your existing trade and/or enter new trades and go about your day".
in UK, the daily candle closes at midnight, 00:00 AM.
Do you mean we need to check daily candles at 11:30PM at night?
No problem for me, just to clarify that my understanding is correct.

1 Like

Hi CloudNinee,
Excellent trade. It needs keen eyes to detect correct trade.
So you got this result on 29/09/2020.
For my understanding,
AUD/CAD and others - I see similar good trade opportunity on 28/09/2020 too. Why didn’t you pick up the trade on 28th please?

Thanks,

1 Like

Hey @supshin,

If that is definitely when the market changeover / the daily candle close where you are, then yes, that’s correct.

Hey @supshin,

The 25th’s candle is the signal candle (showing market indecision), this needs confirmation of the direction it’s going to go so the 28th’s candle was the confirmation candle. Hence, I entered my trades on the 29th. Hope that makes sense?

Also, if you have a good general understanding of price action and market structure, strong signals should pop out to you like a sore eye. So shouldn’t be overly difficult to detect good entry signals. Anything less, you probably shouldn’t take as a trade.

Also, you don’t have to rush, because it’s the daily chart, time is on your side :laughing:

3 Likes

Daily close in Ireland is 10 pm so I presume it is the same in the Uk

Hello Cloudninee, How do you usually set you stop loss? Would you use S/R or bottom/Top of Daily candle or is there discretion used in every trade?
Where would you have put your SL with the Cad/Chf short?
Again with the Chf/Jpy long?
Was the N/Chf a short and if so how did your SL get hit?
Would you have taken the G/Chf short yesterday Pinbar 28th?
Whenever you get a chance. Cheers John

1 Like

Hi Cloudninee,

Coudl you please send me currency pair you do

Thanks in advnce.

Regards,
Vips

1 Like

I have sent it to you.

Hi John,

SL and TP as mentioned before is a very sensitive subject as all traders are a bit different when it comes to these topic. But me personally, because I trade with the market’s momentum, my SL is USUALLY the previous candle’s open price or high/low price.

I believe that’d answer all your questions about SL in your comment.

For GBPCHF, no, I would not have taken that trade because that’s not a strong signal. Looking at it it’s not really telling me anything other than the market itself is not really going anywhere yet. If it was a much longer bearish candle I may consider. At this point for this one in particular I’d be look for price to test the middle of the bollinger band and the previous high and show price action of continuation to the upside, then I’d jump in.

Hi CloudNinee,
Can you please send me the currency pairs that you use please?

2 Likes

I’ve sent it to you yesterday via direct message? Check your inbox.

Sorry Cloud I am not too sure what you mean here.
John

1 Like

Hi John, I am not sure what you are asking me here? If you can elaborate I will be more than happy to help.

Hi CloudNinee,
I didn’t receive it. I checked SPAM folder too. Can you please re-send please?

1 Like

I sent it via direct message here on Babypips, I don’t have your email :sweat_smile:

Cloudninee please can i have your mail and would want you to suggest pdfs or video to read or watch for price action and Bollinger band. Thanks.

1 Like

Hi @Peter6441, I will send you a direct message with my email address (not sure why but I cannot give it on here otherwise it’d be removed).

In terms of PDFs or videos about bollinger and, I’d suggest for you to use our good friend Google or Youtube. I did not use any other resources other than these to come up with my knowledge of the bollinger band. With it, I’d suggest you learn about price action and market structure as well (if you haven’t already of course).

Hello Cloud, With the GBPCHF short I was asking about, what I see is a pinbar candle at the middle of the Bolli band and then a bear candle with a longish wick to the upside again at the midpoint. As I can see now the next candle has broke the high of that bear candle so it would have stopped me out anyway. Because of the pinbar and the bear candle with the longish with to the top would you consider this to be of interest?
The other bit I didn’t understand was when you say (show price action of continuation to the upside)? What do you mean by that? Why the upside?
Cheers