Price Action That Matters

[Mr_B_A_Barracus]

[QUOTE=“wm247;575190”]And once again, NFP is lying ahead. Guys, it seems like I’m leaving early this week.

Good luck for you guys with open trade. NFP day often turns out to be nasty. Depending on your open position now, you may either be dancing in the moonlight :18:… or banging your head to the wall later this week. :17:[/QUOTE]

Ive never traded during NFP before but still have a few open trades this week, none of them are USDians but I will still be strapping on the trader 6000 and hoping for the best.

[wm247]

Thanks for the great advice Aaron, yes I think I need to go back to basics for now. I made around 400 pip profit in 2 months nice and steadily but have last almost that these past few weeks so I’m doing something very wrong, over trading I think. I have Found this a good learning experience and have already made some improvements to my money management. I plan to steer away from engulfing bars and only trade pin bars for now.

Thanks again

BA

Engulfing bar is nasty. Whenever you have that in your chart, you have several possible trade setup:

1. Entry at the break, and SL at the other extreme.
2. Retrace entry, and SL at the other extreme.
3. Entry at the break, and shorten the SL

All of them are actually evil choices. 1 means horrible RRR. 2 means increasing risk of being left behind, or getting raped by incoming train. 3 means increasing risk of premature kick out of trade, and hopelessly seeing your trade later go on to make massive profit. I have experienced all three. :17:

When I reviewed my trade journal, I found out my problem comes from EB -for reasons you all have read above- and stupid trade management. I forgot to incorporate buffer and spread in my pips calculator! Grrrrrr… :mad:

[krugman25]

Engulfing bar is nasty. Whenever you have that in your chart, you have several possible trade setup:

1. Entry at the break, and SL at the other extreme.
2. Retrace entry, and SL at the other extreme.
3. Entry at the break, and shorten the SL

All of them are actually evil choices. 1 means horrible RRR. 2 means increasing risk of being left behind, or getting raped by incoming train. 3 means increasing risk of premature kick out of trade, and hopelessly seeing your trade later go on to make massive profit. I have experienced all three. :17:

When I reviewed my trade journal, I found out my problem comes from EB -for reasons you all have read above- and stupid trade management. I forgot to incorporate buffer and spread in my pips calculator! Grrrrrr… :mad:

I have seen the engulfing bar be one of the least liked setups out their. The more I trade the more I think all a trader needs are pinbars and inside bars, haha.

[cyanidez]

Hahaha you guys rock, thanks for the encouragement. Well, with that then I gladly share my final results for the past two months, together with some insights.

What an amazing 2 months it has been. I know that Krugman has had single trades that doubles his balance that makes this look like a joke, but I am extremely happy with my consistency.

Amy asked to tell how I did it… well, I can certainly think of one thing that stands out in my mind and that is taking only the best trades from the clearest signals. I have decided to rather skip a trade when I get that “hmmmm, maybe, maybe not… maybe, maybe not…” feeling. I hate that feeling. On the other hand, I love that feeling when I look at my charts and it’s like “oh man look at this golden setup, take it take it take it!”

The biggest irony is that by taking less trades (only the good ones) I am making more money - talk about counter-intuitive!

Oh and finally, 3000 pips might look gigantic, but keep in mind that I trade off the daily charts exclusively, so in context it’s not really that much.

I’m done trading for the year because I am going on holiday from tomorrow, so I just want to thank all of you for the support and awesome attitude that we keep in this thread. Finally, Aaron, you my friend are much appreciated. Thank you for sharing and sticking with the threads, even though it surely gets taxing sometimes.

Take care all, blessings.

[bizzaro]

43% is fantastic considering many pros saying 10% a yr is realistic. lol
do u only look for signals off the dailys? thks for posting ur results as i think if could be a gd motivation for price action traders along with your suggestions of taking only the best signals.

@cyanidez

Hahaha you guys rock, thanks for the encouragement. Well, with that then I gladly share my final results for the past two months, together with some insights.

What an amazing 2 months it has been. I know that Krugman has had single trades that doubles his balance that makes this look like a joke, but I am extremely happy with my consistency.

Amy asked to tell how I did it… well, I can certainly think of one thing that stands out in my mind and that is taking only the best trades from the clearest signals. I have decided to rather skip a trade when I get that “hmmmm, maybe, maybe not… maybe, maybe not…” feeling. I hate that feeling. On the other hand, I love that feeling when I look at my charts and it’s like “oh man look at this golden setup, take it take it take it!”

The biggest irony is that by taking less trades (only the good ones) I am making more money - talk about counter-intuitive!

Oh and finally, 3000 pips might look gigantic, but keep in mind that I trade off the daily charts exclusively, so in context it’s not really that much.

I’m done trading for the year because I am going on holiday from tomorrow, so I just want to thank all of you for the support and awesome attitude that we keep in this thread. Finally, Aaron, you my friend are much appreciated. Thank you for sharing and sticking with the threads, even though it surely gets taxing sometimes.

Take care all, blessings.

[Diablo1505]

@cyanidez

Hahaha you guys rock, thanks for the encouragement. Well, with that then I gladly share my final results for the past two months, together with some insights.

What an amazing 2 months it has been. I know that Krugman has had single trades that doubles his balance that makes this look like a joke, but I am extremely happy with my consistency.

Amy asked to tell how I did it… well, I can certainly think of one thing that stands out in my mind and that is taking only the best trades from the clearest signals. I have decided to rather skip a trade when I get that “hmmmm, maybe, maybe not… maybe, maybe not…” feeling. I hate that feeling. On the other hand, I love that feeling when I look at my charts and it’s like “oh man look at this golden setup, take it take it take it!”

The biggest irony is that by taking less trades (only the good ones) I am making more money - talk about counter-intuitive!

Oh and finally, 3000 pips might look gigantic, but keep in mind that I trade off the daily charts exclusively, so in context it’s not really that much.

I’m done trading for the year because I am going on holiday from tomorrow, so I just want to thank all of you for the support and awesome attitude that we keep in this thread. Finally, Aaron, you my friend are much appreciated. Thank you for sharing and sticking with the threads, even though it surely gets taxing sometimes.

Take care all, blessings.

Oh man! That is some fantastic work you’ve done there. This could be the most beautiful equity curve i’ve seen and it’s exactly how one should look like. Simply amazing results my friend! I know you have been trying to trade many different ways. Are these results solely based on price action trading? Or let me rephrase it since we all have our own style: Are these results based on mainly price action trading?

And if you only trade of the daily charts you have done great in finding a lot of opportunities. If i am not mistaken you have entered a new trade every 1,7 days. You must be watching many pairs to find that many good setups on the daily. Or do you scale in and out of trades with many positions on each setup?

Nontheless, awesome results! I’m really happy for you! If you can keep the equity curve like this in the future, you will be able to buy or build yourself a own scycraper in new york in 20 years…

Keep it up and thanks for sharing!

[mancamy]

The other guys have said it already…simply outstanding results many congratulations. :59:

You are spot on when you say use gut feel and “if in doubt stay out”.

If you’d care to share some specific trades you took with analysis, that would very helpful and just go through some of the point diablo mentioned too…

Cheers, mate!

@cyanidez

Hahaha you guys rock, thanks for the encouragement. Well, with that then I gladly share my final results for the past two months, together with some insights.

What an amazing 2 months it has been. I know that Krugman has had single trades that doubles his balance that makes this look like a joke, but I am extremely happy with my consistency.

Amy asked to tell how I did it… well, I can certainly think of one thing that stands out in my mind and that is taking only the best trades from the clearest signals. I have decided to rather skip a trade when I get that “hmmmm, maybe, maybe not… maybe, maybe not…” feeling. I hate that feeling. On the other hand, I love that feeling when I look at my charts and it’s like “oh man look at this golden setup, take it take it take it!”

The biggest irony is that by taking less trades (only the good ones) I am making more money - talk about counter-intuitive!

Oh and finally, 3000 pips might look gigantic, but keep in mind that I trade off the daily charts exclusively, so in context it’s not really that much.

I’m done trading for the year because I am going on holiday from tomorrow, so I just want to thank all of you for the support and awesome attitude that we keep in this thread. Finally, Aaron, you my friend are much appreciated. Thank you for sharing and sticking with the threads, even though it surely gets taxing sometimes.

Take care all, blessings.

[bizzaro]

u guys might find this useful.

indecision candle on resistance on 8hr eur/gbp. my r/s levels r drawn mainly on dailys
entered on break of low of indecision candle. profit target about 90 pips.

[darthfrancis]

That blonde chick is my wife, haha. All of the stardom was going to her head so I changed it. Just kidding, she actually didn’t mind although I didn’t want people confused on whether I was the girl in the picture. I don’t really have any specific online material I could direct you to on volume. I used it based on years of reading various articles and seeing it in action during my time trading the NYSE and also Forex. It is a great tool. Actually the pin bar on the EURUSD I mentioned this morning had very little volume on it, also the candlestick pattern it was breaking out of was an inside bar/pin bar combo which has very bullish implications. We only saw volume shoot up when the market strongly rejected lower price movement, with huge volume to back it up. A prudent intra day trader that shorted the pinbar could have used the huge price rejection and volume to get out of the trade early and avoiding losses, or avoiding getting in the trade all together due to insignificant volume behind the pin bar. A good understanding of volume can really improve a traders success.

Haha great stuff, Yeah I did think you were chick lol.

Hmm this volume indicator sounds good, do you think you could just touch on it a bit more in future post in the interest of learning?

Darth

[cyanidez]

Thanks for the feedback guys.

o u only look for signals off the dailys? thks for posting ur results as i think if could be a gd motivation for price action

Yes, only the dailys. I have tried it all and after almost 3 years of experience now, I have concluded that I stress out way too much on the H1 and lower. H4 is fine but having to look at the charts only once a day is ideal for my life at the moment and I’m loving it!

Oh man! That is some fantastic work you’ve done there. This could be the most beautiful equity curve i’ve seen and it’s exactly how one should look like. Simply amazing results my friend! I know you have been trying to trade many different ways. Are these results solely based on price action trading? Or let me rephrase it since we all have our own style: Are these results based on mainly price action trading?

Thanks a lot buddy Yes this is solely based on price action trading, much like we are taught here. I do however trade with my own spin on it. For example, I only trade what would seem like counter-trend, when price hits clear support/resistance and forms a reversal candle, preferably an engulfing candle. Come to think of it, that’s pretty much all there is to my trading haha.

You must be watching many pairs to find that many good setups on the daily.

Yes, I am watching 28 pairs, pretty much every cross of all the majors. I should point out to all that the actual count of my trades should be divided by 2 because I take two positions per trade, so actually I had 35 individual trade setups that I took. I don’t pay any attention to correlation, news, blah blah blah I just trade price action, it seems to average itself out very nicely overall.

If you’d care to share some specific trades you took with analysis, that would very helpful and just go through some of the point diablo mentioned too…

Thank ye kindly, m’lady. I would gladly share a couple of my trades that I took, but will probably only get time for it when I’m back from holiday in about two weeks. But I’ll make a note and obviously catch up with all you you when I’m back!

As one last thing I would like to re-iterate what I have been saying so many times: go back to your losers and figure out if you did something wrong, what could you have done better and if you should have taken the trade at all. This makes the next time the same opportunity presents itself much less stressful and you start having a plan for every situation, even it if is to skip the trade… it’s absolutely invaluable.

Take care all, thanks again and good luck.

[Diablo1505]

Thanks a lot buddy Yes this is solely based on price action trading, much like we are taught here. I do however trade with my own spin on it. For example, I only trade what would seem like counter-trend, when price hits clear support/resistance and forms a reversal candle, preferably an engulfing candle. Come to think of it, that’s pretty much all there is to my trading haha.

Yes, I am watching 28 pairs, pretty much every cross of all the majors. I should point out to all that the actual count of my trades should be divided by 2 because I take two positions per trade, so actually I had 35 individual trade setups that I took. I don’t pay any attention to correlation, news, blah blah blah I just trade price action, it seems to average itself out very nicely overall.

Thanks for the fast feedback. Not much i can add except of once again saying: “Fantastic work! Keep it up!”.

And of course now enjoy your holiday, you deserve it. Welcome back in a few weeks.

[Mr_B_A_Barracus]

[QUOTE=“krugman25;575245”]

I have seen the engulfing bar be one of the least liked setups out their. The more I trade the more I think all a trader needs are pinbars and inside bars, haha.[/QUOTE]

[QUOTE=“wm247;575232”]

Engulfing bar is nasty. Whenever you have that in your chart, you have several possible trade setup:

1. Entry at the break, and SL at the other extreme.
2. Retrace entry, and SL at the other extreme.
3. Entry at the break, and shorten the SL

All of them are actually evil choices. 1 means horrible RRR. 2 means increasing risk of being left behind, or getting raped by incoming train. 3 means increasing risk of premature kick out of trade, and hopelessly seeing your trade later go on to make massive profit. I have experienced all three. :17:

When I reviewed my trade journal, I found out my problem comes from EB -for reasons you all have read above- and stupid trade management. I forgot to incorporate buffer and spread in my pips calculator! Grrrrrr… :mad:[/QUOTE]

Hey Wm247 and Willy

I’m so pleased about this, I thought I was going crazy to discover that engulfing bars have been the least successful for me, in fact they have mostly cost me pips which is why I plan to stick with pinbars for a while.

[Mr_B_A_Barracus]

[QUOTE=“cyanidez;575311”]Thanks for the feedback guys.

Yes, only the dailys. I have tried it all and after almost 3 years of experience now, I have concluded that I stress out way too much on the H1 and lower. H4 is fine but having to look at the charts only once a day is ideal for my life at the moment and I’m loving it!

Thanks a lot buddy Yes this is solely based on price action trading, much like we are taught here. I do however trade with my own spin on it. For example, I only trade what would seem like counter-trend, when price hits clear support/resistance and forms a reversal candle, preferably an engulfing candle. Come to think of it, that’s pretty much all there is to my trading haha.

Yes, I am watching 28 pairs, pretty much every cross of all the majors. I should point out to all that the actual count of my trades should be divided by 2 because I take two positions per trade, so actually I had 35 individual trade setups that I took. I don’t pay any attention to correlation, news, blah blah blah I just trade price action, it seems to average itself out very nicely overall.

Thank ye kindly, m’lady. I would gladly share a couple of my trades that I took, but will probably only get time for it when I’m back from holiday in about two weeks. But I’ll make a note and obviously catch up with all you you when I’m back!

As one last thing I would like to re-iterate what I have been saying so many times: go back to your losers and figure out if you did something wrong, what could you have done better and if you should have taken the trade at all. This makes the next time the same opportunity presents itself much less stressful and you start having a plan for every situation, even it if is to skip the trade… it’s absolutely invaluable.

Take care all, thanks again and good luck.[/QUOTE]

Well done Cyanidez, you are having a great few months. Thanks for the wise words and tips!

[pipwhip]

That is pretty insane. congratulations. 43% in 2 months is 855% a year if you can compound it. Good luck in growing your size.

[wm247]

Amy asked to tell how I did it… well, I can certainly think of one thing that stands out in my mind and that is [I]taking only the best trades from the clearest signals[/I]. I have decided to rather skip a trade when I get that “hmmmm, maybe, maybe not… maybe, maybe not…” feeling. I hate that feeling. On the other hand, I love that feeling when I look at my charts and it’s like “oh man look at this golden setup, take it take it take it!”

The biggest irony is that by taking less trades (only the good ones) I am making more money - talk about counter-intuitive!

Oh and finally, 3000 pips might look gigantic, but keep in mind that I trade off the daily charts exclusively, so in context it’s not really that much.

And I guess that’s the moral of the story then. I still need to work on that after reviewing my trade this November, but I’m certain that I’m getting closer and closer to my ideal alter ego. Learn from the past, live in the present, believe in the future.

[mancamy]

I like that…“Learn from the past, live in the present, believe in the future” - I think I need to have that as my signature

And I guess that’s the moral of the story then. I still need to work on that after reviewing my trade this November, but I’m certain that I’m getting closer and closer to my ideal alter ego. Learn from the past, live in the present, believe in the future.

[darthfrancis]

What’s everyone’s take on trading fridays?

Personally When I first started trading live my trading week started sunday night 22:00 and finished friday night 22:00 (UK)

Sunday was due to I wouldn’t be at my computer till moday 1800 (due to work) so I would set pending on potential setups I saw analysisng the charts over the weekend.
Friday was that it looked like rich pickings all over the place.

Then I learned from my mistakes. Sunday spreads would suck profit if a pending got triggered too early and chance of a fake out. And friday was people take profit before the weekend, so that sweet pin bar that formed friday would trigger your pending and ride you hard all the way to your S/L.

So now its 18:00 monday to 20:00 Thursday for me.

How do you begin and end your trading week?

Darth

[Mr_B_A_Barracus]

[QUOTE=“darthfrancis;575342”]What’s everyone’s take on trading fridays?

Personally When I first started trading live my trading week started sunday night 22:00 and finished friday night 22:00 (UK)

Sunday was due to I wouldn’t be at my computer till moday 1800 (due to work) so I would set pending on potential setups I saw analysisng the charts over the weekend.
Friday was that it looked like rich pickings all over the place.

Then I learned from my mistakes. Sunday spreads would suck profit if a pending got triggered too early and chance of a fake out. And friday was people take profit before the weekend, so that sweet pin bar that formed friday would trigger your pending and ride you hard all the way to your S/L.

So now its 18:00 monday to 20:00 Thursday for me.

How do you begin and end your trading week?

Darth[/QUOTE]

Hey Darth

Like you, through trial and error I no longer take new trades on a Friday. I discovered that the day was a bit of a none day and cost me more than I ever made. I stopped trading Thursday night and don’t take any other intraday trades until Tuesday. Daily’s are slightly different but I am now learning that even the daily signals from a Friday seem quite unreliable.

I’m not a happy bunny when I still have trades still open on a Friday from the previous days. I know that anything can happen as traders take their foot off the pedal, I also have the prospect of leaving my trades open over the weekend which I also don’t like doing but what do you do if your trade is still open but in minus pips?

[Mr_B_A_Barracus]

Can anyone offer advice when to split for the Xmas holiday season? This will be my first Christmas trading and understand that volume goes down considerably. When should I look to get out of the market and when should I look to get back in?

[wm247]

What’s everyone’s take on trading fridays?

Personally When I first started trading live my trading week started sunday night 22:00 and finished friday night 22:00 (UK)

Sunday was due to I wouldn’t be at my computer till moday 1800 (due to work) so I would set pending on potential setups I saw analysisng the charts over the weekend.
Friday was that it looked like rich pickings all over the place.

Then I learned from my mistakes. Sunday spreads would suck profit if a pending got triggered too early and chance of a fake out. And friday was people take profit before the weekend, so that sweet pin bar that formed friday would trigger your pending and ride you hard all the way to your S/L.

So now its 18:00 monday to 20:00 Thursday for me.

How do you begin and end your trading week?

Darth

Well, the first 4 hours of the first day of the week is really the worst. The spread is insane, the gap is omnipresent, and the volume is low. I usually wait several more hours until the market is ‘saner’ to enter.

On the other hand, the last hours of last day of the week is second to the worst. The candle is less reliable than usual and the big players are leaving. I usually leave for weekend when American session begins. Or if I don’t really feel any intraday is worth to take on Friday, I am usually done for the week after checking any good quality Daily setup during Asian session.