it is condensed in my mind ! thanks Sir.
Hi BA, just wanted to way in on something. I also do not trade friday candle as they provide nothing but false info, So why would you start to trade them once you are profitable again? Just to lose more money once again? Trust me Iām suffering from a big loss (gambled with my account during a news spike)ā¦(uber-noob) and now I stick to the plan for me thatās PA monday-thursday if that makes me profitable why would I risk trading friday when it is inherently misleading?
Count yourself lucky bro that your just down and not out.
Darth
[QUOTE=ādarthfrancis;577689ā]
Hi BA, just wanted to way in on something. I also do not trade friday candle as they provide nothing but false info, So why would you start to trade them once you are profitable again? Just to lose more money once again? Trust me Iām suffering from a big loss (gambled with my account during a news spike)ā¦(uber-noob) and now I stick to the plan for me thatās PA monday-thursday if that makes me profitable why would I risk trading friday when it is inherently misleading?
Count yourself lucky bro that your just down and not out.
Darth[/QUOTE]
Cheers Darth
Thatās a good point, your right, I suppose it shouldnāt make any difference whether Iām in profit or not. Like you I only take new trades Monday to Thursday at the moment, I also donāt take any intraday signals on a Monday which have probably stung me the most in the past.
Iām sorry to hear about your account, what happened with the news spike? Did you experience slippage or were you trading without a stop loss?
I was trading with bigger lots than i should of and chose the wrong direction and i though the spike had more to give but then retracted against me. Completely rookie move. if I chose the right the direction it would of made me 400% but it cost me 20% of my account. Either way it was gambling and a no no. My mentality behind it was i was hitting brick wall with my trades and braking even which got me frustrated, and in hindsight this was down to average setups which never payoff in the long run. Then after the big loss i then placed too much again on trades to try make back what a lost which then stopped out and i was down to -30%. So now Iām taking much more accurate setups which means less trades but Iām slowly making it back which may take me months but i WILL get there.
So you see 0% is better that -30%
Good luck to us both.
Darth
Wow and Wow again!
You learned soo much in such a short time span. Iām really astonished.
Usually folks learn one at a time like: not to revenge trade,not over risk on one trade, not to try catch every 1000pip
move but catch what you can or all time famous not trading because you think it goes down and enter for a R:R of 1:999!
You are sure on the right track itās simple from here on. Donāt do any of those mistakes again and you will see your account
rise and shine!
Cheers
[QUOTE=ādarthfrancis;577734ā]
I was trading with bigger lots than i should of and chose the wrong direction and i though the spike had more to give but then retracted against me. Completely rookie move. if I chose the right the direction it would of made me 400% but it cost me 20% of my account. Either way it was gambling and a no no. My mentality behind it was i was hitting brick wall with my trades and braking even which got me frustrated, and in hindsight this was down to average setups which never payoff in the long run. Then after the big loss i then placed too much again on trades to try make back what a lost which then stopped out and i was down to -30%. So now Iām taking much more accurate setups which means less trades but Iām slowly making it back which may take me months but i WILL get there.
So you see 0% is better that -30%
Good luck to us both.
Darth[/QUOTE]
Hey Darth
Im sorry to hear that, I am sure that we will both make that money back sticking with better set ups Iām sure. It sounds like you and I have a lot in common, Iāve also been pretty impatient lately and have been taking mediocre set ups but Iām now reigning it in. Iāve only had one trade this week, admittedly it bombed but I feel that I am being choosier than before and will now definitely stick to this plan. Iāve also got back into a few hobbies so that I am not sat watching MT4 all day which I find is also helping me, I just check my charts every 4 hours. Fortunately I changed my trading plan just before the losses kicked in which meant I lost less than I could have. I now only use half my usual lots if Iām risking anymore than 40 pips or if it was a counter trend (although right now Iām sticking with trading only with the trend).I also like to trade the occasional news spike but stick to only risking half of my usual lots for this too as it can be very volatile and anyone who does this will take losses. I was gutted yesterday as I traded the news spike for the NZDJPY, Iād chosen the correct direction and all was going well except I lost Internet connection! I came away with 7 pips
when I could have made 50! I think I need a new Internet provider. As much as I like news trading, as you say, itās much more of a gamble and Internet connection apparently is a must. Itās very risky and probably something I should avoid.
Good luck mate, I am sure you will soon get back on topā¦we both just need to be patient.
BA
GBPUSD H4 Pin on upward trend line.
What do you guys think of this setup?
My analysis:
Volume very high
Massive lower wick showing clear rejection
Bullish close
On upward trend line
With trend
1:1 Risk:Reward
TP at recent swing high
SL Below Pin Wick
Another trade I just took.
H1 Pin bar on GBPCHF
EDIT: At BE, getting āthat feelingā that it could reverse
This pin bar is a 3/5 I think, it could have been bigger, but what made it stand out to me was the face that it is on a down ward trend line, and the volume was higher than the other bars.
Risk:reward was a bit over 1:1 which also made it look good
With trend
Sticks out from all other PA
On trend line
At support, turned resistance
Hugh volume
Decent R:R
Thanks for the pep talk, hopefully it will sink in. Unfortunately iāve made these mistakes before but not to this magnitude.
But I real do see the light made 2.5% this week and 370 pips which should of been double that but Iām still working on T/P levels and got stopped out.
Onwards and upwards boys.
Darth
Yeah i used to be glued to the computer whenever and for as long I could, But now getting back into relaxing and my old past time xbox ;-). now I only really trade daily 90% and 4hr 10%, and only check the market on daily close which takes me 30 min.
One thing Iāve realised is that Iām getting better at market analysis but still need more practice on exit points. But thatās what this great thread is for. Support.
May the FX be with you. you shall be the Boba Fett to my vader.
Darth
Just wanted to share an entry I made in my trading journal for my recent Silver tradeā¦
"Silver as been on a big sell off. But finally hit KHL of 19.19. And formed a big BUEB on D1 and a kind a evening star(learn more on these)
So set pending at 50% fib retract of the bueb candle on d1.
So this has been a wild ride, price got as high as 20.47 1 pip away from my original T/P. so saw this as a sign to go longer and reset my SL to 20.58 then again to 20.50. I also readjusted my S/L to 50% profit gained. Thankful of this as price flip reversed very near to entry.
Iāve learnt that I must not be blinded by a profitable trade just because its winning it can easily go against, look for the PA as if you were looking to get in again even if its against your original bias. "
the last paragraph is what I wanted to share because its something Iām try to overcome and maybe some of you are too.
Darth
[B]Excelsior!![/B]
So behind that mask you call WM247 really your Stan Lee. I love your work!!!
Nice to talk to you, true believer.
New trade pb on the 4h gbpcad.
formed at sweet level of 1.7400 after price has broken past it and now retesting it. Going down pound!
Darth
[QUOTE=ādarthfrancis;577933ā]<img src=ā301 Moved Permanentlyā/>
New trade pb on the 4h gbpcad.
formed at sweet level of 1.7400 after price has broken past it and now retesting it. Going down pound!
Darth[/QUOTE]
Hey Darth
Looks like a nice pin bar, I passed on this just because the daily trend seems to be up. It may well play out but with my new trading plan I have to skip this. I missed a few nice set ups today but hey ho, there is one with my name on just waiting to form.
Guys, i need your point of view on a trade iāve been struggling with for 2 days and which has kept me sweating.
The trade is a counter trend trade on the EURCAD, 4 hour. I first saw that price was about to hit the rising top of the uppward channel which collides with a s/r level going back to 2005/2007 since there is no structure recently that could act as support or resistance.
I entered the trade on the 4 hour where we got a nice PA in form of an bearish engulfing bar. Thereafter we got a lot of inside bars indicating a shift in momentum so it looked good. Then price got close to my SL before going south. But once again the bulls took over and pushed price up, bears came in pushed it down forming a pin bar and we continued like that and also got a 2 bar reversal at the same s/r level. So i saw 3 bearish PA signals at the same level confirming my position and trade idea. But a few hours ago i got stopped out as the bulls once again pushed up the price.
Also on the 1 hour chart we can see that price respects the trend line pretty good.
My question to you. Is this something someone of you ever would have considered taking or is it just me getting obsessed with an trade idea?
Any comment and feedback is appreciated!
[QUOTE=āDiablo1505;577945ā]Guys, i need your point of view on a trade iāve been struggling with for 2 days and which has kept me sweating.
The trade is a counter trend trade on the EURCAD, 4 hour. I first saw that price was about to hit the rising top of the uppward channel which collides with a s/r level going back to 2005/2007 since there is no structure recently that could act as support or resistance.
<img src=ā301 Moved Permanentlyā/>
I entered the trade on the 4 hour where we got a nice PA in form of an bearish engulfing bar. Thereafter we got a lot of inside bars indicating a shift in momentum so it looked good. Then price got close to my SL before going south. But once again the bulls took over and pushed price up, bears came in pushed it down forming a pin bar and we continued like that and also got a 2 bar reversal at the same s/r level. So i saw 3 bearish PA signals at the same level confirming my position and trade idea. But a few hours ago i got stopped out as the bulls once again pushed up the price.
<img src=ā301 Moved Permanentlyā/>
Also on the 1 hour chart we can see that price respects the trend line pretty good.
<img src=ā301 Moved Permanentlyā/>
My question to you. Is this something someone of you ever would have considered taking or is it just me getting obsessed with an trade idea?
Any comment and feedback is appreciated! :)[/QUOTE]
Itās definitely something I would have considered when I was losing lots of pips and who knows may have even entered this one. This is one of the kind of opportunities that I notice Iāve been losing on mainly because its counter trend so Iām now trying to only trade with the trend unless I have a massive PA signal then I will consider entering with half my usual lot size. When we are looking for a trend reversal i think we need a larger PA signal to confirm it.
[QUOTE=āDiablo1505;577945ā]Guys, i need your point of view on a trade iāve been struggling with for 2 days and which has kept me sweating.
The trade is a counter trend trade on the EURCAD, 4 hour. I first saw that price was about to hit the rising top of the uppward channel which collides with a s/r level going back to 2005/2007 since there is no structure recently that could act as support or resistance.
<img src=ā301 Moved Permanentlyā/>
I entered the trade on the 4 hour where we got a nice PA in form of an bearish engulfing bar. Thereafter we got a lot of inside bars indicating a shift in momentum so it looked good. Then price got close to my SL before going south. But once again the bulls took over and pushed price up, bears came in pushed it down forming a pin bar and we continued like that and also got a 2 bar reversal at the same s/r level. So i saw 3 bearish PA signals at the same level confirming my position and trade idea. But a few hours ago i got stopped out as the bulls once again pushed up the price.
<img src=ā301 Moved Permanentlyā/>
Also on the 1 hour chart we can see that price respects the trend line pretty good.
<img src=ā301 Moved Permanentlyā/>
My question to you. Is this something someone of you ever would have considered taking or is it just me getting obsessed with an trade idea?
Any comment and feedback is appreciated! :)[/QUOTE]
Just to add to this, the Pinbar seems to be at a swing low and the beeb I would like to be larger, those things hate me!
EDIT: BAD SETUP
Just noticed a few things, higher volume in the lows, neckline might be supporting price to continue higher, closed out at 2 pips profit.
NZDUSD H4 BEEB
I have been waiting on this for a few days now, finally it has reached my level, a downward trend line.
I spotted a Bearish engulfing bar on the H4 chart, here is my analysis on it.
At a solid level
Fully engulfs previous candle
With trend (Down)
Also looks like a head and shoulders with a wonky neckline
High volume on EB also
I entered a little late, actually missed the entry as I have been out, but got in about 5 pips late, so I am not too annoyed.
Tp will be at 0.81145, last major Swing Low
Here is the daily and H4 charts
Opinions more than welcome
H4
Daily