Haha nah man I got break even on 3 of them when they spiked lmao. Now I feel guilt hahaha.
[QUOTE=“semmee;587166”]
Haha nah man I got break even on 3 of them when they spiked lmao. Now I feel guilt hahaha.[/QUOTE]
Oh I see what you mean, that’s happened to me a lot too. It’s very frustrating but at least we’ve both minimised the loss, I just need some winners now lol.
I took profit near yesterdays high on 2/3 of my investment and then moved my SL to breakeven ahead of the NFP. My SL was hit during the NFP with the spread spike and the price drop. Hidesight, although I made a profit, I over managed the trade as if I would have stuck with my original SL and TP, my TP would have just been hit and I would made double what I actually made. At the end of the day, a profit is a profit though. My biggest struggle is over managing my trades as I only trade on daily charts but still check the charts multiple times a day.
Hi all,
I am in this one at the moment: EURAUD short
Took a 50% retrace of the 4h BEEB formed at daily resistance - also was a hikkake on daily chart at yesterday’s NY close…
My target area will give me 3.5R but it could run for longer…
Amy
Amy, good trade, well done! You have more guts that me hahaha, I was eyeing this setup for so long but didn’t pull the trigger for no good reason really. I support 100% with this one, riding the waves of this one with you vicariously!
Cheers
Thanks mate!
Zooming out on the daily chart it seems a little too early to call a trend change until the low at 1.5115 gets taken out with a confirmed close on the daily…so will be moving my stop to break even when price reaches that level. I don’t like taking partial profits though, so will close the full position at 1.5030…
If price moves into the 1.49 area - will look to go long - 50% fib level of prior uptrend and a key weekly level.
Cheers
A
So how about this…
GBPNZD D1 BEEB rejected at the VBRN at 2.000, bigger than the previous 4 candles in size. Also started experimenting with volume as well ( not using it to trade but just seeing if it will correlate with my winners/losers) but saying that the volume of the beeb is greater than the previous 14 candles. nice.
Thoughts?
Darth
You and me both, and played it exactly the same too lol.
I love how the 153.00 level has held soo well as resistance. I marked it on my chart with the small green line. my t/p is 150.270. I also believe price wants to meet the 150.00 level again.
Good luck to us both
Darth
Hey Forex family, i’m back! I had some weather issues which kept me away from home for an extra day but I am back now. FYI for everyone, I have a trip planned for the last week of January, and another one the last week of February in Florida, so I won’t be very active in the forums for those 2 weeks.
This next week will be the first week this year that I plan on getting back active in Forex and getting caught up on the charts. I have been periodically watching commodities and markets but with the terrible internet service I have had, haven’t been keeping up on the currency pairs.
I hope everyone has not only made their goals for 2014 but have a plan laid out to achieve those goals! Simply making a goal won’t cause it to happen but you need a clear and concise plan to achieve your goals. I saw some great stories come out of this thread at the end of last year, and I hope to see even more this year! I plan on reading through posts I have missed this week and responding to any that I need to. I have also had a huge spike in the number of people signing up for my youtube channel so I plan on trying to create more helpful and information price action trading videos. I would like to record some live trades from beginning to end as I believe those can be the most helpful for traders. I do still plan on my next article being inside bar trading and producing that when time permits(hopefully before my next business trip). I hope all have had a great trading week!
I presume that is the wrong week, Captain?
Daily pin bar at NZDJPY.
Pros:
With the trend
Rejecting Trendline
Rejecting Suppport at 85.9
Increase in Volume
Cons:
Would like to have more pull back.
Price hasn’t been in this place for a while.
I would like to Enter at the break of the pin bar. And hold this trade without setting up the TP area. Will move to BE when price goes next leg up.
Thanks for catching that Willy. I usually post the calendar on Sunday, since I posted it yesterday it hadn’t moved to the next week. Here is the high risk calendar for this week.
I agree with you pros/cons assessment. Looking at the chart you posted here the biggest problem you have is that you have a very minor pullback, so a long here is going to be risky. Going on long such a minor pullback/pause in price makes this trade highly susceptible to whipsawing. The other thing I noticed with this trade is that a few candles earlier you had a mother candle with 2 coiling inside bars followed by a false break and bearish pinbar. This type of candle formation has bearish connotations for price. For this pair I am waiting for price to fall back to the 83-84 region and see if there is bullish price action off of that major support area.
Here’s a pair I am keeping an eye on. We are quickly approaching a key resistance level which is also a VBRN. This level has been a major pivot point for price for years and is an important area to be watching for price action. We can see the last swing high that happened in October formed coiling inside bars and a false break bearish pinbar. That led to a 600 pip move down. There is not a textbook downtrend in play right now, but as long as price is being held under the 1.0000 price level, it is a good place to watch for large and definitive bearish price action candles. If a short setup does form we could see price fall until it find support at the trendline that price has been finding support on.
Here is another great area to be watching for bearish price action. We have a very clear horizontal S/R, and we also have a descending trendline that has form off of the last couple swing highs. The trendlines S/R levels can often be just as powerful as the horizontal levels, but when you have both of them coming together, they provide great areas to trade from. As you have overlapping S/R, you end up with more of the market watching and playing from these key areas which can make them highly probably price reversal areas and also make great buffers between your entry and your stoploss.
Thats a massive sell. It’s a diagonal triangle in the 5th wave i’d bet the bank on a downtrend reversal.
Thank you for thoroughly analysing it for me. Looks like I need to focus more on the “Story behind it”.
so I closed to lock in profit at 151.00 as price looked to be stalling at that level and a bullish pb was forming on the H4 but price has just just gone and broke past this and reached my inital tp, Should of stuck to my guns. Oh well. Made 3.6% and 200 pips so cannot complain.
Darth
I want to point out again you did a great job and identifying some of the important pro’s and con’s. As you mentioned the story behind is important. You can get multi-candle price action formations that happen that may be hinting to a price move a week or two down the road. Which in this case was the bearish inside bar false break. With that being said, the trade has a lot going for it such as strong bullish momentum and a lot of technical support.
The other thing is that jumping in an extended bull run without waiting for a more serious pullback gives you a much higher chance of getting stopped out. Even in a strong trending move, price will still oscillate up and down. The farther that price pulls back the less chance you have of getting stopped out by the natural price movements.