Hey Cheva - I don’t trade H&S and since Aaron doesn’t cover them on this thread I am assuming he doesn’t factor H&S into his trading…I think there’s plenty other points to favour this trade, so the H&S won’t change my decision to take the trade, however, I think my target is more conservative then yours if you are aiming for 1175 swing low.
Good luck!
I can’t seem to place this gold trade on my FXCM trading platform - broker says “no tradeable price” - is the gold market open at different times - sorry for noob question- I haven’t placed a gold trade before…cheers 
it looked like such a sweet setup…
Some brokers close Gold and Silver trades during a few hours after New York Pit closing why dont you call your broker and ask them about this?
Hi Mancamy, there is a one-hour break everyday in gold trading (XAU/USD) from 5 to 6 PM New York Time. Information on the trading hours for other products can be found in our CFD Product Guide.
Thanks Cheva - I’ll check that out…really annoying! GGGRRRR!!
OK thanks Jason…
I see there is a Durable Goods Orders announcement tomorrow morning at 8:30 am EST. Its rated as high importance on the website that i use to follow the economic calendar (forextips.com)
Would yall close out a EUR/USD trade prior to this announcement?
[QUOTE=“Jason Rogers;594700”] Hi Mancamy, there is a one-hour break everyday in gold trading (XAU/USD) from 5 to 6 PM New York Time. Information on the trading hours for other products can be found in our CFD Product Guide.[/QUOTE]
Hi Jason
I have a live account with fxcm. Was interested in starting to trade gold, but i dont see the XAU/USD symbol listed. Am i missing something?
I don’t believe the govt allows us to trade gold,silver, etc if you live in the USA.
Hi JPW,
As TJ mentioned, US regulations prohibit Americans from trading contracts for difference (CFDs). However, our clients living outside the US can trade CFDs for oil, gold and global stock indices through FXCM’s international offices.
Jason
Hi Mr Aaron and everyone. My name is James and I am new to forex. I am currently still studying my BSc in Mathematics and work part time as a tutor. I have learnt a lot from this thread or the past few weeks and have only recently, consistently making profit from my demo trading.
I hope to learn more from all the exprienced traders here.
I currently have some doubts and I would like to ask some of your opinions.
For the past 2 days this week, I have had 3 winning trades and 1 losing trade. However, I want to make sure that my winning trade is due to the correct Price Action application and not because of my lucky guess. I am still not confident of myself at the moment.
27/1 - GBP/USD - 8H Chart
The highlighted area are where the pin bar is form at an area of support, this is a sign of reversal. I went for a long trade.
Open:1.65047
T/P: 1.65500
S/L: 1.64640
I have a couple of questions.
(1) Did I place the S&R lines correctly?
(2) After taking profit at 1.65500, the price continue to rise at the next 2 8hr bar, breaking through 2 areas of resistance (Assuming my S&R lines are correct). Should I have let it run? Did the chart showed any signs of it breaking through the area of resistance that I may have overlooked?
Thank you all for taking the time!
James
Just a heads up to everyone, I just got over a nasty case of the stomach flu. I see there has been a lot of good conversation and questions that I plan on responding to yet today.
[QUOTE=“krugman25;595109”]Just a heads up to everyone, I just got over a nasty case of the stomach flu. I see there has been a lot of good conversation and questions that I plan on responding to yet today.[/QUOTE]
Glad you are feeling better. That flu is going around California as well.
It’s crazy, I use to go a couple years between getting the stomach flu, but I have gotten it 3-4 times in the past 12 months. Thankfully it usually doesn’t last more than 24 hours.
Thanks j! That was my first video that I ever made and not my best piece of work, but I am glad others are benefiting from it, there is some good PA information in there.
This is really hard on a week by week basis. In the past 12 months I have had 15+ trades in a single week and have also gone 3+ weeks without a single trade. It all depends on your trading basket, what timeframes and price action patterns you allow yourself to trade. If you are trading only pinbars and daily TFs, I would expect 1 trade every 1-2 weeks. If you trade pinbar, EB, and 2BR along with 4H+ intra day, you could be taking 2-3 trades a week. If you are trading 30/60 minute+ intra day timeframes and for PA patterns pin bar, EB, 2BR, IB, morning/evening star along with full patterns such as triangles, wedges, tops/bottoms etc you could easily be trading 10+ times per week or more.
A lot of time though, trading smaller timeframes and more patterns doesn’t get you into more trades, it just gets you into trade earlier. For example, you may only trade daily pinbars, and you find a good daily pinbar on the USDJPY. I may trade intra day and a bunch of more patterns, but I will enter during that same daily pinbar you entered on, except I got in from a 1 hour engulfing bar, or a 4 hour pin bar. So trading smaller timeframes and more patterns doesn’t always get you into more “unique” positions, it may just get you into the same higher TF positions just sooner and at a better price(although more risk included).
My pending entry order failed to trigger by a fraction (I was going for a retrace entry).
now a small pin bar at minor resistance in line with the short term daily uptrend has formed, so I will cancel my pending order and look for the next trade.
Unless, I am cancelling my pending order prematurely - are there any rules of thumb about when to cancel a non-triggered pending order (when trading dailies)…? Ie leave it 48 hours but if doesn’t trigger cancel?
Welcome to the community SemperAugustus! I think this thread will help you with the 3 things you are looking for. As for “looking forward a little further”, we essentially aim for next major resistance areas or in more rare cases let the trade run until there price action that is signaling price moving against your position. Both of those are learned through study and practice. Knowing why or why not to enter a position is at the core of this thread and the core of PA. I’ve said before that one major difference between profitable and unprofitable traders is that unprofitable traders take both good and bad setups, where as profitable traders take main good setups. The key isn’t trying to find more good setups, it’s to avoid taking bad setups. So here we try and train you to know what makes a good setup that is worth trading, and what makes a bad setup. This is also the core purpose for our 5 star ranking method as it will help you start seeing the varying quality of trades and help you continue to weed out poor quality trades. That also spills over to your 3rd item, which is increasing profits and decreasing risks. Again how to analyze your chart and rate the quality of it will help you avoid taking poor quality trades, thus increasing your profits, and also helping you understand what trades have excessive risk for a given reward.
I hope you find everything you are looking for here! This thread is still in it’s infancy, actually only 3 months old so there is still a lot to be added in the coming months/years.
Hi Semper, could you disable the zigzag indicator for screenshots?
As for the trade what you traded technically wasn’t a pin bar. You want the pin bar to be at least as large or larger than the previous candle/s. This pin bar was close to half size. Also your entry candle didn’t protrude beyond the previous candle which disqualifies it as a pin bar.
Don’t worry about a possible H&S there, I don’t actually see a fully formed inverted H&S in that chart.
The main reason we don’t do H&S here is that people start seeing them around every corner. High quality H&S patterns form very rarely, so your best just not even worrying about them.