Thanks man,
N.B. the senior member is just because I post a lot 
not because I understand what I am doing so refer to my name not to the âTitleâ 
No it didnât fill the requirements of my trading plan it is counter trend
Canât wait till you post a live setup and I start putting pieces together
Current watch list
NZDUSD waiting for retracement to go long
AUDUSD waiting for retracement to go long
GBPAUD waiting for retracement to go Short
CADJPY waiting for PA to go long
I didnât get a lot of replies on that one but I did take the trade
Following my trading plan it now reached FTA (first minor support) although I am not taking any profit out of the table at that point I moved my SL to BE
EDIT: Taken out at BE, lesson learned take part of your profit at FTA 
If you have any comments on improving my trading plan please let me know
Alright I have a live setup Iâm posting right now. It was a fairly advanced analysis so I wanted to make sure I did it justice.
Hi Ethernal.
I like your trading plan and your intensive active members. Thanks.
Iâm newbie and what I say could not be properly correct, but just an idea.
It make me unconfortable to have a R:R lower than 1:1 at the first TP, so Iâd have traded it into the retracement of the pin (at around 60%: 1.2350) to increase RR ratio.
However, great deal mate! I think it was 3 stars ?!.
Cheers.
p.s. for Krugman. I tried to open the hyperlink for Ethernalâs trading plan as you linked it on Quick navigation section, but it donât work properly; I think there is a wrong address; it could be [301 Moved Permanently]
I know I wonât hit on everything because I mentally go through a lot of âqualityâ checks when taking trades, but I will try and hit on the big things I noticed that caused me to take this trade. The price pullback was actually very small and the time frame very low which inherently means this trade has a much higher risk, but the market was giving me all of the right signals to enter the trade, so I took it and it is currently paying off very handsomely. I was actually discussing this trade with community member adamjn live over skype as it began to unfold.
The first thing I want to take a look at is the daily charts. The green marked horizontal level is really the line in the sand before before we to entered territory that price has not been in for a while. Some of my most lucrative trades have been made in these âopenâ areas. The main reasons are because once price breaks through the S/R, that area will often act as strong support keep it afloat, and the other reason is because price now has room to move freely in an area and may find very little resistance. The most recent example being the EURAUD trade, which after breaking out if its range, ran some 400+ pips before finding major resistance. The next thing to note is that after breaking through the key S/R level, the pair officially began a textbook trend. This trend along with recent bullish price momentum helped give me support for any long trade I would decide to take on this pair. Other things I took into account was the trend line that price has continued to respect day after day and also the daily 8EMA that price has continued to stay afloat on.
At the time of this PA signal forming price had broken above this key level and I was waiting to see if price would quickly snap back beneath the S/R level, or if price would hold above it and give me any hints that the market wanted to push it higher. The first thing that happened was a pullback to the S/R level and the formation of a bullish pin bar. Price leading up to the pin bar all occurred on high volume. This high volume is what you want to see in a rally as the high volume signals that the market is behind the rally. Rising prices on low volume is generally a bad sign. We had an initial pin bar form which is what I needed to enter the trade, and I did. After entering the trade at the break of the pinbar, what followed was a 2nd pin bar that completely engulfed the first pin bar. Again, signalling a rejection of lower price. Another thing I noticed was that between the two pin bars price had actually formed a double bottom to the exact pip. This helped support the idea that the market was buying up the pair on any dips and creating these strong rejections of price.
Price actually ended up meandering in this area above S/R for almost an entire day until this morning it exploded higher. This is common as many market participants most likely took profit at this level, and the market needed to built up demand again to push price higher. The question is what now? There are a lot of ways I could approach this trade. In this case I have decided to set a hard TP level @ 96.70. One thing I highly advise against are multiple take profit levels. The reason is that most trades generally offer low RR scenarios around 1:1 or 1:2. By getting rid of part of your position, you are greatly decreasing your RR. If you have a RR setup of 1:1 and you sell 50% of your position at that level, and you end up getting stopped out at BE, you have now only achieved a 2:1 RR. Trading like this regularly would require a 75% win rate just to break even. The trader would have been much better off selling his whole position and locking in a solid 1:1 RR. If you have a winning position, the last thing you want to do is make your position smaller, thus minimizing the winning power of your trade.
The logic behind it is this, as a position is winning you want to be âincreasingâ itâs winning power and no âdecreasingâ itâs power. While I rarely pyramid out of a trade, I often pyramid into a trade. By pyramiding into a winning position you can boost your RR of the trade much higher and increase the power of you trade as it is running. This is not done randomly of off the sleeve. Pyramiding into a trade is done off of a fresh price action signal during pullbacks in your trade, or done off of breakouts of price action patterns that may form during your trade.
In this case, if I reach my TP level I will have achieved a little over 1:3 RR. I am actually kicking myself on this trade because I had ample opportunity to enter at a retrace and achieve a much higher RR. An entry at 50% would have allowed a RR of 1:6 and an entry of a 65-70% retrace would have given a RR of around 1:10. These kinds of retracements are much higher risk but can provide insane reward. In this case I was already in the trade at the break and at my max allowed risk % for that time frame. Many traders would have bought up more lots, but as traders we need to stick to our money management rules. No matter how great a setup may seem, you need to stick to your rules. Do not over risk! If the trader breaks his rules and makes money from it, this empowers him to break his rules even more. The problem is after you break the rules once, you will begin to think you have âmastered the marketâ, and will begin breaking your rules more often and justifying it. This often leads to a trader failing miserably and blowing up an account. Keep yourself humble, even as you win, and stick to your rules.
Thank you for pointing that out. Unfortunately I wonât be able to edit that post anymore until I reach a 1,000 posts which gives me FX-Honorary member status. I will mark it down though as I have a growing list of things to change and add once I can edit my old posts.
PS: I am sorry. I send wrong thread. Someone teach me how to delete pls???
I am new in harmonic pattern.
Hope to get some comments from you all whether I am in the right track or not.
Hey guys, Not too sure if head and shoulders patterns have been brought up before, but I am going to bring it up anyway
GBPUSD looks like it could be in the process of creating a head and shoulders pattern (See chart)
The left arrow points to the first shoulder, middle arrow to the head and left arrow to the potential left shoulder.
I am not too sure how this will play out, but if the neck line is broken (red line) then that could be pointing towards selling, so look for sell signals.
I would like to see what Aaron has to say about this thoughâŚ
Cheers
I caught the harmonics indicator right away. I have a buddy from babypips that is big into harmonics. From what I have seen can be a successful way to trade the market. Thank you for catching that. What you can do to delete the image is go to edit your post, and down towards the bottom is a âmanage attachmentsâ button. It will open a new screen with your attachments. Find to âdeleteâ button on that screen and it will be removed.
I wouldnât call that a head and shoulders pattern, it doesnât have the right formation. I am keeping the head and shoulders pattern on of the thread because they are extremely subjective. There are easier patterns to find that have better success rate than H&S.
Thanks mate. Deleted. I still on trading according to Price action. Just because want to learn more extra things so trying on harmonic pattern =)
and you post this just when I thought I was actually doing some progress 
Gosh this is totally a different league all together I am really not sure if I should feel motivated or setback hahahah
Thanks for sharing
I previously asked about fakey setups and I have learned they are only traded on daily time frame and mainly as continuation and not reversal (although they could be reversals)
Now Pin bars are exclusively treated at reversal by J. but as both reversal and continuation by Nial
what are your thoughts?
Even if you pick out the things that may seem complicated you end up with a trend, a major S/R and a pullback with a price action signal; essentially the basics. I wanted to expound on the details of how I view my trade setups, and start getting people to dip their toes in the water in regards to market dynamics. I have been doing this for a while now so I process all of that very quickly.
Feel free to mentally filter out anything discussed that is beyond what you are comfortable with, and try to find those basic price action principles in these posts. I will help you stay focused on the most important aspects of price action until you are ready for more.
A pin bar is just a rejection of a given price level. So if that rejection is as a reversal or a continuation, in either case the signal is a valid rejection and I will trade them both ways.
Well I am glad you decided to share and canât wait for the next one, I will finish but get a thing or two it i just a matter of time 
Trying to put things in a very simplistic matter (for me to understand) you followed the 1,2,3 pattern and when the top of 2 was taken you knew you where in a uptrend
And you also based yourself on the high volume pushing through the SR and the pin bar to âknowâ it wasnât a false break ?
Did I even get close ?
Hi Aaron,
Thank you very much for the first live trade. This is awesome. So many great tips in just one trade. I hope there will be many more so that we can learn faster !
Yves
I am glad it helped! I do stay cautious posting live trades for 2 main reasons. One is because as I have mentioned I can have fairly low win rates at times, but because I take excessive risk when there is a potentially large reward. Most traders that pop in and out of these threads tend to look at wins and not risks over rewards. I could take have low RR trade and jump my win rate much higher, and while it may look better in a forum, itâs not how I prefer to trade. The other is I donât want people to feel they need to trade the high risk high reward setups I do to be successful in price action.
I know everyone will take price action trading and make it their own. Some may not be able to successful trade the way I do but my hopes are that everyone can take the principles behind analyzing the market, and apply it to their own trading style. In time I am sure there will be plenty of people that prefer smaller risk reward in the hopes of much higher win rates. This a different but completely valid and profitable way to trade also.
