Hey - I hope you guys don’t mind me bombarding the thread…I am making the most of my opportunity to focus more on my trading at the moment.
Just wondering where you guys are at on USDJPY - pullback to trendline on the daily - want to go long on this but there’s key resistance nearby at 100.45…could probably squeeze in 2R and a move to BE before price reaches resistance…
Hey buddy there is a lot to take into consideration for example where is your target projection and how did you come up with it? if your just picking the next top or bottom for a place to take profit you are going to run into complication with conflicting interest between buying and selling. Now to answer you about my consensus about that currency pair. I’d long it after it break the 101.200 level with a nice target projection well worth the risk.
Ay up, been looking to get in on a yen pair for the last week, US looks good with a trendline retest but a bit close to resistance. Gbp seems to have a way to go for a bounce off new support. So I took this long on the Cad, wish I was allowed to do retracement order as they are a hot topic at the moment but my plan says “daily only”. Hoping for a 1/2 R/R fingers crossed.
Steve.
we’ll keep digging around, maybe another member will come up with a great idea. Retrace entry is a just tool to me, and it will work great if we don’t abuse it all the time. Even Krugman mentioned the danger of using retrace entry at the wrong situation.
Hey everyone, hope all is well here. There have been a plethora of signals. I am curious if anyone here saw the setup on the USDPLN pair a week ago. It was a fantastic 4 star trade with a good RR. I got in the trade and went very large risk and it paid off quite well. Again last night a great setup on the USDZAR, with an opportunity to get in at a deep retracement. Already has paid of more than a 1:2 and has plenty of room to run. Could easily pay off as a 1:8 RR. There have also been some great signals forming on some of the majors and minors.
In light of the retracement article I want to throw out there a word of advice, stick to disciplined trading and don’t get crazy just because of the huge RR. Due to the extra risk of retracement entries, you as a trader need to be even more strict in your trading plan to ensure you don’t give away your profits. The thing about entering at the break is that you can be a trader that is poor at finding good price action, but the break enter will keep you out of some of those poor quality trades. This is somewhat good and somewhat bad. Some traders will tell themselves “if price breaks the candle, then I know it will be a good trade, but if it doesn’t and my entry isn’t triggered then I know it was a poor quality trade”. This is a terrible mindset to develop as a trader, and is very early in your trading career setting you up for failure. Those traders as using the break entry as a quality filter and as a crutch for their poor trading skills. A trader should never set their entry order unless they are absolutely 100% sure they should be in the trade, and should always fully expect their entry to be triggered. The entry should be an opportunity to get in a high quality trade, not used as a filter to get you in good trades and stay out of bad trades. I say all of that because I know many traders transitioning in retracement entries have that mindset. Retracement entries guarantee you will take the trade, so entries no longer are filters but are guarantees. For the undisciplined trader this could be their ruined, but for the disciplined trader this can take them from mediocre profits to serious profits. If you think you fall into the trader who has used break entries with the mindset that they can filter out poor trades, then I would suggest demo testing retracements, or very slowly adding retracement entries to your trading tool chest. Stick to that until you know your are always avoiding poor quality trades, and have seen and experienced the benefits of retracement entries.
Actually I’m short CADCHF since that pin price action 10 trading days ago.
It was trade a little bit into traffic and that’s probably why first few days nothing happened.
But as of today, price seems to be bellow most of the traffic and if there is any justice left, I should close this one with profit in next few days
I forgot to mention something. Sorry I can’t post the chart.
Maybe there is not good S/R level at PA 10 days ago, I don’t know.
But there is nice down trending channel last half year, you can connect upper dots in early July and again in September and PA pin bar was rejected from that same down trending line.
I just asked on Jhonathon forum for comment on this entry and they probably will not rank it too good since they don’t trade off of trend lines. But for me was double action, PA at S/R level and PA at trend line. Although, trade is going almost nowhere for last 9 days lol
Would/did you guys took this trade or it was not good setup for some reason?
We’re looking forward to reading your trade plan for USDZAR and USDPLN, Captain. Will be nice to review it, especially when trade is 4 star quality. BTW, why is it not 5 star?
[QUOTE=“mancamy;568748”]My spreads on Zar and pln are MASSIVE! Still, looking forward to seeing details of a 4 star setup for educational purposes [/QUOTE]
I’m curious who your broker is, the spread for me is around 10 pips for usdzar. But a pip on that pair is about 3 times a normal currency so the 10 pip spread would be like having a 3 pip spread on the EURUSD. I use myfxbook to find the time of day that spreads are the smallest for a certain exotic and then I manually enter the trade during that time. They have a fantastic tool to show what the spread is for your broker at given times of the day.
[QUOTE=“wm247;568718”] We’re looking forward to reading your trade plan for USDZAR and USDPLN, Captain. Will be nice to review it, especially when trade is 4 star quality. BTW, why is it not 5 star? :D[/QUOTE]
Hey willy, I would be glad to lay that one out. What kept it from being a 5 star is that it was a bearish engulfing bar on the daily that was trading into a bullish 2 bar reversal on the weekly. I was selling into some long term bullish movement. Because of that I knew it could struggle moving lower and I would have to shorten my profit target. Otherwise is was a beautiful setup.
I think i use the same broker as you (fxcm) but I have a very small micro account so I think the spreads are wider - I know if you deposit more cash then the spreads narrow…in any case, I was looking at this just after new york close and the spread was like 34 pips on one and 17 pips on the other (if I remember correctly)…thanks for the tip re myfxbook - that’s very useful indeed. Best, Amy
Also remember that FXCM has changed their policies and removed micro accounts as far as new signups are concerned. Their “Standard Account” can now also trade microlots so perhaps just contact them to upgrade your Micro Account, I did it and it was done in only a couple of minutes. Perhaps you get the benefit of better spreads then as well.
thanks for the response - can you take a quick look at my post #1753 on page 76 please - I posted screen shots of the pinbars - those are valid pinbars right? perhaps with different brokers that’s why you didn’t get pinbars on the daily?
cheers
