I have been busy with forex for about a year now, trying all sorts of indicators, fibs and indicators, and EMA’s, and then some more indicators, then some more extra EMA’s. Seriously, indicators robs you and is not good at all for the eyes. That all is my own opinion.
I started with price action trading for a couple of days now, and the change was there immediatly. I will post a report from metatrader. Basically I only use candle bars on the day chart, confirming the trend on the weekly. I only put my TP on a 100 pips. I use Bollingerbands only to see when there is a sideway movement, when that happens you close that chart until it does not move sideways. I will also use support and resistance lines to help me see if a trade is worth taking.
I encourage everyone here that has trouble growing their account and trading experience to do a study on Price Actions.
Thanks for posting your system. I am also having trouble growing my account. I’ve been at it for a while now and have not been very successful. I will try your system. Can you give some more details on how much SL you use. Are you trading strictly off of the daily chart and how often do you get a signal to enter?
PA is the way to go and I highly recommend reading Mastergunner99’s thread here in BP: “Price Action Hero”. He usually trades 1H & some 4H but his ideas work on any TF in my opinion. Give it a read if you haven’t already done so. d.
Stop loss is 1:2. If I want 100 pips, I will use the SL on 50 pips. I only trade from Daily chart as I trade part time, no time for hourly and 4hourly trading.
I will enter normally an hour before the daily chart starts a new day. I am in South Africa, so I will trade 23h00 London time (GMT 0:00). I will make sure I have two bars next to each other that the latest bar has a higher high and a higher close then the bar before in the same direction. I then enter an hour before day end. Out of my last 10 trades 8 went into +10 pips in the first 30 minutes.
I must also add your weekly needs to show the same trend, plus look at other currency pairs. Example, if you trade that the JPY will gain, look at EURJPY, USDJPY, GBPJPY, CHFJPY and AUDJPY and confirm they are also looking to go the same direction.
Unfortunately, so many folks on forums are introduced, wager, win, find holy grail and disappear into the unknown within a matter of days, if not, within hours.
This requires an immense amount of time and perseverance to begin to understand…sometimes these forums get old.
Abdur says good advise and work from 6 years ago…good luck with dat.