Hello,
This I hope to be an interactive discussion focusing on trading the strategy outlined in MY PRICE ACTION TRADING JOURNAL.
THE STRATEGY
SELL the resistance levels of BEARISH CANDLESTICK PATTERNS
BUY the support levels of BULLISH CANDLESTICK PATTERNS
BULLISH CANDLESTICK PATTERN
Consists of two Bars - a BEARISH BODY BAR followed by a BULLISH BODY BAR
BEARISH CANDLESTICK PATTERN
Consists of two Bars - a BULLISH BODY BAR followed by a BEARISH BODY BAR
Primarily I will look for entries on 1H and 4H charts.
To take a LONG trade, we will wait for a close above support, followed by testing to confirm our position.
To take a SHORT trade, we will wait for a close below resistance, followed by testing to confirm our position.
Hot Levels - S1 & R1
FOCUS
- Keep it Simple
- Execute confidently and flawlessly
- Find a good setup and MILK IT!
MY MYFXBOOK PERFORMANCE
LET’S TRADE!
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Is this work on last week chart? There are so many up and down on USD pairs…
Yes it did. All you have to do is wait for it. If it’s conflicting, stay out. Here’s my last trade from last week.Got out +121pips, and my entry was a bit late.
Seems you have a solid strategy Patalks, Well done! Do you consider any macro information or just pure price action? Also, how long have you been trading this way?
Thank you Cris! I mainly focus on price action. Very minute attention to fundamentals. I am a year and a half into this strategy. Just getting disciplined with it these past few months.
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Its pretty cool to see what your results can be when there is discipline behind it, yeah? You should put your results on myfx. good way to give your results some real teeth
I do have the results to date from my previous thread. Please see the link above.
Found it. Keep at it Patalks!
Thank you Cris! Hope to do that here!
Good luck to your new thread. I look forward to seeing your methodology. Nothing beats PA!
GM everyone,
Just shorted the GBPJPY 1H at resistance.
Eye on EU 4h Resistance zone.
Update on trades
EU currently +13pips
EJ currently -38pips
GJ currently -55pips
Looks like major moves ahead beginning of third quarter.
For us super newbs, can you talk about the sessions you trade (still just the US session?), how long you keep trades open (over night?), and how much time you’re actually spending watching the charts?
Also, have you gotten a better sense of when you’ve had the best performing trades, certain hours of the day or days of the week?
I’ve been following along since the beginning. Good stuff!
So, I just woke up to some beautiful profit and thought, “time to take some profits here”. While I navigated to my close button, whoala EJ spikes to stop me out. GJ pulls up with but got out with some profit. EU still in profit though.
I am so sad I tell you. What can I say…part of the game!!!
On a lighter note…GJ played the levels very well
Hi Snorolaxfx,
I place my trades during the US session mainly between 7am and 2:30pm EST. After that its just trade management. I rarely keep trades overnight. But sometimes when you get a good setup particularly on the H4 you have to give the trade some breathing space to pay up.
I find my best results are on trades taken earlier in the US Session and Mon to Thursdays.
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