Well said! From young we already knew ‘copying’ means learn nothing!
All of my worst trade come from listening or copy others trader. At the end we feel no confidence to hold anymore then close at loss.
I knew, today will be harder for me to understand where it (E/U) goes. As last day Maggie was confused, so now I am.
It looks a little mixed to me, too, but that makes it easy: I stay out.
Yep agree with simon way to many pairs out there to be worried about a pair you are unsure of.
isn’t it, when the volatility is high, you can scalp as by selling highs, buying lows? and leave the question, where it goes?
/i think it can be because of the FOMC, which will be later today/
Thanks for your replies guys, I will try to resist temtation, hah.
I guess, but I’m not a scalper so personally wouldn’t. I find the signal stronger, clearer and more reliable when things move a touch more slowly. Diving in and grabbing a few pips when the market is choppy doesn’t appeal to me as much as plotting my way in and grab 100 or more pips when the market is moving more consistently. But I know that others make it work so I am not rubbishing scalping per se, it just isn’t for me.
ohno, I sold my A/J trade from june accidentally. what a :29: I am. pfff then, nothing left, just to short…
I used to try to scalp to ‘maximise’ my profits.
Previously i was trading H1 charts or even lower TF, so that i can get the cue asap.
However, after trading on H4 for quite some time, i realized H4 signals is really way more reliable and rewarding.
though it might take quite some nerves to sit through the price roller coaster. 
but hey, that’s they excitement and fun we get, isnt it? 
I have a question 
What do we call the big up move on EA today? Is it a pullback or a breakout? I can`t see where the price have breaken a resistance on this up move, so I would like to call it a pullback. Man, I feel like a newbie. haha!
Where is the link in the first post?
This brings me back to my post just a few above this one - when you are at all unclear I would recommend staying out until things become clearer. There are many currency pairs out there, there’s no need to take a trade when the market looks a little confusing. If it is ever unclear across the board then I simply stay out altogether. A handful of trades a month can make you serious money as long as they’re the right trades, after all.
Anyway, apologies for being preachy, my take on EUR/AUD: I have had 1.2161 marked on my chart as a level for a while. Some people would have traded long off the Daily based on 13th November, just go long at the break of the high, RSI etc were very overbought, there was a Fib level around there that helped, and Price was overextended away from the moving averages, so there were a few reasons in favour of a small long trade. I didn’t take it myself, though, just wasn’t keen enough on the overall picture, it was a little aggressive for me. But it was a valid trade, imho.
In terms of an overall read on the situation, any pair that gets to extremes can get tough to read, as there is that lingering doubt ‘can it [I]really [/I]move further?’. The answer to that should, in my opinion, be ‘trade what you see’ but that is often easier said than done. EUR/AUD has recently hit an all-time low, from the end of July to the beginning of August. Looking at the higher timeframes, that was rejected pretty sharpish. If you scrunch up the Daily chart, we’re forming a pretty long-term inverse head and shoulders. If you look at the Weekly and Monthly, we’re also forming inverse H&S patterns there. That all bodes well for long trades.
On the Monthly, it looks as though last month was a retrace within a downtrend, and now we are resuming… but then there’s that inverse H&S. Looking at the Weekly, we’re currently just looking good for the inverse H&S. But it’s not crystal clear to me at this point - personally I’d want some higher lows/highs to kick in for confirmation.
In the meantime, though, we have Price moving north nicely on the Daily this week, so I would happily look for long Intraday setups (and will!), I’d just keep my powder dry a touch longer on EOD before committing funds overnight.
That’s just my view, make of it what you will!
ST
Thank you for a great answer! I like that you are “preaching”. That is just you telling the truth. Yor answer made me realize that I need to look at the higer timeframers, not just the daily, but weekly also.
You’re welcome. Personally, I would never trade any timeframe without consulting the two timeframes above it. Context is everything in trading!
Magge91,
I will give you my opinion based on my understanding & interpretation of Nikitafx’s original “Price Action Trading For Dummies” method as described in her early posts, highlighted with blue & red type, back around July 2011.
IMO Wednesday’s big up move on EA would be considered a pullback, here’s why.
Tuesday was a red/sell day, therefore on Wednesday we should have been looking only for short/sell entries / set-ups. Because of the big reversal to the up side on Wednesday it turned out to be a crap day to trade this method. :56:
So now lets move on to today, Thursday. Wednesday was a green/buy day, a strong green candle to boot, so today we would start off the trading day looking only for long/buy entries / set-ups.
Here are some hindsight entries off the hourly candles. You could have entered at the close of the 04:00 GMT ((23:00 ET) candle @ 1.2787-ish.
Or, when the price broke Wednesday’s high during the 05:00 GMT (00:00 ET) candle @ 1.2300 area, the 08:00 GMT (03:00 ET) candle as it broke the previous 1.2312-ish high of the red 06:00 GMT candle.
Get the idea???
PS Please resist the temptation to make this sweet straightforward trading method any more complicated than it needs to be, you don’t need much more to trade this method well.
Hi glvrn please click on page 1 you will get the first post of the thread. I believe you are looking for this.
Thanks, d-pip.
Yeah, I am starting to get this now. I think I am thinking to complicated and when I first see a setup I don`t have the confidence to take it, after that I see price start to move the way i tought it would go, but then my stoploss i to big. This is probably a common problem for new traders like myself.
It is very important that if anyone following a method of trading should keep the trading according to the method, most of the time people don’t make money because they try to get all the different method they know and mixed it, and at the end don’t understand what is going on.
It is good to get the best thing out of the method and create your own, but if you don’t understand a method properly and try to add something else to the method it’s like gambling.
I will request all the new trader if you want to trade with this method please trade only this method for few months then you will see how the price action work.
I’d like to put it this way. Go with the flow until a key level is hit and see the reaction over that level and trade accordingly i.e whether to continue with the old flow or a reverse.
Yup… That’s the best way trade the Pure Price Action…
Agree with you Pipstages, that is the first think any trader should look at, and then trade with this method.