Pure Price Action For Dummies

[slipp3ryWhippit]

Totally disagree with the statement.

Even the most conservative MM will cost us an account in the long run if we do not observe the rules of the game. Picking SL is as fundamental as picking entry and setting a reasonable TP.

We cannot arbitrarily decide where a trades SL is going to be, without looking at how price has moved, by deciding how much we want to risk.

Instead, we should decide if we want to take a trade, and what lot size are we going to enter, after observing how large in pips, the SL in the chart shows. Its the opposite of the line of thinking above.

I think you misunderstand what I am saying.

If I pick a 5 pip SL because that is where I believe the trade has gone against my reasoning my risk is 2%.

If I pick a 500 pip SL because that is where I believe the trade has gone against my reasoning my risk is 2%.

You were saying that she/he should have set a higher SL even if it means greater loss, I was saying you can risk the same no matter where your SL is.

[Nikitafx]

I think you misunderstand what I am saying.

If I pick a 5 pip SL because that is where I believe the trade has gone against my reasoning my risk is 2%.

If I pick a 500 pip SL because that is where I believe the trade has gone against my reasoning my risk is 2%.

You were saying that she/he should have set a higher SL even if it means greater loss, I was saying you can risk the same no matter where your SL is.

Ahh, I had assumed twice here.

Firstly I assumed that erin would have understood how the risk - SL - pip count is interelated and adjusted to keep risk in check,

Secondly, I had assumed you were advocating that SL be picked based on how much risk we are prepared to take.

My sincere apologies.

[slipp3ryWhippit]

Ahh, I had assumed twice here.

Firstly I assumed that erin would have understood how the risk - SL - pip count is interelated and adjusted to keep risk in check,

Secondly, I had assumed you were advocating that SL be picked based on how much risk we are prepared to take.

My sincere apologies.

No problem, as great as they are it’s always going to be one of the inherent hazards of trying communicating through forums

[sharebazar]

Most of us get confused easily with the market move UP and DOWN, but we all also know that market will move in one direction may be for an Hour,Daily, Weekly or Monthly.

Retail trader like us we only need 20-40 pips to make money on this market. But even then why we don’t make money on this market.

Main problem according to my very small amount of experience is DISCIPLINE.

Without discipline we can not make any money on any market.

Only Follow the rules or method will not make you money if there was no discipline.

For me I am struggling every second Monday to Friday to keep myself under control with Discipline and patience.

[Amanfx]

Been working on Discipline & Patience so far this year.
When I first started last year, I used to be glued to my screen. Now I am bored all day with nothing to do as I look at charts every 4 hours.

[Naadhan]

Yes will do that !

Do read back and front.

The trading method has had tweaks and some changes to it. Even though the fundamentals of the system is the same.

[sharebazar]

Sometimes Monday can provide good signal, went short in the early morning on GJ SL was 38 and TP was 80, trade went exactly what I wanted to see, but as usual my Trailing Stop hit and I am out with 23.5 pips. In my opinion price still can move further down, if not I don’t care because I am out of the market. Don’t trade on Monday but I still took it with minimum lot.

[erinsunc]

Sometimes Monday can provide good signal, went short in the early morning on GJ SL was 38 and TP was 80, trade went exactly what I wanted to see, but as usual my Trailing Stop hit and I am out with 24 pips. In my opinion price still can move further down, if not I don’t care because I am out of the market. Don’t trade on Monday but I still took it with minimum lot.

What was your trailing stop set at? If you where looking at R:R of 1:1 then you should have at least 38pips?

In the end you achieved 1.6:1 which really isn’t that good.

[Nikitafx]

Sometimes Monday can provide good signal, went short in the early morning on GJ SL was 38 and TP was 80, trade went exactly what I wanted to see, but as usual my Trailing Stop hit and I am out with 24 pips. In my opinion price still can move further down, if not I don’t care because I am out of the market. Don’t trade on Monday but I still took it with minimum lot.

Trailing spots are not the best of tools, if we are trailing it 30 or so pips from price.

Better to lock SL at BE, than move it along price waves as they form.

Arbitrary trailing is just like arbitrary SL. Moe often than not, it will be hit prematurely.

Secondly, I just browsed through GJ. I dont know what made you sell that chart. I would have done neither.

I took a buy on EU and it hit TP at 116 pips. I am done for the week.

[erinsunc]

Trailing spots are not the best of tools, if we are trailing it 30 or so pips from price.

Better to lock SL at BE, than move it along price waves as they form.

Arbitrary trailing is just like arbitrary SL. Moe often than not, it will be hit prematurely.

Secondly, I just browsed through GJ. I dont know what made you sell that chart. I would have done neither.

I took a buy on EU and it hit TP at 116 pips. I am done for the week.

I take it that was with aprox 10pip SL? 4am GMT for me that one. I need to move east

[Magge91]

Nice trade Nikita. Why did you take it, if I may ask?

[Nikitafx]

Nice trade Nikita. Why did you take it, if I may ask?

EU D TF.

Fridays closing and thursdays closing gives us a reference for possible SL. The wave is very clear if we watch the candle wicks highlighted by the red and green arrows.

The top red line is TP, because when a support is broken, it will be retested as resistance.

EU H4

The green candle points to my entry.

This was the clearest entry I could find from the pairs I was looking at.

[Magge91]

Thanks! It looks so easy when I look back at the charts, but I’m struggling to see the simple setups before it happens.

[Nikitafx]

Thanks! It looks so easy when I look back at the charts, but I’m struggling to see the simple setups before it happens.

Dont worry, it took me a good part of 3 years to figure out what support broken, becomes resistance and vice versa was. For that to turn into a trading idea was a different story altogether. Despite the fact that I was reading it or coming across that term literally nearly every two days once.

Every week I see one or two entries per week clearly. Than there will be two trades which I could not see before it happened, but looks so obvious after the move.

So its normal.

Watch the higher time frames. Try to watch out for BPC’s.

The method is very very simple.

[Magge91]

I tell myself to only look for clear BPC’s. “Its enough with one good trade a week” I say to myself, but as many others I’m having a hard time to follow the rules with dicipline. It takes time to get good at something, so I will only try harder

Thanks for your answer! Good week to everyone on this thread

[sharebazar]

I am trying to post the chart of GJ

[sharebazar]

1D GJ

4HR

last friday was sell, green line was support broken becomes resistance, yellow line was my TP.

Please Nikita advice what I have done wrong.

[gs8888]

I’m here with my chart’s…
190 pips all the way…

Red dotted line is the SL (I did set it using M15 chart’s, so it’s not on the previous high in H1)
Green line was the entyr, I’ve let the TP open and as soon as the market opened, I’ve closed it for 190 pips overall as I see that price may bounce.

[Amanfx]

EJ dropped over 600 pips today…

[kores]

EJ dropped over 600 pips today…

good for us.
tomorrow everyone will go and change his euro to what. dollar, chf or his own currency. and it will all go up