I wonder why we all share only good trades with nice pictures, I think most of us make same mistakes. For me the Price Action is too unpredictable on charts lower then 4h. And to operate PA you should have 10 000 account and to trade small lots.
[QUOTE=“KaterinaEK;495636”]I wonder why we all share only good trades with nice pictures, I think most of us make same mistakes. For me the Price Action is too unpredictable on charts lower then 4h. And to operate PA you should have 10 000 account and to trade small lots.[/QUOTE]
If our trading is not profitable, than our lot size, regardless of what percentage it is in relation to our account size, is not going to give us a different result.
We will still loose money. Our account will still call margin. Only difference is the length of time it took for it to do so.
Think about it.
Second,y, the whole thread has been devoted on how the different time frames interrelate and how we can make sense of the lower TFs movements by looking at the higher TFs. In it, we keep talking about how trading smaller TFs independently will be disastrous.
If we have already formed very strongly set ideas on how it is, than it makes the process of seeing things differently much more harder.
Finally, there are many postings with updates of SL being hit, either at a loss or at BE plus xxx.
P/S If we have spent alot of time trading and found the market not making sense, let alone giving us profit, than its completely understandable why we feel so excited and compelled to share the charts of trades that we had figured out and were profitable. I was ones very excited too cause it all started to make some sense.
Just saying.
Took the following @ 11:10 a.m. (EST) June 04 2013. Appreciate your comments.
g/u buy @ 1.5305
e/u buy @ 1.3040
u/j sell @ 100.099
Yellow lines are S/R for daily TF
blue lines are S/R for hourly TF
red is the opening price for today (June 04, 2013)
i close my nzd usd short trade 84 pips
again good trade ,lol
I have come across the term of averaging down. Especially hear this term when american traders speak. Never really understood what they meant. Lost in the terminology again maybe.
Would you be kind enough to give me an example or a scenario when you are averaging down?
I cannot mentally picture what you meant by " increasing your lots as prices retrace."
Do you mean that for an example you are on a sell and then prices stall and start reversing and you add to the lots? Im totally lost to the concept.
Would be great if you could explain that part to me.
If our trading is not profitable, than our lot size, regardless of what percentage it is in relation to our account size, is not going to give us a different result.
[QUOTE=“zihad;497149”]I have come across the term of averaging down. Especially hear this term when american traders speak. Never really understood what they meant. Lost in the terminology again maybe.
Would you be kind enough to give me an example or a scenario when you are averaging down?
I cannot mentally picture what you meant by " increasing your lots as prices retrace."
Do you mean that for an example you are on a sell and then prices stall and start reversing and you add to the lots? Im totally lost to the concept.
Would be great if you could explain that part to me.[/QUOTE]
Do not average up or down.
One entry, make sure it counts.
Would someone care to explain what averaging down means? If im not mistaken the second and third page of this thread talks about this subject.
am making nice pips since im paying attention to the daily bais. its very important though im greedy
Say you open a long or short position and it goes the wrong direction, putting you at a loss in that position. You [for whatever reason] don’t close it at a loss, but instead hold it expecting it to come back to you. Then price action swings back in the original expected direction and appears that it’s going to continue. When averaging up or down one is opening up additional positions in order to bring the average open price closer to current price action.
eurusd trade
usdchf trade
Hi everyone,
I’m new to this thread.I caught this trade this morning: (My time zone shown in charts is GMT)
Anyone else following U/J?
Happy pipping!
Angie
trades for today
today’s active trades from Nikita’s pure price action
why is this thread so lonely???
A lot of the crosses are showing good price action today … EUR/JPY, GBP/JPY, etc.
Could you give a brief explanation of why and how you took these trades please? I am still trying to wrap my head around this. Took couple of trades, all ended in loss.
Hi donsls,
I’m new to this thread too. As far as I’ve understood from the thread rules,these are the reasons:
1- Looking at the daily TF for EUR/JPY, you see yesterday’s candle is a hammer, indicating reversal and possible start of an uptrend for today ==> Bias=Bullish
2- Record today’s opening price off the daily candlestick.
3- You go down to the 1hr TF for picking your entry point for a long position. You go long when the price has [U]closes above[/U] the opening price you recorded in step 2.
4- TP and SL are not shown here, but I’d pick low of 00:00 candle as SL.And set TP as 60pips,because the prev HH is 70 pips away (June 6, 12:00 GMT).
Someone please correct me if I am wrong/missing something?
Cheers,
Angie
Thanks for the explanation. Explanation makes it so easy to understand. My problem is when ever I open the charts, 3 or 4 hours have passed and sometimes the price is way over the opening price. So I am debating what to do.
I mostly look at charts between 8 a.m. to 11 a.m. and 5 p.m. to to 7 p.m. EST.
No problem donsls!..I think for a pair that’s main trading session is Tokyo/Sydney, like AUD/USD,NZD/USD or maybe USD/JPY, you can look for patterns at start of Asian trading day. But, if its for GBP/USD,EUR/USD for example, you should wait for the UK session open.
The daily candle open time for my chart is 21:00GMT which is 17:00 EST. I have just started using this method and to be honest I prefer to look for patterns in Asian session because that’s morning time where I live. But, I think constraining yourself to Asian session might make you miss out on some pips.
If you’re confused about your timezone, look at Time Converter - Conversion at a Glance - Pick best time to schedule conference calls, webinars, online meetings and phone calls., Choose Settings–>Forex Schedule. Add New york to the list of cities and that way you’ll see easily when different sessions start/end in your timezone.
Hope this helps :d
For all other members active on this thread, assuming you see a reversal pattern on yesterday’s daily candle, and now you’re looking at 1hr timeframe to enter a position. How long do you usually wait for a good entry?
Thank you!
Angie