[QUOTE=“smartpipping;585251”]Nikita … what you looking at this week? Any good trades coming up? [/QUOTE] Still early to guess what might be on the menu. The following two are being watched and this is how I would like it to pan out.
USDCHF WTF The top and the bottom line might be the range area, but these are where I am hopping for retracement to pull back to.
USDCHF DTF Again just for an idea of how the lower TF looks like.
USDCHF H4 a pullback candle in the marked area with a SL below the bottom line might tempt me to buy.
Im already long on Aussie and currently locked in BE+65. Might add to this if I see a good signal or if it plays to how I think it will.
AUSSIE WTF Again, the top dotted line is fit with previous PA.
This is keeping in mind that I rarely take on another trade when I am already on one.
I prefer to conclude one before adding in another.
So Im not in a rush this week at all. Waiting for PA to show me something worth the risk.
In the meantime, its just about browsing the charts every few hours once, watching for changes across the pairs I trade.
Im also watching EuroAussie closely, as a position in this pair is guaranteed to yield atleast 150 to 200 pips per move.
[QUOTE=“Nikitafx;585312”] Still early to guess what might be on the menu. The following two are being watched and this is how I would like it to pan out. USDCHF WTF <img src=“301 Moved Permanently”/> The top and the bottom line might be the range area, but these are where I am hopping for retracement to pull back to. USDCHF DTF <img src=“301 Moved Permanently”/> Again just for an idea of how the lower TF looks like. USDCHF H4 <img src=“301 Moved Permanently”/> a pullback candle in the marked area with a SL below the bottom line might tempt me to buy. Im already long on Aussie and currently locked in BE+65. Might add to this if I see a good signal or if it plays to how I think it will. AUSSIE WTF <img src=“301 Moved Permanently”/> Again, the top dotted line is fit with previous PA. This is keeping in mind that I rarely take on another trade when I am already on one. I prefer to conclude one before adding in another. So Im not in a rush this week at all. Waiting for PA to show me something worth the risk. In the meantime, its just about browsing the charts every few hours once, watching for changes across the pairs I trade. Im also watching EuroAussie closely, as a position in this pair is guaranteed to yield atleast 150 to 200 pips per move.[/QUOTE]
USDCHF.
The blue line drawn at the beginning of the week before PA formed.
For entry PA, refer to H4 chart.
Low SL, no guessing whats the direction. Very few SL hits.
I can assure you that is all there is to it.
If I was excitable as I used to be, I would have said " See, I told you so".
Trading is not complicated, if we are able to filter out the noise.
I hope this year would be the year We hit our targets.
[QUOTE=“Aretes;586265”] oh in this case here, you were looking at wicks. sometimes u look at bodies. hmm…[/QUOTE]
Ur right.
Both can be previous pricewaves or PA action.
Also, with everything to do with forex market, nothing is written in stone.
No one can say for sure which SR will hold and which will break.
Sometimes new weekly candle does not look for support or resistance to retrace to.
They open and keep flying in one direction.
So what does one do?
Trading is about identifying specific market behaviours that repeats itself and capitalizing on it.
I know a trader on FB who counts candles. Interbank trader something.
He trades UK market open exclusively and he believes he can read what the banks are going to do on a given day.
Again, he might have found a repeating pattern that is consistent enough to be capitalised upon.
That is the difference between a trader who makes it and a newbie.
Newbies or those who never make it do not understand that there are no absolutes in the market. They look for a winning system.
The mature traders just understand that there isnt such a thing.
The blue line is our marker as drawn in the beginning of the week.
In this case, the price came to the support level of previous opening candle, to the pip.
But for trading purposes, we just need an area, the entry will be provided by the dmaller Tf.
H1 TF
Price action and candle patterns.
SL given by wicks.
H1 TF
Entry. SL is about 30 pips.
Could have been half of that, or less if we watched at the right time.
I subcribed to this thread and I just received one alert for your reply nikitha… after that I didnt receive any new posts alerts… so I was just going about my trades thinking since not much action past few days in the market, there werent any posts here… -_-… just came by here manually and taken by surprise so muh has been going on… hhehe!
I am still ‘experiment’ trading. Thankfully, entering trades based on ur strategy has been doing well. But I come out once I hit my target of 30 to 50 pips per day.
Right now I am holding onto one bad trade of EURUSD… I bought… -_-! AARghhh… hoping NFP friday will do retracting and some correction so that I can minimize my losses and close that trade.
thanks! I am trying not to be too greedy.
i have been trading on and off for 4 years alr.- no consistency though and no discipline too. So this time I told myself, my target shd be the ‘pips’, not the $$… so once I achieve my target pip, shut down the laptop and go play candy crush.
[QUOTE=“anishrei;586525”]I subcribed to this thread and I just received one alert for your reply nikitha… after that I didnt receive any new posts alerts… so I was just going about my trades thinking since not much action past few days in the market, there werent any posts here… -_-… just came by here manually and taken by surprise so muh has been going on… hhehe![/QUOTE]
I think the way it works is that you get one alert telling about the next post, then you don’t get another alert until you next log in to the site. This is to stop people who have moved on being inundated forever more.
[QUOTE=“anishrei;586525”] I am still ‘experiment’ trading. Thankfully, entering trades based on ur strategy has been doing well. But I come out once I hit my target of 30 to 50 pips per day. Right now I am holding onto one bad trade of EURUSD… I bought… -_-! AARghhh… hoping NFP friday will do retracting and some correction so that I can minimize my losses and close that trade.[/QUOTE]
Great to hear that you are doing well and happy with progress. One thing, though: if you’re in this for the long haul, personally I wouldn’t be looking to ‘hope’ to make money. Moving through NFP with a preexisting trade hoping that NFP will do you a favour and let you exit at a less painful price isn’t really trading a plan, it’s trading on optimism and hoping that the market will fluke you a favour. Personally I’d steer away from any trade that I didn’t plan ahead of time. If a trade has not played out how I want, then the market is not doing what I expected, so my underlying rationale for the trade is no longer valid. At that point, I cut my losses, move on and look for the next setup. I use fixed risk (1% in my case) so my exposure to those moments is not painful, high helps me reinforce the ‘cut and move on’ approach and keeps me more professional than gambling.
Anyway, sorry to be so preachy, but you sound as though you are doing well, and you have joined a great thread, so I thought it worth giving my take on that one point. Please don’t take it negatively, it’s not meant that way! Mechanical execution of a proven strategy is my preferred route to consistency, so I shy away from trading hope. After all, you already know that you want to be out of this trade… so why are you still in it?
No issues! This is the kinda support and reality check I need. Thats why I joined this thread.
Btw, I did exit that particular trade just before I saw your msg. Just as expected, I was able to minimize my losses and was able to exit with lower loss.
When I first started in 2010 I was ‘hoping’ to make money but we all know where that leads you. Now I am disciplining myself to just getting my enter strategy right. (And of course setting the SL and a reasonable TP) - Obviously when thats right, everything else falls into place.
I am also sticking to manually execution now. When I do auto set ups… I cant sleep… so I am concentrating in just the Asian and first half of EU market.
Happy pipping! And do share more of your ‘wise words’.
[QUOTE=“anishrei;586594”]thanks! I am trying not to be too greedy. i have been trading on and off for 4 years alr.- no consistency though and no discipline too. So this time I told myself, my target shd be the ‘pips’, not the $$… so once I achieve my target pip, shut down the laptop and go play candy crush. :P[/QUOTE]
Hahahaha Candy Crush.
Deleted it off cause was playin more than watching the markets.
As for taking pips, I am trying to do more long term trades, but with moves to BE as soon as possible.
[QUOTE=“SimonTemplar;586627”] I think the way it works is that you get one alert telling about the next post, then you don’t get another alert until you next log in to the site. This is to stop people who have moved on being inundated forever more. Great to hear that you are doing well and happy with progress. One thing, though: if you’re in this for the long haul, personally I wouldn’t be looking to ‘hope’ to make money. Moving through NFP with a preexisting trade hoping that NFP will do you a favour and let you exit at a less painful price isn’t really trading a plan, it’s trading on optimism and hoping that the market will fluke you a favour. Personally I’d steer away from any trade that I didn’t plan ahead of time. If a trade has not played out how I want, then the market is not doing what I expected, so my underlying rationale for the trade is no longer valid. At that point, I cut my losses, move on and look for the next setup. I use fixed risk (1% in my case) so my exposure to those moments is not painful, high helps me reinforce the ‘cut and move on’ approach and keeps me more professional than gambling. Anyway, sorry to be so preachy, but you sound as though you are doing well, and you have joined a great thread, so I thought it worth giving my take on that one point. Please don’t take it negatively, it’s not meant that way! Mechanical execution of a proven strategy is my preferred route to consistency, so I shy away from trading hope. After all, you already know that you want to be out of this trade… so why are you still in it? ST[/QUOTE]
[QUOTE=“anishrei;586930”]Hi, How did you get this trade lead? I usually trade majors and I actually nvr check EUR/AUD… any tips for which pairs to look out for? [/QUOTE]
EA pair is good to get decent amount of pips when you have a good entry.
I check almost every pair, when I see price action and candle stick forming according to the method I keep monitoring until I get my entry price. Most of the time I don’t open the position because of day,time, volatality and SL etc.
Only thing matter is valid entry according to the method, you can trade any pair.
I have checked with most of the pair, exotic pairs are less favourable then the majors and majors X.
So this time I told myself, my target shd be the ‘pips’, not the $$… so once I achieve my target pip, shut down the laptop and go play candy crush. 
Thats why I joined this thread.