Pure Price Action For Dummies

[donsls]

Been away from trading for some time. Took a break.
I am hoping for the following this week.

usd cad - bias is up
looking to go long around 1.1371

gbp chf - bias is up
looking to go long around 1.5332

chf jpy - bias is up
looking to go long, once the price retrace to 118.24

Your comments are much appreciated.

Thanks for the comments guys.

Bought usd cad @ 1,1381 and it hit my sl for a -20 pip loss

Bought gbp chf @ 1.5341, holding on to the trade so far. so far +22 pips, but according to my trade plan, I move my sl to be when I have gained 30 pips.

Let me know if you recommend otherwise as I am still demo trading.

[sharebazar]

Hi Sharebazar,

Thanks for your answer. Fully understood.

So far have you been profiting weeks after weeks? If I remember correctly, you mentioned before that you will want to trade full time in future. Are you on the way to reaching your goal?

But 1 question I have for u is, is there any difference between now and ‘full time’ ? I mean do u intend to trade differently if u were to do fulltime?
Isn’t this type of trading and hit rate better off, bcos I have notice that you always mention that you do not have enough time to trade. But I see that most of your trades end up with very good pips…

Hi Gssg,

Very good question. I have managed to cross the halfway. From last February I am doing only part time job at the moment,it was a very big decision for me. Hopefully by next year I will able get rid off this part time as well.

It will make a huge difference in trading, because I will get more time to analyse the market, I will able to study more, I will able to get more profitable trades, I will able get entry the price I want, I will able manage my position properly don’t have to rely on fixed SL and TF and many more.

I am not profitable every week, but I have manged to overcome to loss every week.

I am still making few mistakes but I am working on it.

[donsls]

Thanks for the comments guys.

Bought usd cad @ 1,1381 and it hit my sl for a -20 pip loss

Bought gbp chf @ 1.5341, holding on to the trade so far. so far +22 pips, but according to my trade plan, I move my sl to be when I have gained 30 pips.

Let me know if you recommend otherwise as I am still demo trading.

TP hit for gbp chf. Riskes 20 pips and gained 45. Not bad

[sharebazar]

TP hit for gbp chf. Riskes 20 pips and gained 45. Not bad

Hi donsls,

Good to see that you gained 45 pips from GBP/CHF.

You are following the daily bias, which is good but be carefully if you only rely on daily bias, I was thinking to go short on GBP / CHF and USD / CAD pair but missed the trade. I have missed all the trades this week.

Any way congratulations let pips coming.

[Gssg]

Hi Sharebazar,

Congrats! You are working towards your goal steps by steps. Very happy to hear that. It means that one can learn to trade if you put your heart & soul into it.

How long have you been trading before quitting your full time job? I guess it takes a lot of courage for that transition too. How do you know when is it ready for one to go full time trading? N how do we handle if that month balance goes negative?

Very happy to hear that you have done it. Hope I can slowly work towards it too.

Hi Gssg,

Very good question. I have managed to cross the halfway. From last February I am doing only part time job at the moment,it was a very big decision for me. Hopefully by next year I will able get rid off this part time as well.

It will make a huge difference in trading, because I will get more time to analyse the market, I will able to study more, I will able to get more profitable trades, I will able get entry the price I want, I will able manage my position properly don’t have to rely on fixed SL and TF and many more.

I am not profitable every week, but I have manged to overcome to loss every week.

I am still making few mistakes but I am working on it.

[sharebazar]

Hi Sharebazar,

Congrats! You are working towards your goal steps by steps. Very happy to hear that. It means that one can learn to trade if you put your heart & soul into it.

How long have you been trading before quitting your full time job? I guess it takes a lot of courage for that transition too. How do you know when is it ready for one to go full time trading? N how do we handle if that month balance goes negative?

Very happy to hear that you have done it. Hope I can slowly work towards it too.

Hi Gssg,

Trading is not easy business or job like any other profession. You need to put your heart & soul for sure. Anytime Anywhere chart time is required to understand the market movements.

You have to prepare to take loss on every trade so you have to mentally prepare for any uncertainty.

You need solid minimum 2-3 years practice in real time before you know that you are may be ready for fulltime trading.

If you have a full time job first go for part time then after 1 year of trading when you know you are making consistent profit from the market then you can left the part time job and become fulltime trader.

It will be earlier if you get a mentor.

If you have a negative month it will be very normal because you are already prepared yourself for the uncertainty and by that time you will have the experience, you will know how to handle the negative month.

I think everyone can become a trader but not a profitable trader, to become profitable trader you need patience, practice and able to absorb the uncertainty.

Risk management is the key to success in any business especially in trading.

And lastly you need to enjoy the trading.

[TC_Holland]

Hi Gssg,

Trading is not easy business or job like any other profession. You need to put your heart & soul for sure. Anytime Anywhere chart time is required to understand the market movements.

You have to prepare to take loss on every trade so you have to mentally prepare for any uncertainty.

You need solid minimum 2-3 years practice in real time before you know that you are may be ready for fulltime trading.

If you have a full time job first go for part time then after 1 year of trading when you know you are making consistent profit from the market then you can left the part time job and become fulltime trader.

It will be earlier if you get a mentor.

If you have a negative month it will be very normal because you are already prepared yourself for the uncertainty and by that time you will have the experience, you will know how to handle the negative month.

I think everyone can become a trader but not a profitable trader, to become profitable trader you need patience, practice and able to absorb the uncertainty.

Risk management is the key to success in any business especially in trading.

And lastly you need to enjoy the trading.

Nice words Sharebazar,

It is not so easy. I start my new demo account 4 weeks ago with almost 20% profit in the first 2 weeks And now it is down 20% from start. I opened my first Forex account beginning 2012 and still not making profit I can trade full time because I don’t have a job but that doesn’t help much. I understand more or less this method but it is not working for me yet. Maybe I need a mentor: Interested? Always appreciate your help on this Thread.
It is a good thing to hear that you make the step to part time trader. Why not full time? I hoop you will make it soon.

TC

[sharebazar]

Nice words Sharebazar,

It is not so easy. I start my new demo account 4 weeks ago with almost 20% profit in the first 2 weeks And now it is down 20% from start. I opened my first Forex account beginning 2012 and still not making profit I can trade full time because I don’t have a job but that doesn’t help much. I understand more or less this method but it is not working for me yet. Maybe I need a mentor: Interested? Always appreciate your help on this Thread.
It is a good thing to hear that you make the step to part time trader. Why not full time? I hoop you will make it soon.

TC

Hi TC Holland,

Don’t expect different result with same action.

First you need find out what you are doing when you are making profit and what you are doing when you are making loss.

What you do when you open a position, what is your plan, what do you see on the chart, do you use any type of indicators, news, price, or particular setup to enter the market.

What do you not understand ?

[sharebazar]

Sell NZD / CAD pair, which drop 60 pips from my entry so I moved my SL to BE because today is Friday but what happened price retrace back and stop me out of the trade and continue to drop again.

It is very important to know how to use SL properly and always ready for anything like this. So many times market stop me out but few times now.Tried lots of different methods to minimise this, still get caught sometimes.

Only got 4 pips out of this trade.

Hope you guys had good week.

[tonyro44]

sharebazar at list it was not a lost and now your clear over the week-nd , we will do it again next week, everyone have a great week-nd.

Sell NZD / CAD pair, which drop 60 pips from my entry so I moved my SL to BE because today is Friday but what happened price retrace back and stop me out of the trade and continue to drop again.

It is very important to know how to use SL properly and always ready for anything like this. So many times market stop me out but few times now.Tried lots of different methods to minimise this, still get caught sometimes.

Only got 4 pips out of this trade.

Hope you guys had good week.

[sharebazar]

sharebazar at list it was not a lost and now your clear over the week-nd , we will do it again next week, everyone have a great week-nd.

Hi tonyro44,

Let’s see what brings us this week. Last week was not a good week.

I am looking to go long on EU pair around 1.2440-1.2420.

Anyone watching any other pair this week.

JPY getting stronger.

[tonyro44]

Sharebazar I like that pair and i am also watching it, but i want to see EU at around 1.2375/1.2400.

Hi tonyro44,

Let’s see what brings us this week. Last week was not a good week.

I am looking to go long on EU pair around 1.2440-1.2420.

Anyone watching any other pair this week.

JPY getting stronger.

[donsls]

usd cad - bias up
go long around 1.1290

gbp chf - bias up
go long around 1.5110

chf jpy - bias up
go long around 120.35

eur usd - bias down
go short around 1.2464

All comments are greatly appreciated.

[tonyro44]

donsis what can i say , you nailed it great observation .

usd cad - bias up
go long around 1.1290

gbp chf - bias up
go long around 1.5110

chf jpy - bias up
go long around 120.35

eur usd - bias down
go short around 1.2464

All comments are greatly appreciated.

[TC_Holland]

donsis what can i say , you nailed it great observation .

Tonyro44 and Sharebazar are lookong for long on EU pair and Donsls for Short on EU

Any comments?

TC

[sharebazar]

Tonyro44 and Sharebazar are lookong for long on EU pair and Donsls for Short on EU

Any comments?

TC

Hi TC,

I was looking for long on EU pair because of the weekly bias and I think Donsls was looking for daily bias to go short.

But if we follow the daily bias then we can open short position around 1.2540 -1.2550 area, and also the trend is down.

But if we follow weekly bias then we just missed 100 pips today so we will wait for another opportunity tomorrow or Thursday.

I hope donsls can explain more about his analysis to go short.

[sharebazar]

Really missing Nikita, I hope she is doing great.

[Gssg]

Hi tonyro44,

Let’s see what brings us this week. Last week was not a good week.

I am looking to go long on EU pair around 1.2440-1.2420.

Anyone watching any other pair this week.

JPY getting stronger.

Hi Sharebazar,

I went long on AU at 0.86708. Didn’t managed to get in at a better price (0.86640). My stop loss for this trade is at 0.86505, and TP @ 0.87155. Any comments on this trade?
My reason for this trade is weekly bias is up, and price showed a pin bar on H1 chart near 0.86534.

Right now just in the trade, let’s see how it goes.

Thanks

[Gssg]

Hi Sharebazar,

Just curious what do u mean by JPY getting stronger? As I see that AJ, EJ, GJ is going up, and I am looking to long any of this pairs.

[Gssg]

hi Sharebazar,

Just curious, which hours do u trade? London? Normally, do u get your entry based on london opening?