First trade in months. Bought GBP/USD for 24 pips. I bought too early (Sunday night) which kept me in for the Monday crazy movement but exited Wednesday short of my T/P. Watched it shoot past me original t/p Thursday. Sloppy execution to a great plan.
Have a great week-nd to all you good traders i’ll see you guys next week.
Nice trades there I especially like how you went short on all of them. You da man
Bob really happy to see you here. Thanks for the comments. Honestly speaking I always miss you guys in this thread.I have learned so much from you, thanks for your help and advice.
Hope you don’t disappear again. Please visit these thread when you get time.
HI, can someone please explain what we are looking for in each time frame? For the past few weeks I been using the weekly TF to look for BIAS. I also look for SR lines on the weekly TF. Then I go to the daily chart to look for a signal, then I go to 4h for an entry. Is this correct?
Hi gkuang2,
According to the method our first job is to find out the bias. So we can get the bias by looking at Weekly and Daily TF. But it is good to have weekly TF bias. Once we know the Bias means which way we will open the position in present week we can draw the SnR line on weekly TF then we will move to daily TF to see what the price is doing on SnR area.
Then we will move to 4HR and 1HR TF to open our position once the candle close around the SnR area, it can be 4HR, 1HR, 15 Min or 5 min TF but always wait for the candle to close before open position.
Example :
Today is Monday and suppose previous week was bearish candle so our bias for this week is sell.
We will wait today to see how daily candle close, if the daily candle close bearish then tomorrow (Tuesday ) we will wait for the price to come near our SnR area.
Once we see the price reach our SnR area then we move to 4HR or 1HR TF or may be other smaller TF to see how the candle close around that area. If the candle close bearish then we can open position if the SL is according to our risk.
SnR can be draw on weekly and daily candle.
I’m thinking about going long on GU soon. Anyone else?
Hi blackhand
What is your SL, I am not 100 % confident about this trade at the moment only because of my SL it will be more than my risk per trade.
[QUOTE=“sharebazar;683572”] Hi blackhand What is your SL, I am not 100 % confident about this trade at the moment only because of my SL it will be more than my risk per trade.[/QUOTE]
My S/L is 1.5335 and my T/P is at this time 1.5429. I bought at 1.5353.
Hope it works according to your plan.
[QUOTE=“sharebazar;683580”] Hope it works according to your plan.[/QUOTE]
Thanks. That makes two of us.
Hi blackhand,
Could you explain why you went long on this please? There is an SR @ 1.5296 (red line)
If the price breaks my H1 SR 1.5386 and re-tests it (in NY session, not up during UK), I am hoping to go long.
SL will be 1.5344, tp 1.5434
I will try to explain. I looked at the weekly bias and it was long. I drop down to the 4hour to find the closest S/R area. This is usually my entry area. If price gets in this area I look for a reversal for entry. I place the S/L just below that area.
Hi Sharebazar, thanks a lot for your explanation, I really appreciate it. Can I show you what i saw for the GBP/USD pair, so you can tell me if I am on the right track?
SO the bias for last week was bullish. SO this week we should be buying. I also drew the SnR lines that I saw.
After that i went to the daily TF and saw that yesterday (monday) was a bearish signal. So we should not buy. SO we only buy when the daily candle that closes is a bullish candle and it has to be close to the SnR levels?
What happens if it was approaching a resistance level? We do not go short right because of bullish bias?
Am I on the right track? let me know. thanks!
Hi Blackhand, would you mind sharing your step by step process for this trade? Because I am going by the reply that sharebazar told me in the previous page. So i see the bias is to go long. Then I head over to the daily chart and I see a bearish candle for yesterday. Does this mean a no go? Please explain. Thanks a lot. I really appreciate it.
I agree with your entry (waiting for a reversal). But the red line (hope this is your SR, but in which TF?) @ 1.5376 is only 23 pips from your entry and your sl is 18 pips. Not much RR here if the price reverses @ SR. I just want to understand why you took the trade for such a low RR. Maybe this is your style of trading. At the end of the day what we want to is to earn at least one pip 
But I just need to know more about the red line and why you took the trade so close to it (if it was an SR). Why not wait for the price to break that line and re-test it (BPC)?
You also mentioned you looked at weekly and drilled it down to 4H. So you don’t worry too much about Daily candles?
Hope I am not asking too many questions? Maybe I am not understanding it. I am trying to learn from everyone and every trade.
Appreciate your comments.
Hi gkuang2
Just look at the EUR/USD pair.
See arrow marked is the week before last week, last week also closed with a wick at the top.
Weekly TF
We need look for sell for this pair.
Look at the yesterday daily candle also closed bearish.
Daily TF
See the horizontal line line which is draw in Weekly TF.
Horizontal line blue colour and the resistance line below is my entry area for short.
We need to wait for the price to come to our entry area then we will wait for 1HR or 4HR candle for signal to open position.
If we get an entry then our SL will be under 40-50 pips, and if the trade go against us we will only loose 40-50 pips. But if the trade go according to our plan then we can have 80-100 pips.