Hi everyone what do you think about this pair EUR / USD.
In my opinion it is getting ready for potential move down.
Open short position on EU pair last Friday but unfortunately hit my SL and now it is going according to my predicted directions.
loss 50 pips.
Hope to go short again this week if I get an opportunity
lessons: always good to wait until the candle close.
Hi Sharebazar,
When you say always good to wait until candle close, which candle r u referring to? H1 or H4 as in this case?
Hi Sharebazar,
When you say always good to wait for candle close, which candle r you referring to? H1 or H4?
And why do you hope to short again this week? Isn’t the weekly bias long? Although I know that the long term trend is sell.
Hi Sharebazar,
I have 1 more question. Sometimes, if we get a signal at H4 or daily chart, but it is against weekly or daily bias, do you still pull the trigger?
At times, I am getting a bit confused about whether to follow daily candle(signal) or follow weekly bias.
Hi Gssg,
In any time frame. Suppose price in entry area and you are looking at 1HR TF for entry and you have still 20 min or less remaining to complete the HR it is good to wait for the HR candle close then we can open position on next HR, it can be 4HR TF as well. Specially major news release time.
You are correct weekly bias is long and we should only look for go long.
see the horizontal line 1.0798 and 1.07866 I can open long position around that area if I see the signal.
Daily TF
4HR TF
But if you check all the daily candle going up is looking very week in terms of candle it is trying to move up but higher pressure on down side and also as you said trend is down.
It is always preferable to look for weekly bias then wait for daily bias then look in 4HR and 1HR candle for signal to open position.
But if you want to get 25- 35 pips then you can use daily bias and look into smaller TF for entry. We can make more than what I mentioned above but it is just for example purpose.
But if you want to get 40 + pips then stick with weekly bias.
As we know that we will not get weekly bias every week but if we follow the rules then we will have more profitable trades then loosing trades and in long term we will be successful.
Hit trailing stop on GBP / JPY pair closed with 248 pips.
It requires lots of patience and decipline to get this amount of pips in one trade. It was a emotional roller coaster.
Where is Nikita, honestly I am really missing her, all credits goes to Nikita. I always respect her as teacher, and I will always respect her as a teacher.
I will always pray for you and your family. Where ever you are be happy.
Hi Sharebazar,
What I mean is for example, if weekly bias is up, but on the daily timeframe, a candle shows a inverted pin bar which signals for a sell (trend reverse), and the candle is just below the resistance, will you take this kind of trade? N what kind of risk percent will you take?
Many a time, this kind of trades will go for few hundred pips bcos it is taken on the daily chart, but bcos it is against weekly bias, I am always indecisive about entering.
Very POWER!
Hi,
Sharbazar Nice trade on GJ as usual I can see what you mean by the rollercoast. I lost 4 trades in a row. Also on EU and others
Gssg I am also looking for short on the EU but it is true that it is against this method. But if you look at monthly you get a possible entry level to go short with monthly bias as sell
About your question about a signal against bias. Nikita says in one of her posts: Look for a signal on SR in the direction of bias and ignore all signals against it.
But a pinbar on daily is a strong signal and you should look at it. Like Sharebazar says this method works also with other timeframes
Sharebazar I also would like to here from Nikita but as long she is not here…
The student becomes the Master I know you can do it!
TC
Hi Gssg,
I think it is best to avoid this type of trade, if you hesitate to open position for any reason do not trade as you are not 100 % confident about the trade.
Yes this type of trade can get good amount of pips but there is high probability that it will hit your SL.
But if weekly bias is up/down then wait for the daily candle bias according to the weekly bias then open position otherwise look for next opportunity.
We can apply this method in any time frame, but higher TF is always good for more pips.
It is possible to trade on daily TF SnR.
It is a big responsibility, and it requires great knowledge and experience to teach, In my opinion I am still in (crawling period of trading).
Any way thanks for your great comments.
Hi Sharebazar,
Thanks for sharing. How is your EU trade this week? Did you managed to short?
Hi Gssg,
Unfortunately all my EU position closed but I have manged to hold the position on my practice account.
I have opened a new practice account just only for test my longer term trade.
Same method but Stop loss is bigger and also the profit is bigger. I am taking the same trade in both account but one is less risk and limited profit and another one is more risk but huge profit. I am trying to find out which will provide statically good results. Then I will stick with the best one.
I am still working on my exit strategy and trailing stop, last piece of the puzzle.
Hi Sharebazar,
I have been wanting to ask you on trailing stop. How many points do you set for the TS normally?
Hi Gssg,
Trailing stop is a very important tools in trading as we all know but it becomes useful when we use it correctly. But problem is which way is correct way.
In my opinion I think we must use it very end of the life of the trading. Suppose we open a position and our SL is 50 pips and TP is 100 pips now price move towards our TP , and moving very fast we assume that price can move more than 100 pips so we change our TF to more 50 pips. I think when price crosses 100 pips then we can move our SL to lock the profit and trail rest of the move and gradually move TP accordingly.
Normally I use this concept and put 15-20 Pips once my initial TP cross. Otherwise put according to my SL amount if I am away from the market.
The size of your trailing stop will vary depending on your money management and which pair you’re trading as some are more volatile than others so will need wider stops
Hi Sharebazar,
Dont you think about a TS in the same way as SL? The SL you put just over/under the previous wave. A TS is nothing else then moving your SL and it should be in a logic place just over/under the next wave just like you start a new trade. I understand that this only work when you put your TS by hand and not automatic
Do you think the 2 different ways of trading will make a big difference in profit? One system will give you big pips but not so many trades The other system gives small pips but probably more trades Market conditions change all the time and which system is better performing depends on how markets move. But it is also important that you feel comfort with the system.
Just my opinion because I am still learning to make consistently profit and far away from that level of trading
TC