. Was like deer caught in the headlights.
Was just looking at the charts go south. Didnt click a sell order.
Well this is my trade today, not all was a winner 
And yes this is me after my stop was hit, btw -21
happens to the best of us. I must ask what you based that trade off of. The way I see it just by looking at the small picture of that pair. Looks like you were comming off a down trend (from what I can tell) if so you were right in going long after the high broke the previous high witch you got in a little early on. But your stop I think was the round dot down there has no basis to be there it should have been just below the low of the low there roughly .7750 and adjust your position size accordingly. And if you could not adjust position size to fit this trade then it was to rich for your blood and you should have sit on the side lines. However I did not pull up the chart so you could be looking at something I am not seeing I am just baseing my opinion on what I see there (witch is not much)
I dont know how you picked ur SL.
Ur entry seems ok but ur SL is abit shaky.
Either you pick it at the bottom of the previous wave that is 0.7750 or you wait for another wave or atleast pick 0.7770 as your SL.
It has to be the bottom of the wick.
Hi bobmaninc, my trade was based on the daily chart, if you look to the kiwi you can see on daily a support on the area around 0.7750 - 0.7760 
(sorry i have no much time for the chart now 
) … and about the SL i always use a 20 pip SL, im just using this method for this week, and im changing little by little every mistake i used to make, i will the next time put my SL in the start of the wave around .7750 adjusting my position, thanks for that bob :57:
Yes Niki making this mistake and reading about how i can do for improve this trade is great, little by little i am making changes on my trading style and hope the next time will be diferent.
Thank you very much to you two :60:
Just on the subject of entry points and exit points, I am currently in the process of rebuilding my account after initial losses as a complete newbie. During this process I have felt it necessary to use 5-7% of my balance as risk in order to give each trade a decent number of pips breathing space.
The other day another thread contributor, SimonTemplar, wrote me saying that regardless of my perceived need to use larger % risk, he still thought that 5-7% was WAY TOO big. Which it obviously is. But I wrote back to him last night saying that after reviewing the trading journal I began to keep roughly 3 weeks ago, I’m beginning to realise that my BIGGEST mistake with my trades has NOT been the high % risk, but the bad ENTRY POINTS that have forced me to use higher risk %'s.
Looking back at my trades, I had been entering trades ( long and short ) at levels which were neither close to support or resistance levels, probably through sheer impatience. This in turn had more or less forced me to put my stops at S&R levels which were far away and required me to use a high % risk of my balance.
I am now beginning to realise BENITO that WE don’t decided on the stop levels ourselves, the markets have already shown us what the stop levels should be in the form of support and resistance levels. This has been a costly lesson for me to learn, but like you, I am grateful for the people we meet on threads like this who help us learn it.
And I also believe it is a valuable lesson for any other newbies to learn and learn quickly. Yes there is an impatience as a newbie to hit that button and get into a trade, but the level you enter at is so important, you MUST wait and enter ONLY when the price is right.
Another good lesson learned is the importance of keeping a trading journal, without which, I might still be entering trades in the middle of nowhere. But as long as we DO learn as we go, hopefully we should be ok !!
HoG
First id like to say hi to everyone as I am a new poster here but a long time reader.
Price action no doubt is a winning method of short term trading, and if you learn it and follow the guide the thread starter outlined you will be spot on 95% of the time.
BUT when you will be wrong, it can potentially destroy your account as it had done to most who do price action for a long time ESPECIALLY is no stop loss is used, obviously im not talking about setting a small SL but you do need to set a stop loss in the even all of a sudden a massive drop happens, during the 05 London bombing a well known trader lost his entire account because he was in a trade and he had no SL.
The problem is that because this system works so well, most feel the need not to place a SL, but you should, because the times it goes against you fast, will be that time that it can eat up your hard work you did for a long time.
In addition, if anyone looks at the 1hr or 30 min chart of the last week say EURUSD you will see how bias can change mid day completely, and if you still keep your mindset that its a sell or buy when in fact it changed, once again you will be hurt.
Indicators are a sure fire way to lose money to most, you will notice most of those so called gurus can only draw lines and pictures after the fact, yet during a live active session they get lost, hence you will have to look very hard to find any videos of live trading online whereas the person relies on indicators, its a way many came to make a living, they lost trading they becoming mentors.
Doubling/DCA down is a losers game, just ask UBS and the many others, sad part is with problem SL you wouldnt have to deal with that.
Here is the math you need to make in order to come to terms with taking a loss:
On avg, when you do price action how many pips do you earn per trade.
On avg, in a given hour how many trades do you do that are successful.
Now we know that the further away the candle runs from you the longer it will take to come back to you, therefore if lets say you scalp and you take 2 pips a trade 10 times an hour, this means that your worth when you are in a good trade is 15 minutes 5 pips, so if all of a sudden you will get caught in a bad trade and it holds you down for a 3 hours you potentially lost 60 pips + there is a chance that trade will go bad and god knows how many pips that will lose you.
Time is money holds very true with intraday forex trading, take a loss as you are really making money when you do that.
In addition, if you have the ability to trade 20 lots, dont trade 20 at a time, trade say 10 at a time, this way as one trade ran away from you, you can monitor it yet still do trades.
Also, remember, if you see a trade running away from you and you followed all the rules, check the news (real up the second news that hopefully you have within mt4 etc not cnn), if nothing major happened, its a fluke and more likley to come right back.
PA makes many lots of money but for many it gives them hope just to destroy them a week or month later, the reason is because people do not take into account that things do change, and if you are not ready for it, you will not last long.
I am not here to bash anyone or state some complex theory, prepare for the worst and expect the best is the attitude that will make you money for more than a month.
Price action is really the only way to trade forex and if you learn how to do it well and protect your account (with stop losses!!) then you will do well in this industry.
If i hadnt found out about trading price action i dont think i would have ever made any money at this and would still be searching for that holy grail.
My advice to any newbie is read this and the thread by priceactionhero and it will give you a great place to start your trading career from.
Price action + fundamentals = tons of PIPS
Maybe Its Time I pointed another thing out…
From the earlier part of my thread, I said I dont use SL but I dont advocate this for newbies. I also advocated strongly that those who are starting out use a DEMO account and not a real one.
Have I cut a position that I was holding in minus??
Yes, many times. Atleast 3 times a month I cut off positions that start going against me. Its just one of those things where had I waited another hour or two I would have seen the proper opportunity to enter. Instead I entered to quickly by guessing to an extent where price is going to end up and I get burned.
Taking a loss and putting a SL might not be the same. But its functions are the same. To minimize loss.
Sometimes I would like to wait for the candle to be over before making a decision when price is going against me. SL does not allow me to do that. Sometimes I would have entered too early, but I know per bias it will eventually end up. So I dont use a SL.
Sometimes we are trading an H4 range like what happened on the previous Friday morning. That one I wait for a new H4 candle, put in a SL at the bottom of the range and leave it be.
So to reiterate myself, I dont use SL does not mean I dont have losses or cut off with losses. I do.
I dont use SL does not mean that price will always come back in favour for us just because we are trading price action.
To trade without SL and not willing to accept loss will definitely kill your account.
If you do not use an sl, you are risking your whole account (100%) every time you open a trade. One big spike and it’s gone! If you believe your sl is too tight, then at least set one a little away. With say 10% risk or something. Then you decrease your 100% risk on every trade to 10%.
People tend to take things too literally.
I would hate to be holding a sell on UCHF when they decided to intervene the other day. I always just punch in a SL of about 50 pips even though my real SL is less then 15 pips as a safety incase anything happens.
Maybe some politician suddenly dies in a plane crash, or some explosion happens in some part of the world, or oil field gets bombed or even some trader accidentally presses something wrong and the market just crashes a 1000 pips in 4 hours. Your platform might jam and you cannot open it again for a few hours. Anything is possible.
So dont take things literally when I say I dont play with a SL when I know what my bias is going to be. I stilll have a safety net. And I still cannot afford to risk 20 or 30% of my account just because I know whats the bias.
Ok. So you have an sl, just not that tight. 
The point with that “literally” is right, albeit there is only this opportunity here to read, lol.
Plus then the last post anywhere else which popped up had a screenshot with no sl. Then I thought to myself: Oh my, Nikita want’s to trade the hard Nikita-way, lol.
SL is always there. Most of the time a line marks the borders of where I should not do any thinking but cut the trade.
I hate to see some newbie holding on to 150 or 200 pip minus after reading my post.
Judging by some of the comments here, I should not be surprised if it did happen!.
The same goes to those who come and say but hey I read that 1:4 should be the winning ration. Since my SL is 50, then my TP should be 200.
Then they are surprised how come it didnt give them 200.
I calculate my SL in 100 pip blocks.
% of risk is calculated for a 100pip SL.
My trades usually have 20 or 30 pip as SL. Even if it hits my SL at 20 or 30, I still have another 70 pips to spend before I loose my x% of capital.
I find this method less taxing on me cause I dont need to desperately get a winning trade or I loose x% of capital from the first trade itself.
there is leeway for me there. Ofcause I up the risk factor on trades I know for a fact is going to go one way or the other. But that is a different story altogether.
I was learning with the help of a senior trader for about a year plus and he had thought me a few strategies etc.
Was all ok and profitable but there was something missing.
And taking trades were a stressful affair because it was trading by system and losses were also there.
I was looking at the charts one day thinking of how nice and profitable this would be if I could see where the price was going to end up while I was looking at UCHF D TF.
It then hit me on what I had been really missing. A way to make my trades nearly always profitable.
The chart was in a sweet position and price action sort of just spoke for itself.
It has been one hell of a ride since then. Been doing this consistently now and my account is growing. I take a minimum of 10 % risk per trade now and the rate of growth is really phenomenon. My max risk on a trade has been 30%, once or twice before.
I wont encourage others who are just starting out with this method to do the same. But I can assure u that its possible to do so.
I am enjoying trading like never before and I no longer have stomach cramps when I enter trades or watch a trade go on a draw down, not knowing if its a draw down or a move against me.
My trader friend who thought me trading said never predict, never guess, never think what the market is going to do. Pull the trigger only when you know. I agree with him on that now a 100%.
I hope the thread helps as many as it can.
happy pipping.[/QUOTE]
My previous post was a goof
Wanted to share an earlier post
U learning how to post huh?
I agree here I will set a stop 50-70 pips usally just above/under the last swing but if I go long and price didnt take out tge previous high then goes to make a lower low I am out. Typically my stop will never have price ever get close to it before I realize my entry is invalid and I am out. I am not waiting to see what happens I dont care what happens I have seen it to many time before and generally dont end well so I just get out. But yeah I can agree some probably have read your posts and traded with out a stop loss but thats there bad. Like I always say if your going to be dumb you better be tuff or have a big bank account.
Yes I know what you mean.
Also done getting out and then getting back in on the same trade on the same direction also.
But the gist of it is that. Have a SL value that you are allowed to spend in away that it doesnt break our balance and then confidently look at the charts.
Entering a trade with risk calculated with the SL of the set up is not for me. Hits SL and you end up loosing too much and having to lower risk on the next trade.