Video recording has began. No trades yet just more what I am looking for price to do for me to look to enter. We will see what happens. I might get an entry but my trades are honestly not highly likely that they will come. I will post video regardless if they happen or not. One thing I dont do is chase price. Also I have untill tomorrow night for them to happen. After that I go on vacation for the weekend so I am hoping to get a trade in this week.
Hey guys,
I have just entered into another trade today and I would like some comments on this.
This is the 4H NU chart. Previous DTFs have seen very bearish candles and EU,GU and AU are following suit as well.
In this timeframe, I see that price has shot very strongly past the 0.815 support line after retesting it. I looked to short the pullback at this resistance as a result. I am looking for a final TP at around 0.8052 as shown by the next yellow line, with my stop loss just above the previous high of the retest.
I think that this trade is in line with the trade methodology discussed over here and I am fairly confident about the trade. I might still be wrong though 
Kinda funny the video I started about 2 hours ago I mention you could go short there but where I would look for R/R was at the break of the swing. Not saying that would have been TP just where stop moves to break even or however you manege it. I was not interested in taking the position. I also dont see much supporting this entry you made. I do think you might get some profit just not to sure on your TP. I am interested to see what happens though seeing as how the AU did break the low so NU should follow suit. I kinda hope this is not the case. I stated in my video I was looking for price to go higher on th AU for me to go short. So we will see I get an entry sorry. If I dont congrats
Can I know what do you mean by the break of the swing? I have one thing that worries me about the trade though. Price has been declining for quite some time in a very strong fashion. I would have looked to short at higher levels, but I am unsure whether it will happen given the strong downwards bias. Can I know the level at which you would have decided to short at?
With regards to profit, I am still unsure of where to put them. based on the 4H chart, it looks to me that the upwards swing at the left was quite a good gauge for the TP area, hence I left it there.
Edit: I got stopped out within this hour, probably at the turning point, I need to learn more on stop placements as well.
Entered short on EU. Bias is bearish , executed the trade at e the LH…but price has reversed and im holding negavtice 20 pips…
Entered at the red arrow, the red horizontal line is the stop loss…
Could anyine tell me if this was a valid trade or not ?
Price has hit the stop loss…Trade closed…
Hi gs,
At the point in time, all 4 pairs were making pretty big reversals. I had made losses on the NU trade posted above and also on my AU trade that I had previously entered. It would seem to me that 4H charts portray the retracement in a much clearer fashion compared to 1H charts. Do take a look at them and you will probably get what I mean.
One question I would like to post to Nikita and Bob though. I noticed that in many instances, I would prefer to look at 4H charts for entry signals. However, if I had waited for the candle to close, price would have moved very far ahead and leave me with a very big stop loss if I were to enter. As a result, often stop myself from entering into such positions because of the big stop losses (usually at least 30-50).
How would you guys counter this problem? I believe Bob waits for a short retracement back into the 4H chart if i did not remember wrongly, but how would you look at where the retracement would hit?
Thanks for any pointers given.
You were right, at the time i have entered tha trade, all the four pairs were in a reversal mode… I did not look at the lower time frames.
And couple of hours later after my exit, price has just fell apart like anythn (adp gave much boos to usd)
even other pairs like AUDCAD which i have closed i loss, later the price went back in my favour.
What i have learnt today is that, i should check lower timeframes too and also i should have patience to be profittable…
and yes, we should also keep in mind abt the greek deal 2mrw and NFP on friday…
H4 gives me directional clues, no doubt, but rarely do I enter on that TF because of SL as ZellWk mentioned.
This is where H1 comes into play.
These days I take trades on the Minute 5 TF. My SLs are about 10 pips or less. Same method of entry. Draw S& R lines, look for bias. Look for direction, enter when I see a pullback candle at the extreme of the S& R area. Move SL to BE at about 20 to 30 pips.
It has served me well today.
Nikita, can I drill more details out of you if I may?
I am not sure I get you in the drawing of S&R lines for smaller TFs like 5 mins or 1H. My problem is that I am unsure of whether the price has finished its course in the retracement as these retracements may sometimes go past several supprt lines. I am only confident when price has closed with a strong candle like a hammer or engulfing pattern or something, which means that my entry would be far from ideal because stop loss is large.
How would you figure out when to enter when there are no clear candlestick patterns?
Thanks.
wuhuu…gained 35 pips with this trade…Entered at the red arrow mark…
AUDCAD D TF
H1 TF
Entered the market when Tweexers formed, but later the market was shooting up, i did hold the trade, as they say, Patience really paid off…Thnq nikitha for teachin me such a wonderful strategy…
I second this. I will sometimes go down to the 5 min but generally will only go to the 15 min.
Again guys go back to my aussie trade from last week. I got my entry signal from the daily. That stop even at its ideal point was still 100 pips. Way to big for me. So I went down to lower timeframes to pinpoint my entry for the ideal stop loss (15 pips). So again my entry signal was off the higher timeframe but exact entry is on the lower time frame. So go back a read that trade and what I did I just waited till all timeframes confirmed each other and found the smallest SL possible. I will touch on this on the video I will be posting soon (its not done yet just on pause while I am at work) I passed a trade today comming to work because the stop was to large. I would have waited for a better chance to get in but I had to come to work and thus had to skip that setup (part of being a part time trader). Sometime you will miss trades that would have been great because there are out of your budget. It happens alot in trading. You have to learn to let them go if they did not fit your risk appetite and wait for the next one.
Patiently awaiting your video bob,
I’ll go back and have a look at your previous AU short for now (:
I would not be looking forward to it to much. I still have not placed a trade. Today is the last day unless I can get a small trade on thursday. Hope something can materialize so I can go into detail on SL placement. Still might be next week before I release it as once I record it I then got to figure out how to edit my account numbers off of it since it is a live account. Then how to get it on Utube. From there I think I got it under control lol
This is a little off topic but does anyone know some decent video editing software. So I can block out my account number. I didnt mean to cut my recording short but hit the wrong button. Instead of hitting pause I clicked stop. I did get a trade in. Not very happy with it as I think I more pushed the trade for the video. It is also not a very educational trade IMO but it was a winner never the less so maybe you guys can get some thing from it. Sound quality is not the best but I will get better at it as time goes on. I stuck to the points of this thread so it will fit the points on here for the most part. I feel ok with it for being the first time I have done this. I have a cold so my voice is a little raspy with bad sound quality. I also must say I have never herd myself in a video its a little weird to hear myself on a trading video. Never knew how much I sound like a redneck till now. I have a really deep southern accent. I knew I did everyone has told me even from the south. But I have never listened to myself talk before and wow they were not kidding.
I took a GJ sell after reading a blog on Babypips.
LOL.
I just spent 50pips on my SL purse of 100 pips.
Lesson that was thought to me many times before. Do your own analysis and stick to it.
Hope this is the last time this lesson is repeated for me.
I confess to being guilty of the same thing myself from time to time. I think of it as paying for a little top-up education!
ST
LOL I have been guilty of this a time or two (or three, or four, or five). It is funny how listening to someone else analysis can show you things you didnt see. You always got to remember why you didnt see it was because it didnt exist to you and therefore will not work for you. That concept is alot easier said than done though.
Hi everybody, I hope everybody is doing good, my TP hit around 12:00 GMT, 33 pip gain, very good for Friday. Have a nice weekend all.
Hmm. Im getting to a point where I can almost be sure the direction where price will go, but I am missing out from all the action probably because I still only half trust my own analysis… Is that good or is that bad?