Hi Zellwk , do no take position if you are not 100% confident about your analysis.
It is better to have proper analysis before you take any trade, if you are wrong then at least you will know why you are wrong.
Hi everibody
I have A couple question about a price action pattern that look interesting for me the DOUBLE INSIDE BAR setup (or the 3 in 1 as explain in that ebook). vamist.ro/filebrowser/download/4066
I would like to know , if someone use that strategy on forex ?
thanks
I like this setup because it look more easy to spot .
I want to hunt like a cheetah , the cheetah only take the run when he know he have a good chance to get is lunch.
I cant be in front of my pc all day long so I prefer to daily bar .
I have never trade forex live because I know that I dont master this game…
That why I would like to talk with trader of this setup to learn from you
We, the small players, are more like the smallest of the smallest, bottom feeding, single cellular organisms there is in a pond filled with sharks, crocs and other carnivores.
Looks like EA is finally ready for the up move. Buy low.
Hi nikita
Im learning to properly PA and reading your first pages, should i go through the whole post or with the first page and following up is enough?
Thank you
Nabil
The whole thing there is really good info on here.
Look like EA finds the support
You have to go through the entire thread.
I started of with the basic idea and as we went through it I added the other important parts to it. Support and Resistance areas, Money Management, Stop Loss, Waves and a few other things.
I reread the entire thread a month or so ago because I learned from others as I wrote this thread also.
Just knowing the basic idea without the tricks to it will not be of much help.
The rate of success is determined by how good you are at reading the H4, D, W and sometimes even Month TFs.
You must understand the BPC concept and watch out for candle formations on D and W and Monthly TF.
H4 is more of a guide for price cycles. Wait for H4 to hit its previous low or high before jumping into the market on a contra move. Another thing to watch out for is, if you see a strong previous H4 candle, either up or down, than its wise not to go against that candle. Rarely do we see clean bounces.
So dont complicate things too much on the H1, Min30, Min 15 or even min 5. You can make a mistake on the smaller TF, jumping the gun and entering too early, but your position will be saved if you read your Bias correctly.
Just hit my trailing stop, EA gives me a nice 62 pips.
Nice good job. Hopefully MY short on AU continues to go down. I was able to lock in 50 pips so far. But the weekly is telling me we might have a lot further to go before price comes back to the north. So I am trying to keep that stop tight but not to tight. There can be some big swings if you are entering on the 1 hr and following the weekly. Its pretty hard to do.
Thanks and Good luck, it’s very hard to keep the stop tight.
It is very hard and you will be stopped out alot in doing so. Only thing I can say is to use charts to determine SL placement and review your trades when they hit your stops. Was there a better place to put it. Over time it gets better but still it is hard to do.
Im still quite unsure of how to read Daily or even Weekly TFs currently, I will look more into the daily timeframes and learn to see what I can get from there.
Regarding the 4H TF, I made a good 90-pip short on EU on Tuesday or something, Cant remember the exact date. It was a very good feeling to have waited for the move. Price hit my TP quickly and went on further ahead. If possible, I would like to post up my previous trade and get a critique on my thought process as it might have just been a lucky break for me.
Normally my TP is between 30-40 pips per trade and SL is 20- 30 pips, when I see price will go further and there is no S/R near I just moved my SL to 30 pips when price moves towards my TP and trail the stop for 10 pips.
If you can please advice me something different.
Me I place stops above/below previous swings. Or if we have a pull back in the trade I am in and then price moves back in my favor I will move my stop to that swing. I used to do what you are doing and I will not say there is anything wrong with that but I have had much better success letting the charts tell me where my stop and TP level should be.
Thanks a lot, I will try that.
Here is a chart of another trade I took last night on the AU. It still going strong so I will not go into the entry more exit and trade management.
Here is the daily
Red the area is my ultimate take profit unless I get stopped out along the way.
On the 15min
The red lines are located when my trade made pull backs against me then proceeded in my favor. Once price breaks the low of the pullback then move stop to the top of the pullback. Note you see my green line witch is my actual stop loss is way up high. This is because I just got home from work. But since I am here to monitor it I wont move it till it crosses the low. You may also note that when I moved stop into take profit (before going to work) I didnt put it on the high of the previous pullback. The reason for this is it made my trade a 1:1 according to where I had my SL originally. As of right now the trade is up 85 pips. IF it hit where my stop should be now then price will have made a higher high meaning my down move is losing steam and is a good time to start collecting profits and making the bank account a little bigger. If not it will make a lower low and continue on down and making my bank account a little bigger.
As promised I figured I would update this post since it is still the last one. Here is a 1 hr chart of the same trade a few hours later than when I posted this earlier
Now you can see the pull back from the 15 min above has ended and about to take out the previous low. The high of that swing is now where I am going to move my stop now. When I took this shot it was at 99 pips profit. Not bad for risking 1% with a 20 pip stop originally. This is now a 5:1 trade. Well 4:1 if I get stopped out.
On a side note if I would have caught that almost doji on the swing high. On the next candle it made a 50% retracement of the doji’s wick I would have entered another lot. At this point entering another lot and moving my stop just above I assume still a free trade worth more money if it continues in my direction. The is a pretty high probability it will happen (Daily bias is on my side here). Momentum is pushing me. Currently as I just checked the chart I am over 100 pips. It has literally taken me longer to type this than to analyze, enter, and manege this whole trade. Its not hard to do. I do have an advantage though if you talk to my wife shes says I have no emotion. I guess that works out for me. This is my 4th trade. 1 loss of 20 pips and 3 winners. 2 of witch are on here. The other was on the video I would like to share but cant due to my account numbers. I will make another with just my mt4 demo account (actually I did but I could not make out what I was saying sound was so bad). I will update again if this keeps going.
Update: No need to post the last charts as price went and made a new low but made a higher high and stopped me out. Great trade in the end. Hope that helps with trailing stop placement. Thats how I do it nikita might do it different. Its all up to you. Though using this method (along with trade entry with a small stop) again I was able to catch most of a move. I am not saying price will not continue down more. Just that strong down move just showed signs of slowing and I got out with out have to think about it. The market did it for me. No thought, no emotion, no stress. The market got me in and the market got me out and left me a nice profit for the ride.
Very nice trade.