I am going to be showing some price action trading and the actual trades that I take on here. I am using moving averages, MACD, Stochastic and PURE PRICE ACTION. Theres a few set ups I look for and these are what have made me the MOST money. I trade simple set ups with good money management and always trade with the trend! If you have questions please ask. I am here to show you what I know in my spare time and I love trading! Its easy and fun!
Trade Set Up 1: Double Top Pullback with the Trend into the 90 period EMA
Head and Shoulders Breakout
Ascending/Descending Triangle WITH the trend
Please note that I trade 1, 5, 15 minute time frame and PRICE IS THE MOST IMPORTANT INDICATOR!!! I cannot stress this enough. Price is the FIRST thing I look for and I confirm with the OTHER indicators. I am not an indicator junkie and I do not believe in trading based off of indicators!!!
PS I am a trader of 10 years and I currently trade forex and also stock options FULL TIME.
USD/CAD 1 MINUTE CHART. This is a trade set up #3. We have a descending triangle pattern. Notice the downtrend as noted by lower lows and lower highs AND also the major moving average is RED, indicating a downtrend. Price came crashing down to the 1.1180 level twice and made lower highs. This is a classic descending triangle pattern. Upon a break of this double bottom by 1 pip I entered the market short at 1.1178 with a stop loss just above the last swing high (red line) of 1.1190 for a risk of 12 pips. Your reward must therefore be at least 12 pips, or 1.1166. Please note there is about a 1 pip spread on this pair and BECAUSE of that spread our first target was not hit! We literally came about 1 pip. Once I got about 2/3 of the way to target I did set my stop to breakeven which was taken out so this trade gave me +0 pips. The green line was my first target where I was planning to take off at least half of the position. Normally if price gets close and is bouncing around near the target I will in fact take off some, but in this case it reversed pretty quickly unfortunately. The concept here again is a double bottom with lower highs in a downtrend and you sell the break of this double bottom. This is called an ascending triangle pattern. Also note MACD was crossed down as price was breaking the double bottom low at our entry price Had MACD been crossed up it would have been less appealing.
Here is a GBPUSD trade that I took yesterday based off of the 1 minute time frame. The first thing I want you to note is this is a trade set up #1. Notice the downtrend and how the market is just falling apart! This happened shortly after Draghi was speaking. FOR THIS REASON, I was extra comfortable taking a short on this because its a news trade! Draghi had said something that brought USD strength into the markets so it was quite probable the move would continue!! Anyways, notice how price was making new lows just prior to moving all the way up to that prior double top! Now normally all I need is a single top near that red moving average so the fact that this was a double top with new lows means this was an even strong point of resistance! So, we had double top resistance AND we had the major moving average which would act as resistance! Not only that, take a look at Stochastics. Very very overbought. So, I initiated a short at 1.6139 with a stop about 2 grid bars up and my first take profit about 2.5 grid bars south and a 2nd profit of about 3.5 grid bars down. This equates to a stop loss of 14 pips and my take profits were 16 pips and 24 pips for an excellent reward to risk ratio! My first target was at 16 pips because that was the last low! I did take off half here and I make it a practice to always take off half when the reward has equaled to the risk, in this case 16 pips. At a minimum ALL TRADES MUST BE AT LEAST 1:1. NEVER EVER make a trade where your targets are LESS than your reward!! I do win 70-80% of my trades so with a 1:1 reward to risk the profits are massive with just a couple trades a day. Also keep in mind this was during the New York Session. NEVER TRADE BETWEEN 2 pm to 8 pm EST. That is 2 hours AFTER the London close to the Toyko Open. If you do trade in those time frames you will probably not go much of anywhere and trading becomes dangerous! Anyways, please understand the concept on this trade. You want to enter short when price is OVERBOUGHT at mega resistance IN A DOWNTREND. Get your ducks in a row and watch the profits pour in!!! And be patient so you get a good price!!! It is better to miss a trade than to get crappy prices, trust me.
That’s quite an impressive start to your thread & hopefully you’ll be able to continue in the same vein.
Obviously in order to afford complete transparency & validate your trading skills you’ll have no objection to posting your live broker tickets or supply independent verification each time you post one of these charts which illustrate your trades?
It would also further elevate your credibility & instil confidence in you as a successful contributor & your approach as a whole, if you were to update your thread each weekend with your rolling broker PnL figures to confirm you’re actually practicing what you preach.
Not only will it maintain total transparency but allow members to follow you with complete confidence knowing you’re actually trading a live account with consistent success
there’s nothing idiotic about requesting a thread vendor verify claims of success or profitability. In fact it makes perfect sense to filter out those who talk a good talk from the one’s who can actually do what they claim.
there’s too much hindsight bullsh*t on these forums with newbies wasting their time following blaggers around the forum claiming they know what they’re doing, when in reality they’re cherry picking perfect set ups & trading a demo account.
it’s about time more people began questioning & challenging these thread vendors to prove they can do what they say they can.
I was going to say something similar but it looks like you beat me to it.
He is not an “idiot” , infact, just by asking that question i would say he is probably the opposite
far too much blind leading the blind goes on in forex. it’s probably a leading contributor to why 95% of traders fail.
Bro, you fail because you lie to yourself and that’s the worst kind of lie. Your little group seems to have problems with anyone who claims success. But I think you’re all
Good work there. Any kind of knowledge is welcome. I, personally am a fan of price action (with volumes) and mostly trade on the 5M-15M TF.
When I look at your setups I see at least 1-2 more setups on those same charts that, according to your style, you should have traded (and would have lost). But you did not trade/post them, I don’t know why. There is one thing about PA systems that there are numerous entries on the 1M-5M TF and most of them contradict each other. Therefore, it is difficult to filter out the right/wrong ones.
What you show above are some perfect (and convenient) examples. Most of the serious members here have gone through the School of Pipsology and know about these chart patterns and using MAs as S/R. Such setups are easy to see when scrolling back. What is difficult is, detecting these patterns as they form live.
I personally stay away from patterns and breakouts as they sometimes require large stops. I am still working on the psychology part of trading and not comfortable with keeping wide stops. My stops usually go a few pips above/below the previous candle.
So yeah, If you really want people to learn it would be better to show live setups as they form. No need to show live broker tickets or your account statement.
I’m sure you do, as will others, particularly when it’s laced right at the end of his presentation with claims such as this:
This kind of presence & confidence is perfectly acceptable if it can be validated & backed up with documentary evidence. If it can’t though he’s simply duping folks into investing their time & efforts under false pretences.
Actually if you’re even reasonably switched on, you’d know that not to be true.
Knowledge or information being distributed by those who can back up their claims with hard solid evidence is certainly worth your time exploring.
However, individuals duping others into investing time, effort & money in a particular style, approach, system or method by making false claims or offering exaggerated impressions of financial success is counter- productive. It’s also blatantly lying to forum members.
It’s one of the reasons there are so many disappointed & frustrated newbies constantly running to stand still around these places.
If guys come on here giving the impression their approaches are generating consistent returns & posting up hindsight, cherry picked set ups they’re going have to expect to be challenged to provide statistical evidence they’re practicing what they preach.
If he’s genuine & above board he will have no objections to complying with the request in post #4. If however he’s spoofing & is unable to substantiate his initial confidence in this approach then you’re better placed to make a more informed decision about investing time with him.
Yeah, and what’s been your contribution to the BP community. Sweet FA!.
I don’t care if the OP is a season veteran of the industry or an arm chair speculator like myself. In a couple of posts he has offered more to the community than what you ever had.
He has if he can back it up.
If he can’t however, then what he’s contributed is about as much use as a chocolate teapot.
And validating him without proof he can substantiate his boasts simply makes you appear as suspect as him.
First of all, to all the naysayers, if you were a consistent and profitable trader you would recognize the power of what I just posted. Secondly, I will not be tolerating rudeness because I am here to help those who want it, and selfish rude comments only take away from the thread. Babypips has helped me greatly when I started years ago and I am here to give back. Those who are disrespectful will quickly be placed on my ignore list. Also, I am uploading my trade statement from last week for those who requested it.
Thanks Billie. I was very hesitant to come on here because of people like this. I want to help but I am looking for a way to do so but to avoid all the critics and “haters”
Hey AZZ thanks for the input. If you have questions on something like a trade set up that you saw that failed please let me know so I can explain why I didnt get into the trade. Sometimes it has to do with what the MACD is doing, moving averages or the time of day. I have very strict rules I follow when getting into a trade and market has to be doing what I want or I wont take it.
Had MACD been crossed up it would have been less appealing.
