It appeared at SWING HIGH with NO traffic to the left
Excellent close below the BRN 0.80
Monthly trend BEARISH
Weekly trend RANGE
Direct trend in sync BEARISH at sell stop level
Bear in mind that we will trade the Weekly therefore we take our trend direction from the Monthly.
Trade Plan
See the position size calculator with the trade details.
At FCL: D1 CBML @ 0.78867, we will take profit 2/3 of the position without moving the stop until new data enter the chart.
When a PA setup is formed with the weakness of being in traffic but is supported by the trend our goal is to minimize our FCL. An approach that works most of the time is to set as FCL 50% of the pair ADR(5) from the entry level and immediately move the remaining of the position to BE.
Great thread you have going here, please continue!
I like the clean charts and the detailed openness on trades you’re taking/have taken.
Hope i can also post up some value-adding charts as time goes by
I was watching the CB (see the chart below) and I thought how many retail traders lost their money during that period. Without a doubt, price consolidation is the main enemy of every trader. Of course, I could not exclude the profit taking decision, top/bottom fishing and fighting the trend trading difficulties in relation to the term patience but I think these trading negativities are not affecting a “mature” trader and especially a serious SPA trader. I always refer to the word “patience” and I think it is time to define the term.
Therefore, patience is the state of endurance under difficult trading conditions, which means being stubborn in the face of postponement or provocation without acting on frustration in a damaging way; or exhibiting self-control when under stress, especially when faced with longer-term trading difficulties. Patience is the level of endurance one can take before any trading negativity. It is also used to refer to the quality of trader’s character to be committed to his trading rules.
I just read over your posts and like you I trade longer term charts with Price action. Your strategy seems very interesting and more complicated than mine. Could you elaborate on your abbreviations for me to understand better what you are doing.
The SPA method is not complicated. It just includes concepts that filter the validity of a PA setup. Simple concepts that people tend to ignore. I will post the abbreviation list but I will ask you to be patient with the details concerning the method.
Can you post your analysis on the AudJpy Weekly bearish PA setup to understand your thinking process?
