EURNZD(SELL) - +50 pips - Closed it after Maryo said he no longer was in the trade. If I had continued to be in the trade I would have hit my initial TP of 100pips.
AUDNZD(SELL) - +100pips - Hit my TP of 100 pips.
I took another NZD trade,
NZDUSD(BUY) - +100pips - Hit my TP of 100 pips.
Because of previous week I only entered single trades per pair, but am planning to enter two trades per pair starting next week so I can collect some profits on TP1 if the trade is going my way and then move the SL for the other trade at BE. Thoughts ?
your 2 trades per pair strategie is exactly what i want to do… tp1 about 50-100 pips after hitting this level trail the sl to break even or +10 pips or something … in this way we have a nice profit and a freeride
The level looks good to me for a SHORT, but this is the 3rd time price is coming to that price point, so I would be careful, because there was clearly sell off on 14th Oct, then again on 1st Jan and some sellers on 5th March (even though the price didn’t reach to the level, it might be a reaction to the zone). So this is the 3rd or 4th time the price is coming to that level that means there are going to be less Sellers compared to before. Not the best trade out there IMO.
Trueman - Would you trade this ?
aniskazi - did you end up taking this ? if yes, how did it go ? I think we have a sound strategy here but really need to differentiate between the good and bad trades moving forward so that we are taking only the best setups which have a high probability of success.
yeah I took the trade there was a nice pin bar on the h1 so I though that was a good sign and entered the trade for now I am down by a few pips hoping it would go in my way. any other trades that you are looking on?
I am in no big time trades as of now. I am testing a short term strategy of aiming for a small number of pips on lower TFs. I probably won’t be entering any trades this week any more I think. But I will try my best to share my analysis of trades that I will be looking at for the next week. Feel free to share yours and critique ours. Any inputs you have in terms of filters that we can use to differentiate good trades from the bad ones are welcome.
maybe i would trade it with a small risk but as you say its the 3rd time price reaches this level …the most short orders already gone…its not a class A set up but with half position size its ok i think
now i will check the charts for some oportunitys …but i think thats it for the week
at the weekend its time to analyse and make a plan for next week
and here is a pic of the pz Harmonic indicator…maybe it could be useful but honestly i dont like it due to repainting but everybody has to try it on there own
I downloaded that from Maryos’s thread, and saved the file on the MT4 data folder. I am not sure how to draw the pattern. How do I draw it ? or does it draw itself ? Or do I have to activate something in MT4 ?
yeah made 300 pips and than got out of the trade as it was friday so just wanted to get out of the trade. it was a good weekend and waiting for monday to come now
nah no any filters at the moment just use 50 sma for direction in which to trade in. and about the harmonic indicator yeah I used it too but it was repainting alot so I removed it and it also made the charts really messy which I don’t really like.
You made 300pips on the NZDUSD trade or all the trades combined because I don’t think the NZDUSD moved that much. NZDUSD would have probably stopped you out right ??
Hey yeah made a mistake there I meant to write 30 pips.
And I wanted to ask you about entries I mean when the price enters a zone when do you enter do you look for any particular candlesticks to form or anything else to make sure your entries are as good as possible?
depends on the situation …sometimes i set my order in the middle of a zone ( if zone is very big)…sometimes at the begin of a zone (if the zone is small for example) sometimes manual entry when we see a confirmation candle in smaller tf for example and iam in front of the chart…thats the tricky part there are no certain rules for how you enter a trade…
try and error you know until you find your way to do it
@aniskazi
If the zone is small then I setup a Pending order at the beginning of the zone and i the zone is big then I put pending orders either in the middle of the zone or the end of the zone.
Sometimes I put in 2-3 pending orders, once in the beginning or middle or end of the zone, with all 3 of them having the same SL but different TPs. This way, I can get the maximum benefit if the market goes in my direction and if it goes against me then the losses are minimal.
and here is gbp aud also from last week…maybe opening a long in direction of supply/ ressistance zone!?
think i will take booth with half position size…
Hello, I’m new in the forex world but while going trough the school of pipsology, I read on the forums.
This supply and demand trading sounds interesting, but what exactly is the difference between this and resistance/support levels? I think I could get the same charts when keeping resistance and support in mind…
Another question: how do you make this nice graphs? The ones I used are very unclear and yours are really nice! I’ll keep following this thread, thanks!
I meant to write 30 pips.
at least no lose trade
