The best way to stay consistent!

[jimmy36]

Hi SR Player

I like the information you are sharing. Just one question so far. Can you explain please exactly how you set the high and low ( you mention about candle wicks ) of the area where you think price will retrace to get you into the trade and set your stop loss.

Thanks

[SR_Player]

@psalda

Hi Njokie (and SR):

I think you mean this retracement on USD/CAD that I designed in the chart below. When it touches the blue zone (I put an arrow also) we should short. What I did not figure out is to define the SL and TP. Can you help on this?

Assuming the entry will be 0,9900, from my setup the SL should be 0,9910 (-10 pips) and TP 0,9890 (+10) because of small support zone… this gives 1:1 ratio. Shouldn’t we avoid this trade?

Another question is, on average, how many trades you have per day?

Hi Psalda

Those are really really tight stops and profits for my liking because even at the most powerful sr levels you will find that 10 pips is way too low…thats my opinion anyway…Best SR levels are always off W,D, H4…anything else you run the risk of smaller profits.

[SR_Player]

@njokie

Hi SR Player this trade was a failure too i had noticed an impulsive move in 1h but now looking at 4h it wanst quite an impulsive one i think i shdnt trust 1h before checking the 4h and probably the daily.
ok i move on well the gbp/usd is still on but moving like a snalil lol.SR i had this brilliant idea but i realise its not soo brilliant that is when ur profits move to the size of ur risk say if u had risked 40pips and the trade goes into profit with 40pips then u close half of the trade size and move the rest to break even av seen most traders advise that now think critically i relaise if fo some reason u get 4 trades clsoing at breakeven and 2 trades hitting ur sl before putting break even its a zero sum game i mean ud be heading nowhere av just decided to say this incase theres someone there toying with this idea
the thing is a big reward compared to risk fullstop.i also read an article by nial fuller who took ramdom trades with 1:3 risk reward ration and he ended up having positive in his account the trades were not based on any strategy it was just buy this sell this.goes out to show the power of good risk:reward well am determined to prove this with my trades.

njokie, always experiment with ratios in order to figure out the most profitable strategy when it comes to risk vs reward…
It will take a while to gather together a number of trades you have taken in order to realize the best possible risk management equation for yourself, everyone differs…Have a couple hundred trades under your belt in order to maximize the best results.

[SR_Player]

where is everybody just saw this today i set the tp way down coz am forcing it to be 1:3 thats why u cant see the tp on the chart

Have faith in your trade, risk reward is in place…believe

[SR_Player]

Hey njokie. What what do you think of ur EUR GBP trade now? It’s kind of stalled out a bit

I like it…pitty I missed it myself

[ninjatai]

Hey SR. Another one lol. The yellow Channel I made clearly looks like it would be a good SR but yet it’s passed by like nothing. What am I missing here?

[SR_Player]

@ninjatai

Hey SR Player. I Just found your post last night. And it looks like it’s been really helpful so far. I’ve got a few questions about some of the graphs you posted though. Take a look.

Hi ninjatai

You can take those aswell, however the first part of the strategy has to involve a dynamic/impulsive move on significant timeframes, that’s the filtering tool to use to defining the direction…I will only take specific SR levels in the direction of the impulsive move…

hope this helps

[SR_Player]

@ninjatai

Also here’s a chart of gbp jpy 15m. Could you help me clarify what went wrong with this one? It looked like it made a higher and retraced, but it didn’t bounce. it just kept going through. Did I not identify the right support or something?

Avoid small timeframes such as the 15min to find the SR levels, these must be constructed off Weekly, Daily and H4 charts…I sometimes post smaller timeframe charts so you guys can see the examples more clearly, however the SR levels are always off the higher timeframes mentioned…

Also remember, if you ask the question what went wrong here, then one assumes that the strategy will work every time, as we know guys this is not the case with trading, accept when you are right by maximizing your ratio profits, and accept when you lose by risking a small amount.

[SR_Player]

@ninjatai

And here too? is this just an example of a loss? or was there something key that I missed out on?

Thats a better eg off the H4 chart.

A bit difficult to see how much it went done first after re-testing, can you tell me how many pips that was? Being a H4 chart I assume it went done quite a few pips before reversing

[SR_Player]

@jimmy36

Hi SR Player

I like the information you are sharing. Just one question so far. Can you explain please exactly how you set the high and low ( you mention about candle wicks ) of the area where you think price will retrace to get you into the trade and set your stop loss.

Thanks

Hi Jimmy36

I assume you are talking about the zone width…

Look at the chart I have attached, I will draw the top of the zone off the candle bodies and the lower zone from the low point in the wicks…Stop loss always above the zone

[SR_Player]

@ninjatai

Hey SR. Another one lol. The yellow Channel I made clearly looks like it would be a good SR but yet it’s passed by like nothing. What am I missing here?

ninjatai

Look at the first candle that re-tested the zone, one candle prior to your arrow, it bounced off the zone nicely for great profit, you wont always get a new low, but you should get enough to make good profit…Only ever take first re-test, your arrow highlights second re-test…

[ninjatai]

Hi ninjatai

You can take those aswell, however the first part of the strategy has to involve a dynamic/impulsive move on significant timeframes, that’s the filtering tool to use to defining the direction…I will only take specific SR levels in the direction of the impulsive move…

hope this helps

I’m gonna be honest, I have no idea what that means. I mean, I see a dynamic move before your red bar. And if it were about 24 hours earlier before you took the red bar trade, you would see the SR from my arrows first right? it even looks like it was going to go down for 4 or 5 periods, only by waiting longer, would you have seen a large price increase up to your red bars. How did your instinct tell you to wait longer?

[ninjatai]

Thats a better eg off the H4 chart.

A bit difficult to see how much it went done first after re-testing, can you tell me how many pips that was? Being a H4 chart I assume it went done quite a few pips before reversing

Thanks for answering these all so quickly. This eg was really only about 30 pips down from the way top of the bar. You mean to tell me you don’t consider this a loss?

Edit: By the way, I mean that I took a sell position at the arrow. Isn’t that what I was supposed to do?

[ninjatai]

ninjatai

Look at the first candle that re-tested the zone, one candle prior to your arrow, it bounced off the zone nicely for great profit, you wont always get a new low, but you should get enough to make good profit…Only ever take first re-test, your arrow highlights second re-test…

Wow. You’re right! lol it made a good 72 pips-ish after bouncing after the first retest. But if I did take this sell position on the first retest, I would’ve set my profit much higher. 100+ pips. Would that have been a bad idea? I was looking at that giant high 20 bars before it.

[njokie]

Hey njokie. What what do you think of ur EUR GBP trade now? It’s kind of stalled out a bit

hi ninjatai yes its kinda stalled after going some 40pips but i ant touching it just watching to see what will happen either it hits the tp or sl am trying to test the risk reward ration
g/u is doing fine after it went down yesterday it now up 70pips and am thinking surely could i be up some 70pips then it hits a sl lol this is where discipline comes in i also bought gbp/aud it went up some 60pips am still hanging in not touching any trade this strategy looks good but its calling for discipline

[ninjatai]

Nice. I understand what this thread’s teaching, but I can’t seem to find a good place to get in on a trade. I can’t decide. Nothing looks too good to me. I guess I’ve got a limited understanding of it right now though.

[njokie]

Nice. I understand what this thread’s teaching, but I can’t seem to find a good place to get in on a trade. I can’t decide. Nothing looks too good to me. I guess I’ve got a limited understanding of it right now though.

put on the trading wave indicator first and get to know the impulsive move check some posts back on how to use it that could help to start with

[ninjatai]

Hey SR. You shorted gold a while back. But it looks like There’s been multiple retests in your chart. What’s going on here?

[StephA]

Hi SR Player,

I just want to say that I really appreciate you posting this simple yet very effective method. I trade price action and always looking at adding new tools to my arsenal. I was intrigued and started to look at historical data on a 4hr chart. I first started looking at the cable (1 year of data) and results were spot on. I then did the same for the fiber and also very good results. There are maybe 2-3 trade opportunities a month based on the 4hr using 2 pairs but it suits me fine as it compliments my current trading well.

I suggest for others interested to back test as well. You will be pleasantly surprised how powerful this method really is.

[SR_Player]

Hi guys, in a Euro short today…1:3