I’ve recently started following NikitaFX’s forum on here about PA for dummies - to be honest… I quite like it. When i first got into Forex one of my first few questions while finding my way around is ‘do traders over complicate their trades’. Tbh, even know i dont know if there is an actual answer to that question and it all depends on trading styles, but for me personally i like the idea of ‘keeping it simple’
I like how clear and clean her charts look and feel like thats something i could come to terms with more - atleast at this stage of my trading. Looking at a chart Yummy posted the other day just threw me off staring at it as i couldnt figure out what was what (no offence Yunny lol), but of course im sure every traders charts will be different.
Tried a strictly PA trade today on the GBP/JPY - my entry was a little off by the time i placed it this morning but i felt confident it would go my way by the end of the day and bank me atleast 50 pips, turns out, i either left my stop too tight (35 pips), or my entry was just wrong - as if i corrected either of these, i wouldn’t have been stopped out and would have gone on to hit my TP and then some!
So another loss to the account today, going to have to go let some stress out at the gym and sit down and have a look at potential trades for tomorrow with a clear mind…
Fed Chairman Ben Bernanke, or as I prefer to call him, that Fung Ba*d Bernanke, has done that to me on the last 3 occasions he decided to open his mouth in public. Everytime I hear he is due to speak nowadays, I close trades, close the doors, windows, turn off all tv’s, radios and hide under the bed.
Went long EU @ 3354. Stop just under current daily low @ 3344, target 1-34.
EDIT : If I do get to +10 pips at any point I will try moving my stop to BE rather than taking the profit as I have done in the last couple of trades, and see what the trade gives me. If I get stopped out before that so be it
I think I’m starting to stray away trading the EU so much purely because of its volatility to the news atm… Looking into new pairs and seeing if i can have any luck there…
Yes, still in. Not liking PA. I will bail out of this trade at B/E or even at a loss as soon as I can, unless a good move up that can signal a temporary bottom.
Looks fairly solid support at 3320 (02/09 daily high) but I’ve set my stop at 50 just in case PA decides to test 02/21’s high. Don’t think its likely though given the single drop of today. I’ll be staying in well into tomorrow as I’ve a feeling well see a big’ish bounce north.
I am long fom 3320, looking for 3385, stop is 3300 ( which just nearly got hit). Thing about the Euro is that it somehow it just keeps on regardless of the bad news that seems to be going around.
I reckon if the world press reported, " The Euro calls your granny an old slapper." the bad press would only have a limited effect on the Euro. Overall you’d still need to think it was in a downtrend, but how it’s got through the last few months is a mystery. Maybe the mystery should just be left alone just now
Watching the 4h HOG… still not convinced but smart move I think to close that long with a small profit. My take off the 4h is PA won’t go above 3344 on this candle, will retrace and I’ll go long off the next 4h on or around 3300.
Off work today due to hospital appointment for the smallest of the HoGettes. This will give me a good morning to watch the charts and think about another long.
Either that or I’m playing Need For Speed where I’ve just unlocked the Aston One 77. Trying to complete the Eagle point course in less than 1 min 58 secs to qualify for the Gold Distinction award but the back end keeps disappearing when you hit the second last corner at 200 kph.
Or it’s Medal of Honour ; 10 year Anniversary pack, where I’ve been pinned on the same beach for the last 3 days. Trying to take out two gun turrets without losing too many men. Looks like Sgt Jenkins may have to be sacrificed !!
God there’s some tough decisions to be made today !!
Just thought I would put this in for the benefit of newbies reading along and wondering if they’ll ever become as “Knowledgeable” as the “Gurus”.
At the start of the week I read an article written by one of my trading platforms analysts saying he had shorted the GU at 1-5890, looking for 1-57 stop at 1-5930. So he got that trade wrong.
At the start of the year I watched a TV interview with one of the major banks analysts saying he fully expected the Euro to be at 1-20 by the end of February. So that was wrong.
Now I’ve just watched the same guy saying he expects the Euro to be at 1-30 by mid year, 1-33 by year end.
The point of this post is that I am not saying these people don’t know what they are talking about, but just that I believe if you learn your craft, your opinion is just as valid as theirs, regardless of the big companies they work for !
I have a lot of things going on in my charts, but the trading is just PA, S/D and volatility.
