Dear Friends:
I’m new to babypips, but I’ve been trading forex for a long time.
Trading can become very boring at times, observing charts sitting in front of screen attempting to place trades, etc. I will try and make some interesting and fun videos which will have fun plus learning factor. I’ll also share photos of charts with annotations describing how and why I executed my trades. I hope this will be helpful for new traders and entertainment for the Pros.
My strategy: Over the years, I’ve learn that it is best to keep trading simple therefore I only use Support and Resistance with candle stick patterns. And 4hr charts.
I am always open to learn, so anyone can share their trading plan that may help new traders.
Hi and welcome Orange Bear! How long have you been trading? Trading can be boring but I’m sure you’ll agree boring trading is often profitable trading.
Resistance was broken with a big bullish candle I drew a pink bar connecting the resistance area with the bullish engulfing candle.
Buy zone, I used red hammer body to draw the range. And expecting the market to return to that range and form a candle pattern for trade execution.
Buy Signal Candle. A bullish engulfing candle with wicks on both side (up and down) was formed. I take such candle as buy confirmation signals. If it were a perfect engulfing candle than I would have executed the trade right away. But the wicks on both end made me wait and execute the trade on the following candle. On the following candle as the market touched the previous candle lower wick and started to return, I entered with a buy position.
My Stoploss was right below the wick of candle that was before the “Buy signal candle,” which was 25 pips.
My R:R 4:1.
I hope you guys find this simple and helpful.
You guys are welcome to comment. I am always open to learning.
ResistanceMarket broke the resistance and stayed up for few candles.
Buy zone, I used red candle body to draw the range. And expecting the market to return to that range and form a candle pattern for trade execution.
Buy Signal Candle. A bullish hammer with wick on top side was formed. I take such candle as buy confirmation signals. If it were a perfect hammer candle than I would have executed the trade right away. But the wick on top made me wait and execute the trade on the following good candle. I entered with a buy position on the next green hammer.
My Stoploss was right below the wick of “Buy signal candle,” which was around 30 pips.
Reason For taking UF trade:
If Eur is a good buy then USD is sell. So I sold UF.
My EU Trade R:R 4:1. and Stoploss on CHF trade was 15 pips so the R:R is 8:1.
I hope you guys find this simple and helpful.
You guys are welcome to comment. I am always open to learning.
Resistance It took two bullish candles to break the resistance. Among those 2 Candles the later was Buy signal Candle because, that candle had broken and gave a clean close above the Big bearish engulfing ,that created the resistance. So as expected market showed weakness and retraced to give a solid prices action for trade execution. But the bullish engulfing candle, after the weakness was so big that my stoploss was more than 50 pips (80 pips in actual ). And I dont take such big SL. So I thought I missed this buy trade.
But lucky me market came back for me.
Buy zone, As you can see the place marked trade execution, is where the second shoulder was been created. I took the entry when the price rejected the previous candles’ low, and it started going up. If market had broken the low of previous bearish candle and stayed there for sometime then I would not had executed the trade.
The is a prefect example of Shoulder Head Shoulder reversal pattern.
My Stoploss was right below the wick of “Bearish Candle before the trade execution candle,” which was around 35 pips.
My Trade R:R 4:1.
@BenP
I hope you guys find this simple and helpful.
You guys are welcome to comment. I am always open to learning.
.
