Hey bro, can you show us your 5 minute AUDUSD trade and your rationale behind entry and exits?
Superb grasp of the English language mate! Very well written.
Thanks for clearing that up for me!
Happy trading!
EDIT: Aha! I was looking at the charts applying what you taught me, and then it just clicked!! I understand what you are talking about! Although if you are in a parabolic move I think its best to wait for a pullback!
Thanks again Chris! Maximum karma for you!
Ill try my best mate! My stop is 50% of the Inside barās mother candle - This allows me to reach great risk multiples in a short amount of time. The risk of getting stopped out is far outweighed by the reward when you strike a winner.
I took this on my live account too! Although I asked my question to Chris because after the trade I realised I could have achieved a risk reward trade around the multiples of +30x risk if I had entered on a pullbackā¦ So thats something Iām looking into now!
Hope that makes sense!
Apex.
Hey guys!
I just wanted to post something here as a way of saying thanks to Chris for all his hard work on here and his site. A while back I asked a question about pinbars and Chris told me to go and look at order flow. So thatās what I did, it took me a while but I finally had one of those lightbulb moments after watching Chrisās video on impulse candles versus corrective candles. That coupled with a few months of reading and suddenly the charts seemed to make more sense, and I was able to see past the candles and see them as a series of orders.
Since then Iāve been getting some killer entries with very good RRR. I still have work to do though as Iāve watched too many of those hard earned pips go to someone else when I should have closed the position!!!
Anyway, I thought Iād show an example of one of my entries on this chart and go through my thinking before I placed the trade. Feel free to pull it too pieces, as we all may learn more from it.
Just a quick note, I tend to trade daily time frames due to time commitments (work and family), but will look at weekly and monthly for long term trend, and zoom right into to 4hr, 1hr and 15 minutes for entries. Also, as an excersise in discipline for myself, watching this trade go on for a period of weeks is really hard, but worth doing as it encourages you to trade your plan and has been really beneficial for me.
This is the daily AUDJPY chart.
I initially got in on this trade on the 23/5 following the break of support, I had a fairly wide stop so Iām currently 6 times my risk on this at the moment. I know itās a loooonnnng wait to get such a reward, but again this trade is a part test in discipline.
The second entry is the one that I really want to talk about as it kind of covers my thinking from an order flow perspective.
After the massive sell off, price started to look exhausted and failed to push lower, but did start a gradual climb back to the prior support at the 93.04 area from 23/01, 27/02 and most recently 06/06. The action was very slow, taking 18 days from the low to form a flag pattern and failing to push higher. It also coincided with the 20 ema (black line), it touched the Kijun-Sen (Ichimoku), 23.6% fib from the highs of 11/04 and was just below the 200 ema. pleanty of areas of interest here that many traders look at, and are likely to be placing orders. Zooming into the 1 hour chart, price had gapped up (a sign of exhaustion) and formed a tripple top, so I placed my entry just below the highs expecting the bulls to go for one last push before the bears regained control. My original stop was just above the pinbar at 93.067. As you can see, as soon as price reached this area, at 04:25, price plunged and didnāt look back. Iām so far up over 12 times my risk on this trade, and as price is looking very impulsive into the last support area, Iām expecting it to pass straight through to the next area.
By the way, not all my trades take this long! I do manage to get in and out on some within a day or two.
I hope you guys find something of value in there.
Cheers
Pete
So yāall heard about the Asiana crash which is a tragedy.
But there is one thing which is hard to believeā¦talk about a reporting failure of epic proportionsā¦watch the link and tell me when you get it;
This is a wonderful article. Thanks for your time to spend on these articles. Really helpful for newbies like us.
I have to sayā¦ They must do this on purposeā¦ Since in America the news outlets have to think about profit instead of delivering unbiased news, they do these things to get views and coverageā¦
How do they expect us to take them seriously as a reliable media source when they cant even take themselves seriously?
Or maybe thats just my āBritishnessāā¦
Thanks for sharing though!
IKR. Probably the best article he has ever written!
Hello Apex,
As requested before, please post charts of trades from the brokers chart showing the actual trade. If this was done in MT4, you can show either the actual trade from the trade report (while blocking acct/sensitive financial info), or via the journal/activity section which should allow you to show on the chart your actual entry/exit.
I want to avoid in this thread a) fake posting of trades/bragging, while b) showing the actual entries and exits which actually inspires confidence and builds mirror neurons others can do it.
As you noticed, almost everyone is now doing this - so if you can as well, it would be appreciated.
Kind Regards,
Chris
Hello Pete,
Good to have you back. this is an excellent trade, particularly highlighting the impulsive/corrective model of price action, and how to use it in real time.
Entry was perfect, great SL, and an excellent target, along with use of corollary PA items, so nicely done all around and great trade!
Kind Regards,
Chris Capre
The worse thing is someone from ntsb actually confirmed it
well, what actually happened is a summer intern had posted the names to the TV show without authority. normally the NTSB doesnāt do this. so just imagine the gall of the intern posting this
obviously there is an opening for an intern
but i cannot imagine what the TV producer for this show, and the teleprompting news anchor feels like :-ooo
Hello Traders,
Back to business.
Starting out with the EUR/USD, which formed an inside bar formation on Fridayās D1 candle.
On the H4, we can see that a pennant has been forming since Fridayās open.
This looks like the pairās pause before embarking on an aggressive bullish break.
Will definitely be watching this pair closely.
Dany
Iām looking at the same setup since last week as wellā¦ the flag is finally finishingā¦ Chris is advising a buy near 1.3ā¦
Ha - yes the buy off 1.3000 would have done wonders at this point as it literally only went 7 pips past, and is now up over 40+. The reason for this we are in a large range still, and the aggressive buying over the last two days would likely correct a tad, so would rather take a pullback then a breakout.
Kind Regards,
Chris Capre
Can we still say that 20EMA is acting as a dynamic support until the PA says otherwise? It is still early in the candle but the market looks a little neutral right nowā¦
actually not much charts to post because I followed your blogās entry and TP. =)
Right now am letting my auto system take charge as I wait for the breakout.
DAny
has the candle closed? if not, then you have your answer
Two hours to go and the pennant is still forming, maybe we can expect the break in the Asian session or laterā¦
Hola amigo ĀæQuĆ© tal?
Ofcourse in future any trades I post will be supported by actual chartsā¦ It wont happen again, its not good to brag and then not support the trade with proof - it gives the impression of fake trades, I agree whollyā¦ Every trade I take is however put on an excel journal where I can analyse each trade at the end of the day.
Anyways, what it means is if there is a trade I want to share, I will need to take it on my FXCM demo too. Im starting to get used to the interface so its okay.
Happy trading.
Apex.