I meant 858, and we are here now. I would have liked it more earlier tho...
Best Thread Potential setups
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I meant 858, and we are here now. I would have liked it more earlier tho...
leovirgo
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Looks like we are exactly the opposite. Thats where I jumped off, after riding it from vwap (850).
Looks like we are exactly the opposite. Thats where I jumped off, after riding it from vwap (850).
Good trade. Funny how it works out. I was only really going short really as we have been hitting some fairly important areas on my charts, and you seem to have been trading mainly long, yet I know you have done well today, and my tradings been ok too.
Keep doing what you're doing!
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17 handle drop! The planned trades are usually the good ones.
trader_dante
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Good call. Hope you're not planning on covering anytime soon.
Handle?
trader_dante
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Well, several months back I went through a period where, when I got in a trade, it would go about as far as the first s/r pivot on my chart and then reverse and take me out. This happened very frequently and yet I didn't really want to adjust what I was doing as it is always my intention to try and catch the big moves and not just play level to level. But I think the market changed and the volatility increased so a lot of my trades were, like I said, going significantly into profit and then stopping me out.
So, I decided to trade two accounts. In both of them I would take exactly the same entries but in the first, I would come out of the whole position at a target (the first level on my chart) and the second I would trail my stop on the whole position in the way I have outlined on this thread.
The stats on these two accounts are very interesting:
Account A: Win/Loss Ratio is 90% with R:R being 1.5:1 on average
Account B: Win/Loss Ratio is 40.25% with R:R being 7:1 on average
Both make excellent returns but require two totally different emotional mindsets to trade.
Take todays Euro trade.
Account A exits as marked on the chart. 46 pips risk. 51 pip gain. R:R = 1.10:1
Account B still holding with stop marked on chart. 46 pip risk is currently 10 pip risk. But note that if this comes down now I will take a loser despite having an open R:R on the trade of 2:34:1 earlier today.
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Tom
So are we talking a mix of A & B...ie. 2 lots first target level on chart,second trail? or just B
sorry for the dumb question
Pat
trader_dante
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I added an extra part to my post...see above...
But no, I am going to just trade the two accounts and see how they each perform.
I've never been one for scaling out e.g. take 1 off at first level and trail the rest.
Hey Tom,
thanks for sharing that. Account B looks like it i significantly more profitable, about twice (if my maths is not letting me down
). But it is the method that the less/in experienced of us will have most problems with, as I think you have pointed out before.The approach I am considering focusing on is A, as I am still on the steep learning curve of price action trading, especially exiting. I like the idea of trading a second account B as a demo account, to see how my decisions would compare. Once I know that I am identifying the correct setups (consistently) I can start working on the second exit strategy on a live account.
Cheers,
Chris
UsdCad
Anyone got any more thoughts on this daily pin on the UsdCad?
It hit a big round number(1.2500) but doesn't the fact that the price is near the bottom of that rising trendline make it less likely that price will fall? Also, the body of the daily pin is not quite contained within the body of the previous pin.
Anyone got any more thoughts on this daily pin on the UsdCad?
It hit a big round number(1.2500) but doesn't the fact that the price is near the bottom of that rising trendline make it less likely that price will fall? Also, the body of the daily pin is not quite contained within the body of the previous pin.
trader_dante
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I think the USD/CAD pin is a good trade to be played in the normal way.
As for GBP/CHF - who looks at the 3hr TF? I don't mean that in a derogatory way, I just mean that you want to get other market participants on your side that are noticing the same things. Obviously the level is key but a pin is also good because it's a potent reversal symbol that candlestick chartists will notice everytime...but on the 3hr? I'd stick to the 4hr or daily. Or 1hr if you are really brave.
usdcad simply must be short.
daily triangle which broke out and a pullback. previously broke out from 4hr H&S. now with the pull back theres still 2 pin bars on the daily and very bearish price action on 4H, all the outside inside bar u need. plus it has resistance from the downward trendline and the 12400-12500 zone.
get in asap incase the ride down gets rocky and u will be able to hold on longer.
daily triangle which broke out and a pullback. previously broke out from 4hr H&S. now with the pull back theres still 2 pin bars on the daily and very bearish price action on 4H, all the outside inside bar u need. plus it has resistance from the downward trendline and the 12400-12500 zone.
get in asap incase the ride down gets rocky and u will be able to hold on longer.
CTGCollins
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EUR USD today
Hi and regards to All, I saw a bullish doji on the EURUSD 1hr earlier today. I didn't enter on the upward break of that pin even though this could have been done. I entered on the 5min chart, scaling in a few lots at the minimums of retracements after this pin. My stop was still below the bottom of the pin initially. Later in the day this area turned into a 4 hr pinbar bouncing off a significant S/R at 50% fib (+2 pips). I have a £10 pp position (demo!!) of a few 2 point lots. I am not good at trade management, but have an idea that 1.3085 might be the most I would get out of this trade before a large retracement. I have my latest stop about 2 pips under the bottom of the hourly pin making the current highest high. (Is this the correct trailing method? Is it the latest hourly pin making the latest high or is it the one before that one???) I have noticed that this is the same as just keeping it under the last swing low on the 5 minute chart. Another thing going against this trade going much higher is that we are in a multi-week downswing and this trade is counter to that. The next significant resistance I see 1.3148-ish, then 1.3206ish. Any comments re management of this trade would be appreciated. I will likely scale out some of the position at 1.3085.
Is it more profitable to trail the bottom of the 4Hr pin making the latest high?
Addendum: Moved my stop back to allow for a 61% retracement of the current upswing which coincides with SR at 1.3008. If I had not done this, I would have been stopped out already, so decided to give some back to the market to allow it to "breathe" a bit more. This stop position also allows it to retouch the current upswing trendline without stopping out. We will see if this is justified soon enough...
Addendum 2: Just seconds too late moving my stop down - was going to make it 1.2997, but it was at 1.2998 and stopped out at 1.2998 (though with profit of £114) !%$&^*$£!! However, I have taken another punt that this is the end of the current retracement, so have bought again at 1.3004 (£5pp) with a stop at 1.2991 for now. Went long again another £5pp at 1.3008. However, that was before I saw the rather nasty bearish pin on the 4 hr chart. I will watch this closely on the 5 minute now and just try to extract the most I can from it, hopefully at least to break even. Stop moved to 1.3002. If that 4hr bear pin comes into play, won't make much, so might cover half at next reasonable peak.
Addendum 3: Closed half at 1.3032 and moved stop on the other half down to 1.3006. We'll see what happens to this half now. Looks like it might be trying to form an ascending flat-top triangle now- so far so good.
Addendum 4: Covered final trade at 1.3054 because of a Pin bar on 5 minute and has touched the top of the Maximums of this upswing. Total profit £350 (after an earlier £100 loss this morning) - all virtual of course!!
Regards, Chris Collins
Hi and regards to All, I saw a bullish doji on the EURUSD 1hr earlier today. I didn't enter on the upward break of that pin even though this could have been done. I entered on the 5min chart, scaling in a few lots at the minimums of retracements after this pin. My stop was still below the bottom of the pin initially. Later in the day this area turned into a 4 hr pinbar bouncing off a significant S/R at 50% fib (+2 pips). I have a £10 pp position (demo!!) of a few 2 point lots. I am not good at trade management, but have an idea that 1.3085 might be the most I would get out of this trade before a large retracement. I have my latest stop about 2 pips under the bottom of the hourly pin making the current highest high. (Is this the correct trailing method? Is it the latest hourly pin making the latest high or is it the one before that one???) I have noticed that this is the same as just keeping it under the last swing low on the 5 minute chart. Another thing going against this trade going much higher is that we are in a multi-week downswing and this trade is counter to that. The next significant resistance I see 1.3148-ish, then 1.3206ish. Any comments re management of this trade would be appreciated. I will likely scale out some of the position at 1.3085.
Is it more profitable to trail the bottom of the 4Hr pin making the latest high?
Addendum: Moved my stop back to allow for a 61% retracement of the current upswing which coincides with SR at 1.3008. If I had not done this, I would have been stopped out already, so decided to give some back to the market to allow it to "breathe" a bit more. This stop position also allows it to retouch the current upswing trendline without stopping out. We will see if this is justified soon enough...
Addendum 2: Just seconds too late moving my stop down - was going to make it 1.2997, but it was at 1.2998 and stopped out at 1.2998 (though with profit of £114) !%$&^*$£!! However, I have taken another punt that this is the end of the current retracement, so have bought again at 1.3004 (£5pp) with a stop at 1.2991 for now. Went long again another £5pp at 1.3008. However, that was before I saw the rather nasty bearish pin on the 4 hr chart. I will watch this closely on the 5 minute now and just try to extract the most I can from it, hopefully at least to break even. Stop moved to 1.3002. If that 4hr bear pin comes into play, won't make much, so might cover half at next reasonable peak.
Addendum 3: Closed half at 1.3032 and moved stop on the other half down to 1.3006. We'll see what happens to this half now. Looks like it might be trying to form an ascending flat-top triangle now- so far so good.
Addendum 4: Covered final trade at 1.3054 because of a Pin bar on 5 minute and has touched the top of the Maximums of this upswing. Total profit £350 (after an earlier £100 loss this morning) - all virtual of course!!
Regards, Chris Collins
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Regarding USDCAD,
I agree it is a good trade but dont be so sure........ look back at 11th & 12th of feb. Double pin, same level, same price action into it.... didnt even make it as far as your risk.......
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trader_dante
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Hi and regards to All, I saw a bullish doji on the EURUSD 1hr earlier today. I didn't enter on the upward break of that pin even though this could have been done. I entered on the 5min chart, scaling in a few lots at the minimums of retracements after this pin. My stop was still below the bottom of the pin initially. Later in the day this area turned into a 4 hr pinbar bouncing off a significant S/R at 50% fib (+2 pips). I have a £10 pp position (demo!!) of a few 2 point lots. I am not good at trade management, but have an idea that 1.3085 might be the most I would get out of this trade before a large retracement. I have my latest stop about 2 pips under the bottom of the hourly pin making the current highest high. I have noticed that this is the same as just keeping it under the last swing low on the 5 minute chart. Another thing going against this trade going much higher is that we are in a multi-week downswing and this trade is counter to that. The next significant resistance I see 1.3148-ish, then 1.3206ish. Any comments re management of this trade would be appreciated. I will likely scale out some of the position at 1.3085.
Regards, Chris Collins
Hi Chris,
These are my entries. First one came from the pin at the double bottom yesterday. The other one came at 2am where I doubled up.
I am looking for 1.3065 - 1.3085 resistance band as the first target and then 1.3125 - 1.3140 as the second.
We are really fighting at the moment to get past these hourly highs.
I've got stops at 1.3005 right now as my stop strategy dictates.
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