Price Action Traders

[ChocolateDigestive]

Depends for me, from quick 8-10 tick scalps to rides to the next hourly or even daily level (if enough air to it without any evidence of strong support).

This particular case was closed on the huge climax bar (the clue was wide range of it after quite a ride and a huge volume spike in 6E futures)... No need to be too greedy, we can always re-enter.

i understand cornix. i get greedy having seen a few huge opportunities to get a great short in these fearful times. I think I will just leave this one running then proceed to look for my normal 7-20 pips per trade.

 

[Cornix]

i understand cornix. i get greedy having seen a few huge opportunities to get a great short in these fearful times. I think I will just leave this one running then proceed to look for my normal 7-20 pips per trade.

Probably the best thing to do would be to get ready for some boring work, sit with the chart of your favourite instrument and a spreadsheet software and do some home work to see which profit targets (as well as stop-losses) worked the best during the last coupld of years... Maybe even get the "moving average" of some period so you keep in sync with recent volatility levels.

This probably can even be automated, but I'm too stupid for that and always did by hands. :cheesy:

 

[Cornix]

More simple price action...

 

[ForexProdigee]

More simple price action...

i like how you saw that. with those trades on the 5min chart, do you increase your leverage for big gains with about 10-15 pips or do you take them as they come with average leverage im guessing..

 

[Cornix]

i like how you saw that. with those trades on the 5min chart, do you increase your leverage for big gains with about 10-15 pips or do you take them as they come with average leverage im guessing..

Thanks.

I usually use about the same leverage all the time, ~ 30:1 or so (depending on EUR/USD rate) with max. stop-loss of 12 pips, smaller whenever possible.

 

[wakka]

More simple price action...

Interesting.

Why did you choose the point 3 ticks back rather than the perfect cross 6 ticks back?

 

[Cornix]

Interesting.

Why did you choose the point 3 ticks back rather than the perfect cross 6 ticks back?

Pardon, cross of which do you mean?

 

[wakka]

Pardon, cross of which do you mean?

Sorry, I'm not up on all the technical terms.

I mean, why did you choose to trade at point 1 rather than point 2 in the chart?

Both seem to indicate good price action.

 

[Cornix]

Ah, got it... Because i wanted to see at least a test of the small trendline (aka bear flag pattern trendline in this case)... This particular trade went b/e eventually, but still demonstrates the principles nevertheless.

 

[wakka]

Ah, got it... Because i wanted to see at least a test of the small trendline (aka bear flag pattern trendline in this case)... This particular trade went b/e eventually, but still demonstrates the principles nevertheless.

Yes, I understand. Thanks for sharing!

 

[Cornix]

Yes, I understand. Thanks for sharing!

My pleasure to share something with people who really want to trade better.

 

[ForexProdigee]

Great price action setups forming on gbp/usd (50 pips expected off the triple support bounce 1hr, .5487) , aud/usd (100+ pips 4hr upward channel support hit, .0223) , nzd/ usd (100 pips expected off multiple bounce support 4hr, .7847) . let me know if you guys see this and what you think about it.