After trading for a year and a half in the Forex market and never really getting ahead, I figured I would start posting live trades based on one of the easiest and accurate price action strategies that I've used.
I don't use indicators in my trades, however, I do keep the RSI and Stoch's on my charts simply for extra confirmation if needed.
My trading experience started over 6 years ago, I have taken many courses and professional lessons on price action and also I've learned many proprietary patterns and techniques, I will not disclose these here because then they wouldn't be proprietary now would they?
As for money making its been a different story, I like to blame it on me having a full time work load (I'm self employed) and the ability to focus and get precise entries never seems to work out even on the higher time frames. In my discussions with professional Forex traders, they say that when done properly, you should be making an average of 5 percent per month based on a 1% risk profile. Never risking more then 2% and low probability trades at .5%.
On the bright side I've never "blown" an account and have stayed pretty much flat in my account for almost 2 years. Last I checked I'm down maybe 8% since the start which isn't to bad, most of those losses were because of a few systems that I tried in the beginning that flopped, since then I can say I'm even or slightly in the green.
Well enough about me and lets get to the charts. These trades will be based on the 1-2-3 strategy that can be found on a google search. Although I have made some modifications to fit my style a bit better.
Update 12/5/13: This discussion is primarily dealing with price action and market harmonics, so any input with this subject in mind is appreciated.
Here is a few charts to start off with. As well as some charts that I'm watching and waiting to enter. These trades will be done on a 1 hour+ time frame with some day trading when time permits. Please feel free to add input and converse, it should be fun.
This chart shows the Pound setting up for a potential short. Lets wait and see. Price needs to close below the 2 point then entry should be on the retest of the 2 Point.
Here is an example of a classic short entry with retest.
Sometimes the price does not retest, an entry can still take place but the risk is higher, so use a smaller position size. Look at the below example.
Attached chart showing the loonie for trade illustration purposes.
Attachment
I don't use indicators in my trades, however, I do keep the RSI and Stoch's on my charts simply for extra confirmation if needed.
My trading experience started over 6 years ago, I have taken many courses and professional lessons on price action and also I've learned many proprietary patterns and techniques, I will not disclose these here because then they wouldn't be proprietary now would they?
As for money making its been a different story, I like to blame it on me having a full time work load (I'm self employed) and the ability to focus and get precise entries never seems to work out even on the higher time frames. In my discussions with professional Forex traders, they say that when done properly, you should be making an average of 5 percent per month based on a 1% risk profile. Never risking more then 2% and low probability trades at .5%.
On the bright side I've never "blown" an account and have stayed pretty much flat in my account for almost 2 years. Last I checked I'm down maybe 8% since the start which isn't to bad, most of those losses were because of a few systems that I tried in the beginning that flopped, since then I can say I'm even or slightly in the green.
Well enough about me and lets get to the charts. These trades will be based on the 1-2-3 strategy that can be found on a google search. Although I have made some modifications to fit my style a bit better.
Update 12/5/13: This discussion is primarily dealing with price action and market harmonics, so any input with this subject in mind is appreciated.
Here is a few charts to start off with. As well as some charts that I'm watching and waiting to enter. These trades will be done on a 1 hour+ time frame with some day trading when time permits. Please feel free to add input and converse, it should be fun.
This chart shows the Pound setting up for a potential short. Lets wait and see. Price needs to close below the 2 point then entry should be on the retest of the 2 Point.
Here is an example of a classic short entry with retest.
Attached Image
Sometimes the price does not retest, an entry can still take place but the risk is higher, so use a smaller position size. Look at the below example.
Attached chart showing the loonie for trade illustration purposes.
Attachment