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freakout Apr 14, 2017 12:02pm | Post# 1

5 years and still no strategy
 
So... I have 5 years of experience, I know price action, I know how to trade with trend, I know how to manage risk, etc., but I still don't have a strategy. Is this normal or it's a waste of time? I'm not looking for a holy grail, but for something really simple with 50% accuracy at 1:2 ratio. 3-5 trades per day during EU session and that's all. I tried to trade H1-H4 pullbacks, pivots, breakouts and many other strategies but without any success...

Should I continue my searches or it's time to leave it?

KeenPips Apr 14, 2017 12:49pm | Post# 2

You have a series of strategies already but you have not developed/identified the rules, conditions and style that make them work. There are many ways to trade and be successful but it takes painstaking effort, study, practice and discipline to make a strategy work. Stop looking for the 'Holy Grail.' It's all about you.

Trade safe and prosper.

KP

CrucialPoint Apr 14, 2017 1:03pm | Post# 3

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Straight up with no chasers
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I have 5 years of experience
Experience (knowledge) are not counted in years.
Driving your car for 30years is not going to make you a professional formula1 driver.
5, 10, 15 years (or more) trading doesn't equate to profitability or professionalism.


I know price action, I know how to trade with trend, I know how to manage risk, etc.
People should pause whenever they say "I know..." and then look at the result of their actions if it matches what they know.
If you're not making any money.. you should rethink what you think you know.
Knowing and Doing are two different things; Everyone knows to eat their vegies, but they ate the cake instead.
The problem with people is that they know too much... but they understand very little.


I tried to trade H1-H4 pullbacks, pivots, breakouts and many other strategies but without any success... Should I continue my searches or it's time to leave it?
The moment you think you should throw in the towels, hang the boots and gloves... is typically the right time to call it quits.
Everyone lives in their own reality... And to be successful in trading is to be able to step out of your own reality and see the world for what it truly is.
Most people don't know and have very little clue that it was a lost cause right from the beginning.

Success is when preparation meets opportunity at the perfect timing...
And most people are never prepared right from the beginning...
And the harshest part is that they don't know it.


Peace,
CrucialPoint

m3rlin Apr 14, 2017 1:19pm | Post# 4

So... I have 5 years of experience, I know price action, I know how to trade with trend, I know how to manage risk, etc., but I still don't have a strategy. Is this normal or it's a waste of time? I'm not looking for a holy grail, but for something really simple with 50% accuracy at 1:2 ratio. 3-5 trades per day during EU session and that's all. I tried to trade H1-H4 pullbacks, pivots, breakouts and many other strategies but without any success... Should I continue my searches or it's time to leave it?
in fact you don't know. trading with the trend is not about 50% accuracy and the reward should be limitless (or just trail the stop) not 2x risk
"Should I continue my searches or it's time to leave it?" nobody can aswer at this qestion, you are your own master

TGS Apr 14, 2017 1:24pm | Post# 5

So... I have 5 years of experience, I know price action, I know how to trade with trend, I know how to manage risk, etc., but I still don't have a strategy. Is this normal or it's a waste of time? I'm not looking for a holy grail, but for something really simple with 50% accuracy at 1:2 ratio. 3-5 trades per day during EU session and that's all. I tried to trade H1-H4 pullbacks, pivots, breakouts and many other strategies but without any success... Should I continue my searches or it's time to leave it?
Similar to formal degrees or training programs, I think 5 years is essentially the length of time it takes to "graduate" from this informal training. The informal training being, learning how to trade in retail forex. With this in mind, I think most people are "employable" after 5 years (I'm meaning profitable) and if not, they could continue their studies further or change your field of study altogether.

I'm writing in this context to point out similarities in that there are a lot of people in the regular world that change their path of study or careers often and then and move onto something else.

In any case, I don't think it's actually ever possible to quit forex because I think we all know too much to quit.

eyeball Apr 14, 2017 1:40pm | Post# 6

It's hard to beat a man who won't quit.

m3rlin Apr 14, 2017 2:01pm | Post# 7

and something more, for every one how is in simillar situation
you will know when you made it
its some time later after you are already good at risk management and psychologically fit, and you will find some patterns that are new or when you will find same pattern in same time in 2 different assets but you will be able to indetify that in the case of one of the assets thei are less people paing attention to it.
just go and read soros book the alchemy of finance

Artcool Apr 14, 2017 2:04pm | Post# 8

I'm not looking for a holy grail, but for something really simple with 50% accuracy at 1:2 ratio. 3-5 trades per day during EU session and that's all.
Do you understand that you are indeed looking for the HG ?
Sorry, but after 5 years, you should understand that. So I would say, just quit before you lose 10 more years.

pampaq Apr 14, 2017 2:36pm | Post# 9

So... I have 5 years of experience, I know price action, I know how to trade with trend, I know how to manage risk, etc., but I still don't have a strategy. Is this normal or it's a waste of time? I'm not looking for a holy grail, but for something really simple with 50% accuracy at 1:2 ratio. 3-5 trades per day during EU session and that's all. I tried to trade H1-H4 pullbacks, pivots, breakouts and many other strategies but without any success... Should I continue my searches or it's time to leave it?
Dear trader: Great traders say, they are 10,000 hours to be masters.
You're very close, now, I ask, are you keeping a trading journal?
Are you entering the reasons for entering the trade, before entering?
Because if you are doing it, it is difficult to enter into despair, you will see quickly where you made a mistake, and thus the strategy is being built.
It helps a lot, setting a weekly goal. And when you reach it, let it be for good trades, and thus you will reinforce your self-esteem.
Look at the trade, as a whole, is not a technique, this or that, is to build a case, and there when you see the probability in your favor, you shoot.
In my case, it has been much more difficult, than everything, to construct a DAILY ROUTINE, from the beginning of the observation, to the evaluation of the input and RR.
Start with a goal of 10% monthly, and fight, write down every decision, that you take. And evaluate your performance weekly. Exterminating, mistake by mistake, you will see that in a year you will be safer and leaving the BE.
Regards, we have all been through this. It's time to adjust some things.

FairTrader Apr 14, 2017 2:39pm | Post# 10

So... I have 5 years of experience, I know price action, I know how to trade with trend, I know how to manage risk, etc., but I still don't have a strategy. Is this normal or it's a waste of time? I'm not looking for a holy grail, but for something really simple with 50% accuracy at 1:2 ratio. 3-5 trades per day during EU session and that's all. I tried to trade H1-H4 pullbacks, pivots, breakouts and many other strategies but without any success... Should I continue my searches or it's time to leave it?
Inserted Video

Teek Apr 14, 2017 2:52pm | Post# 11

Straight up with no chasers {image} {quote} Experience (knowledge) are not counted in years. Driving your car for 30years is not going to make you a professional formula1 driver. 5, 10, 15 years (or more) trading doesn't equate to profitability or professionalism. {quote} People should pause whenever they say "I know..." and then look at the result of their actions if it matches what they know. If you're not making any money.. you should rethink what you think you know. Knowing and Doing are two different things; Everyone...
This is by far THE BEST post I have ever read on FF (so far)!
Spot on!


What actualy might help the poster who is about to give up:
Uncle Teek's 7 Steps of hell:
1 - FORGET EVERYTHING you think you'd know
2 - remove EVERYTHING from your charts (I want you to look at the naked chart, only candlesticks, NOTHING ELSE!)
3 - please go to H1 & M15 for this excercise (DO IT)
4 - Anytime you want to take a trade: DON'T
--- instead: draw a horizontal line to where you would have placed your trade, and one line to where you would have placed your Stop for this trade (DO IT)
5 - sit back and watch! (keep doing this... after a while you notice something)
6 - learn everything about Risk vs Reward and Moneymanagement. Refuse to learn anything about strategy, indicators, bullshit (at this point! It doesn't help you just yet) Just keep watching the damn charts!
7 - start asking the right questions


hope this will help
I know that does. I put helpless people infront of naked charts and make them "shut up and watch" since many years. It works



It ain't what you don't know that gets you into trouble
It's what you know for sure, that just ain't so
- Mark Twain

profitkeeper Apr 14, 2017 4:14pm | Post# 12

Hmmmm.
I've been trying to figure out a helpful way of replying to this thread, because I was where you are now five years ago.
I would say that all the well meaning comments above are probably valid, but I am sure that you are aware of most of the suggestions. The first thing you must ask yourself is "Do I enjoy trading?". In other words, am I trading for the right reasons.
If you are trying to find a SYSTEM that works all the time, you will be disappointed, because all systems break down when market conditions change. Ever wonder why promising threads seem to peter out. I believe that trading involves all of your accumulated knowledge (which you will continue to accumulate). Start by looking at the trend which you can see by compressing the chart and keep your method simple, but insert things such as patterns, price action, fibs, etc. that you have learned over the years. I don't use conscious 'rules' because there are always exceptions in forex. Always try to open a trade when there are at least 2 reasons for doing so. Even then, you can have two identical setups and one will be a success and one may fail. My personal method (not system) mostly revolves around fibs and price action, but many other factors are inserted. If I see a thread that involves fibs, I will check it out to see if I can pick up a new slant on my method. For instance, I like Goldthehun's new thread, and can see the potential for short term trading. But even there I believe that you have to insert your accumulated knowledge, and he even encourages you to adapt the tools and concept to your own methods. If you try and have strict rules and a "system", you will be frustrated.
I think your goal of 3-5 trades a day with 2:1 RR is a bit too agressive. Cut it down to one or two trades with at least 1:1RR to begin with.
I have gone on long enough.
Good Luck.

Surgefx Apr 14, 2017 4:29pm | Post# 13

Am not going to give you mere dogmas and soothing words like everyone else instead of what you need - a STRATEGY. I will give you a system that will satisfy all your requirements and end your misery. What will you give in return?

freakout Apr 14, 2017 4:37pm | Post# 14

Thank you for all replies

For the last 4 years I was spending something about 10 hours daily in front of MT4 and for the last 2 years I was trading without any indicators. I know how to trade with trend using HL/LH method as I always want to take a good entry. I know everything about proper money management - I always risk 2% of my account per trade with 1:2 ratio as it's easy to hit and it's the most profitable scenario (confirmed by many excel calculators, etc.). I'm a big fan of japanese candlestick patterns and I always tried to build a strategy which is based on them. I think that I have enough knowledge to earn money but my problem is that I don't know what to trade - I don't know how to use everything what I learned... When I look at the chart I see many opportunities to trade, but sometimes I'm not sure where price will go and I don't take it... and then price goes in my direction, or my SL gets hit because it was too tight or in the wrong place.

My favourite timeframes are H1 & H4, because it's hard to overtrade on them and all trends are very clean. But as I mentioned earlier I don't know how to combine all my knowledge into one easy and profitable system. Pivots, pullbacks, breakouts, trend following - I tried everything... I don't know what's the problem - I write all my ideas on paper, I follow them but without results...


Hope everything is understandable as english is not my native language.


Thanks in advance for any help

freakout Apr 14, 2017 4:41pm | Post# 15

Am not going to give you mere dogmas and soothing words like everyone else instead of what you need - a STRATEGY. I will give you a system that will satisfy all your requirements and end your misery. What will you give in return?
thanks, but I don't have anything that I could give you I don't want a ready strategy - I want to build my own, which will fit me...

TradeGraph Apr 14, 2017 4:50pm | Post# 16

Straight up with no chasers {image} {quote} Experience (knowledge) are not counted in years. Driving your car for 30years is not going to make you a professional formula1 driver. 5, 10, 15 years (or more) trading doesn't equate to profitability or professionalism. {quote} People should pause whenever they say "I know..." and then look at the result of their actions if it matches what they know. If you're not making any money.. you should rethink what you think you know. Knowing and Doing are two different things; Everyone knows to eat...

Great ! makes sense.

Vella Apr 14, 2017 4:53pm | Post# 17

So... I have 5 years of experience, I know price action, I know how to trade with trend, I know how to manage risk, etc., but I still don't have a strategy. Is this normal or it's a waste of time? I'm not looking for a holy grail, but for something really simple with 50% accuracy at 1:2 ratio. 3-5 trades per day during EU session and that's all. I tried to trade H1-H4 pullbacks, pivots, breakouts and many other strategies but without any success... Should I continue my searches or it's time to leave it?
Hey mate..All it takes is a good trading system(Pure Price action)without many indicators..trading less because trading 4 times a day exposes your account to risk however that has to do with psychology.You need a risk mgt,good risk reward ratio of atleast 1:2,trading plan and a trading journal..remember you need a good trading system..it only has to be tecnicals.you can trade harmonics too aswell..wish you the best out there

Teek Apr 14, 2017 5:39pm | Post# 18

Thank you for all replies For the last 4 years I was spending something about 10 hours daily in front of MT4 and for the last 2 years I was trading without any indicators. I know how to trade with trend using HL/LH method as I always want to take a good entry. I know everything about proper money management - I always risk 2% of my account per trade with 1:2 ratio as it's easy to hit and it's the most profitable scenario (confirmed by many excel calculators, etc.). I'm a big fan of japanese candlestick patterns and I always tried to build...

On the technical side I must say:
Repeat Step 1 please. You "know" too much.

But I think it's a mindset problem.
All this mess in your head makes you insecure. You are trading from the place of fear and doubt and maybe...

become methodical!

- stop trying to "win trades"
Trading is not about winning every trade. You do have losers, lot's of, and that is perfectly fine as long as you only take good Risk/Reward trades.
If you take these 1:1 all the time, you lose in the long run.
Example: my "hitrate" this week Monday to Friday was really low: 35%
Result of my week: 360+ green pips, 4,4% net profit.
Method: Strict Risk/Reward requirements. If I don't get 1 Risk : 2 Reward, I don't take the trade. Very often I go for much more than 1:3.
I personaly don't care for "being right" with my trades. I care to make money, and nothing else.

- plan your trades
Before you take a trade you must know where you enter, where you stop and where you target(s) are.
What do you want to achieve with this trade, how long will you stay in, when will you scale up/down...
How much total exposure (total Risk) do you actualy have in the markets...
Plan all your trades before you take them.

- trade what you see
Trade only what you see, NOT what you want to see.
There is no place for "should" or "could" or "hope" in trading.

- Know your job
Accept that losing is normal.
It is NOT your job to win trades!
It IS your job to:
1 - protect capital
2- increase capital (make money)
Focus on your job, and nothing else

- Trust your analysis, trust yourself
when you did your top down analysis and you planned your trade: EXECUTE

- let the market do it's job
you did your TA, you executed your well planned trade, you took your entry, placed your Stop and know your target:
Don't touch it anymore! If you pull your stops too early because fear of losing, or (even worse) if you "snatch profits" just for the sake of winning a trade, you limit your upside and can't compensate your losers. If you do this you lose in the long run.
You have done your job, let the market do the rest. Let it run!
Don't get me wrong, when I aim for a 1:5 and the damn thing turns around early, I do close. But if I do I have technical reasons for it, not emotional reasons.

- be fearless
if you are afraid of losing, you will lose. Because you make mistakes and you make these mistakes because of fear.
(close winners too early, pull Stops too tight and too early...)
Have no fear. Trust yourself!

I hope this helps.

Oh and... yeah... you need the Lion Attitude

CONFIDENCE!
Inserted Video

MakerS Apr 14, 2017 6:29pm | Post# 19

Hello Freakout,
If I could say something I would say stay persistent because it worths it. You can take some breaks. You can lose some money.Don't give up. History knows a lot of people who failed many times but sooner or later they did it. Like Thomas A. Edison ,Ray Kroc, Elon Musk, Conor McGregor and so on. All of them was persistent. I could recount my stories which I will tell until I get permission to setup new Threads.
Just be persistance and work on it and it comes to you
I wish you the best!

freakout Apr 14, 2017 6:56pm | Post# 20

{quote} On the technical side I must say: Repeat Step 1 please. You "know" too much. But I think it's a mindset problem. All this mess in your head makes you insecure. You are trading from the place of fear and doubt and maybe... become methodical! - stop trying to "win trades" Trading is not about winning every trade. You do have losers, lot's of, and that is perfectly fine as long as you only take good Risk/Reward trades. If you take these 1:1 all the time, you lose in the long run. Example: my "hitrate" this week Monday to Friday was really low:...
thanks, this is very motivating my risk is always the same - 2% per trade with 1:2 ratio - in this case I need only a 40-50% hitrate to be profitable my trading method for the last few months was really simple - I was trading only pinbar pullbacks on H1 or H4 with H4 or D1 trend, but the most important thing is to know where stop loss and take profit should be set... I have a problem with it and maybe that's why most of my trades are losses... I know that I can earn money and I know that I'm only one step away from it, but what I need is to fix "something" and I don't know yet what it is...

metta87 Apr 14, 2017 8:21pm | Post# 21

{quote} If you take these 1:1 all the time, you lose in the long run.
hello, can you explain this part a lil more ?

Thx Apr 14, 2017 9:39pm | Post# 22

I tried to trade H1-H4 pullbacks, pivots, breakouts and many other strategies but without any success... Should I continue my searches or it's time to leave it?
My problem as well, thankfully I've found the medicine.

To me, those traders who can profitable purely on TA alone are just pure genius/gifted person.
Dont limit yourself, do/learn other things that the herd wont even consider.
Dont be trapped in technical hellhole (jumping around from one ta to the other, on repeat)

GL.

mrhigurashi Apr 14, 2017 10:49pm | Post# 23

So... I have 5 years of experience, I know price action, I know how to trade with trend, I know how to manage risk, etc., but I still don't have a strategy. Is this normal or it's a waste of time? I'm not looking for a holy grail, but for something really simple with 50% accuracy at 1:2 ratio. 3-5 trades per day during EU session and that's all. I tried to trade H1-H4 pullbacks, pivots, breakouts and many other strategies but without any success... Should I continue my searches or it's time to leave it?
So you've wasted 5 years for nothing, and you want to continue?

You could have learned a skill and landed a jab or got some freelance work paying much much more then any retail forex trader makes.

So, is it worth wasting another 5 years? or even another second...?

Hmsr Apr 14, 2017 11:02pm | Post# 24

My advice, keep forex commitment as a hobby, do not give up your current day job .etc. Also since it's your hobby, don't look up strategies online, because 95% are failed traders and the other 5% represents a big range from break even traders to successful traders. Brain storm or hunt for profiles of the best and get in touch with them and leech.

-Gluck

NorthTrader Apr 14, 2017 11:06pm | Post# 25

{quote} My problem as well, thankfully I've found the medicine. To me, those traders who can profitable purely on TA alone are just pure genius/gifted person. Dont limit yourself, do/learn other things that the herd wont even consider. Dont be trapped in technical hellhole (jumping around from one ta to the other, on repeat) GL.
I agree with Thx here. TA can only take you so far. To be truly successful you have to deeply understand why the price is moving as it is. What are the macro-economic drivers? What are the current news flows driving sentiment? What is the market positioning? Are the big players under- or over-exposed? What are bonds doing? Where is the dollar index?

Price always moves for a reason, even if it's a short-term technical reason such as a stop run (aka false breakout). The reason in this case is that big players are seeking liquidity to fill their orders. Macro traders will be filling in the direction of the long-term trend (based on CB and economic factors such as interest rate differentials). They will use sentiment and stop runs to enter at a discount.

As a part time trader it is very difficult to keep track of all the reasons, especially the daily drivers. You could simply ignore sentiment and market positioning, and enter small positions in the long-term direction with wide stops. But doing this is perilous as sentiment and positioning are very important factors, and could result in price going against you by hundreds of pips (as in the case of USDJPY right now). Another solution is to subscribe to a service that keeps track of the drivers for you.

In short, successful trading boils down to:

1) Know the current price drivers and determine the best direction, or keep out if the direction is mixed / unclear.
2) Enter at a good discount. Stop runs are usually excellent places to enter. Be patient for the best entry.
3) Place stops where they are unlikely to be hit.
4) Trade small, so your account won't be affected much if you get it wrong and your stops are hit.
5) Don't expect big returns, unless you're lucky enough to catch a big move and you add to your position several times along the way.

Good luck!

Erebus Apr 14, 2017 11:32pm | Post# 26

1 Attachment(s)
So... I have 5 years of experience, I know price action, I know how to trade with trend, I know how to manage risk, etc., but I still don't have a strategy. Is this normal or it's a waste of time? I'm not looking for a holy grail, but for something really simple with 50% accuracy at 1:2 ratio. 3-5 trades per day during EU session and that's all. I tried to trade H1-H4 pullbacks, pivots, breakouts and many other strategies but without any success... Should I continue my searches or it's time to leave it?
So here is the situation:

I know price action

I know how to trade with the trend

I know how to manage risk

I tried to trade H4 breakouts

Correct so far?

I think I can help you, how many good trades is up to you.

First, a little test for you, what is your bias for this chart eg. Bullish or Bearish?

Which way do you think you might plan to trade for the next week?

Easy question, no tricks

There are 5 EMA, 12 EMA and 20 EMA on the chart for no particular reason, only a visual aid.

And it is a 4 Hour chart, so there is 3 weeks and a few days of data there to evaluate

I wait your response, don't eat too many Easter eggs

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Size: 47 KB

abajiga Apr 14, 2017 11:38pm | Post# 27

{quote} thanks, this is very motivating my risk is always the same - 2% per trade with 1:2 ratio - in this case I need only a 40-50% hitrate to be profitable my trading method for the last few months was really simple - I was trading only pinbar pullbacks on H1 or H4 with H4 or D1 trend, but the most important thing is to know where stop loss and take profit should be set... I have a problem with it and maybe that's why most of my trades are losses... I know that I can earn money and I know that I'm only one step away from it, but...
Sorry if I sound/come across a bit harsh, but you shouldn't be trading in the first place....and I mean you should never trade with your real money in the first place. That is RULE no.1 for everyone.

Secondly, find your trading strategy/style and work out your risk reward ratios/money managements.

Thirdly, you need to be profitable for at least 5 months without significant drawdowns.

Lastly, once you are ready to trade with real money, trading should be absolutely effortlessly. That is you know exactly what you trading and your trades are in routine winning cycles.

Good luck mate!

freakout Apr 14, 2017 11:41pm | Post# 28

{quote} So here is the situation: I know price action I know how to trade with the trend I know how to manage risk I tried to trade H4 breakouts Correct so far? I think I can help you, how many good trades is up to you. First, a little test for you, what is your bias for this chart eg. Bullish or Bearish? Which way do you think you might plan to trade for the next week? Easy question, no tricks There are 5 EMA, 12 EMA and 20 EMA on the chart for no particular reason, only a visual aid. And it is a 4 Hour chart, so there is...
correct bias on the posted screen is bearish - the last low was a lower low, price made a lower high, but it looks like it's going to draw an inverted h&s pattern, so I would look for a bullish signal confirmed by a higher low (3 bar swing)

Billyoneer Apr 14, 2017 11:44pm | Post# 29

Hi man, I know one guy who keep trying in this "game" for 15 years and still not breakeven. I also know one uncle who didnt know anything 6 months ago, but now he is consistently picking up tops and bottoms.

The difference? The 15-years guy is a system jumper. Have many mentors, keep using different indicators, not following plan (few losses would cause him to doubt and switch system again), and only train about 1 hour a day.

That uncle? The first few months, he smash in all of the theory from his only mentor, learning all the ins and outs of his platform, system and method. Understanding PA, market structure, inertia, manipulation, etc. He follow one single truth, which is what cause price to move and how to spot the golden SR level to trade. He dedicated almost all of his awake time to read, draw, analyse the chart (because he lost his job). Even his wife called him crazy devoted.

But thanks to his hustles and struggles, he made it, by following single system, all the way.

Years spent with scattered focus VS. Monomaniacal focus have a GIGANTIC difference.

Oh, that 15-years guy is a smart academic guy. That uncle never finish his high school. So this business has nothing to do with intelligent. It has something to do with patience and persistance of one way.

It's interesting when you said you have spent 5 years and know about price action, yet you dont have the strategy to trade. In my personal case, After i learned few years of PA, the strategy appeared automagically as I can spot where price will "likely" to reverse (or continue) and how can I profit from those PAs.

Erebus Apr 14, 2017 11:51pm | Post# 30

1 Attachment(s)
{quote} correct bias on the posted screen is bearish - the last low was a lower low, price made a lower high, but it looks like it's going to draw an inverted h&s pattern, so I would look for a bullish signal confirmed by a higher low (3 bar swing)
WRONG

And I can't help you until you get this answer correct; I told you it's not tricky question, you are reading TOO much into the chart & nothing there!

TRADE WHAT YOU SEE

Or retract this statement

"I know how to trade with the trend"

I will post another chart, it is good you are here in real time, at any time you see a trade, please give the entry, stop loss and take profit

Good luck

Click to Enlarge

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Size: 28 KB

freakout Apr 15, 2017 12:06am | Post# 31

"you are reading TOO much into the chart" - yeah, that's the biggest problem for me, because I look at each small detail on the chart and that's why I loose money for example - when I look for a pullback I try to find a 3-bar zone where the price retraces and then I trade with a current trend - a 3-bar zone for me is an area with 2-bearish or 2-bullish candles + 1 bullish or 1 bearish candle, something like a sandwich maybe I should look for a pullback only near important levels on H4 or D1 timeframe and trade it on H1... I will try it next week

Erebus Apr 15, 2017 12:12am | Post# 32

1 Attachment(s)
"you are reading TOO much into the chart" - yeah, that's the biggest problem for me, because I look at each small detail on the chart and that's why I loose money for example - when I look for a pullback I try to find a 3-bar zone where the price retraces and then I trade with a current trade - a 3-bar zone for me is an area with 2-bearish or 2-bullish candles + 1 bullish or 1 bearish candle, something like a sandwich maybe I should look for a pullback only near important levels on H4 or D1 timeframe and trade it on H1... I will try...
Don't run away, not finished yet This is 1 hour chart

Who mentions pullbacks, I'm teaching BREAKOUTS here

You said "I tried to trade H4 breakouts"

I wish you read my writing as much as you read the charts

New information on this chart, Monday is finished

There are 4 Hour Fractals - these are same place where people say Support & Resistance, no difference, believe me

There are exact times for the market OPEN - you said you wanted during EU session

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freakout Apr 15, 2017 12:21am | Post# 33

{quote} Don't run away, not finished yet This is 1 hour chart Who mentions pullbacks, I'm teaching BREAKOUTS here You said "I tried to trade H4 breakouts" I wish you read my writing as much as you read the charts New information on this chart, Monday is finished There are 4 Hour Fractals - these are same place where people say Support & Resistance, no difference, believe me There are exact times for the market OPEN - you said you wanted during EU session {image}
my adventure with breakouts was very short, but I would look for a short entry near the last fractal

Erebus Apr 15, 2017 12:23am | Post# 34

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Now we are into TUESDAY Frankfurt Open and London is Open, see the top of the chart

Is there enough information to setup a trade?

What is it?

Good Luck

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freakout Apr 15, 2017 12:26am | Post# 35

Now we are into TUESDAY Frankfurt Open and London is Open, see the top of the chart Is there enough information to setup a trade? What is it? Good Luck {image}
I would wait for a signal from japanese candlestick patterns as this is not a clean situation for me

Erebus Apr 15, 2017 12:28am | Post# 36

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{quote} my adventure with breakouts was very short, but I would look for a short entry near the last fractal
You don't just look, you put PENDING order immediately

Take Action

Did you get it?

It was 2 to 1 trade so easy

This pair is CHF - JPY

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Erebus Apr 15, 2017 12:35am | Post# 37

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{quote} I would wait for a signal from japanese candlestick patterns as this is not a clean situation for me
Forget those Japanese, what did they ever do for you?

FRACTALS, look at the FRACTALS on your chart

Find the TREND, how can you NOT see it?

If it's not clean situation, let me know when it is

Then we can move on to higher time frames

And in case you think I'm blowing smoke with that example, this is my small real account, maybe I just got lucky

Good luck

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freakout Apr 15, 2017 12:36am | Post# 38

{quote} You don't just look, you put PENDING order immediately Take Action Did you get it? It was 2 to 1 trade so easy This pair is CHF - JPY {image}
I prefer to wait for a good entry signal as I can trade with a tight SL that's why I don't like breakouts and love pullbacks

Erebus Apr 15, 2017 12:42am | Post# 39

{quote} I prefer to wait for a good entry signal as I can trade with a tight SL that's why I don't like breakouts and love pullbacks

Dr Phil says "How's that working for you?"

Why did you ask for help and then tell us you don't want to try anything new; okay, carry on doing what you're doing.

With FRACTALS you are trading the price not some random signal that may or may not be good

Forget them Chinese candles, just look at FRACTALS, it is PRICE

Price breaks weekly lows, daily lows, all the time, don't need trend line, only horizontal lines

Up to you, can't say it any plainer

Erebus Apr 15, 2017 12:52am | Post# 40

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{quote} I prefer to wait for a good entry signal as I can trade with a tight SL that's why I don't like breakouts and love pullbacks

I forgot to ask, what is TIGHT for stop loss?

Why does it have to be tight?

Is your account only very small?

Many times I will trade with 2% risk, 100 pips stop loss and just exit at 50 pips for 1% gain

My stop doesn't get hit and I have twice as much chance of making the profit.

With the trades I have, in case you think the Take Profit was far away, actually the 38.2% retracement Fibonacci projects to a 1.618% extension

See this chart, now that would be some profits

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