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Joined Oct 2013
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Status: Price Action Trader
|109 Posts
Two trades taken this week, first NU, limit order, entry was good but I was to aggressive trailing my stop, gotta improve it, price then achieved my initial target:
RR is almost 1:2, I tend to choose trades with more %R. I wouldn't like to be too aggressive trailing my stop but I don't like to let trades be free over the weekend. Also that pair looks bullish to me in monthly TF.
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Joined Oct 2013
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Status: Price Action Trader
|109 Posts
Some ideas for next week:
NC
Limit sell order at 9282 with stop above 9344 targeting 8950 but trailing stop because of the long way down (and important 9000 on the way), looking for at least 1:3.
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Joined Oct 2013
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Status: Price Action Trader
|109 Posts
More thoughts:
NCh
Market sell order with SL above 7763 and targeting 7519 for a great %R. I am not sure about the break ok the TL, so choosing a NZD pair, I prefer NZDCAD.
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Joined Oct 2013
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Status: Price Action Trader
|109 Posts
EA:
Limit sell @ 1.4365 with SL @ 1.4445 targeting 1.412. Looks nice but we have red USD new on monday that could hardly affect EUR, making dangerous a pending order:
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Joined Oct 2013
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Status: Price Action Trader
|109 Posts
I've been doing some backtesting to improve my countertrend skills. One in UJ, daily bull trap to a weekly level, entering the retrace after the engulf:
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Joined Oct 2013
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Status: Price Action Trader
|109 Posts
Thanks csng! I don't think anymore than PA is needed if the analysis is accurate enogh.
Pretty frustrating start of the week for me... UCh worked good at exactly level I was thinking about, the same with NCh and my limit orders on NC and EA aren't filled yet.
Shit happens and a loss would be worse than that, so time keep analyzing to get PA opportunities at key levels. I'll update some charts when I get back to home.
Thanks csng! I don't think anymore than PA is needed if the analysis is accurate enogh. Pretty frustrating start of the week for me... UCh worked good at exactly level I was thinking about, the same with NCh and my limit orders on NC and EA aren't filled yet. Shit happens and a loss would be worse than that, so time keep analyzing to get PA opportunities at key levels. I'll update some charts when I get back to home.
Ignored
that's right. i'm gradually moving away from indicators and have been learning and practicing PA.
can't wait to see what you have to show on your charts.
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Joined Oct 2013
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Status: Price Action Trader
|109 Posts
Hi QueFx! Thanks for answering. The level you are pointing is really good for me but the pullback seems to be hardcore to take a short. Despite that I think it can work for an aggressive scalper looking fo a pullback to downside trendline, and then a long playing a classic beartrap setup for a counter trend trade.
My order in NC is filled and working in green (patience pays for swings!!), I'm thinking about moving SL to BE before red news. EZ is also in positive for me, but think abot getting out, I'm not convinced about it and news are coming.
Sorry for not answeing csng, my dayjob some days kills me. Anyway, NC does not like me it seems and moves away 6 pips from my limit sell, I'll keep it, swing trades need patience: {image} Opened a new trade in EZ. Entry is late but I was waiting for news to come out to pull the trigger, I try to avoid red news: {image} Working in green now.
Ignored
hi tunguska.
regarding these 2 trades that you took, shouldn't you wait for closed candle of price action?
i mean, if i read your charts properly, these 2 trades you took are just based on price hitting the horizontal lines you drew, although in the past the line was support and resistance before.
i'm not sure if that is the correct way to trade? shouldn't you wait for, say a pin bar or engulfing bar on those horizontal lines you drew before taking a trade?
perhaps you have your own idea/system that i'm not aware of. please educate and enlighten me.
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Joined Oct 2013
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Status: Price Action Trader
|109 Posts
I exited manually EZ at BE, the spread kicked my assa a little bit. Thinking about giving up exotics for a while. Despite this, trading a exotic a day of red news and playing such a hardcore retrace with a limit was not prudent at all, I should have waited and if wanted to play the retrace, doing it with a stop order after the last candle of the retrace closes.
