MultiTimeFrame Trend Trading with Price Action

I've been posting on Nihilist Thread here http://www.forexfactory.com/showthread.php?t=490220.

As this has mainly been an Indicator based thread I've been told it would be a good idea to set up my own thread.

My method of trading is Price Action (PA) led using the Daily charts, mostly, to take Trades.

I take my Trade Bias from the Weekly chart and look for Pullbacks on the Daly Time Frame and look for PA at Support/Resistance/BRN/RN to take Trades with the Primary Trend (Weekly).

I'm currently in two Trades AUD/USD and NZD/USD I've taken 50% Take Profit (TP) at 1:1 Risk:Reward. The charts below show their current standing.

For anyone interested, in my approach, it will be a good idea to read my posts in Nihilist Thread above.
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I have revised my Trading Template as of 25th January 2015 see @-Trend-Trading Zip file below.
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I have revised my Trading Method please go to this post 21st May 2015 Post 178
I have revised my Trading method please go to this post 1st July 2015 Post 210

First

Edit : Good job steve . You will do a great job here . I will be here also and also watching new indis in nihilist thread . Keep it up !

Subscribed Thanks a lot starting the thread steve

Subscribed

Will follow with great attention!

I'm in

Good morning Steve I'm in

It's good to see so many people interested in following PA trading.

What I'm doing is nothing original and just my way of seeing the Market.

I welcome anyone who wants to post their charts I just ask that they explain their reasoning behind taking the Trade and include an image when they close the Trade that shows the result.

I think it helps with continuity for anyone that might be following the thread.

iam in

always i read your post with great interest. hope your new thread will be a unique one on ff. wish you good luck.

Another great place to solve PA puzzles!

GBP/USD H4

GBP/USD has been Trending down since August the last two W1 candles have closed as Bearish Pin Bars.

1.57 RN has acted as a Weekly Swing Point in the past.

The market is struggling to break above this level.

Subscribed
I've been following your posts for the last few weeks. They are very helpful, I've learned a lot.
Thanks a lot Stevepatt

subscribed, thanks a lot Steve

Subscribed, Thanks Steve!! AG

CONG........buddy,i am in

Really nice to see you starting your own thread Steve! (it was about time ) I'll be looking forward to your thought process behind your trades.

GL!

superb trader Steve...Good job. Subscribed.

I had a PM about my Money management so I thought I would share the reply here.

I trade with between 0.5% and 1% risk per trade. I compound my account but stick to the same % risk per Trade. When my Risk per Trade becomes uncomfortable for me I will keep my account at that level.

It's important to know your Risk Tolerance because if losing xx amount of money starts to hurt, in my opinion, you need to reduce your risk level to where you aren't losing sleep over losing Trades.

Because there is only one thing I can guarantee when Trading Forex, and that is, you are going to have Losing Trades.

How big a losing streak do you think you could sustain before you stopped Trading your System/Method?

There is a mathematical formula that tells you how many losers you can expect depending on your win rate %

Unfortunately I don't know that formula if anyone has it I'd be interested to know it.

Unless you know your expected losing streak how do you know how much to risk per Trade?

Once you know this you need to know how much drawdown, on your account, you could handle before pulling the plug.

Once you have a % for this half it and you will probably be close to your drawdown tolerance.

So if your Risk Tolerance, to Drawdown, is 20% and you are Trading at 1% per Trade you can have 20 losers in a row before it starts to hurt.

I'm not Trading Forex for my living, I'm sure if I was under pressure to pay the Rent every Month my Trading would suffer. I Trade because I enjoy it and I want to become as good, a Trader, as I possible can and if in that process I make money so much the better.

Since I started Trading, using this Method at the end of August, I've made 5.75% return, on my account, and have another 1.25% floating profit so if I cashed out know I would have made +7% on my account.

So if I average 7%, every three months, that's a 28% yearly return which isn't anything spectacular but I'm Trading very conservatively and it's a lot better than I'm going to get from the Bank (F@%$kers).

So the returns anyone can expect to make from Trading this Method depends, not only, on how well you Trade but also on your risk tolerance.

I would suggest it is far better to grow a Trading Account slowly than risk blowing an account by Risking beyond your Trading Skills and your Tolerance for Loss.

Hi Steve, subscribed. I'll continue following your good stuff on the new thread. Green pips.