A very simple system - trade with arrow | Page 135 | Forex Factory

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A very simple system - trade with arrow

  • #2,681
  • Sep 21, 2017 10:30am Sep 21, 2017 10:30am
price is now approaching a TL on the 4 hour...let's see
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the cautious seldom err....C
  • #2,682
  • Sep 21, 2017 10:42am Sep 21, 2017 10:42am
Quoting pips29
{quote} as soon as price broke the high I went long...I am not expecting target to be hit today as price has moved a lot...anyway, I am locking in this at be+...trade was based on a rising3 pattern {image}
did not expect the target to be hit but it did...price has moved 300 pips....in forex expect the unexpected holds true...I am over the moon today...just fyi 1.71 was hit
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Click to Enlarge Name: GBPAUDDaily.png Size: 61 KB
the cautious seldom err....C
  • #2,683
  • Sep 21, 2017 11:48am Sep 21, 2017 11:48am
playing the base of the upper wick...the wick is considered an area of consolidation where buyers and sellers are trading their "wares"...let's see
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Click to Enlarge Name: USDCADH4.png Size: 55 KB
the cautious seldom err....C
  • #2,684
  • Sep 25, 2017 5:47am Sep 25, 2017 5:47am
as it's the start of a new trading week I took some small pips from this pair to get me going
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Click to Enlarge Name: GBPUSDM5.png Size: 50 KB
the cautious seldom err....C
  • #2,685
  • Sep 25, 2017 7:43am Sep 25, 2017 7:43am
Quoting pips29
as it's the start of a new trading week I took some small pips from this pair to get me going {image}
Pips29, how is this strategy working for you? Have you made any changes to the rules?
  • #2,686
  • Sep 25, 2017 7:57am Sep 25, 2017 7:57am
Quoting DjPriz
{quote} Pips29, how is this strategy working for you? Have you made any changes to the rules?
this strategy will make you pips and applying some knowledge gained thru' experience most of your trades will be winners..I am still trading the way it is laid out and my experience permit me to trade ct as well...here's one which is ct but not on higher tf..I have pointed out the rising 3 which is rare and reliable and hence this trade was taken with the help ofs/r and fibs and most importantly pa..it's locked in at be+50
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Click to Enlarge Name: GBPAUDM5.png Size: 59 KB
the cautious seldom err....C
  • #2,687
  • Sep 25, 2017 8:02am Sep 25, 2017 8:02am
I reckon there's more room to the downside and so added another entry not too long ago. I do have 2 more entries higher up from last week
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the cautious seldom err....C
  • #2,688
  • Sep 25, 2017 8:05am Sep 25, 2017 8:05am
I also have a long from last Friday with this pair...however, I have no exposure on e/u atm...at be+30
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the cautious seldom err....C
  • #2,689
  • Sep 25, 2017 8:11am Sep 25, 2017 8:11am
shorted the aussie...lately pa has been "confusing" but I believe the move down will happen looking at the daily
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Click to Enlarge Name: AUDUSDM5.png Size: 64 KB
Click to Enlarge Name: AUDUSDDaily.png Size: 60 KB
the cautious seldom err....C
  • #2,690
  • Sep 25, 2017 8:23am Sep 25, 2017 8:23am
Quoting pips29
I also have a long from last Friday with this pair...however, I have no exposure on e/u atm...at be+30 {image}
some of you might wonder why I did not take profit on the swissy...I am taking a longer view rather than just scalping as my guts tell me pa will move higher to test the s/r plotted on H4/daily and also the 200 ema...I might be stopped out before it happens..no worries if that happens as I would have bagged 30 pips
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Click to Enlarge Name: USDCHFDaily.png Size: 63 KB
the cautious seldom err....C
  • #2,691
  • Sep 25, 2017 8:33am Sep 25, 2017 8:33am
This will take some time to reach targets I reckon...anyway the daily is bullish and so I will take longs ..this is not scalping but trading the htf..of course you can scalp in line with htf, but I rather go for bigger targets ..bbl
Attached Image (click to enlarge)
Click to Enlarge Name: USDJPYDaily.png Size: 66 KB
the cautious seldom err....C
  • #2,692
  • Sep 25, 2017 1:26pm Sep 25, 2017 1:26pm
How big is your SL usually?
  • #2,693
  • Sep 25, 2017 5:41pm Sep 25, 2017 5:41pm
Quoting DjPriz
How big is your SL usually?
I don't have a fixed amount of pips for a stop or target. I have many ways to pick a stop but the most important part about a stop is you put it in a place where you think you would not be stopped out if you are right..if you are stopped out then you are probably wrong with the direction and should consider taking the reverse trade..obviously when you are using the daily as to the direction to trade your stop/target should be based on this tf which means a much bigger stop than say the 1 hour...That is why I mention that when using the 5 min the 1 hour tf should be used to determine your direction..and if the 1 hour proves you wrong then get out...it won't hurt too much if the 1 hour proves you wrong rather than having the daily to prove you wrong...I normally place my stops where the swing high/low are plus a few pips and if those swings are too close I will put my stop where the 34 or 200 ema are..it depends very much on pa and if I am confident that pa will not reach there that's where my stop will be...I always assess where pa will go before taking a trade..I place importance to r:r rather than the size of stop...if I am looking for 200 pips, my stop could be bigger than 100 pips but I will avoid taking a trade where my risk is higher than my return..you will find out more about my stops/targets when I post my trades...with a chart it's easier to understand what I am saying..hope this little bit helps
the cautious seldom err....C
  • #2,694
  • Sep 25, 2017 6:02pm Sep 25, 2017 6:02pm
I just like to say a bit more of the way I use stop. Let's say I place a 100 pips stop looking for 200 pips with my entry and the following happens ...the trade moves in my favour and I am up 50 pips..I can now move my stop to -50 and look for another 50 pips (total 100 pips) to check out...doing this means I have reduced my risk by 1/2 while maintaining the same r:r i.e 1:2
the cautious seldom err....C
  • #2,695
  • Sep 26, 2017 3:28am Sep 26, 2017 3:28am
Thank you, this is very helpful
  • #2,696
  • Sep 26, 2017 3:49am Sep 26, 2017 3:49am
Quoting pips29
I have mentioned about the evening star on the daily and believe it will play out..the last bearish candle was quite a big one whose high was not exceeded with a close above with subsequent candles..I believe for price to turn bullish and move up we need a candle that is of the size of the bearish one..Until I see that I will short at resistence..I have moved the stops higher but still maintain a r:r of 1.5 or more...This is strictly pa and therefore before the indicators can give a signal..it's a risky trade but I am willing to take my chances...
looking like the evening star I mentioned is playing out...a break of the s/r is happening right now..I have no position in this pair..
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDDaily.png Size: 50 KB
the cautious seldom err....C
  • #2,697
  • Sep 26, 2017 3:55am Sep 26, 2017 3:55am
Quoting pips29
price is now coming to an area where price spent a little time deciding what to do before dropping..if big boys want to play it up then this zone will not be an obstacle and will be overcome with a target higher up around the 1.24 playing field..let's see what the big sharks decide to do..I am thinking they will play it up..hl/hh printed on this tf too {image}
I was making pips from this move...price is now at a very important area..let's watch for further pa before taking an entry
Attached Image (click to enlarge)
Click to Enlarge Name: USDCADH4.png Size: 68 KB
the cautious seldom err....C
  • #2,698
  • Sep 26, 2017 4:01am Sep 26, 2017 4:01am
Quoting pips29
{quote} this strategy will make you pips and applying some knowledge gained thru' experience most of your trades will be winners..I am still trading the way it is laid out and my experience permit me to trade ct as well...here's one which is ct but not on higher tf..I have pointed out the rising 3 which is rare and reliable and hence this trade was taken with the help ofs/r and fibs and most importantly pa..it's locked in at be+50 {image}
I was stopped out for +50 and had since re-entered...profits protected at 20 pips..this is a play with a rising 3 chart pattern..if it doesn't work out then this pattern will be erased from my knowledge of chart patterns using candlesticks..I must qualify by saying price has to make a low of 1.6785 to invalidate this pattern
Attached Image (click to enlarge)
Click to Enlarge Name: GBPAUDDaily.png Size: 66 KB
the cautious seldom err....C
  • #2,699
  • Sep 26, 2017 4:08am Sep 26, 2017 4:08am
just an update of yesterday's trades ..Both kiwi and aussie are moving in my favour but I am in some dd with u/y...I have not taken any trades for this morning yet ..as soon as I post this I will look for one as the 4 hour had just closed
the cautious seldom err....C
  • #2,700
  • Sep 26, 2017 4:18am Sep 26, 2017 4:18am
e/g has touch the 200 ema but not the s/r plotted on my chart..price has the tendency to bounce off the 200 ema with the first touch..we now have to determine whether this bounce is strong or weak by observing price
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the cautious seldom err....C
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