My Trading Strategies Using Price Action with high impact news

This is my trading journal to keep track my trading. I am still learning on FOREX trading.

Following...

Interested to see how you go with trading over high impact news.

Which broker are you using?
Have you had good results so far?

Hi,
If you want explain us more about your strategy.
Best

Hi Thepiplife, thanks for the interest. My main account is IC markets, also XM, i don't like much as spread and swap is very huge. And I am opening darwinex.

I will be watching on AUDUSD. weekly trend line with 38, 50 and 61 fibo confluence at 0.765. I will look for PA at fibo confluence.

hi Matmomo,
I follow James 16 PA. as I still learning, it will not be good enough to explain. And I am still figuring out how this PA working. I will share with you in future if I profitable with this method. thanks

EURAUD weekly DBHLC

NZDCHF weekly four bar low.
First target at0.70000
Second target at 0.71000
Third target at 0.72100

First target hit in three weeks. second target nearly hit in fourth weeks.

target hit in four weeks. Required to put SL and TP.

EURJPY 5-2-2018. Buy limit at 136.300 based on 4 hr time frame. I thought PPZ at 136.300 resistance as support. I forget to set stop lost. In the morning I was lost 150 pips. May be there was big news for JPY. Will check what is the big news. I will post screen shot.

how I am going to manage this to win.???

My portfolio
A quick note:

I like to be prepared each day as I am sure you will realise by now. PREPERATION and a PLAN is another key to success.

Once a night I go through every single market (with the exception of shares and some of the interest rates) that my broker lets me trade.

In my portfolio I have a select few that I look at on the hour, every hour, every day. The figure is close to 20 but varies. There are some that I always keep in there including the: DJI, DAX, FTSE, Gold, Oil, US T-Bond and Bund and EUR/USD.

Then I add anything else to my portfolio that I am interested in, based on its daily TF price action.

Trading is warfare. These charts are my arsenal when the trading day starts. I will look at these throughout the day and these only.

If I don't get a setup, I don't trade.

Many days I don't trade. I sit and wait. When I started out I wanted to be in the market every day, the big momentum moves do this to you. But for me, now, the key is patience.

Often it is the amateur traders that jump on momentum moves.

So what does a pin bar tell us?

A pin bar tells us that this momentum turned rapidly and caught many traders offside.

So now I don't worry like I used too when I read the forums and see everyone jumping in and out of the FX and making hundreds of pips. I sit there and wait. Because I know that sooner or later I am going to come in and take their money.
Last edited by trader_dante; Oct 28, 2007 at 4:37pm.

If the market reacts bullishly to bearish news then there is something wrong.

Market Call- Aud/cad
I am looking to go long on AUD/CAD.

This is not a recommendation to trade.

How I will enter this trade

I will enter on a break of the high of this hourly pin. I normally enter trades one tick above the high.

Stop would be one tick beneath the pin.

Why I took this trade

From left to right:

Chart 1: Daily TF shows that price is coming into a significant support/resistance pivot.
Chart 2: Hourly TF shows that price has formed a pin bar at this level. Look to the left arrow. It made almost the same setup earlier and triggered a very profitable run upwards.

Where I would look for potential problem areas

Chart 3: Daily TF shows another significant S/R pivot at 0.8894 and confluence with the 50 fib level from the swing high.

Chart 4: Daily TF shows the 61 fib level from the next major swing high matches up with the 50 and the S/R pivot. These levels are literally all on top of one another which makes the individual elements hard to see. This is why price was extremely likely to have trouble breaking through this area earlier.

Chart 5: This is the final picture I am looking at. The hourly chart. It looks a mess to the unitiated. But if you have followed my thinking through it should start to make sense to you. What you can see is that the levels I have drawn on the daily TF have filtered through to my hourly TF. Now I have them in place, what I have done is examined the hourly itself and drawn on two areas that were previous S/R flips in todays session. They are MINOR levels but they are worth noting. They are indicated with arrows.

How I would manage the trade

Based on my levels:

If market hits 0.8800 I will move stop to BE.

If market hits 0.8830 I would move stop to 0.8795

Main target is 0.8890. I will look at the price action at this level (if it was to reach it) BEFORE blindly closing.

Always have a plan.
Attached Thumbnails



Last edited by trader_dante; Oct 29, 2007 at 11:03pm. Reason: Spelling

this is for my learning only from Tom Dante.

S wave pattern on Gold. T1 =Target 1.

It hit first target. but it was not as expected to hit after drop.

Hook structure and Flag structure. Sell at 1.781. SL at 1.786. TP at 1.766. Let see!

CADCHF hourly Tazer.