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Quoting richadi36

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{quote} Hi Patterncode, If you know 50% retracement method is just to increase r/r ratio. Which method to use, 50% or pinbar break, it depends on many factors. First, it depends on the currency pair you trade, ex: some pairs go without retracing 50%, some do retrace. Second, where it forms, at S/R level, or, in the strong up/downtrend and so on... Conservative way of trading PB is entry at the break of the PB. If you want to trade 50% retrace method, you should know where to place SL... I hope it gives you some answers to your question... profitable...

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Totally agree with the weekly trend, but be carefull with FTA (first trouble area) on the daily...

Quoting PayTheLimit

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covered my short EJ on the test of support, now looking for something else....not seeing anything interesting to start... {image}

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Quoting patterncode

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{quote} Thanks for reply @richadi36 I will test those factors {quote} Please explain what you mean by First Trouble Area??

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Quoting patterncode

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{quote} Thanks for reply @richadi36 I will test those factors {quote} Please explain what you mean by First Trouble Area??

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Quoting richadi36

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{quote} IMO, it is a bit early to predict before weekly bar close. Maybe it breaks your bullish line and forms a PB at 23.6 Fib level till the end of the week, and next week it will start a new upswing... so I think it would be reasonable to wait till the weekly bar close if you are trading weekly on this market.

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Quoting PayTheLimit

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UJ looks like maybe its flagging, maybe building strength to attack 115? {image}

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Quoting PayTheLimit

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{quote} took some longs on last nights close, going to try for 114.90ish, stops just below 113.50 for now.....feels like a lackluster setup now, but took it on account of I think we are in a decent up trend...I expect the market will show its hand today, or tomorrow....feels like the crosses are weighing on it right now... elsewhere, nothing to report really....

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Quoting mtharwat

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Now it is easy to tell after the fact by looking left. A conservative trader would look for more signs before pulling the trigger and go long. Another trader would enter at M15. I want to be this trader but in this example, I would have been hesitant to touch it. Now, in your view, would you have entered this trade from the touch of 61.8 and lower boundary line? Is there any other reason you think that would have given credit to such an early long? The reason for this post is this will help us all in executing trades before any one else. But this...

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Quoting mtharwat

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{quote} Looks to me a diamond pattern. The latter has significance as a reversal pattern when happens on an important level (S/R, etc..). And can act as continuation. Your target seems reasonable. Best of luck for this trade. {image}

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Quoting PayTheLimit

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{quote} Its like you say, preference. Some people are more willing to take certain trades than others. ......So I would say, oh look this is great support, I'll take a flyer and risk 20 pips. I'll try for 100. That's 5 to 1. Great. Then I'd either find a reason to get out earlier, or be chased out by price action, and take like say 40 pips. Well that's 2 to 1. Sure, nothing wrong with that, but it makes a considerable difference over the long run

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Quoting PayTheLimit

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six month consolidation, when this pair gonna bust a move....anyway, file under interesting.....back later, gl {image}

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Quoting PayTheLimit

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{quote} Its like you say, preference. Some people are more willing to take certain trades than others. Personally I would not have taken it. But I don't see anything wrong with taking trades like that, provided its done sparingly. I used to take those trades all the time, touch/counter trades. I will tell you what the problem is, or at least my experience. You enter with a tight stop, giving you a great R/R, fine. But how often do you let it go to your original target. So I would say, oh look this is great support, I'll take a flyer and risk 20...

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Quoting richadi36

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{quote} I fully agree with you. I'd like to add something here for aspiring traders based on my almost seven year experince in this field. I think most beginning traders think if they trade more they profit more - wrong understanding. Secondly, make trades relying fully on indicators - wrong idea. It is only 2 factors among others why most traders fail in this business... profitable trades, richadi36

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Quoting mtharwat

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{quote} On weekly, may be we can think of the pair as channel up and channel down. {image}

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Quoting mtharwat

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USD CAD: my second lot was stopped at 35 pips in profit. (/I was looking for previous daily highs but did not happen). {image} NZDUSD is still running in profit and moved stop to break even. Any comments on the targets? or moving stop loss to below M15 Swing low? {image}

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