DislikedHere's the trades I took today. Hope it helps some of the new guys.
Bounce trade off PPZ on GBPCHF.
Long at 1.6207
Reason for entry = 62 fib off last swing combined with PPZ. (The blue line is a confluence area). Also a small divergence.
Result = Loss of 1 %
After being stopped out price then formed a 1 hour pin bar. I traded it to the pink line on the chart for a 2.5% gain. This was also my target from the 1st trade as it is counter trend and the 4 hour has a big bearish bar that needes to be considered....Ignored
DislikedThis one's on my radar too.
Nice bullish pinIgnored
DislikedHi Everybody, firstly just want to thank James16, and everbody in the thread for being so helpful and sharing all their trading ideas. Im really glad I came across this, it has helped steer me away from the indicators pasted all over my charts not making much sense at all. I had been demo trading for about a year using indicators, and seemed to be getting nowhere fast. Ive now been reading this thread for the last month or two, and am starting to pick up some of the ideas...I think.
This is the first post Ive made in this thread, so hello to everybody,...Ignored
DislikedThoughts on this one?
Pros: Nice shape PB, decent wick length. At a retracement from a swing high. PB body at 38 Fib, tip almost hit 50 Fib. Dipped below 0.70 BRN then bounced up. Dipped below 150 EMA, then bounced up.
Cons: Will have to head up against 5 daily bear bars in a row.
FTA estimated at ~ .7150.Ignored
Dislikedwhat about this RSI Div indi. Looks good to me.
DislikedI am also looking at the kiwi, it looks like a nice pinbar off the 7000 BRN and previous support. However, this is the thought process going through my head. I could take this trade at the break of today's high, but that would give me less than 50 pips until the PPZ and potential resistance, but the S/L of this trade would have to be beyond today's pin low which would be around 100 pips. So looking at R/R, it doesn't look like a trade with great R/R. Mike please advise, thanks.Ignored
DislikedHey pip, here is a recent post on what mike's take is on r:r...
Hope this helps,
DislikedOk this is how I closed half the position size on my FXopen demo.
You should be able to enter a position in the opposite direction as your initial position. Select the lot size that is half the initial position.
Now you're half squared (half of the initial position is cancelled out by the new position.)
Now right click the new position, and select "close order". This will pop up the familiar menu. Here, under TYPE, select "Closed by" or "Offset by" (or something similar, as my client isn't English). When you select this, you will be able...Ignored
DislikedYou are required to set your SL at least 3 pips away from current price. IBFX uses 5 digit pricing, so 3 pips is equal to 30 "pipettes".
4 digit pricing:
price is 1.2835. You must set your stop loss at 1.2832 or lower (3 pips).
5 digit pricing:
price is 1.28350. You must set your stop loss at 1.28320 or lower. (30 pipettes).
The two quotes above are identical. But IBFX and many other brokers refer to the 5th digit as a pip, which is technically true, but confusing if you are used to 4 digit pricing.Ignored
DislikedI don't think this was the case in this example. I had a SL of about 80 pips. ???Ignored