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Price Action Trading

  • #1
  • First Post: Jul 17, 2011 4:25pm Jul 17, 2011 4:25pm
Date of Birth: 1989 / Oct / 17
Location: Canada
Trading Style: Discretionary
Trading Methodology: Price Action
Income Goals: 2% / month gain non-compounded. New equity amount adjusted at the end of each year.
Starting Capital: $100 CAD.
Trading Timeframe: H4, D1, W1.
Pairs Traded: All.
Trading Rules: Trade less than 3 times / week.
Risk: maximum of 1% risk. position size adjusted depending on stop loss.
  • #2
  • Jul 18, 2011 8:19pm Jul 18, 2011 8:19pm
Buy Limit Order @ 0.8805
stop Loss order @ 0.8695

risking 1% of total equity, with a 110 pip stop loss.

Trading Plan:

1. Take partial profit at the first trouble area, which is also a 38.2% of the swing high.

2. Move up stop to break even when price moves up to the first trouble area.

3. let the remaining trade run.
Attached Image (click to enlarge)
Click to Enlarge Name: eurgbp d1 trade1.jpg Size: 106 KB
  • #3
  • Jul 19, 2011 7:24pm Jul 19, 2011 7:24pm
Buy Limit Order @ 1.2625
stop Loss order @ 1.2480
Risk @ 1% of total equity, with a 145 pip stop loss.

Trading Plan:

1. Monitor the trade closely, and aiming to take partial profit at the First Trouble Area.

2. Move up stop to break even when price moves up to the First Trouble Area.

3. let the remaining trade run.
Attached Image (click to enlarge)
Click to Enlarge Name: audnzd trade d1.jpg Size: 151 KB
  • #4
  • Jul 21, 2011 3:00am Jul 21, 2011 3:00am
Hi!
Good luck! I like the way you plan your trades - great journal.

What time do you have on your chart? AFAIR James and folks recommended to trade candles which close on NY time (FXPro, FXDD and so on). I monitor the merket on FXPro and I have completely different candles - the area you trade does not look like A trade. Did you take this under the consideraton?
  • #5
  • Jul 21, 2011 10:19am Jul 21, 2011 10:19am
Quoting Publius
Hi!
Good luck! I like the way you plan your trades - great journal.

What time do you have on your chart? AFAIR James and folks recommended to trade candles which close on NY time (FXPro, FXDD and so on). I monitor the merket on FXPro and I have completely different candles - the area you trade does not look like A trade. Did you take this under the consideraton?
thanks for the reply, i use forex.com's chart, which is has GMT close, the close timeframe is really a personal preference, when i used to trade with a online trading group, the main trader used GMT, and said it is the best one, especially for calculating daily and weekly pivots. thats how it started for me, and i still stick to it today. : )
  • #6
  • Edited 9:05pm Jul 22, 2011 8:00pm | Edited 9:05pm
Short @ 0.8165
Exit @ 08175

Net Gain - (0.15%) - (10 Pips)
Attached Image (click to enlarge)
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  • #7
  • Aug 2, 2011 9:04am Aug 2, 2011 9:04am
Quoting halfstep
Short @ 0.8165
Exit @ 08175

Net Gain - (0.15%) - (10 Pips)
a good journal! keep it up!
I use MAs.
What are yours?
Cheers
  • #8
  • Aug 2, 2011 3:30pm Aug 2, 2011 3:30pm
Quoting nbafx
a good journal! keep it up!
I use MAs.
What are yours?
Cheers
21 EMA applied to (H+L) / 2
55 EMA applied to (H+L) / 2
144 EMA applied to (H+L) / 2
360 EMA applied to Close

I will be resume trading and updating this thread once my exam is over tomorrow : )
  • #9
  • Aug 3, 2011 7:29pm Aug 3, 2011 7:29pm
Limit Buy @ 127.05
Stop loss @ 125.20

total risk - 185 Pips,
Attached Image (click to enlarge)
Click to Enlarge Name: The setup.jpg Size: 117 KB
  • #10
  • Aug 3, 2011 7:36pm Aug 3, 2011 7:36pm
Limit buy @ 1.0805
stop loss @ 1.0670

total risk - 135 pips
Attached Image (click to enlarge)
Click to Enlarge Name: 2 AUDUSD DAILY.jpg Size: 90 KB
  • #11
  • Aug 3, 2011 9:24pm Aug 3, 2011 9:24pm
Quoting halfstep
21 EMA applied to (H+L) / 2
55 EMA applied to (H+L) / 2
144 EMA applied to (H+L) / 2
360 EMA applied to Close

I will be resume trading and updating this thread once my exam is over tomorrow : )
oh! u r d 1
i just like your thread Education Candlestick that you shared
is it helpful?
i feel some candlestick formations may not give the same meaning in both fx vs stock trading.
comment?
cheers
  • #12
  • Edited 10:01am Aug 4, 2011 9:49am | Edited 10:01am
Quoting nbafx
oh! u r d 1
i just like your thread Education Candlestick that you shared
is it helpful?
i feel some candlestick formations may not give the same meaning in both fx vs stock trading.
comment?
cheers
You are right my friend : ).

Forex candlestick has different properties and meanings comparing to stock candlesticks.

I am not a equity trader so i don't know a whole lot, but since the equity market is not a 24 hour market, there are often gaps from candle to candles which needs to be interpreted in its own right. In FX market, you normally don't have gaps, and close of one bar is the open of the next bar, so the interpretation is easier. if you are also trading stocks or other market that doesn't go 24 hour a day, than you can also look into some equity market candlesticks, they are all over the web, just google them, I think Steve Nison has a few DVD that explain how to use candle in equity markets, such as addressing gaps. Just rapidshare, or torrent them, we live in a internet pirate age : )

and candlesticks has helped tremendously with my trading, this and james16 materials, check them out
  • #13
  • Aug 4, 2011 10:07am Aug 4, 2011 10:07am
move stop to break even.
Attached Image (click to enlarge)
Click to Enlarge Name: the next day.jpg Size: 116 KB
  • #14
  • Aug 4, 2011 10:09am Aug 4, 2011 10:09am
order cancelled
Attached Image (click to enlarge)
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  • #15
  • Aug 4, 2011 11:11am Aug 4, 2011 11:11am
great stuff u share ..i like it ....u cant share your trade plane b4 taking trade ....what method u apply ?
FxHome
  • #16
  • Aug 4, 2011 12:30pm Aug 4, 2011 12:30pm
just dropping by to say...
Good luck on your trades/journal, Sir
  • #17
  • Last Post: Aug 4, 2011 6:40pm Aug 4, 2011 6:40pm
Quoting halfstep
You are right my friend : ).

Forex candlestick has different properties and meanings comparing to stock candlesticks.

I am not a equity trader so i don't know a whole lot, but since the equity market is not a 24 hour market, there are often gaps from candle to candles which needs to be interpreted in its own right. In FX market, you normally don't have gaps, and close of one bar is the open of the next bar, so the interpretation is easier. if you are also trading stocks or other market that doesn't go 24 hour a day, than you can also look...
i do frequent steve nison's web site to watch his posted video. thx for writing. good trading to you
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