This pair is in a strong bullish trend and the M chart, gives us great information, meanwhile the D chart tells us something about the buyers .Ignored
DislikedWhat elements made you decide that it was an IPB and not a double top retracing on the monthly R 1.070?
DislikedWhere to put the buy order if one was not in the market from earlier? Straight above the bearish PB would seem dangerous because the sellers are strong all round it, but putting the order above the other candles long shadows would yield a terrible Risk:Reward. No trade for that, right?
One of the trades that gives me more satisfaction is chfjpy.
1-pin bar(PB)=sellers confirmation, that closes bellow the level and bellow the trend line(TL)=sellers reaction and the first order not filled
2-inside bar(IB) that closes bellow the level=the order remain at the same level, but the SL put lower allowing me to increase the size position.Ignored
It is me again. I am currently studying you thread now. I noticed that on the day entry, It looks like you are using a Sell Stop entry order. If yes, any reason or advantage using this?
Thank you and have a good weekend!
I may answer this easily.
A key to this method is PPT and TTP (Plan The Trade and Trade The Plan).
You wait for the current daily candle to close and then PPT.
The plan will usually trigger only after some hours and will last from 1 day to weeks.
A stop entry order lets you really plan the trade ahead and leave the plan trade itself while you do something more fun / relaxing than staring at a monitor.
This method is as simple (not easy) as it gets: you slam a stop order, go to sleep / get out...Ignored
Thank you dfumagalli! I have not got the chance to read the threads you recommended. It think they must be very helpful!
two more questions, you know anything could happened in FX market:
1. the price going up after the pin bar in this case, and close even higher. are you going to move the entry a little bit higher or cancel the order or keep at it is: reason for moving is you can have a better entry. reson for cancel is the market did not go as we expected. reason for keeping is once the retracement finishes,...Ignored
DislikedMight be interesting ....Ignored
Dislikedwhich mt4 charting program you use, where you can trade chfusd?
is your broker reliable?