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DailySniper

  • #1
  • First Post: Edited May 2, 2013 8:08am Apr 27, 2013 3:29am | Edited May 2, 2013 8:08am
Hey traders



I decided to open a new thread to show people an easy and effective way to earn consistence money in forex market. So if you are struggling and losing money this may be is for you.
This is not a signal service or trade alert. I just post the trades I take in my live accounts.

As all traders at the beginning of my trading career I tried to find the Holy Grail. After trying hundreds of EAs, Indicators and still losing money, I decided to delete all this useless crap and start to understand how price action really works.
So what we got here is easy:

 

  1. · Trading in Daily timeframe only

  1. · Using Linecharts to identify Support & Resistance

  1. · Trading Pinbars only (Hammer, Morning-Star)

  1. · Do not use Indicators

I will post some examples of trades-setups later.
In average I take 2-3 trades per week. I got a hitrate of 95% <<< to be picky is the key.
Never over risk. Take a proper Money Management

If you dont know how to calculate your risk: http://www.earnforex.com/position-size-calculator
also you can download an indicator there, where you can drag and drop the entry and sl lines

CHECK THIS WEBINAR FOR BETTER UNDERSTANDING OF PA:
http://www.nobrainertrades.com/2011/...-34-pulls.html

see you there!!!

Poshcom
  • #2
  • Apr 27, 2013 4:24am Apr 27, 2013 4:24am
heres how we setup our charts at any pair we wanna trade. For me I trade 28 pairs.
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Poshcom
  • #3
  • Apr 27, 2013 4:36am Apr 27, 2013 4:36am
Interesting and simple, so far I like it. Hope for more to come...
  • #4
  • Apr 27, 2013 4:41am Apr 27, 2013 4:41am
so lets look at possible trades. I prefer take a trade 10pip above/below daly high/low
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Poshcom
  • #5
  • Apr 27, 2013 4:43am Apr 27, 2013 4:43am
Quoting swissfortune
Interesting and simple, so far I like it. Hope for more to come...
thanks swissfortune

see you next week in DailySniper. Enjoy weekend
Poshcom
  • #6
  • Apr 27, 2013 12:11pm Apr 27, 2013 12:11pm
I had decided Thur. afternoon that I was tired of monitor sitting and have been thinking of Weekly/Daily. I'm also down 25% since last Nov. I haven't really formulated a plan yet and now I see your thread. I will follow it closely. One observation: your TP in number of pips seems rather light considering this is a daily TF so do you use tight stops so as not to give back profit? I'm not against that so I'm not criticizing, just would like a bit more info regarding exits. I like Stop type entries, letting the market go its way before entering. Keep posting please and thanks, piprac
  • #7
  • Apr 27, 2013 12:54pm Apr 27, 2013 12:54pm
Welcome piprac
Don’t worry about your drawdown. It’s normal. We are here to stop it and start make some money. I don’t like to take a fix TP. I think to exit a trade must fits every ones personality. I prefer use strong price levels. My risk is 3% every trade, so Im very often happy with 1-2% gain every trade. This works only if you don’t lose too often, for me I had 1 SL this year so I dont care about RR. I use RR like an indicator. If I plan a trade which give me 30pip to the next lvl and I have to risk 120, I never take it.



cheers
Poshcom
  • #8
  • Apr 28, 2013 1:03am Apr 28, 2013 1:03am
1. There is s/r line just right above the PB as well. Why do you still take this trade?
2. Where is your S/L and TP for this trade?
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  • #9
  • Apr 28, 2013 1:06am Apr 28, 2013 1:06am
When would you enter the trade? 10 pips below the PB or after “if PA break the sup…”?


Thank you very much.
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  • #10
  • Apr 28, 2013 2:54am Apr 28, 2013 2:54am
Quoting sam2vt
1. There is s/r line just right above the PB as well. Why do you still take this trade? 2. Where is your S/L and TP for this trade? {image}
in this example my profit was taken at the grey lvl. As I wrote in last post Im happy with 1:1 RR very often. The SL is allways above/bellow +10pip the triggger candle
Hope this helps
Poshcom
  • #11
  • Apr 28, 2013 2:57am Apr 28, 2013 2:57am
Quoting sam2vt
When would you enter the trade? 10 pips below the PB or after “if PA break the sup…”? Thank you very much. {image}
this was a absolutly great trade. Entry was 10pip bellow the candle I marked with #2. This PA break shows only the potential of this trade.
Poshcom
  • #12
  • Apr 28, 2013 4:57am Apr 28, 2013 4:57am
Hey folks

Just chekced the charts. For tomorrow there is just 1 possible setup coming up. GBP/CAD short

enjoy weekend

cheers
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Poshcom
  • #13
  • Apr 28, 2013 6:47am Apr 28, 2013 6:47am
Thank you for your sharing, but I checked the EUR/AUD chart and I found that your chart did not have one part of price action which already happend
please check my attached file and I marked this area in Blue
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  • #14
  • Apr 28, 2013 7:10am Apr 28, 2013 7:10am
Quoting elhwaan
Thank you for your sharing, but I checked the EUR/AUD chart and I found that your chart did not have one part of price action which already happend please check my attached file and I marked this area in Blue {image}
Dont understand you. This is/was a live chart. I take screenshots of all my trades like I did today for the gbpcad short.
Poshcom
  • #15
  • Apr 28, 2013 7:16am Apr 28, 2013 7:16am
Quoting FelixFX
so lets look at possible trades. I prefer take a trade 10pip above/below daly high/low {image} {image} {image}
your daily chart from EUR/AUD , the middle one, it looks like very old chart, the new chart as I sent you , this area in Blue already happend, Sorry I can not follow your point, can you explain more ,
or you only show us old example and not new one?
  • #16
  • Apr 28, 2013 7:52am Apr 28, 2013 7:52am
This is an example of a good trade. Just to make clear how my trading works. If you don't believe pm me, I show you some live performance.
Poshcom
  • #17
  • Apr 28, 2013 7:52am Apr 28, 2013 7:52am
Hi Felix...

Ah, you're actually posting a potential trade before it happens rather than in hindsight. How refreshing!

Thank you very much for sharing your method, very simple and straightforward. I'll be following along.

--Wally
"Be the change that you wish to see in the world." --Gandhi
  • #18
  • Apr 28, 2013 7:59am Apr 28, 2013 7:59am
Quoting FelixFX
This is an example of a good trade. Just to make clear how my trading works. If you don't believe pm me, I show you some live performance.
Thank you Felix, it is really was not my intention to think that I do not believe you, I only want to understand your chart, because this trade Iam in live and I saw your chart was old one, only this
  • #19
  • Apr 28, 2013 8:08am Apr 28, 2013 8:08am
Quoting elhwaan
{quote} Thank you Felix, it is really was not my intention to think that I do not believe you, I only want to understand your chart, because this trade Iam in live and I saw your chart was old one, only this
Np mate, in next weeks y will see enough live charts/trades.
Poshcom
  • #20
  • Apr 28, 2013 12:21pm Apr 28, 2013 12:21pm
Hi all,

Nice system... let's performance nexts weeks
Possible trade in NZDUSD short, pinbar in a resistance... what you think?
also AUDNZD for long....

Thanks.
Xavi.
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