Nice EURUSD bounce on the chart. Trying for 20 pips, since there's a major resistance ahead.
Attached Image (click to enlarge)
4 Hour Strategy (MACD)
Hallo!
I've been reading here for quite some time and have learned a lot and tried a lot.
Yesterday at 4pm (my time = GMT+1, Austria) i thought, I'd have a nice setup in USD/JPY.
I've no idea, what was wrong with this setup. I would be grateful for any explanations. Thanks a lot!
I've been reading here for quite some time and have learned a lot and tried a lot.
Yesterday at 4pm (my time = GMT+1, Austria) i thought, I'd have a nice setup in USD/JPY.
I've no idea, what was wrong with this setup. I would be grateful for any explanations. Thanks a lot!
- #27,045
- Feb 25, 2014 12:06pm Feb 25, 2014 12:06pm
- | Commercial User | Joined Nov 2006 | 2,223 Posts
Hallo! I've been reading here for quite some time and have learned a lot and tried a lot. Yesterday at 4pm (my time = GMT+1, Austria) i thought, I'd have a nice setup in USD/JPY. {image} I've no idea, what was wrong with this setup. I would be grateful for any explanations. Thanks a lot! {image}
- #27,046
- Feb 25, 2014 12:15pm Feb 25, 2014 12:15pm
- | Commercial User | Joined Nov 2006 | 2,223 Posts
I think this should be enough prove that one can make money from Forex. It was high risk price action random trading which is the most difficult to do. There was no strategy trading this. This should prove to you that if you have a strategy trading the same setup constantly that has been proven by backtesting that it gives you the edge you will end up positive. Get yourself a setup like the TC or RT/RB etc and trade it constantly and you will make money. Choose a 4H candle closure time that is suitable for you that you can be in front of the computer and see how many setups occur in a year at that 4H candle closure and how many pips would have been made and lost and see what is the outcome. Then you will have an expectancy per month and can do your trading position accordingly.
Regards
Phillip
Regards
Phillip
- #27,047
- Feb 25, 2014 12:54pm Feb 25, 2014 12:54pm
Nice EURUSD bounce on the chart. Trying for 20 pips, since there's a major resistance ahead. {image}
Thanks for posting - it gives us all a chance to question why we would or would not take a trade. We all learn from each other - it's a Win/Win.
- #27,048
- Feb 25, 2014 12:57pm Feb 25, 2014 12:57pm
I think this should be enough prove that one can make money from Forex. It was high risk price action random trading which is the most difficult to do. There was no strategy trading this. This should prove to you that if you have a strategy trading the same setup constantly that has been proven by backtesting that it gives you the edge you will end up positive. Get yourself a setup like the TC or RT/RB etc and trade it constantly and you will make money. Choose a 4H candle closure time that is suitable for you that you can be in front of the computer...
Thanks for keeping an eye on us. We appreciate your presence.
- #27,052
- Feb 26, 2014 1:27am Feb 26, 2014 1:27am
Possible head and shoulder pattern on the EUR/AUD {image}
I do want to share something though and it is all about what Phillip tells us when Price is stuck between the 89 & 200 ma's.
I have attached the link to his PDF - the Heart of this System which explains how we can expect price to move until it breaks out and forms another strong direction.
Keep us posted buddy.
- #27,053
- Feb 26, 2014 1:32am Feb 26, 2014 1:32am
Possible head and shoulder pattern on the EUR/AUD {image}
A picture is worth a thousand words (your charts)
Extra information in writing to reinforce what you are learning.
Your trendlines are nice and it goes with Phillips video on the UJ.... trading away from the trendlines..
He says you will be wrong once...but if this is a head and shoulders then you would be correct... happy days
Please keep us informed on this trade as i don't have this pair open on my mt4. (i've got too many pairs already open)
- #27,054
- Feb 26, 2014 1:35am Feb 26, 2014 1:35am
Possible setup. Comments welcome! {image}
I see your thinking on the Kiwi and there is a signal brewing on my charts as well. But I have more reasons to let this pass than to make a play to go long.
Sharing it with you - how do we tackle this . What about a nice BPM if & when price breaks into that Resistance Zone ( Yellow )??
- #27,055
- Feb 26, 2014 1:38am Feb 26, 2014 1:38am
Hallo! I've been reading here for quite some time and have learned a lot and tried a lot. Yesterday at 4pm (my time = GMT+1, Austria) i thought, I'd have a nice setup in USD/JPY. {image} I've no idea, what was wrong with this setup. I would be grateful for any explanations. Thanks a lot! {image}
Welcome mate. You got a nice welcome from the boss didn't you.??
Looking forward to seeing you posting & commenting with us. This is a great place to be.
- #27,057
- Feb 26, 2014 1:45am Feb 26, 2014 1:45am
- | Joined Dec 2013 | Status: It's all about S/R | 256 Posts
{quote} Hey there Lifer - how's the new apartment buddy. When do we get the invite for the Roof Shout
Apartment is great but still waiting for my internet!!
- #27,060
- Feb 26, 2014 1:20pm Feb 26, 2014 1:20pm
[quote=yaakruay;7306165]
Good post Richard - the market sure has a knack of proving us wrong when we try to guess what might happen
No damage though, we just wait for price to tell us where its going. This latest candle is testing the Support as we speak so will it hold & return back to the upper line??
If your Short idea comes in to play then we will jump on board - any long term targets just as a matter of interest ??
{quote} I'm not adding new here, just confirming what happened for my benefit for the future. When TC's do not work like clockwork. Price is in consolidation mode, moving between trendlines. Trade from the trendlines or sit out until price is running again. My question is...what is this pair doing? Are you waiting to sell from the next retrace up or waiting to buy from a support level.. My tea leaves are saying sell and search out a nice sell level.. {image}
No damage though, we just wait for price to tell us where its going. This latest candle is testing the Support as we speak so will it hold & return back to the upper line??If your Short idea comes in to play then we will jump on board - any long term targets just as a matter of interest ??