PA by Julexo

Julexo can you help me please.

This is daily chart of euraud.
When you trade M15, do you watch engulfings from the recent trend ( in blue elipse ) ?
or you watch engulfings from the previous trend ( in green elipse ) ?

Julexo, can you write something about your trading plan please

Let's see how this will work out

Well, they all worked out pretty well, except for the first order on the EJ, but happily the remaining orders covered the small loss several times I can see that UJ has broken through 109.000 and I got the pullback, so I sold again @ 108.920 and I really hope that this works out, otherwise it would be a dead-end street for my small account.

EDIT: And it did work out too. So far so good, stop is already moved below .920 so I am free to go get some lunch.

Man I love this journal.

Hi Julexo
will post charts here if you don't mind. Want to find some home and your way of trading suits me best as I am limited to 4 hours of New York session only.
I will try to take only setups according to your approach, so would be nice, when you are around to correct me, as much as you are willing to waist your time on teaching me
Just realised recently that I would be already much better of, if I took profit quick instead of waiting for more and ending up in loss or BE.
I remember you saying that the easiest money are to be made when the big guys come to the market for short period of time.
I also think that the S/D idea works best on small TF cos its not affected by fundamentals.
But lets stop chit chat and start trading

Looking ozz long just waiting to get m30 pa valid

yes I watching in same time you have to wait pa as well not blindly enter the trade...doesnt matter if in past was there enguilf

got quick 12pips

Nice to see old friends and new.

I hope Julexo won't mind if I share some thoughts about the trading plan. Remember you have 3 enemies 1. Fear, 2. Greed and 3. Ego. The trading plan is very important because it can help you keep these enemies in check. The problem all of us face is not having the discipline to follow our own plan. Read that last sentence again and again. Trading is a game of confidence and after thousands of hours in front to the charts you will begin to see things. Then you will begin to gain confidence. By this time your trading plan has become ingrained into every fiber of your existence without even thinking about it. Understand that in trading there is no Holy Grail, there is only you. You must develop your own trading plan, your own Holy Grail of what works for you.

Easier said than done...

Who are you really? How were you raised? What events in your life have molded your way of thinking and being? What is your tolerance for pain? Do you have any addictions? I ask this because trading can be very addictive. Do you have a lot of drama in your life? If so, trading may not be for you. Learning to trade has taught me more about myself than I really wanted to know. Remember that more than 90% of retail traders fail.

Still interested?

What type of trader do you want to be? Scalper? Swing? Position?
What is your Risk Profile and do you have a Money Management plan? You need one. If your new to trading I would start with no more than 1% total risk.
What minimum Risk to Reward level will you use?
How will you size your positions? Are you in the US? Remember US residents in the land of the free have more regulations to deal with than the rest of the world.
Which market(s) will you trade? London? US? Asia?...
What trading systems do you use? What is the % rate success for each of these? Suggested is to back test 200 trades for each system to determine the success rate. Remember, if you are right 60% of the time and trade with a minimum 1:2 risk to reward, you will likely become a successful trader.
How will you determine your entries?
Where will you place your stop loss and why? When will you move your stop loss to break even and why?
When will you add to your position and why?
More important, how will you determine your exits? If you don't have a take profit defined, you cannot figure out your risk to reward ratio and have no business being in the trade.
When will you take partial profits and let the remainder run?
Never underestimate the importance of keeping a journal. Write down what you were thinking about each trade, include screen shots of your charts etc...

There are volumes written about the trading plan and less about money management. Your goal will be to simplify your trading plan - your holy grail.

Remember most novice traders think about how much money they can make where as most professional traders think about how much money they can lose.

Good luck,

Happy Trades

Some recent winners using pa and sd, screen shots taken at time of entry:

all is here for others...Thanks fxstir

Thank you Julexo. It has been a long time and it is good to see you here again

Thank You, appreciate your time and effort to write it.

Jabloko,

Thank you for your kind words.

Here are some books I suggest for anyone who is looking to improve their trading skills. Some of them have nothing to do with trading and yet they have everything to do with trading:

As a Man Thinketh, James Allen
Reminiscences of a Stock Operator, Jesse Livermore
Technical Analysis From A to Z, Steven B. Achelis
The Four Agreements, Don Miguel Ruiz
Tools and Tactics for the Master Day Trader, Oliver Velez & Greg Capra
Trade Your Way to Financial Freedom, Van K. Tharp
Trading in the Zone, Mark Douglas

Happy Trades

Will be looking for some h4 zones and bear engulf in white daily area ahead of dollar news tomorrow...

Its about time we get some price action traders back Thanks for coming back. Will look forward to your posts.

Hello all!!!

Thank you Julexo for this wonderful thread!!

after i read all thread, i start to trade SD levels on demo account and make profit instantly, after trading demo couple of months i decide to go live, now im trading live account allmost one month and make more than 100% gain

So thank you Julexo and other traders, you change my way of trading

i will post my charts later here...

Here cuople of my trades from last week...

Best trade from this week EURJPY, finally exit...

Not so good week but make little bit profit