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MultiTimeFrame Trend Trading with Price Action

  • #21
  • Dec 10, 2014 2:45pm Dec 10, 2014 2:45pm
Let's see if will reject E / U at 1.2440 and U / J at 117.90 . Some resistance for E / U and support for U / J at these levels .
Make choices and don't look back !
  • #22
  • Dec 10, 2014 2:51pm Dec 10, 2014 2:51pm
Quoting Purec
Let's see if will reject E / U at 1.2440 and U / J at 117.90 . Some resistance for E / U and support for U / J at these levels .
Hi Purec;

Be sure to wait for relevant PA before entering any Trades.

We're seeing the first real signs of Weakness in the USD and Strength in the JPY
  • #23
  • Dec 10, 2014 3:10pm Dec 10, 2014 3:10pm
Quoting stevepatt
{quote} Hi Purec; Be sure to wait for relevant PA before entering any Trades. We're seeing the first real signs of Weakness in the USD and Strength in the JPY
I just said . I didn't say i will enter on any trade . Gonna wait to be sure
Make choices and don't look back !
  • #24
  • Dec 10, 2014 8:34pm Dec 10, 2014 8:34pm
Thanks for sharing your knowledge! Looking forward to leanring more about PA! Thanks again.
Be Patient....
  • #25
  • Dec 11, 2014 12:21am Dec 11, 2014 12:21am
Quoting stevepatt
I've been posting on Nihilist Thread here http://www.forexfactory.com/showthread.php?t=490220. As this has mainly been an Indicator based thread I've been told it would be a good idea to set up my own thread. My method of trading is Price Action (PA) led using the Daily charts, mostly, to take Trades. I take my Trade Bias from the Weekly chart and look for Pullbacks on the Daly Time Frame and look for PA at Support/Resistance/BRN/RN to take Trades with the Primary Trend (Weekly). I'm currently in two Trades AUD/USD and NZD/USD I've taken...

NZD/USD D1
GBP/USD H4

Taken out on a news spike on NZD/USD D1 Trade for a total return of +100.3 pips +0.63R

Also exited early on this Post 12 GBP/USD H4 Trade for a total loss of (-67.1) pips (-0.41R)

I'm going to have to re-think my Trade Management since I have been exiting 50% at 1:1 my average return has only been 0.18R.

This is far to low to sustain a positive Expectancy in the long term.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 11th Dec 14 NZD:USD D1 Chart.png Size: 121 KB
Click to Enlarge Name: 11th Dec 14 GBP:USD D1 Chart.png Size: 102 KB
  • #26
  • Dec 11, 2014 12:00pm Dec 11, 2014 12:00pm
GBPUSD 4H

It looks to me for a trend change. Opened long SL 52 pips just below 50%, will see what happen.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPusd1.jpg Size: 273 KB
  • #27
  • Dec 11, 2014 12:32pm Dec 11, 2014 12:32pm
Quoting Tronis
GBPUSD 4H It looks to me for a trend change. Opened long SL 52 pips just below 50%, will see what happen. {image}

Hi Tronis;

Thanks for posting your Trade.

You might well be correct, but I think, I'm going to wait to see how this Week closes.

At the moment it looks like we might be getting several Weekly Engulfing Candles which will certainly be a very good sign of Trend reversal.

I think the 1.57 RN still has some influence for the time being.
  • #28
  • Dec 11, 2014 2:19pm Dec 11, 2014 2:19pm
Subscribed.
  • #29
  • Dec 11, 2014 4:02pm Dec 11, 2014 4:02pm
Quoting Tronis
GBPUSD 4H It looks to me for a trend change. Opened long SL 52 pips just below 50%, will see what happen. {image}
  • #30
  • Dec 12, 2014 1:01am Dec 12, 2014 1:01am
I'm going to be away until Tuesday so I won't be around to answer any questions.

It will be interesting to see how this week closes definitely something to look at over the weekend.
  • #31
  • Dec 12, 2014 2:03am Dec 12, 2014 2:03am
Quoting stevepatt
I'm going to be away until Tuesday so I won't be around to answer any questions. It will be interesting to see how this week closes definitely something to look at over the weekend.
See you next week Steve
  • #32
  • Edited 4:13pm Dec 14, 2014 3:53pm | Edited 4:13pm
Coming week :

Take a close look at E / C . We are now at a major weekly ressistance level which acted as support in the past .

Personally , I'm looking to take a long at E / U if it passes 1.25 and then test it again . ( Stevepatt style ) .

I don't know why but I got this feeling that E / U will close this year around 1.27-1.28 . Personal opinion .

Edit : ALSO . AUD is weak . Check currency strenght meter by Nihilist . Now is right next to JPY . So long E / A and G / A after a pullback from weekly resisstance 3 is good
Make choices and don't look back !
  • #33
  • Dec 15, 2014 1:14pm Dec 15, 2014 1:14pm
Quoting Tronis
GBPUSD 4H It looks to me for a trend change. Opened long SL 52 pips just below 50%, will see what happen. {image}
GBPUSD didn't go as planned, got stopped out at -52 pips
USDJPY took short today. Currently about +90 pips. As the pair is still in very strong uptrend, didn't touch 50% and fundamentals are not in JPY favor, moved SL to +4 pips. Will see how this will go
Attached Image (click to enlarge)
Click to Enlarge Name: USDJPY.jpg Size: 255 KB
  • #34
  • Dec 15, 2014 1:33pm Dec 15, 2014 1:33pm
Quoting Purec
Coming week : Take a close look at E / C . We are now at a major weekly ressistance level which acted as support in the past . Personally , I'm looking to take a long at E / U if it passes 1.25 and then test it again . ( Stevepatt style ) . I don't know why but I got this feeling that E / U will close this year around 1.27-1.28 . Personal opinion . Edit : ALSO . AUD is weak . Check currency strenght meter by Nihilist . Now is right next to JPY . So long E / A and G / A after a pullback from weekly resisstance 3 is good

I am looking for long on E / U as well. Waiting to break 1.25 and for a pullback. I think it can go up to 1.28
  • #35
  • Dec 16, 2014 5:19am Dec 16, 2014 5:19am
Quoting Tronis
{quote} GBPUSD didn't go as planned, got stopped out at -52 pips USDJPY took short today. Currently about +90 pips. As the pair is still in very strong uptrend, didn't touch 50% and fundamentals are not in JPY favor, moved SL to +4 pips. Will see how this will go {image}

Hi Tronis;

The GBP/USD Trade was a little early to consider going long, but look at how last week closed with a Weekly Bullish Engulfing Candle.

There where several pairs closing, last week, with Engulfing Patterns this is a Strong Sign of Trend Reversal.

I always check the Weekly Close every week for PA that might set my following weeks Trading Bias.

Pity I haven't been around to take advantage of it.
Attached Image (click to enlarge)
Click to Enlarge Name: 16th Dec 14 USD:JPY W1 Chart.png Size: 134 KB
  • #36
  • Dec 16, 2014 8:30am Dec 16, 2014 8:30am
Quoting stevepatt
{quote} Hi Tronis; The GBP/USD Trade was a little early to consider going long, but look at how last week closed with a Weekly Bullish Engulfing Candle. There where several pairs closing, last week, with Engulfing Patterns this is a Strong Sign of Trend Reversal. I always check the Weekly Close every week for PA that might set my following weeks Trading Bias. Pity I haven't been around to take advantage of it. {image}
Hi Stevepatt,

Yes, it was a bit early. This morning took long again, looks like it will finally break higher. Just in case, if it will drop like a stone, SL moved to + 4 pips.
USDJPY closed at +280 pips, looking for a pullback and maybe short again
Attached Image (click to enlarge)
Click to Enlarge Name: GBPusd2.jpg Size: 279 KB
  • #37
  • Dec 16, 2014 11:19am Dec 16, 2014 11:19am
Quoting Tronis
{quote} Hi Stevepatt, Yes, it was a bit early. This morning took long again, looks like it will finally break higher. Just in case, if it will drop like a stone, SL moved to + 4 pips. USDJPY closed at +280 pips, looking for a pullback and maybe short again {image}

Hi Tronis;

Thanks for posting, I'm still waiting for Momentum to Break the Weekly Control Candle and a test and then Bullish PA to Trade Long.

Looks like you entered well from that Bullish Inside Candle it could well continue on it's way, North, from here.

Well done with the USD/JPY Winning Trade, what was your SL on that Trade?
Attached Image (click to enlarge)
Click to Enlarge Name: 16th Dec 14 GBP:USD D1 Chart.png Size: 118 KB
  • #38
  • Dec 16, 2014 12:02pm Dec 16, 2014 12:02pm
Quoting stevepatt
{quote} Hi Tronis; Thanks for posting, I'm still waiting for Momentum to Break the Weekly Control Candle and a test and then Bullish PA to Trade Long. Looks like you entered well from that Bullish Inside Candle it could well continue on it's way, North, from here. Well done with the USD/JPY Winning Trade, what was your SL on that Trade? {image}
Thanks Stevepatt, I learnt from You about Inside Candles. This was 8H TF Bullish Candle. I like to look and trade 8H TF because it makes less noise then 4H.
When I opened short on USDJPY my SL at the beginning was at 120.1
Attached Image (click to enlarge)
Click to Enlarge Name: USDJPY.jpg Size: 268 KB
  • #39
  • Dec 16, 2014 12:26pm Dec 16, 2014 12:26pm
Quoting Tronis
{quote} Thanks Stevepatt, I learnt from You about Inside Candles. This was 8H TF Bullish Candle. I like to look and trade 8H TF because it makes less noise then 4H. When I opened short on USDJPY my SL at the beginning was at 120.1 {image}

Hi Tronis;

So you made +2.5R return (+2.5 times your Stop Loss) If you can keep that R:R level you will need, no more than, 50% win rate to be profitable.
  • #40
  • Dec 16, 2014 1:21pm Dec 16, 2014 1:21pm
Quoting stevepatt
{quote} Hi Tronis; So you made +2.5R return (+2.5 times your Stop Loss) If you can keep that R:R level you will need, no more than, 50% win rate to be profitable.
Thanks Stevepatt, I always trying to take bigger profit then loss or at least the same as SL. I don't wait for weeks to run my green positions. It could be very annoying when from 500 pips goes down to 0. That's why I believe that will be another pullback where can take a trade again.
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