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Pure Price Action Trading

  • #341
  • Apr 24, 2015 8:01am Apr 24, 2015 8:01am
You did blow your accounts before but now you trade on 1 Lot per position. That is a lot. How long it took for you to get good habbits and stop losing money?
Pure Price Action Trading
  • #342
  • May 1, 2015 3:41am May 1, 2015 3:41am
A few tips to make to enhance your trading https://joetradingplace.wordpress.co...ad-to-success/
  • #343
  • May 1, 2015 3:43am May 1, 2015 3:43am
Quoting Monterson
You did blow your accounts before but now you trade on 1 Lot per position. That is a lot. How long it took for you to get good habbits and stop losing money?
It took a few years, the road wasn't easy but i was dedicated and i wasn't going to give up. I used every mistake as a lesson and thats how i grew as a trader.
  • #344
  • May 1, 2015 9:10am May 1, 2015 9:10am
I will have a look on the books you recommend.

Please take a look at my picture of GBPUSD.

Is this a new down trend in your opinion or just pull back?
EURUSD and USDCHF stay still.

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Pure Price Action Trading
  • #345
  • May 2, 2015 4:18am May 2, 2015 4:18am
Good way to learn and grow as a trader https://joetradingplace.wordpress.co...r-performance/
  • #346
  • May 2, 2015 4:34am May 2, 2015 4:34am
Quoting Monterson
I will have a look on the books you recommend. Please take a look at my picture of GBPUSD. Is this a new down trend in your opinion or just pull back? EURUSD and USDCHF stay still. {image}
If i say i know if its a new trend, i will be lying to you. But what i do as a price action trader is to react to what price does, i don't anticipate things. In regards to gbpusd, i still have a long trades 1.4650, i will lock my profits by trailing SL to 1.4950 when the market open, but that move down has been too sharp for me, i prefer W reversals....i won't be doing anything on this pair now, i would like to see price settle down and move in a calmer manner than that V shape drop. Watch the support at 1.500. I would like to see buyers failing to push higher two more times, then i can look to short. Hope this explanation makes sense

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  • #347
  • May 2, 2015 5:15am May 2, 2015 5:15am
CHALLENGE ACCOUNT UPDATE

I am a trend trader i dont usually focus on the monthly results, i focus on the quarterly results, but i will update you on the challenge account. But in future it will be updated quartely. I have had some good trades, but not as good as when the market is trending well. I managed to keep cutting my losses and taking partial profits to take advantage of small trends. As a trader you have to be flexible and adapt to the market conditions..if for example eurusd is in a 200 pip rangei cant try to trade with profit targets of 400 pipsbecause i can see that it is struggling to even move 200 points.so be realistic with how you set your profit targets. I know that your target should be more than your SL so that yu win more than you lose, but if the market cant give you that, dont force, just stay out until the market condition is conducive for your trading style.
I took 11 trades this month, but they look like many because i take 6 micro lots, and on MT4 it looks like i took 66 trades. I might go through each trade and show you WHY i took the trades and how i managed it. Managed to bank 1884 pips on 11 trades

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  • #348
  • May 4, 2015 6:52am May 4, 2015 6:52am
Yes, your explanation is great.
I also don't believe in sharp V moves, especially if that was Friday and traders close their weekly positions.

So we should expect slow move up and then if bulls can't keep the price above recent resistance level then this would be early reversal signal "W".

Another question:

I see on your listing of your trades that you trade a lot of currencies on the same time, and if I am not wrong you usually open few positions for 1 Lot each. How do you manage this? Your account must be huge even if you trade on few accounts. Or you only trade lots of currencies on small accounts?
Pure Price Action Trading
  • #349
  • May 4, 2015 8:01am May 4, 2015 8:01am
Quoting Monterson
Yes, your explanation is great. I also don't believe in sharp V moves, especially if that was Friday and traders close their weekly positions. So we should expect slow move up and then if bulls can't keep the price above recent resistance level then this would be early reversal signal "W". Another question: I see on your listing of your trades that you trade a lot of currencies on the same time, and if I am not wrong you usually open few positions for 1 Lot each. How do you manage this? Your account must be huge even if you trade on few accounts....
I agree with you there, price needs to retest the recent high and if it fails, a drop is possible. This account is a challenge account, i am using an initial capital of £400 pounds look here https://joetradingplace.wordpress.co...unt-challenge/ . I don't trade a lot of currencies, but when i trade i place multiple lots to try and take advantage of trends, i want to have the cake and eat it at the same time. By that i mean that i can take partial profits, whilst i let other lots to run and take advantage of the trend. By doing that, i make sure that if the market doesn't trend that much, i already have taken some profits off the table and these small winners are good to cover for the small losses. I will give yu the example of my gbpusd long...i took 6 lots at 1.4650 and i took partial profits, now i only have 1 lot left running, trying to take advantage of the trend...if that position is stopped put, i have already banked some profits . If you look at my post on challenge account update yu can see that its only 11 trades i took in April. Hope that answers your questions.

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  • #350
  • May 4, 2015 8:07am May 4, 2015 8:07am
Are yu still in your short trade on Gbpusd, it is looking good?
  • #351
  • May 4, 2015 10:07am May 4, 2015 10:07am
Check the scenario i mentioned before on price and time developing on Nzdcad (hourly chart) https://joetradingplace.wordpress.co...ime-revisited/
  • #352
  • Edited 7:45am May 5, 2015 6:16am | Edited 7:45am
Yes, I am still short on GBPUSD. I don't even try to look at NZDCAD. Too many pairs is not good for me at the moment even if they are not related to USD, GBP, EUR.
I fully understand your technique even places where you put Stoplosses and Takeprofits. I usually keep my chart settings to that one you put in the beginning of this thread as you can see from my last pic. I constantly go back and read again and again your posts on this thread.

I got two accounts. First one is in euro-cents (2096 euro-cents) that I have from 2011 where I usually trade 0.1 Lot, and second account in Dollars where I started with $500 two months ago and at the moment have $80. This is that one I was trading when told you before that I used to be successful but my technique gone. Since we talked about my mistakes I hit the bottom with $12 only and now I'm slowly picking up.
Why do I say that? Because I do not want to put money into it. I want to trade carefully just like you. I decided to trade only 3 pairs GU, EU and USDCHF and know them better. I am patient person.
On first account I am much more successful. This is because I use your technique - well I can afford to put bigger stoplosses which I can't do it on smaller account. On second account I am also swing trader but trying to picking up slowly and keep position usually few hours only until next pullback. Ridding the trend but with jumps in and out.
My problem is still keeping positions open for short time. Every pullback I close.
Second problem is that I am not comfortable to open 6 positions and set few targets yet but I know I have to.
I work on weekends so I can concentrate on forex Monday to Friday 6am - 6pm usually.

What should I do in your opinion? Keep fighting for every pip and slowly build up an account or put few hundreds into it and trade swing trading easily?
(Look at my accounts. Euro-cent shows 7000 but this is because broker keep only 3 months back).
Pure Price Action Trading
  • #353
  • May 5, 2015 9:28am May 5, 2015 9:28am
I got another question.
I live in Southampton, UK and I see that number of imported containers are drastically dropping starting March. Everybody though that January and February will be worst months but they were ok, but now really bad. Even english PMI were bad for last month. If I am not wrong lower import (same export) should increase value of GBP in longer term. How do you think my friend?
Pure Price Action Trading
  • #354
  • May 5, 2015 10:58am May 5, 2015 10:58am
Quoting Monterson
Yes, I am still short on GBPUSD Nice trade there you are at an advantage now, but if you had played multiple positions, you can scale out whilst you hold other positions to take advantage of the move. I don't even try to look at NZDCAD. Too many pairs is not good for me at the moment You have a good point there, focusing a few pairs now, but as you gain experience in trading price action, yu can trade any markets.even if they are not related to USD, GBP, EUR. I fully understand your technique even places where...
Hope this answers your questions
  • #355
  • May 5, 2015 11:01am May 5, 2015 11:01am
Quoting Monterson
I got another question. I live in Southampton, UK and I see that number of imported containers are drastically dropping starting March. Everybody though that January and February will be worst months but they were ok, but now really bad. Even english PMI were bad for last month. If I am not wrong lower import (same export) should increase value of GBP in longer term. How do you think my friend?
I am not good at fundamentals, i only trade what i see on the charts. i believe fundamentals i already priced in price. But if you see it working for you thats good.
  • #356
  • May 5, 2015 11:04am May 5, 2015 11:04am
Quoting Monterson
Yes, I am still short on GBPUSD. I don't even try to look at NZDCAD. Too many pairs is not good for me at the moment even if they are not related to USD, GBP, EUR. I fully understand your technique even places where you put Stoplosses and Takeprofits. I usually keep my chart settings to that one you put in the beginning of this thread as you can see from my last pic. I constantly go back and read again and again your posts on this thread. I got two accounts. First one is in euro-cents (2096 euro-cents) that I have from 2011 where I usually trade...
Oh nook, i have answered all your questions in the quote in red, but its not showing the whole post...
  • #357
  • May 5, 2015 12:14pm May 5, 2015 12:14pm
Can you write them here again for me please?
Pure Price Action Trading
  • #358
  • May 5, 2015 12:15pm May 5, 2015 12:15pm
Quoting Monterson
Can you write them here again for me please?
i had wrote a lot of stuff, will post later when i have more time
  • #359
  • May 5, 2015 12:26pm May 5, 2015 12:26pm
It's really interesting that you do not look at major news. They change directions and sometimes push price 300 pips away.
In my opinion it is worth to know in what direction they will come, so you can calculate probability of reversal in pips. End of last week news for USD were positive but price did nothing. That was strong signal that USDCHF will drop below major support line. Sometimes market looks confused near S/R lines and news push it in or away. For last few months my prediction for major news is 100%. The funny is that the market sometimes after news release go in different direction which is also good signal.
Anyway I also believe that price contains news already.
Pure Price Action Trading
  • #360
  • May 5, 2015 2:28pm May 5, 2015 2:28pm
Yes, I am still short on GBPUSD. I don't even try to look at NZDCAD. Too many pairs is not good for me at the moment even if they are not related to USD, GBP, EUR. I fully understand your technique even places where you put Stoplosses and Takeprofits. I usually keep my chart settings to that one you put in the beginning of this thread as you can see from my last pic. I constantly go back and read again and again your posts on this thread. I got two accounts. First one is in euro-cents (2096 euro-cents) that I have from 2011 where I usually trade 0.1 Lot, and second account in Dollars where I started with $500 two months ago and at the moment have $80. This is that one I was trading when told you before that I used to be successful but my technique gone. Since we talked about my mistakes I hit the bottom with $12 only and now I'm slowly picking up I am glad you are slowly picking up and improving in your trading, make sure you keep the journal i posted a few weeks ago. Its an amazing tool to help you learn from your mistakes and improve your trading. Make sure you take the pic of chart before and after the trade, analyse where you made a mistake, if the trade was successful, analyse where you could have maximised profits. Why do I say that? Because I do not want to put money into it. I want to trade carefully just like you. I decided to trade only 3 pairs GU, EU and USDCHF and know them better ​I agree with you, focusing on a few pairs is brilliant, you can increase pairs as yu gain confidence in your trading ability. Because i believe that when you know price action you can trade any market. I am patient person. On first account I am much more successful. This is because I use your technique - well I can afford to put bigger stoplosses which I can't do it on smaller account The beauty of swing trading is that you can have a wider SL, as long as it is within your risk parameters, wider SL gives the market room to breath, you rarely get stopped out. Look at my April trades i didn't have any significant loss out of the 11 trades, i gave my trades enough room to breath without risking more than i can afford . On second account I am also swing trader but trying to picking up slowly and keep position usually few hours only until next pullback. Ridding the trend but with jumps in and out This problem can be fixed by trading multiple lots, that means yu don't need to be in and out of the market, you take advantage by taking partial profits and let the other positions run. Good example, look at my gbpusd long from 1.4650, i took 6 position, i have taken partial profits on 5 and i still have 1 position running. The open position has 500 pips unrealised profit, but its a cushion for me if i open a new long trade on this pair. Lets say i take another long trades now, my risk will be easily covered by the already open position. Hope yu understand what i am trying to say. My problem is still keeping positions open for short time If yu train yourself to trade with the trend following philosophy, yu can hold a trade for a very long time, as long as you have taken partial profits. You don't need to close your trade on every pullback as long as you are utilising multiple lots. Every pullback I close. Second problem is that I am not comfortable to open 6 positions and set few targets yet but I know I have to This will all come with experience and confidence in your trading ability, but now i recommend you to take the same trades you take on live and take them on demo with multiple positions and yu can notice the difference in the way you can manage the trade. Trading multiple positions make it easy to manage a trade and follow the trend. I work on weekends so I can concentrate on forex Monday to Friday 6am - 6pm usually. What should I do in your opinion? Keep fighting for every pip and slowly build up an account or put few hundreds into it and trade swing trading easily? I think its better to keep trading small until yu get profitable on the small account then you can add some funds, as long as yu are not depending on this account for income. Don't worry about how long it will take you to be successful if yu are dedicated yu will get there, its a long journey but it is worth it in the end. TRADING IS THE HARDEST WAY TO MAKE AN EASY LIVING!!!!!!!(Look at my accounts. Euro-cent shows 7000 but this is because broker keep only 3 months back).
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