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Price Action Pattern Recognition Live Trading

  • #21
  • Nov 21, 2015 1:38pm Nov 21, 2015 1:38pm
Seems that your profit target is often as big as your stop sometimes smaller as in picture of last trade ?

Best regards
  • #22
  • Nov 22, 2015 6:04pm Nov 22, 2015 6:04pm
Quoting jgadefelth
Seems that your profit target is often as big as your stop sometimes smaller as in picture of last trade ? Best regards

Hi Jgadefelth

Indeed Sometimes I will take profit targets under my initial stop. While most people will preach that you must have 1:1 or better ratio's I tend to initially put my stops in the correct locations and adjust them when i see how the market is reacting to the zone. When trading flag patterns your win rate is over 70% probability so generally you will not have too much problem even when taking some losses. You will also find that when trading the idea of always getting 4:1 ratio's and 5:1 ratio trades will not be profitable as the market noise will generally hit your stop and you will take many losses which hurt your overall trading psychology.
  • #23
  • Nov 22, 2015 6:12pm Nov 22, 2015 6:12pm
Quoting fad-wijaya
{quote} I see in the market today, at usd jpy prices actually down. indeed although there is a tendency prices will rise, therefore need to be given a stop loss. I think this flag pattern is good in the larger time frame, is'nt it?. By the way I like this thread coz very simple and easy, and clean chart. very nice
Hi Fad

Indeed on Friday we saw that the USD JPY was down for that day an did not recover. With all pattern trading having the stop in the right position is extremely important as this will allow you to ride out the market chop/noise. Once i have made a decision on a trade i set mobile alerts to send me text messages if key levels have been hit and then. I am still confident in my USD JPY trade and will leave the trade in unless I get a clear signal that shows me to be out. I will off course post this in the thread to keep you guys updated.

Longer Term Time Frames:

Yes I generally recommend longer term time frames for pattern trading. You need to be more patient but in the long run you will have more success with your trading and less stress. Especially if you are working as you begin your trading journey.


Happy Trading
  • #24
  • Nov 22, 2015 6:27pm Nov 22, 2015 6:27pm
Hi Guys

Thought i might share my first new trade of this week. Looking at USD CHF long.

Attached Image (click to enlarge)
Click to Enlarge Name: USD CHF FLAG 30 min.png Size: 48 KB

Attached Image (click to enlarge)
Click to Enlarge Name: USD CHF FLAG.png Size: 90 KB
  • #25
  • Nov 23, 2015 8:13am Nov 23, 2015 8:13am
I really like this thread. Nice chart with clear explanation.

I've been trying to trade flag pattern before, but never consistent enough to trade it on live account. Mainly because I often fall into the trap of looking for perfect geometry and angle, that cause me over analyzing the chart.

Looking forward for your chart & analysis, especially the live one (hindsight is OK, but we all already know that we're very good at hindsight isn't it?)
  • #26
  • Nov 24, 2015 7:38am Nov 24, 2015 7:38am
Hi Larry,

this forum looks very interesting indeed with attachments...but im quite curios though, you only trade on flags here, is it the highest probability trade?
  • #27
  • Nov 27, 2015 11:14pm Nov 27, 2015 11:14pm
Quoting larryowens
{quote} Hi Darshanag Money Management: My money management rules are based on scoring system i have for my trades and generally i use between 1-3% of my trading balance per trade. My systems are based on 4HR Daily and Weekly charts so I focus on cutting out the smaller time frame noise as that was originally my major fault when it came to pattern/price action trading. Take Profit Stop Loss: When you trade patterns such as flag pennants etc you will always have hard and fast stop loss areas. I like to place them below these patterns but also draw...
Thanks for clarifying... will follow the thread carefully to learn more. ATM, long way to go in properly understanding how to read patterns.. cheers!
  • #28
  • Nov 30, 2015 4:05pm Nov 30, 2015 4:05pm
No more example?
I really like this trade method!
  • #29
  • Dec 3, 2015 6:26pm Dec 3, 2015 6:26pm
Hi Guys

Still Trading just not to many setups over the last week/ staying out of the news's way.

I Closed the USF CHF at 80% of the length right near the top. Closed the USD JPY when it came back through at break even due to the pattern taking too long and have now entered an AUD USD long as you can see in the example below. Current Positions are AUD USD LONG and EUR USD SHORT which i have added too in my long term portfolio.

Attached Image (click to enlarge)
Click to Enlarge Name: AUD USD FLAG.png Size: 51 KB
  • #30
  • Dec 3, 2015 10:56pm Dec 3, 2015 10:56pm
Quoting larryowens
Hi Guys Still Trading just not to many setups over the last week/ staying out of the news's way. I Closed the USF CHF at 80% of the length right near the top. Closed the USD JPY when it came back through at break even due to the pattern taking too long and have now entered an AUD USD long as you can see in the example below. Current Positions are AUD USD LONG and EUR USD SHORT which i have added too in my long term portfolio. {image}
Thank you for your new example!
  • #31
  • Jan 16, 2016 10:10pm Jan 16, 2016 10:10pm
Quoting larryowens
Usd jpy flag pattern break long: {image}
Thank you, larryowens for the charts.

Hi guys,

anyone know how to code the mq4 to identify the flag pattern ?

or have seen the mq4 code in other web page?
  • #32
  • Jan 17, 2016 3:32am Jan 17, 2016 3:32am
Nice thread, I like pattern breakouts also

A/C could be good to short market open

2 targets below
Attached Image(s) (click to enlarge)
Click to Enlarge Name: AUDCADH41.png Size: 21 KB
Click to Enlarge Name: AUDCADH4.png Size: 25 KB
Come with me if you want to live....
  • #33
  • Jan 17, 2016 3:37am Jan 17, 2016 3:37am
or better?
retest ----------------

then break
Attached Image (click to enlarge)
Click to Enlarge Name: AUDCADH4.png Size: 26 KB
Come with me if you want to live....
  • #34
  • Last Post: Apr 19, 2016 11:24pm Apr 19, 2016 11:24pm
I'm back to show a few trades. Here is an EUR CAD I took Recently. I will be posting more frequently again as i have freed up an hour a day to help people out here.

Attached Image (click to enlarge)
Click to Enlarge Name: EUR CAD Flag.png Size: 43 KB



Also for anyone interested in finding out more about price action you might want to check out this udemy course its pretty good from what i have seen for the price.

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