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Price action and pattern trading

  • #21
  • Jan 14, 2016 1:46am Jan 14, 2016 1:46am
Quoting renasdad
I've been watching this one for a while now. Looks like its about time to get in long in this one.​ {image}
are you a long term trader?
(.)(.) think first ...
  • #22
  • Jan 14, 2016 2:00am Jan 14, 2016 2:00am
Quoting renasdad
I couldn't help it. It broke above the trendline and I got in. The red arrow is where I took another long. This is trading based on price action solely​ {image}
Do you use technical analyses for your trades/ entries/ exits? I´m asking because from the technical site, the entry is very bad.
(.)(.) think first ...
  • #23
  • Jan 14, 2016 2:13am Jan 14, 2016 2:13am
Quoting maximumguita
{quote} Do you use technical analyses for your trades/ entries/ exits? Im asking because from the technical site, the entry is very bad.
​

I actually trade short term, long term, and mid term so to speak. There are times I look at a chart and see where I can get a quick profit (a cpl hrs) and some trades I make can last for a few weeks. It all depends on what I see on the charts. I don't have a problem getting into trades. My problem is when to exit them. I think with the way I trade, the best thing for me to do it learn a little more about Fibonacci levels to exit.

What entry are you talking about?
JOHN 3:16
  • #24
  • Jan 14, 2016 2:50am Jan 14, 2016 2:50am
Quoting renasdad
{quote} ​ I actually trade short term, long term, and mid term so to speak. There are times I look at a chart and see where I can get a quick profit (a cpl hrs) and some trades I make can last for a few weeks. It all depends on what I see on the charts. I don't have a problem getting into trades. My problem is when to exit them. I think with the way I trade, the best thing for me to do it learn a little more about Fibonacci levels to exit. What entry are you talking about?
The Entry what im talking about was Post nr. 19 My question if you trade long term is because, you are posting trades from 5 min TF to Weekly. Further more there is not entry marked on the picture from the EURGBP trade. I would prefer there a Pullback before entering the market. I attached a picture of my view to this pair, very similar to yours

Attached Image (click to enlarge)
Click to Enlarge Name: eurgbp.png Size: 25 KB
(.)(.) think first ...
  • #25
  • Jan 14, 2016 3:07am Jan 14, 2016 3:07am
Quoting maximumguita
{quote} The Entry what im talking about was Post nr. 19 My question if you trade long term is because, you are posting trades from 5 min TF to Weekly. Further more there is not entry marked on the picture from the EURGBP trade. I would prefer there a Pullback before entering the market. I attached a picture of my view to this pair, very similar to yours {image}

That's what I thought you were talking about but wasn't quite sure. I'm not in on this one yet but I am waiting for the right time. As I read this and was replying the 1 hr bar closed so I had to check my charts. My next post will show where I got in.​
JOHN 3:16
  • #26
  • Jan 14, 2016 3:10am Jan 14, 2016 3:10am
Here is where I entered eurgbp.
Attached Image (click to enlarge)
Click to Enlarge Name: eurgbp1.png Size: 66 KB
JOHN 3:16
  • #27
  • Jan 14, 2016 3:20am Jan 14, 2016 3:20am
Quoting renasdad
Here is where I entered eurgbp. {image}
??? maybe i understood you wrong but you told you where in and i think, from a technical site, the entry is bad.
Attached Image (click to enlarge)
Click to Enlarge Name: usdcad5.png Size: 66 KB
(.)(.) think first ...
  • #28
  • Jan 14, 2016 3:24am Jan 14, 2016 3:24am
I should also mention, when I say I entered, I didn't enter much. The reason I get in when I do is to start compounding. With the time it is and the European markets are just opening and the big bullish bar with a strong close makes for a good indicator for me. In the past I have sat on the sidelines waiting and waiting for price to drop to go long or rise to go short. I am a risk taker, have been my whole life. My stop loss for this first trade will be set at .7385.
JOHN 3:16
  • #29
  • Jan 14, 2016 3:28am Jan 14, 2016 3:28am
Quoting renasdad
I should also mention, when I say I entered, I didn't enter much. The reason I get in when I do is to start compounding. With the time it is and the European markets are just opening and the big bullish bar with a strong close makes for a good indicator for me. In the past I have sat on the sidelines waiting and waiting for price to drop to go long or rise to go short. I am a risk taker, have been my whole life. My stop loss for this first trade will be set at .7385.
Why .7385 sorry that make no sense for me. Can you explane?
(.)(.) think first ...
  • #30
  • Jan 14, 2016 3:30am Jan 14, 2016 3:30am
Quoting maximumguita
{quote} ??? maybe i understood you wrong but you told you where in and i think, from a technical site, the entry is bad. {image}
You are quoting me talking about eurgbp and using one of my charts from usdcad. I have been in on usdcad but just got in more on that pair.​
JOHN 3:16
  • #31
  • Jan 14, 2016 3:38am Jan 14, 2016 3:38am
Quoting renasdad
{quote} You are quoting me talking about eurgbp and using one of my charts from usdcad. I have been in on usdcad but just got in more on that pair.​
Sorry i was talking about both and to clear that i attached your picture. Sorry for the confusion that i have produced

well, i´m very interested in price action and have to lern some things there
(.)(.) think first ...
  • #32
  • Jan 14, 2016 3:45am Jan 14, 2016 3:45am
Quoting maximumguita
{quote} Why .7385 sorry that make no sense for me. Can you explane?
I'm a risk taker. I know that is quite a drop but I also don't trust any brokers either. I am very confident that I am right with this going up so the last thing I want to do is have a SL too close so I would get stopped out. The way I usually trade, I don't even use a SL but I know that today there is some things coming out for GBP later that could effect price for a little bit. My apologies for not being able to take what I see and think and put them into words at times. ​
JOHN 3:16
  • #33
  • Jan 14, 2016 3:49am Jan 14, 2016 3:49am
Quoting maximumguita
{quote} Sorry i was talking about both and to clear that i attached your picture. Sorry for the confusion that i have produced well, im very interested in price action and have to lern some things there
For me, price action is key. I love looking at a 1 min chart and can see where price will go with a really good chance I'm right. But I would never trade on that short of a time frame. OLHC bars are awesome. I have so much thanks to some of the guys that used to be on here for learning from them. ​
JOHN 3:16
  • #34
  • Jan 14, 2016 4:15am Jan 14, 2016 4:15am
This is just a little bit of what I look at. That bar highlighted in blue tells me I'm right. It doesn't really even matter what timeframe I'm looking at. The European markets just opened and we are getting higher highs. There is also a bullish flag in there as well.
Attached Image (click to enlarge)
Click to Enlarge Name: eurgbp5.png Size: 62 KB
JOHN 3:16
  • #35
  • Jan 14, 2016 4:24am Jan 14, 2016 4:24am
That was the easy part. The hard part for me is when to take profits. If I could figure that out, I would be rich​
JOHN 3:16
  • #36
  • Jan 14, 2016 4:31am Jan 14, 2016 4:31am
Quoting renasdad
{quote} For me, price action is key. I love looking at a 1 min chart and can see where price will go with a really good chance I'm right. But I would never trade on that short of a time frame. OLHC bars are awesome. I have so much thanks to some of the guys that used to be on here for learning from them. ​
okay
(.)(.) think first ...
  • #37
  • Jan 16, 2016 9:27pm Jan 16, 2016 9:27pm
Posting this for me to look back on. The lines should explain a lot of it. This is USDJPY weekly​
Attached Image (click to enlarge)
Click to Enlarge Name: usdjpy weekly.png Size: 46 KB
JOHN 3:16
  • #38
  • Jan 17, 2016 3:42am Jan 17, 2016 3:42am
Seems viable - along with a nice tight stop loss - I think I'll go for it as soon as pattern occurs in daily. (was thinking the same although profit target differs a bit). GL
  • #39
  • Jan 17, 2016 4:30am Jan 17, 2016 4:30am
Quoting DemoAntares
Seems viable - along with a nice tight stop loss - I think I'll go for it as soon as pattern occurs in daily. (was thinking the same although profit target differs a bit). GL
I​ didn't say anything about a profit target. The lines I put on there are just short lines. Where I stopped them at has nothing to do with where I would thing price will go. But looking at a longer timeframe, its in a downtrend and at this point and what I see, price is going to go down. Just have to wait and see if it retraces or drops. Next week when the markets are open, I will post more when I have the time.
JOHN 3:16
  • #40
  • Jan 18, 2016 12:28am Jan 18, 2016 12:28am
A couple good times to short usdjpy. Looking at 5 min chart​
Attached Image (click to enlarge)
Click to Enlarge Name: usdjpy 5m.png Size: 72 KB
JOHN 3:16
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