Price action and pattern trading | Page 6 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Price pattern scanner where I choose the pattern 4 replies

Price Pattern Notifications/Trend Alert Price Action Scanner 7 replies

Price Action Pattern Recognition Live Trading 33 replies

Price Action and Chart Pattern Trading 5 replies

Price action pattern, and random thoughts 6 replies

Attachments: Price action and pattern trading
Exit Attachments

Price action and pattern trading

  • #101
  • Jan 21, 2016 3:12pm Jan 21, 2016 3:12pm
Quoting PrimalScien
Thanks for this Demo. Its a real learning curve you know? By the way, when I entered that trade GBP/JPY - I got lucky so far. It's hitting 438??? Lucky, could have gone the other way. Although this is only pretend money, not mine.
It's hitting .670 as we speak but don't react to that

Trading on hammer setups is sometimes painful since hammers alone are unreliable, but today's close above 4 last days' close/open is another reason to go for long. SL size is also huge...but thats what trading hammers means...you will rarely get a nice tight SL when trading hammers with extra long shadows like these 2 last ones.
  • #102
  • Jan 21, 2016 3:20pm Jan 21, 2016 3:20pm
When you estimate the profit target for an entry (btw profit targets are more important then entries themselves) you take several things into consideration:
1) candle closes above key pivotal lines (trendlines/support/resist)
2) DO NOT watch price action on lower timeframes. You get emotional that way and greed/fear WILL get the best of you eventually.
3) Watch for uptrend reversal signs and how strong they actually are - especially if those reversal candle patterns happen on pivotal lines.
4) Put on some indicators which you find valuable - but overall for a time frame this long (daily) nothing is needed, just perhaps 200 and 100 sma...It doesn't take a genius to see that 400 pip monster candle broke through lower bollinger band with 20 sma deviation, or that we are trading below all large framed moving averages (50,100,200) etc...
  • #103
  • Jan 21, 2016 3:21pm Jan 21, 2016 3:21pm
This has been a good trade.
Its learning patterns like this that actually helps also.
Thanks Demo.
Attached Image (click to enlarge)
Click to Enlarge Name: Screen Shot 2016-01-21 at 21.20.03.png Size: 845 KB
  • #104
  • Jan 21, 2016 3:26pm Jan 21, 2016 3:26pm
Quoting DemoAntares
When you estimate the profit target for an entry (btw profit targets are more important then entries themselves) you take several things into consideration: 1) candle closes above key pivotal lines (trendlines/support/resist) 2) DO NOT watch price action on lower timeframes. You get emotional that way and greed/fear WILL get the best of you eventually. 3) Watch for uptrend reversal signs and how strong they actually are - especially if those reversal candle patterns happen on pivotal lines. 4) Put on some indicators which you find valuable - but...
Thanks Demo.
I appreciate this.
I was trying some trading ideas last night and lost over $1100. I was trying to go with one trend, then it reversed, so I sold, lost, tried to go with the trend in the other direction, then it reversed again!! It happened on 5 different pairings.
Got really burned!
  • #105
  • Edited Jan 22, 2016 1:24pm Jan 21, 2016 3:36pm | Edited Jan 22, 2016 1:24pm
Check my posts in different threads last 30 days or so...You should get the general idea about how to start mentally comprehending the markets and trading in general. Also - it is a guaranteed loss while trading whilst learning. Try to limit your actions on demo until you start getting consistent results on it. Or continue trading live, but be sure it's the money you can afford to lose. I bet you've heard this a gazillion times, but saying it and doing it are two completely different things. Same like in life.

Compare these posts with posts I have been posting 3 years ago. (If you have the time) - you should notice I wasn't any different from Ipsula



It takes time/money/frustrations/hard work. It is the learning curve of financial markets' trading. Some get it within few years, some get it within 5 years (like me), believe it or not - some get it within 10 years, but vast majority never gets it.
Also - like in trading - life is absolutely the same - only trading is fast paced so changes occur much sooner than in life.
  • #106
  • Jan 21, 2016 3:43pm Jan 21, 2016 3:43pm
Yes will do!!

I agree, the losses mean nothing at the moment, but they do mean something. Contradictory I know but I am learning.
Once I go live (I don't know when that will be) I will guard my money as best I can.
I am currently trading with 1 Lot. This will be reduced to around 0.3 or 0.4 I think.

Worked hard for that money, don't want to throw it away that quickly!

I will check out your posts also! Thanks for the heads up there.
  • #107
  • Jan 21, 2016 3:44pm Jan 21, 2016 3:44pm
http://www.forexfactory.com/showthre...568569&page=13

this is where I posted for a while until trolls started bickering about everything xcept the subject...

There's also some other u might wanna check but not much..

Overall result in the last month, 2 traders asked me for help and asked many questions - end result is: both of them are not trading live now, and I even think they're keeping their distance from FF. (As I "recommended")
  • #108
  • Jan 21, 2016 4:11pm Jan 21, 2016 4:11pm
Quoting DemoAntares
http://www.forexfactory.com/showthre...568569&page=13 this is where I posted for a while until trolls started bickering about everything xcept the subject... There's also some other u might wanna check but not much.. Overall result in the last month, 2 traders asked me for help and asked many questions - end result is: both of them are not trading live now, and I even think they're keeping their distance from FF. (As I "recommended")
Yeah I got it.

To be realistic, doing this will not make me rich, in fact it may reduce my funds terribly!!
I study this in the evenings (if and when I can). If I get okay at it, then great. It would be nice to have some additional income, but I don't count on it.
I know there are traders doing this full time and I hope they are successful, I really do.
For me, when I do begin trading with my own money it will be touch and go.

But I know the risks.
good thread that! Well, apart from when it fell apart a little.

Thanks for sharing.
  • #109
  • Jan 21, 2016 4:16pm Jan 21, 2016 4:16pm
Web is pretty fragmented regarding candlestick patterns, but try to gather as much of it as possible - I started there and from there it was up up up. Each candle pattern has it's reliability etc, so include those in your trading "arsenal" as well...the more stuff you combine, the better, but of course noone can teach you winning/losing. It is unfortunately something you will have to experience and learn to cope with it. (Notice in some posts I equalize losing and wining from mental perspective).
  • #110
  • Jan 22, 2016 7:01am Jan 22, 2016 7:01am
Attached Image (click to enlarge)
Click to Enlarge Name: GBP trend reversal.png Size: 69 KB

We see a trend reversal pattern for GBP currently as it breaks the trend line. The bullish trend might be for a week and GBP might fall back again.
  • #111
  • Jan 22, 2016 8:47am Jan 22, 2016 8:47am
Quoting payaltaneja
{image} We see a trend reversal pattern for GBP currently as it breaks the trend line. The bullish trend might be for a week and GBP might fall back again.
Bullish trend might be for a day and then it might fall again. It might fall right away about now. It might go to 180.00 next week. It might go for a lower downtrend next week. It might do gazillion things of which we shouldn't be interested - what might happen and what you see happening are two completely different things. The word "might" is the trader's biggest enemy, and as soon as you exclude it from your trading dictionary, the sooner you will be on the right path.
  • #112
  • Jan 22, 2016 8:51am Jan 22, 2016 8:51am
Quoting DemoAntares
This might be an opening for me...need today's candle to stay "hammer" SL at lowest low of the hammers, TP as in picture. Close above the black trendline indicates and validates the potential trade as a successful one. I'm not a fan of entering on a hammer, but two hammers in a row...even a conservative bugger like myself cant "resist" it. Let's watch today's close... Forgot to edit, TP at 176.00 {image}
This is what we look for as a confirmation of a "risk on"...
  • #113
  • Jan 22, 2016 2:30pm Jan 22, 2016 2:30pm
Picture tells thousand words - well maybe not thousand but I could write alot more, this is just my point of view.
Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPY_Fri Jan 22 2016.png Size: 74 KB
  • #114
  • Jan 22, 2016 2:43pm Jan 22, 2016 2:43pm
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}
Yup, seems valid long entry. Try to assess stop loss level to make some sense - i.e. figure it our as a price level you don't want to see tested again. Close above those lines you drew are all long signal(s). TP is at next resistance which might be a former support - those 2-3 lows you saw months before...
  • #115
  • Jan 22, 2016 2:45pm Jan 22, 2016 2:45pm
I just answered on a post from page 1 - apologies
  • #116
  • Jan 22, 2016 3:12pm Jan 22, 2016 3:12pm
Just ordered

Profitable Candlestick Trading: Pinpointing Market Opportunities to Maximize Profits

Will arrive tomorrow...
  • #117
  • Jan 22, 2016 3:40pm Jan 22, 2016 3:40pm
Stay away from words (if i had a nickel for every time I said this): profitable, 100%, success, 75%+, news "feeds", "know how", skyrocket, etc...
Look for words that don't sell: consistent, patterns, reliability (NOT high reliability), beginner's, starter's, explained, etc...

judging about your "clothes" reply yesterday I know you know what I mean
  • #118
  • Jan 22, 2016 3:43pm Jan 22, 2016 3:43pm
HAHAHAHA!!!

Umm, might send it back then...

£60 FFS!
  • #119
  • Jan 30, 2016 11:50am Jan 30, 2016 11:50am
Here's an entry I didn't notice on Friday, was working all day and had additional obligations. Hope picture says it all. This entry would be ideal with vertical option spread, limiting the loss and profit alltogether.
If it opens with a gap up on Monday, I'd wait for a pullback to 17.40 level, otherwise if no gap I'll enter it. SL is strict, TP is strict, no moving around. If continues upwards after a potential gap, it's a missed trade and not worth taking.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: Boston Sci_Sat Jan 30 2016.png Size: 63 KB
Click to Enlarge Name: Boston Sci entry point criteria Sat Jan 30 2016.png Size: 68 KB
  • #120
  • Feb 1, 2016 12:51pm Feb 1, 2016 12:51pm
This trade is definitely over

on to Boston Scientific - need to setup a nice trailing, still thinking how much would be viable...
Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPY_Mon Feb 1 2016.png Size: 61 KB
0 traders viewing now