{quote} where do we see the compound retrace in those charts
{quote} How do you know when a retracement is legit? well you know when it gets to your TP. Probably not the answer you wanted, but that's trading , not all setups work. You just apply what you've learnt and it either works or it dosnt, its the risk we all take, there is no 100% certainty. Show me a chart Veni where it didn't work for you, so we can discuss it.
- #87
- Oct 28, 2016 5:36am Oct 28, 2016 5:36am
- Joined May 2007 | Status: MT4/MT5 EAs/Indicators/Alerts coder | 6,542 Posts
MT4/MT5 EAs/Indicators/Alerts coder
- #93
- Nov 2, 2016 9:42pm Nov 2, 2016 9:42pm
- | Joined Apr 2008 | Status: Trader | 1,040 Posts
Valid trades ?
Good Trading
Valid trades ? {image} {image}
We have a good example here of what to look for, you can see that on the 30m we have a clear trend showing HH's and LH's. So we are looking for the start of a Simple Retracement, as described earlier in the thread. When we see a completed green candle as shown by the white arrow we would change down to a lower T/F , in this case ,using a 30m chart, its most likely we would go to a 5m chart to reveal the compound retracement.
Once at the 5m chart we start looking for an entry to take us back up to the previous high on the 30m chart. The first entry we find here is the simple retracement as shown in the text on the chart. Your stop loss is under the previous low on the 30m chart and T/P ,the green line up the top.
Your S/L would have been 12 pips and a T/P of 26.9 pips. At 2% risk you would have earned yourself around 4.5%. Hope you took the trade.
Trading is so easy, and not an indicator in sight
patience is bitter, but its fruit is sweet
- #95
- Nov 3, 2016 4:41am Nov 3, 2016 4:41am
- | Joined Apr 2008 | Status: Trader | 1,040 Posts
{quote} Hope you took the trade.
Thanks for taking the time to reply and run through the thought process.
Good Trading
- #96
- Nov 8, 2016 1:34am Nov 8, 2016 1:34am
- | Joined Apr 2008 | Status: Trader | 1,040 Posts
AudJpy M30 & M5.
Edit - R:R 1:2. Do not think I would want to trade for less. What sort of r:r do you usually get?
Edit - R:R 1:2. Do not think I would want to trade for less. What sort of r:r do you usually get?
Good Trading
Hello,
Thank You for very clear and straightforward lessons, on reading naked PA.
I've been looking/studying for patterns for a long time and I like this concept very much.
I noticed one setup forming now, but since London session is closed already and New York is also almost over, I think that I picked wrong time for order.
Anyways, currently demo order just closed:
GBPJPY M15 chart:
It almost hit SL few times, but just a second ago TP was hit.
Same order on M1 chart:
Thank You for very clear and straightforward lessons, on reading naked PA.
I've been looking/studying for patterns for a long time and I like this concept very much.
I noticed one setup forming now, but since London session is closed already and New York is also almost over, I think that I picked wrong time for order.
Anyways, currently demo order just closed:
GBPJPY M15 chart:
It almost hit SL few times, but just a second ago TP was hit.
Same order on M1 chart:
Hello, Thank You for very clear and straightforward lessons, on reading naked PA. I've been looking/studying for patterns for a long time and I like this concept very much. I noticed one setup forming now, but since London session is closed already and New York is also almost over, I think that I picked wrong time for order. Anyways, currently demo order just closed: GBPJPY M15 chart: {image} It almost hit SL few times, but just a second ago TP was hit. Same order on M1 chart: {image}
patience is bitter, but its fruit is sweet