£80

[£80]

So you don't think so anymore?

Oh you meant you did a journal and got a job in a Prop firm. Sorry Tom I miss understood.

 

[£80]

Day 11 Entry

I took a few days just to get away from the market. It was very difficult not to look at the charts anyway back now and took trade long on the EUR/USD.My entry is based on the pin bar as usual that appeared on a trend line and 50EMA.

So lets see what happens.

 

[£80]

Day 11 Exit

I got stopped out but when I looked back I saw that I should not have been in this trade because there was a S/R area which is better seen on the 15min chart and has a stronger force down because of the 61% fib and 50ema which was confirmed by the pin bar.

 

[advfntrader]

I took this on demo and also got stopped. I think focusing on Daily timeframes would give better more reliable signals

 

[£80]

I took this on demo and also got stopped. I think focusing on Daily timeframes would give better more reliable signals

I agree, the daily time frame does give a more reliable signal but any time frame that is not analyzed properly will surely lose.

 

[elitejets]

I hope you don't take this the wrong way but that EURUSD pin ...
The problem was it was not off an SR level, it was floating.
Yes it was off a trendline and an MA etc but when I look at them to trade them then I look for the level first, and then if it has all those other supporting factors (like trendlines and MA's and fibonacci levels) then I get excited.
I hope this helps you. Don't get down, there are very few good setups out there at the moment.
Nicola

 

[£80]

I hope you don't take this the wrong way but that EURUSD pin ...
The problem was it was not off an SR level, it was floating.
Yes it was off a trendline and an MA etc but when I look at them to trade them then I look for the level first, and then if it has all those other supporting factors (like trendlines and MA's and fibonacci levels) then I get excited.
I hope this helps you. Don't get down, there are very few good setups out there at the moment.
Nicola

Thanks Nicola
So what you are saying is that I should not take them (pin bars) off of trend lines, only off of S/R levels?

 

[elitejets]

Thanks Nicola
So what you are saying is that I should not take them (pin bars) off of trend lines, only off of S/R levels?

I would use the daily to get good support resistance levels. Zoom out and mark the levels where price turns. Then do the same for the 4hrly.
Then when you are looking for price action like a pin bar you ideally want it to be off one of those levels. That is the first supporting factor for your trade. Price action at support and resistance. Then I look at the trend direction on the higher timeframes to see if Im trading with or against the trend. If it is against the trend it has to be a really good level.
Then you can add in trendlines, moving averages and fibonacci levels. They all add confidence that the trade will work.
Thats my method anyhow.
Nicola

 

[£80]

I would use the daily to get good support resistance levels. Zoom out and mark the levels where price turns. Then do the same for the 4hrly.
Then when you are looking for price action like a pin bar you ideally want it to be off one of those levels. That is the first supporting factor for your trade. Price action at support and resistance. Then I look at the trend direction on the higher timeframes to see if Im trading with or against the trend. If it is against the trend it has to be a really good level.
Then you can add in trendlines, moving averages and fibonacci levels. They all add confidence that the trade will work.
Thats my method anyhow.
Nicola

I understand. What would be the higher time frame to check for trend 4H, Daily or both?

 

[elitejets]

I understand. What would be the higher time frame to check for trend 4H, Daily or both?

If you are trading hourly then you want to check 4hrly and daily for trend really.
I see you use moving averages and they are a good indicator of trend.
Not all price action traders look at them but I do.

 

[Bloodhound]

If you are trading hourly then you want to check 4hrly and daily for trend really.
I see you use moving averages and they are a good indicator of trend.
Not all price action traders look at them but I do.

Hi £80,

Might be worth checking out page 48 of the MMT thread where T-D discusses using the 10, 21 and 50 EMA's. I have started using them and they have really helped in understanding the overall picture of what a market is doing - a lot of my losing trades to date have been counter-trend or trading pins in rangebound (heavy traffic) situations and these MA's are starting to prevent me taking these trades any more.

All the best

Rob

P.S. Great journal :clap:

 

[epetrov]

Hi L89,
i also think that it is as proposed - looking at daily timeframe in order to confirm the direction of the trend is the way. 1D and 4h trend must be in sinergy.
Plan B: this is another "stupid" idea - don't look at 1D chart and jsut reverse the direction of your trades - sell instead of buying and put your tarder where your stop is and your stop where your target is. I think this will lead to poritive expectancy because In such cases the 4h chart set up will most of the time fail, so you will make money. This is the way some traders trade - they have many small willing days and few bigger loosing days.
Cheers.

 

[epetrov]

Just one small think - looking for sinergy between 1D and 4H trends will reduce quite much you trading opportunities - this is the way to be "selective". ))

 

[trader_dante]

This is the way some traders trade - they have many small willing days and few bigger loosing days.
Cheers.

fk me.

what kind of advice is this?

I'm not coming to visit you in the dole queue.

 

[£80]

Breakouts

I read that Trader_dante was very fond of the James16 group so I went looking for this trading group. His group is excellent and he sounds like a very modest guy but that is not what stood out for me because I know his style of trading and that is what I am learning from Trader_dante's threads.

What I was very much into was a trader that is in the group that trades breakouts. He has videos about exactly what he looks for which I found easy to understand and I was thinking of incorporating his method .

If there are any other traders that trade breakouts successfully by using a simple method please let me know it will be greatly appreciated.

 

[rawrschach]

http://www.trade2win.com/boards/us-stocks/21330-short-term-trades-breakouts-new-post.html

 

[elitejets]

You might want to learn how to trade inside bars (IB's) next.
Inside bars on higher time frames are coils or wedges (build up of energy) on lower timeframes.
That is the candle I learned to trade next after hammers and shooting stars (aka pin bars).
There is a good thread here:
http://www.trade2win.com/boards/trading-journals/43898-simple-inside-bars.html
I am sure there are more if you searched for them.
Or look for a thread called the DIBS method on Forex Factory.

 

[£80]

You might want to learn how to trade inside bars (IB's) next.
Inside bars on higher time frames are coils or wedges (build up of energy) on lower timeframes.
That is the candle I learned to trade next after hammers and shooting stars (aka pin bars).
There is a good thread here:
http://www.trade2win.com/boards/trading-journals/43898-simple-inside-bars.html
I am sure there are more if you searched for them.
Or look for a thread called the DIBS method on Forex Factory.

Thank you so much for recommending the dibs method to me I am busy reading it and it is a good strategy. Did/do you trade it?

 

[elitejets]

Thank you so much for recommending the dibs method to me I am busy reading it and it is a good strategy. Did/do you trade it?

Thats a great method!! Two out of my three trades today were IBs. I like them because they are smaller, so less stop and better risk:reward!
Good trading!

 

[£80]

Thats a great method!! Two out of my three trades today were IBs. I like them because they are smaller, so less stop and better risk:reward!
Good trading!

Are there any other methods that you think would work for my style of trading, because I am very interested in learning form people that understand the way I trade and to point me in the right direction