Price Action Trading ... Art and The Science

[manojborle]

http://www.screencast.com/t/l2wTu4jXh52Y

Booked 65 pips and exited the trade

 

[howardroark]

Booked 65 pips and exited the trade

Today all banks are closed ... Most of da banks r closed 2mrw as well ...
My advise is to wait till day after LO ...
By that time, new year's jitters, up's / down's shud hv been settled ...
We will know da glimpse of the market's / investor's sentiments ...
Regards,

 

[howardroark]

In the last post I commented on how INDECISION between BUY or to SELL at a particular price in a particular TF affects winning % ... 1 way to nullify this psychology is to decide our bias as soon as we open the terminal on a trading day ...
There are different way to decide our bias for a particular trading day and here 1 of them ...
Observe this GJ charts ... D / 4H and 1H ... and Observe my TL ... Trendline ...
I use an Adaptive EMA as my trendline ... BLUE for Bullish, yellow indicates consolidation / Indecision ... RED indicating Bearish bias ....
Once my TL is BLUE on D TF ... aligning with 4H BLUE ... I'M A BUYER ONLY ... With this bias, I'm neglecting / rejecting all sell signals for the day ... NO CONFUSION whatsoever ... Meaning I'm keeping SELL out of the context ... I will wait for 1H TL to turn in2 BLUE ... wait for BULLISH ROTATION and go LONG which is the trend in D and 4H TF's ...

Dead opposite of this is true for AUDUSD, which is in predominantly down trend

 

[howardroark]

Bullish Rotation happens when the Price / Candle BREAKS ABOVE AND CLOSES ABOVE (not just breaks above ... HAS TO CLOSE ABOVE) The TL or 200 ema in a particular TF ...
Opposite is true for BEARISH ROTATION ...

 

[manojborle]

Adaptive EMA means what, Is that KAMA?
Its normal 200 EMA or something else.

 

[howardroark]

Adaptive EMA means what, Is that KAMA?
Its normal 200 EMA or something else.

Adaptive means, it changes its color on its own ... Blue for Bullish, Yellow for consolidation & Red for bearish bias ...
As I predominantly trade Intra day n swing trades, I use 89 EMA as my TL ...
On my charts TL is hard line ... 200 ema is RED DOTTED line ...

 

[manojborle]

Adaptive means, it changes its color on its own ... Blue for Bullish, Yellow for consolidation & Red for bearish bias ...
As I predominantly trade Intra day n swing trades, I use 89 EMA as my TL ...
On my charts TL is hard line ... 200 ema is RED DOTTED line ...

I downloaded that and applied it and can see wy you bought EU when I went short, however as per current situation I see all 3 TF TL is red. SO now how you go about short ?

 

[howardroark]

Adaptive EMA is part of the strategy ... not the whole part ...
Observe the oscillator ... Observe the KPL's ...
More importantly, market will have lots of Fakey's ... 2dy n 2mrw as banks r closed & very less liquidity ...
London session day after wl gv more clarity ...
Sit tight till then ...
Ask any other doubt, preferably with chart ..
Lts keep learning ..
Stay in Green

 

[howardroark]

The Smallest but still THE BIGGEST & THE MOST IMPORTANT THING I have learnt in FX trading is ... ALWAYS WAIT FOR THE CANDLE TO CLOSE" ... Irrespective of THE STRATEGY ... Irrespective of the TF ... Always wait for the Candle to close ...
This ALONE can save us from lots of fake entries ... and to Hold on when a single candle seems to go against us by 100 pips only to reverse n get in2 profit, after we have closed trade in fear ...

 

[manojborle]