Price Action Trading Method.

[4xpipcounter]

You're not kidding! It is better to be safe than sorry.

i continue to watch it..i know there will be another opportunity. But at that point, i could not stomach losing the profits i made on that trade. Hence psychology comes in to picture.

In trading , you can give a person the exact entry and exit points, but it is his psychology that will make or break that trade.

 

[4xpipcounter]

I thought this would be of some interest to a few.

I pulled up this chart of the USD/JPY, and initially, I was kind of surprised to see how far behind I had gotten on updating my supports and resistances. I use my personal trading accounting to plot my actual methodology on, and I use my hedge fund account to plot chart S&R's. (LOL, I don't want to take a chance of the company heads copying my indicator, so I keep the look generic.)

The thing that stood out in my mind was the little pullback there was once the key chart S&R's were broken.
The solid turquoise line is the line drawn from the hourly chart. When the R was broken, there was a 9-pip pullback
The solid black line is buried under the turquoise, because it was the same level, which is from the 4-hour, so it too had a 9-pip pullback.
The solid blue line is drawn from the daily, and it had a 9-pip pullback.
The solid red line is drawn from the weekly, and it had a 19-pip pullback.

The point to all this is that in trading price action related to the chart S&R's, there are excellent trades to be gotten with little pullback.

I have not been trading this market, but I have been trading the EUR/JPY and grabbing a grip of pip all the way north.

image upload

 

[TraderDude]

4xpipcounter...

the Yen is trending beautifully...hopefully it will continue next week.:clap:

 

[4xpipcounter]

Between my total trades, I got 400 pips on the EUR/JPY this week.

These freight trains are fun when it comes to grabbing all the pips, but I just soon as see it get derailed and do some correcting. I find I got more screen time in following them because I got to keep the stops tight in knowing when the reversal happens, it too will be very strong.

4xpipcounter...

the Yen is trending beautifully...hopefully it will continue next week.:clap:

 

[4xpipcounter]

Price action...Okay, here we go. It's cut-n-dry.
The swing low is obvious. The low is 79.84. If price hits 79.83, then we are on the intraday jet south.
Upstairs is the pivot drawn off the weekly chart at 81.47. If 81.48 is hit, then the multi-week rage continues.

BTW, it's the USD/JPY, as per the previous conversation.

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[ashwani chadha]

i continue to watch it..i know there will be another opportunity. But at that point, i could not stomach losing the profits i made on that trade. Hence psychology comes in to picture.

((In trading , you can give a person the exact entry and exit points, but it is his psychology that will make or break that trade.))

thanks and perfect statement!!!

 

[shrigsm]

Interesting day today....

why u not make trade on 24 feb 6.25 when two candle go up side
is there u know price will make new bottom or low ?
can u describe u r trading TA about price action pls

 

[shrigsm]

if u trade daily time frame it will be good
but need big fund
see gold chart

 

[4xpipcounter]

Shrigsm, let me jump in here and possibly add something to what TraderDude is going to tell you. In viewing price action only, you have no way of knowing that price was going to move lower from your point. He drew that line at the bottom, because that is the entry, because it broke a swing low.
From the point it is now, you know it will drop further. A conservative estimate of where it is headed is to measure the distance from the swing low that it broke to the recent swing high. Take 61.8% of that, then subtract it from the swing low, and that is where price is headed, and most likely it will go lower than that.
In using price action, you are not looking for the perfect peak or valley to enter. In trading price action there is very little pullback on your trade once you master it.

why u not make trade on 24 feb 6.25 when two candle go up side
is there u know price will make new bottom or low ?
can u describe u r trading TA about price action pls

 

[4xpipcounter]

After the break of the swing high, there was only a 3.04 pullback.
Many brokers will not let you trade commodities with less than a mini-lot. If that is the case, you would still be able to trade gold with only $1,000 in your account.

if u trade daily time frame it will be good
but need big fund
see gold chart