My price-action strategy

Hi fxeasy5,

I am not sure if I should disclose my success-rate because this ususally leads that people think that they must achieve the same .... - but let's say it is little bit above 50%....

Risk % per trade is no prob: 2% per Trade

Potential Risk/Reward is mostly 1:4

I trade real money for a little bit less than 1 year and demo for 2 years.

I firstly started trading profitably for about 1.5 years ago

This is the meat I was asking for. :)

In regards to the fact that you don´t show us live-stats , I take it for granted that you neither brag nor lie to us and now you certainly have my attention.

Thanks for sharing your strategy with us. =D>

Hi fxeasy5 - Regarding the live-stats: It is a psychological thinggy (I make myself unneeded pressure and therefore do not react as I normally do when I trade) and has an other reason too (In fact I did this already earlier and had my bad experiences,...).

Cheers

fxfxfx

More to follow - I am still at work...

This is the meat I was asking for. :)

 

In regards to the fact that you don´t show us live-stats , I take it for granted that you neither brag nor lie to us and now you certainly have my attention.

 

Thanks for sharing your strategy with us. =D>

Hi,

Just my point. Can we concentrate in the system itself in order to not make an endless tread here ?

FxFxFx, thanks for your contribution, I will be your follower in the next days

OK folks,

I am @home and start to continue :-)

Please understand that during my work-time I am not willing to write any chapters as my focus is my work and my trading.

I started in the pre-thread a homework which I want that the users do this.

Here a copy-paste:

Find here a chart of todays GBPUSD 4 hourly-(naked)chart:

http://img849.imageshack.us/img849/7900/usdjpy240.gif

Then draw swing high and swing lows (peaks and valleys) from the last 2 BIG moves (up-move followed by down-move or vice versa):

http://img543.imageshack.us/img543/797/usdjpyswings240.gif

And finally draw horizontal trendlines starting from the swing-point to the right like here:

http://img193.imageshack.us/img193/2857/usdjpytrendlines240.gif

And do not worry about right or wrong - It does not matter.

Please do not use a gbpusd 4 hourly chart (As I did it already)

You can use every tradeable stuff (big stocks, indices, comodities, currencies) 4-hourly and longer...

Look how the price reacted to these line(s) and post your pics and comments.

Cheers

fxfxfx

Find here a useful doc how to draw the trend-lines:

http://www.multiupload.com/HRZAV085S1

All the thanks goes to soundfx - The author of this doc :)

I already have the homeworks of:

crips, soundfx, harry007, grooter and izogrey -> It is up to you if you want to make another one ;)

For those who already made the homework comes the 2nd part:

When you "saved" your homework in a profile -> good !

If not -> Bad -> You have to draw them again ....

Last homework was to draw the the swings of the last 2 major moves.

Please start with beginning of the FIRST major move on the left.

Follow the 1st impulsive swing -> Then usually a retracement-swing -> Followed by an impulsive swing,....

Then one of these 2 things will happen:

1) A swing occurs and the next swing will close above/below the start-point of the swing before -> If this happens then make this line in a different color.

2) An impulsive swing is followed by a retracement-swing the next impulsive swing fails to go above/below the last impulsive swing and finally closes above/below the end of the last retracement-swing.

Maybe a pic can explain this better:

http://img845.imageshack.us/img845/6871/trendchange.gif

Hope to see more pics of you...

Cheers

fxfxfx

My homework. I choose EJ, bloody beastie, but we will find stuff like that on the way some time, won't we? ;)

http://i51.tinypic.com/2upfpra.jpg

And here mine.

Still don't know how to attach pictures directly :(

http://img846.imageshack.us/img846/9648/swinghilogbpjpyh4.gif

And here mine.

 

Still don't know how to attach pictures directly :(

As far as I know this forum doesn't support direct attachments so the only way to post pictures is to use an external site such as imageshack (as you did) or tinypic (as I did).

the white line is the break of the trend if price close below at uptrend or above in downtrend, the arrow show the new direction and the Trade

http://s1209.photobucket.com/albums/cc381/harry4xx/?action=view&current=eu_h4_june07.gif

http://s1209.photobucket.com/albums/cc381/harry4xx/?action=view&current=eu_h4_june07.gif

hmm, not so many to trade at one pair , how many pair you trade FXFXFX?

When the student is ready, the teacher will appear.

We ready to learn from you, fxfxfx.

here is my homework.

http://imageshack.us/photo/my-images/861/eu4hpachart.gif/

Regards

Crips

USDCAD

http://img84.imageshack.us/img84/6512/usdcadh4.jpg

Hi harry007,

I personally watch at 5-7 pairs.

But I started with 1-3.

Maybe it is also a good idea when you focus at the beginning to 1-3 currencies.

When you find your rhythm (in Terms of drawing these lines/updating these lines on a regular basis) and you are trained and skilled - then you can extend the amount of pairs ;)

Cheers

fxfxfx

the white line is the break of the trend if price close below at uptrend or above in downtrend, the arrow show the new direction and the Trade

 

http://s1209.photobucket.com/albums/cc381/harry4xx/?action=view&current=eu_h4_june07.gif

 

 

 

 

hmm, not so many to trade at one pair , how many pair you trade FXFXFX?

Hi folks,

As I see you all did your homework.

I first must look at all your charts and analyze them.

But what we have learned until now is:

How to draw swings, how to draw support/resistance -> 1st Training

How to determine the trend ;) -> 2nd Training

Maybe this will shed a little bit of light in case you are wondering why we are doin this stuff.

This means -> At this stage (with the finalization of the 2nd Homework/Training) you should be able to see the actual trend ;)

So:

grooter: What is the actual trend of g/y 4hourly ?

alright: What is the actual trend of e/y 4hourly ?

harry007: What is the actual trend of e/u 4hourly ?

crips: What is the actual trend of e/u 4hourly ?

izogrey: What is the atual trend of usdcad 4hourly ?

Hope to hear from you soon -> Hope the picture now gets a little bit clearer for you ....

Cheers

fxfxfx

grooter: What is the actual trend of g/y 4hourly ?

fxfxfx

Still down, it did yet create a higher high.

Hi folks,

 

As I see you all did your homework.

.....

harry007: What is the actual trend of e/u 4hourly ?

 

 

Cheers

 

fxfxfx

now we in an up Trend at H4 E/U

 

crips: What is the actual trend of e/u 4hourly ?

UP trend

Regards

Crips

at hindsight I dream I where in that H4 e/u Trade , big pipvalue at green my entry, red move the stop and white RR now near 1:5.

can be trading so easy ?

http://s1209.photobucket.com/albums/cc381/harry4xx/?action=view&current=eu_h4_june07b.gif

http://s1209.photobucket.com/albums/cc381/harry4xx/?action=view&current=eu_h4_june07b.gif

I really see new the charts and more clear, special the longer TF

Hi Harry,

Maybe you will become "Neo" and see the matrix in a new way and clear ;)

OK - folks you did your homework really good :)

Now comes the last homework for the chapter.

Do excercise 2 again at the same currency-pair, but with 1 timeframe above (In most cases this should be the daily charts).

Cheers

fxfxfx

at hindsight I dream I where in that H4 e/u Trade , big pipvalue at green my entry, red move the stop and white RR now near 1:5.

can be trading so easy ?

 

http://s1209.photobucket.com/albums/cc381/harry4xx/?action=view&current=eu_h4_june07b.gif

 

 

 

I really see new the charts and more clear, special the longer TF

alright: What is the actual trend of e/y 4hourly ?

According to what you showed us, the trend would appear to be UP, although it also looks rangy at the moment as the latest 2 swings, both high and low, are inside the previous bigger one. So a new higher high above 117.80 is required to officially confirm an uptrend.

P.S. - I like this exercise. ;)

Here is my homework on D1 tf

http://imageshack.us/photo/my-images/69/eud1pachart.gif/

Regards

Crips

Hi alright,

Good to see that you learned to see the market in this way ;)

What you see now is a very strong resistance-level as price tried to breach this level many times - We also see that we have higher lows (which shows pressure to the upward side). We won't see anything spectacular until the price CLOSES significantly above the last swing-high OR below the last swing low.

One question alright: Where do you think price will go once price closed above the last swing-high-level ?

Cheers

fxfxfx

According to what you showed us, the trend would appear to be UP, although it also looks rangy at the moment as the latest 2 swings, both high and low, are inside the previous bigger one. So a new higher high above 117.80 is required to officially confirm an uptrend.

 

P.S. - I like this exercise. ;)

Hi crips,

What can I say, except: Wow - You did it really fast :)

The last thing to do is to determine now the trend (trend-changes) at the daily-timeframe - As we did it for the 4 hourly :)

Cheers

fxfxfx

Here is my homework on D1 tf

 

http://imageshack.us/photo/my-images/69/eud1pachart.gif/

 

Regards

 

Crips

GJ D1. Looks like a range, per your definition I should say uptrend? So H4 down, D1 up.

Since we have a bottom with so many lines, there would be quite some support here.

http://i56.tinypic.com/f2iw6c.gif

Here my next homework. On the daily, the latest high is broken, so trend UP

http://img37.imageshack.us/img37/9494/201106071000.png