alright Posted June 27, 2011 Report Share Posted June 27, 2011 Hi alright, ... You can improve your trading dramatically if you do this (I also did this when I started trading Price-Action): Make a spreadsheet with these fields: Market Condition (Sideways, trendy): SIDEWAYS/TRENDY Trend Daily: LONG/SHORT Trend 4-hourly: LONG/SHORT Trade-setup: PIN-BAR/INSIDE-BAR/FAKE-BREAKOUT/2-BAR-PIN Trade-setup-direction: LONG/SHORT TRADE-VALID: TRUE/FALSE -> This should be a calculated field: Make a calculation with these field that every field must be fullfilled and mayba also a conditional formatting (TRUE:BLUE, FALSE:RED) When you see a setup you MUST force yourself to fill in the spreadsheet. ... fxfxfx Wow! After a while I hadn't been checking this thread and all the rules, my hurry to see setups at any cost led me to this mistake. But then my mistake led to one more pearl off of you. ;) The spreadsheet idea is just great! Quote Link to comment Share on other sites More sharing options...
236dave Posted June 27, 2011 Report Share Posted June 27, 2011 Price Action System Hi fxfxfx, Your thread caught my eye over the weekend. Many thanks for sharing your strategy! I have been jumping from thread to thread (mainly on FF) trying all the indicators and systems under the sun. Your post #77 summed things up for me, I have come back to price action and with the help of this thread hope to move into stage 9 (putting it all together) and then stage 10 (doing it). I have a bit of catching up to do, but I have attached some charts on EURUSD H4 and Daily. I have used blue for upwards trend, red for downwards trend and added yellow for sideways movement. Not sure that I should have added the yellow, your comment on current trend direction on H4 and Daily would be welcome. Hopefully the charts will show up properly, fingers crossed:) http://imageshack.us/photo/my-images/12/eurusdh4270611.gif/ http://imageshack.us/photo/my-images/691/eurusddaily270611.gif/ Quote Link to comment Share on other sites More sharing options...
alright Posted June 28, 2011 Report Share Posted June 28, 2011 Hi 3fx. I'd like to re-analyse the chart I posted yesterday. Let me apologyse because my comment was too hasty and with no fundamentals supporting it. Last night I had more time to dedicate to it, so that's what I saw (I know this is hindsight now, but I was too tired to post it). For a start it was EU not EG and then the trend was down on both 4H and daily, so the 1st pinbar did give a failing trade (unless I miss something, can U see a reason why it shouldn't have been taken?). Later at 5am GMT a pinbar, which was also an inside bar after a shooting star, met a stronger confluence (BRN as well) and originated a new short looking ok so far. R:R would be about 1:1.5 having the previous failing level as a target. Can you please comment? Thanks 4 hours http://img694.imageshack.us/img694/5403/201106280800.png Daily http://img192.imageshack.us/img192/4350/201106280757.png fxfxfx and izogrey 2 Quote Link to comment Share on other sites More sharing options...
fxfxfx Posted June 28, 2011 Author Report Share Posted June 28, 2011 (edited) Hi alright, Yes - the first PIN-BAR was definitively a failed one - I told you that this will happen from time to time ;) Regarding the last PIN-BAR: This setup looks good, especially the bar after was also a PIN-BAR AND an INSIDE-BAR (As you already recongnized it correctly). In this case: Move the SL to the HIGH of the 2nd PIN-BAR. Regarding Risk/Reward: I would not target the area of the 1st PIN-BAR as the risk/reward would not be over 2 ;) I would target the Last Swing-LOW/Swing-High -> 1.4135-Area As soon as you have a R/R of 1 move the SL to breakeven or at a S/R in the near. Good work - well done alright :) More will follow soon ;) .... Cheers fxfxfx Hi 3fx. I'd like to re-analyse the chart I posted yesterday. Let me apologyse because my comment was too hasty and with no fundamentals supporting it. Last night I had more time to dedicate to it, so that's what I saw (I know this is hindsight now, but I was too tired to post it). For a start it was EU not EG and then the trend was down on both 4H and daily, so the 1st pinbar did give a failing trade (unless I miss something, can U see a reason why it shouldn't have been taken?). Later at 5am GMT a pinbar, which was also an inside bar after a shooting star, met a stronger confluence (BRN as well) and originated a new short looking ok so far. R:R would be about 1:1.5 having the previous failing level as a target. Can you please comment? Thanks 4 hours http://img694.imageshack.us/img694/5403/201106280800.png Daily http://img192.imageshack.us/img192/4350/201106280757.png Edited June 28, 2011 by fxfxfx izogrey and alright 2 Quote Link to comment Share on other sites More sharing options...
alright Posted June 28, 2011 Report Share Posted June 28, 2011 ... Regarding Risk/Reward: I would not target the area of the 1st PIN-BAR as the risk/reward would not be over 2 ;) I would target the Last Swing-LOW/Swing-High -> 1.4135-Area As soon as you have a R/R of 1 move the SL to breakeven or at a S/R in the near. Good work - well done alright :) More will follow soon ;) .... Cheers fxfxfx Thanks for replying. Regarding the TP, if it depended on me I would target the lowest low ever... LOL but I was just considering those few supports in the way. Anyway, as you said, since the trend is down, and we're aiming to get some nice pips from this strategy (patience is required as it's long TF's we're using) I see no harm in following your advice by moving the SL to b/e (where it is already), so free ride for now, and then trail on s/r lines ;) Quote Link to comment Share on other sites More sharing options...
fxfxfx Posted June 28, 2011 Author Report Share Posted June 28, 2011 Hi alright, I am sure that I will make a good price-action-trader of you ;) At this stage the above trade should be a free ride :) Did you use the Alerter or did you find the PIN-BARS by yourself (I personally only use the alerter as I am too lazy - but when I have time a also look at the charts and seek for good setups) ? Did you use the excel-sheet ? Cheers fxfxfx Thanks for replying. Regarding the TP, if it depended on me I would target the lowest low ever... LOL but I was just considering those few supports in the way. Anyway, as you said, since the trend is down, and we're aiming to get some nice pips from this strategy (patience is required as it's long TF's we're using) I see no harm in following your advice by moving the SL to b/e (where it is already), so free ride for now, and then trail on s/r lines ;) Quote Link to comment Share on other sites More sharing options...
alright Posted June 28, 2011 Report Share Posted June 28, 2011 Hi alright, I am sure that I will make a good price-action-trader of you ;) At this stage the above trade should be a free ride :) Did you use the Alerter or did you find the PIN-BARS by yourself (I personally only use the alerter as I am too lazy - but when I have time a also look at the charts and seek for good setups) ? Did you use the excel-sheet ? Cheers fxfxfx About the 1st sentence, I hope so because I never managed that on my own... LOL I spotted the confluence last night, and since I'm still learning, I only checked this morning when I got up and saw the pinbars myself, as I was sound asleep when the indi would have alerted me. Havent prepared the SS yet but I'll do it by today, as I think it is a valid addition to refine my skills. BTW, at the moment I'm typing the price retraced and hit the b/e level. Looking like the 4H trend might turn up. Too bad... wait for next chance. Quote Link to comment Share on other sites More sharing options...
fxfxfx Posted June 28, 2011 Author Report Share Posted June 28, 2011 OK - News brought us out of the trade at breakeven - But: NO LOSS -> Next trade will surely follow ;) Cheers fxfxfx Thanks for replying. Regarding the TP, if it depended on me I would target the lowest low ever... LOL but I was just considering those few supports in the way. Anyway, as you said, since the trend is down, and we're aiming to get some nice pips from this strategy (patience is required as it's long TF's we're using) I see no harm in following your advice by moving the SL to b/e (where it is already), so free ride for now, and then trail on s/r lines ;) Quote Link to comment Share on other sites More sharing options...
fxfxfx Posted June 28, 2011 Author Report Share Posted June 28, 2011 Jo 236dave, Glad to see you on board :) The lines are good if you want to seek for good and stronger S/R. But if you want to follow the trend-changes maybe use also the smaller retracements. Maybe put on your chart the zig-zag indicator with a setting of 5,5,3 -> Then you will know what I mean ;) Good work ! Cheers fxfxfx http://img12.imageshack.us/img12/9717/eurusdh4270611.gif http://img691.imageshack.us/img691/8587/eurusddaily270611.gif Hi fxfxfx, Your thread caught my eye over the weekend. Many thanks for sharing your strategy! I have been jumping from thread to thread (mainly on FF) trying all the indicators and systems under the sun. Your post #77 summed things up for me, I have come back to price action and with the help of this thread hope to move into stage 9 (putting it all together) and then stage 10 (doing it). I have a bit of catching up to do, but I have attached some charts on EURUSD H4 and Daily. I have used blue for upwards trend, red for downwards trend and added yellow for sideways movement. Not sure that I should have added the yellow, your comment on current trend direction on H4 and Daily would be welcome. Hopefully the charts will show up properly, fingers crossed:) http://imageshack.us/photo/my-images/12/eurusdh4270611.gif/ http://imageshack.us/photo/my-images/691/eurusddaily270611.gif/ Quote Link to comment Share on other sites More sharing options...
fxfxfx Posted June 28, 2011 Author Report Share Posted June 28, 2011 Just a short side-note and food for thought: If you had taken the 50%-Entry you would already be in profit by 4% If you had taken the Normal + 50%-Entry you would already be in profit by 2% -> But the most important thing is: NO LOSS ! You really need this kind of mindset (to protect you capital): Not to gain money as fast as possible -> You must protect your money against losses ! Cheers fxfxfx Cheers fxfxfx OK - News brought us out of the trade at breakeven - But: NO LOSS -> Next trade will surely follow ;) Cheers fxfxfx Quote Link to comment Share on other sites More sharing options...
fxfxfx Posted June 28, 2011 Author Report Share Posted June 28, 2011 Hi alright, Do you know now why I said in one of my early post(s) that the system itself is NOT the big secret ;) ? The secret is the way how you are organizing/preparing yourself continously for the forex-business and learn from mistakes and find way(s) to avoid these mistakes ... Cheers fxfxfx Wow! After a while I hadn't been checking this thread and all the rules, my hurry to see setups at any cost led me to this mistake. But then my mistake led to one more pearl off of you. ;) The spreadsheet idea is just great! alright and izogrey 2 Quote Link to comment Share on other sites More sharing options...
fxfxfx Posted June 28, 2011 Author Report Share Posted June 28, 2011 Inside-BAR Indicator Here an other veeery helpful tool which you can download here: http://www.forex4noobs.com/wp-content/incs/indicators/mc-ind.zip Set the parameter "MinEngulfCandles" to 1 and it will visualize EVERY INSIDE-BAR at your Chart. I use it regulary as it will help me to find also complex fake-breakouts and it will avoid that you will oversee an inside-bar or fake-breakout. I also can recommend forex4noobs in general - Very good site and Nick is really very helpful to all members - AND: All is free - AND: His system is working ! Hope this was useful Cheers fxfxfx izogrey, henghui, alright and 2 others 5 Quote Link to comment Share on other sites More sharing options...
alright Posted June 29, 2011 Report Share Posted June 29, 2011 Keeping an eye on EURGBP. Trend is long on both 4H and Daily. A possible retracement and a reversal pattern around the 8940-8960 area would be a long signal. Any comments? http://img217.imageshack.us/img217/1060/201106291801001.png fxfxfx 1 Quote Link to comment Share on other sites More sharing options...
alright Posted June 29, 2011 Report Share Posted June 29, 2011 For those using imageshack I've just found a very useful tool to upload my pictures. It's called ImageShack Uploader and it only takes a few seconds to perform the uploading procedure for one or more images. Really a time saver... You can find it on the site. fxfxfx 1 Quote Link to comment Share on other sites More sharing options...
fxfxfx Posted June 29, 2011 Author Report Share Posted June 29, 2011 Hi alright, I am really very sorry :( But I can NOT give you any comments to your analysis, as it is simply perfect ;) I have really nothing to add - You brought everything to the point and I really think that you know now how/when/where to enter the market. Next thing to learn is then the trade-management ;) But this can be done once the trade is in play ;) But: be aware, once a setup (candlestick-formation) occurs re-analyze the situation shortly again to check if it is still valid... Hats off - I think it is now time to take some trades ;) But of course: First on demo... Cheers fxfxfx For those using imageshack I've just found a very useful tool to upload my pictures. It's called ImageShack Uploader and it only takes a few seconds to perform the uploading procedure for one or more images. Really a time saver... You can find it on the site. alright 1 Quote Link to comment Share on other sites More sharing options...
alright Posted June 29, 2011 Report Share Posted June 29, 2011 Hi alright, I am really very sorry :( But I can NOT give you any comments to your analysis, as it is simply perfect ;) I have really nothing to add - You brought everything to the point and I really think that you know now how/when/where to enter the market. Next thing to learn is then the trade-management ;) But this can be done once the trade is in play ;) But: be aware, once a setup (candlestick-formation) occurs re-analyze the situation shortly again to check if it is still valid... Hats off - I think it is now time to take some trades ;) But of course: First on demo... Cheers fxfxfx Your're too kind, my friend. I appreciate your feedback anyway, as I was hoping to be on the right track. Thanks again for all your inputs. I wouldn't mind to see other people posting on their own ideas as well. I don't know why the participation has been so low lately, considering the high value of what we've been learning here... fxfxfx 1 Quote Link to comment Share on other sites More sharing options...
fxfxfx Posted June 29, 2011 Author Report Share Posted June 29, 2011 Maybe the participation is so low because: People are on holiday People went over to EA-trading or Indicator-based trading as these trading-styles are not so time- and brain-consuming :( I do not know it exactly. People must learn that it is a difference between to know what to do and to DO IT ... Cheers fxfxfx Your're too kind, my friend. I appreciate your feedback anyway, as I was hoping to be on the right track. Thanks again for all your inputs. I wouldn't mind to see other people posting on their own ideas as well. I don't know why the participation has been so low lately, considering the high value of what we've been learning here... Quote Link to comment Share on other sites More sharing options...
guedesjunior25 Posted June 30, 2011 Report Share Posted June 30, 2011 Very nice thread fxfxfx. Thanks for everything. fxfxfx 1 Quote Link to comment Share on other sites More sharing options...
mstanden Posted June 30, 2011 Report Share Posted June 30, 2011 Very nice thread fxfxfx. Thanks for everything. l completely agree with guedesjunior25...some of us may not actually participate on the thread much, for various reasons, but still read it all,put it into practice and very much appreciate your willingness to share your valuable experience! Many thanks fxfxfx and to the other contibutors too. fxfxfx 1 Quote Link to comment Share on other sites More sharing options...
fxfxfx Posted July 2, 2011 Author Report Share Posted July 2, 2011 (edited) Small gift for you Hi folks, I have a small gift for you to download: http://www.4shared.com/file/I0U1cMIw/PATradeHelper-0001.html It should eliminate nearly all guesswork and should give you the opportunity to take the trade with a high degree of certainty. Hope you find this useful Cheers fxfxfx Edited July 2, 2011 by fxfxfx mstanden, domonkos, anil_s_t and 6 others 9 Quote Link to comment Share on other sites More sharing options...
fxfxfx Posted July 2, 2011 Author Report Share Posted July 2, 2011 Forgot to mention: You need openoffice to open the document. You can download openoffice for free here: http://www.openoffice.org Cheers fxfxfx Hi folks, I have a small gift for you to download: http://www.4shared.com/file/I0U1cMIw/PATradeHelper-0001.html It should eliminate nearly all guesswork and should give you the opportunity to take the trade with a high degree of certainty. Hope you find this useful Cheers fxfxfx neworder 1 Quote Link to comment Share on other sites More sharing options...
PIPHORE Posted July 2, 2011 Report Share Posted July 2, 2011 Hi folks, I have a small gift for you to download: http://www.4shared.com/file/I0U1cMIw/PATradeHelper-0001.html It should eliminate nearly all guesswork and should give you the opportunity to take the trade with a high degree of certainty. Hope you find this useful Cheers fxfxfx Hi fxfxfx, is there any possibility to have this file in word doc or pdf? Quote Link to comment Share on other sites More sharing options...
alright Posted July 2, 2011 Report Share Posted July 2, 2011 Hi fxfxfx, is there any possibility to have this file in word doc or pdf? Here, saved as pdf, doc and xls. :) PATradeHelper-0001.rar (17 KB) http://www.multiupload.com/J9H976CG2W learningfx, Starting, neworder and 4 others 7 Quote Link to comment Share on other sites More sharing options...
fxfxfx Posted July 2, 2011 Author Report Share Posted July 2, 2011 Hi PIPHORE, I think that a MS-Word or PDF-Version does not make sense, as this is a spreadsheet where you can enter pre-defined parameters like Trend-Direction, Candlestick-Pattern,... and then calculates what you should do on the basis of the values that you entered and it also tells you when the setup is invalid. Thx alright for the conversion of the doc... Cheers fxfxfx Hi fxfxfx, is there any possibility to have this file in word doc or pdf? PIPHORE 1 Quote Link to comment Share on other sites More sharing options...
alright Posted July 2, 2011 Report Share Posted July 2, 2011 (edited) Hi PIPHORE, I think that a MS-Word or PDF-Version does not make sense, as this is a spreadsheet where you can enter pre-defined parameters like Trend-Direction, Candlestick-Pattern,... and then calculates what you should do on the basis of the values that you entered and it also tells you when the setup is invalid. Thx alright for the conversion of the doc... Cheers fxfxfx Well, when I downloaded it at first I did think it was supposed to give an OK for the trade, as the intervals C3:C10 and C14:C19 have a double input, but then I checked the cells C11 and C20 and there's no formulae in them, so I thought you were suggesting it as a visual check list. I opened the file with Excel 2010, so even if it's written with Openoffice, all the formulae should still be visible. It looks like there's something wrong with it then. P.S. - Can you check if there's an option to save it as an xls file? Edited July 2, 2011 by alright Quote Link to comment Share on other sites More sharing options...
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