Price Action Trading ... Art and The Science

[howardroark]

 

[howardroark]

Thanks
I managed to short EURUSD on 10th, exited half for 90 pips and the other half for 120 pips.
Please continue with your posts, they are helpful for forex markets.

Thanks a lot for your encouraging words ... Appreciated :clapping::clapping::clapping:
It makes the efforts, worthwhile ....

 

[howardroark]

Participation in the market is Universal. But the entries in the market is highly Individualistic and discretionary. Here are the few basic entry rules I follow on a regular basis.
Trend following entries.
Tokyo session entries.
1. I trade ONLY Aud, NZD and Yen pairs in Tokyo session as only these pairs will have momentum as Aussie, Kiwi and Tokyo sessions are open.
2. I look for the continuation of the previous evening NY session trend. Once the price Breaks and Closes above / below DO, I enter the trade. But, there has to be minimum 3 candles with continuous HL & HH for long trades and LH & LL for Short trades.
London session entries.
1. London session has the biggest liquidity and momentum and maximum intra day profits are made in this session. I trade EU & GBP pairs in this session.
2. I look for the continuation of Tokyo trend. Trade, once the price Breaks and Closes above / below the Tokyo H/L. By the time, London opens, 2 4H candles are already formed, 7 30 and 11 30 IST. These HTF candles also suggest the trend in HTF. Befriend the Trend.
3. London sets the H/L for the day, PREDOMINANTLY. I keep observing it and once the H/L is set, Short/Long.
4. 2 hours into LO, next 4H candle is formed. I use this candle to add positions for profitable trades. I use this candle also to scale out, if I see any reversal is coming.
5. Once I have 2-3 pairs in profit, I STOP scanning other pairs to manage the profitable pairs better, scaling in / scaling out.
New York session entries
1. By nature, NY session has more fakey’s and whipsaws. It will move ONLY if Tokyo & London have been ranging.
2. I use NY only to scalp, 15-20 pips.
Few times, my HTF trades will be in contrast to the inra day trades. I treat them as different entities / trades, never ever getting confused with them.
Stay in Green and shoot any doubt/s.

 

[howardroark]

I have one more strategy, which is hugely profitable, ONLY IN THE LONG RUN. Every time, D candle closes above 10 EMA, I go Long. These trades don’t have any Limit / Targets (as I’m aiming real huge profits), will have ONLY Stops. Once the trade/s get into 50 pips profit, I move the Stop to BE and forget the trade. If the next D candle closes above 10 EMA and above previous D candle H, I again open 1 more trade, moving the Stop to BE at 50 pips. I keep moving the STOP at every 100-150 pip (depending on the pair) increment. Once the profit for a particular trade is 500 pips, I move SL only with increment of 250 pips.
At the same time, in the same pair, if the D candle closes below 10 EMA, I short and will do the reverse of what I did with my Long Trades. I’m just participating with my entries, allowing the market to dictate its own terms.
If you think a picture says better than words, watch this GJ chart. I still have open trades in this Big rally.

 

[howardroark]

Both Aussies and Kiwi's have high exposure in China ...
Yuan performance and Chinese economical numbers affect AUD and NZD ...
Most of the Yuan news comes between 6 30 and 7 30 IST

 

[howardroark]

 

[Deelipenergy]

Excellent bro! superb

I have one more strategy, which is hugely profitable, ONLY IN THE LONG RUN. Every time, D candle closes above 10 EMA, I go Long. These trades don’t have any Limit / Targets (as I’m aiming real huge profits), will have ONLY Stops. Once the trade/s get into 50 pips profit, I move the Stop to BE and forget the trade. If the next D candle closes above 10 EMA and above previous D candle H, I again open 1 more trade, moving the Stop to BE at 50 pips. I keep moving the STOP at every 100-150 pip (depending on the pair) increment. Once the profit for a particular trade is 500 pips, I move SL only with increment of 250 pips.
At the same time, in the same pair, if the D candle closes below 10 EMA, I short and will do the reverse of what I did with my Long Trades. I’m just participating with my entries, allowing the market to dictate its own terms.
If you think a picture says better than words, watch this GJ chart. I still have open trades in this Big rally.

 

[Deelipenergy]

Thanks
I managed to short EURUSD on 10th, exited half for 90 pips and the other half for 120 pips.
Please continue with your posts, they are helpful for forex markets.

Manoj with which broker do you trade these currency pairs???

 

[manojborle]

Manoj with which broker do you trade these currency pairs???

I do not have live account, I am doing demo trading in Pepperstone.
I am not sure about live forex account due to legal issues, so I am going to open an account with Blue Point Trading and trade for them.

 

[howardroark]

If there is one thing I have noticed about how sucessful & very best traders, it is this he does not go looking for trades, he waits for them to jump out at him. This may seem like a weird way to trade, but it is precisely how to take so many profitable trades. He waits and watches, and when the market gives him an opportunity to jump in to a good situation he enters the trade. He never trades simply because the market is open, and he sometimes sits in front of his charts for hours and never trades. I have learned that successful trading means being ready for the market to offer you “free money” – or ideal trading setups. When these setups come along he knows it because he feel like ... I must take advantage of the opportunity the market is offering ...
I'M ONE OF THAT HIM ... SUCCESSFUL TRADERS ...