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Nairaland Forum / Nairaland / General / Business / Forex Trade Alerts: Season 19 (362252 Views)
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Re: Forex Trade Alerts: Season 19 by PJAMES1(m): 7:50am On Feb 21, 2019 |
AwesomeDuru: I am not talking about trading fibonacci retracements as such. I will explain with these diagrams. There are traders who use pinbars as entry signal. Some enter at market price after the pinbar formation. Some would wait for the break of the high/low of the pinbar. Let us assume I wanted to make an entry following that black pinbar in the first picture (not a perfect pinbar, but let's just say it's a pinbar) below. I can enter at whatever the market price is whenever I am sure the candle would end the day as a pinbar. I can decide to wait till price breaks the high of the pinbar. Or the last method. A 50% retracement entry. So I draw fibonacci levels on the pinbar. That specific candle. Like in the 2nd picture. Then put a buy limit order at 50% (price will be at 1.0000). In this case it will be filled because price came down. In some other cases, one misses the trade. The USDCHF I talked about. I took the bearish engulfing pattern as an entry signal. But I bought at market price (1.0045). Now let us see what happens if I had used a 50% retracement entry. Again I would draw fibonacci levels on the engulfing bar.. Then place a sell limit at 50%. So now entry would have been 1.0070. 25 pips higher. Considering my stop would have been the same essentially. Some pips above the high of the bearish engulfing candle. The 50% retracement entry would have been much better. Last picture shows the problem with the entry. Price may not retrace at all and you miss the trade altogether. See that pinbar, there was no retracement at all. Let's say I wanted to trade that using the method. I would miss the trade. Is this a bit clear? 2 Likes
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Re: Forex Trade Alerts: Season 19 by Awhyxlim(m): 8:34am On Feb 21, 2019 |
Good morning everyone, I'm new here and I have a few questions I learnt fx trading from a guy who just taught me the basics and also taught how to use pin bars as a signal (when to buy/sell a pair) and I have been making profits just with these on my demo account So I just want to ask, are there other things I am to consider when opening a live account? Or is it just going to be smooth as my demo where I only end in loss if a pin bar fails? Also sometimes it might take almost the whole day for my position to turn blue (profit) as he never taught me anything about stop loss or take profit. So assuming I just have $10 will the account be able to handle that type of loss before going in profit and my deposit won't be exhausted? Lastly if I want to go live which is the best broker in Nigeria? Thank you. I anticipate your replies Thank you as you help me |
Re: Forex Trade Alerts: Season 19 by redsox11: 8:43am On Feb 21, 2019 |
GAud , probably go for retest. Missed some good entries already. Update- Just got into EAud now.
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Re: Forex Trade Alerts: Season 19 by redsox11: 9:09am On Feb 21, 2019 |
PJAMES1: What PJAMES1 is saying/ teaching us, whenever you get your entry signal, could be Bullish , Bearish outside bar or Pin bar "AT THE RIGHT PLACES". Don't enter the trade right away, wait for 50% retrace on the entry candle. This helps lowering your SL and increasing your TP. You will miss some trades too, the ones that move in your direction without 50% retracement.
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Re: Forex Trade Alerts: Season 19 by PJAMES1(m): 9:47am On Feb 21, 2019 |
redsox11: Yes sir. At the right places. Cannot be overemphasized. Like there is a buy or sell setup one has in mind already and then the pinbar or engulfing pattern forms at that important resistance or support area one has been looking at. It's not every pinbar or engulfing pattern that one trades o. One must put everything in context of surrounding price action and all. Again.. AT THE RIGHT PLACES Thanks boss. Nb: What I refer to as engulfing pattern is what the boss called outside bar. They mean the same thing. 1 Like |
Re: Forex Trade Alerts: Season 19 by jammer777: 10:16am On Feb 21, 2019 |
jammer777: Closing this trade with few pips gain, FX na wa ooo |
Re: Forex Trade Alerts: Season 19 by redsox11: 10:40am On Feb 21, 2019 |
redsox11: GA kicked me out breakeven after +75pips in profit. I'm planning to re-enter though, waiting to see some weakness before pulling the trigger. EA chart update, gunning for 60pips.
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Re: Forex Trade Alerts: Season 19 by seyiade26: 10:52am On Feb 21, 2019 |
redsox11: I am in GA boss; following your tip off. Already missed so many trades just this morning. Very interesting... I just hope I am not too early to this party. I may well exit at BE if it doesn't move well soon... 1 Like
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Re: Forex Trade Alerts: Season 19 by redsox11: 11:29am On Feb 21, 2019 |
I see GU and GJ and some other coiling , my antenna is telling me, we might be hit by some strong way soon. So I'm going to be careful, as the coiling my spring out surprises. Trade well. |
Re: Forex Trade Alerts: Season 19 by BullBearMkt(m): 11:31am On Feb 21, 2019 |
...going long on EURUSD for a small pips
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Re: Forex Trade Alerts: Season 19 by BullBearMkt(m): 12:04pm On Feb 21, 2019 |
redsox11:...@redsox11, if you don't mind, could you please respond to my message. Thank you boss! |
Re: Forex Trade Alerts: Season 19 by seyiade26: 12:05pm On Feb 21, 2019 |
redsox11: It might hit us. But I doubt it will be now. So I will sit tight for now... 1 Like |
Re: Forex Trade Alerts: Season 19 by Wilsub: 12:21pm On Feb 21, 2019 |
PJAMES1:I get the picture now, thanks for sharing. |
Re: Forex Trade Alerts: Season 19 by seyiade26: 12:35pm On Feb 21, 2019 |
seyiade26: Update: 1 trade manually closed after close of last candle. Second trade left trailing. Thanks to my boss here for the fabulous tip off. I wish everyone a pipful day... 1 Like
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Re: Forex Trade Alerts: Season 19 by redsox11: 12:39pm On Feb 21, 2019 |
Nice one again. You're fast learner, well your experience is helping you I suppose. You're not alone . BullBearMkt: I can't actually as I only remember my username and login to this site. I don't know which email address is register to this site , let alone the password to it. I'll try get in touch this weekend, we could swap email addy. 1 Like |
Re: Forex Trade Alerts: Season 19 by redsox11: 12:44pm On Feb 21, 2019 |
EA not going anywhere just yet, I might set to BE GA and GN. I didn't enter GU or GJ because ?? what's your guess? why?? Ps: Do I always get it right? Hell no, I get my SL hit all the time but I do know how to protect myself using BE, MM and I don't chase market if my SL get it. 1 Like
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Re: Forex Trade Alerts: Season 19 by seyiade26: 12:53pm On Feb 21, 2019 |
redsox11: This is looting |
Re: Forex Trade Alerts: Season 19 by Nobody: 1:02pm On Feb 21, 2019 |
seyiade26: I left this trade too early. E dey pain me ehn |
Re: Forex Trade Alerts: Season 19 by silibaba: 1:33pm On Feb 21, 2019 |
Goodday great traders in the buiding pls what is the current price of gbpusd now |
Re: Forex Trade Alerts: Season 19 by Awhyxlim(m): 1:46pm On Feb 21, 2019 |
Nawa o So no one can be kind enough to just answer my questions, and put me through, thought the thread was to help beginners understand what they don't about the whole forex thing I Dunno if you guys are just being selfish or my questions didn't make sense. This is not nice |
Re: Forex Trade Alerts: Season 19 by seyiade26: 1:54pm On Feb 21, 2019 |
Awhyxlim: Please I don't know what your questions are but if you would try to read even just 10 consecutive pages of the thread you will likely find similar questions to yours and great answers already. You know it's not efficient to repeat things too much. Blame naira land for not providing a feature for making stuff easier to find... Thread is generally for trade ALERTS as the title says I think. Then for discussions. It's not setup to help beginners. Lots of resources for that man... Or just keep asking till someone gets fed up and answers... 2 Likes |
Re: Forex Trade Alerts: Season 19 by silibaba: 1:58pm On Feb 21, 2019 |
Wot is the current price of gbpusd |
Re: Forex Trade Alerts: Season 19 by seyiade26: 2:02pm On Feb 21, 2019 |
bojbest: Sorry for your miss. You will find more joy next time I am sure... |
Re: Forex Trade Alerts: Season 19 by silibaba: 2:24pm On Feb 21, 2019 |
silibaba: |
Re: Forex Trade Alerts: Season 19 by currentprice: 2:58pm On Feb 21, 2019 |
currentprice: still sideline watching, it a sell for me if price move below the lower green levels patient of a crocodile as usual
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Re: Forex Trade Alerts: Season 19 by Chazleeray(m): 3:03pm On Feb 21, 2019 |
Thanks a lot for the advice.. I look forward to be a better trader. Let me start to practice as much as i could on my demo acct and I've really been learning a lot from all of you. infofirst: 1 Like |
Re: Forex Trade Alerts: Season 19 by infofirst(m): 3:56pm On Feb 21, 2019 |
silibaba: |
Re: Forex Trade Alerts: Season 19 by infofirst(m): 4:41pm On Feb 21, 2019 |
Long time silbaba. Abi you don join guys for football betting too. Hope you are doing alright. Welcome |
Re: Forex Trade Alerts: Season 19 by PJAMES1(m): 5:08pm On Feb 21, 2019 |
PJAMES1: I remember talking about AUDCAD. And I explained why the best entry would be at that arrowed pinbar. Look at the chart now... Looks beautiful.. Another demo trade. To be honest.. Won't say I completely knew what I was doing entering at the price I did yesterday. I still don't know whether to just close or leave it to hit tp. Could be fluke or sth.Even so when one considers that this today candle's move is probably fundamentally (news) driven. Let's say one had a sell price-action signal such as another pinbar or bearish engulfing pattern at that fourth touch (0.9446 area) of the trendline, would have been a perfect trade. But then I think the charts serve the purpose of part of why I post. Could be of a little benefit to just starting to look at charts.. Especially if it's just price action they do. 4 Likes
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Re: Forex Trade Alerts: Season 19 by PJAMES1(m): 5:31pm On Feb 21, 2019 |
PJAMES1: Closed the trade. For about 110 pips. RRR.. About 2.3 That's the news I was talking about.
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Re: Forex Trade Alerts: Season 19 by Nobody: 5:51pm On Feb 21, 2019 |
PJAMES1: I guess thats the news that caused the big drop of AUD. Terrible drop. |
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