AwesomeDuru:
The 50% retracement you talked about is on Fibonacci right? I agree with you, I have read quite often that the 50% and 61.8% are very sweet sweet zones to look out for.

PJAMES1:


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)
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%

I took the bearish engulfing pattern as an entry signal. Then place a sell limit at 50%.

Price may not retrace at all and you miss the trade altogether.

redsox11:


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.

jammer777:
Would sell NZDUSD for another 30pips gain.

Good luck...

redsox11:
GAud , probably go for retest. Missed some good entries already.

Update- Just got into EAud now.

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.

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.

redsox11:
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.

PJAMES1:


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?

seyiade26:


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...

BullBearMkt:

...@redsox11, if you don't mind, could you please respond to my message. Thank you boss!

redsox11:
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.

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...

Awhyxlim:
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

bojbest:



I left this trade too early. E dey pain me ehn

silibaba:
Wot is the current price of gbpusd

currentprice:


bro. no special things to say since my last post cos oyel reverse to breached that important resistance levels, so up it goes. we might see some pullback from here depending on the reaction to those green levels.

infofirst:

Welcome to the world of fx. It's an interesting and rewarding arena but very complex. My one cent to you. When you finally deposit the $200. Make sure you trade just 0.01 lot and do not open more than two positions at a time. There is 99.9% chance that you will lose your first deposit. But with low lot trading, the chances reduces. I wish you the best.

silibaba:
Wot is the current price of gbpusd

PJAMES1:


AUDCAD
Price is currently trading more than 70 pips below the price level as at the time this call was made. The next key level to watch in my opinion is the 0.9367 area.
I expect more downside move.
Note the pinbar on the diagonal resistance line. The one at 0.95310 area. Also the setup looks like a symmetrical triangle. And the pinbar was formed at a retest after a break out of the symmetrical triangle. Also looks like a diagonal H & S. The pinbar would have been the best place to enter the trade. One would be in profit of more than 100 pips now if one entered after that bar.
Overall bias is still bearish. But there could be some correction now.
For any setup you identify, Always be patient till your entry criteria is met.

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.

PJAMES1:


Closed the trade. For about 110 pips.
RRR.. About 2.3
That's the news I was talking about.