Forex Trading Discussion!

[shawnwong]

Anyone noticed that this week the currency moves don't tend to follow through? Like it goes 30, 40 pips in your favour, then suddenly reverses against you?

Happened like 4 times in 3 days. Really

One thing I learnt from FX, is don't be 'overwhelmed' by what you see. Things can look like gone case at one moment and the next it swings around in your favour or vice versa. Esp. true if you r a swing trader. It all depends on the timeframe you trade.

In fact most of my winning position came from those that nearly hit my stop (like only 1 or 2 pips away)

 

[OnlyHuman]

One thing I learnt from FX, is don't be 'overwhelmed' by what you see. Things can look like gone case at one moment and the next it swings around in your favour or vice versa. Esp. true if you r a swing trader. It all depends on the timeframe you trade.

In fact most of my winning position came from those that nearly hit my stop (like only 1 or 2 pips away)

Most people will freak out when price approaches their stop. Most of them will either change their S/L or just manually close it and then regret when it moves in their favor.

 

[shawnwong]

Most people will freak out when price approaches their stop. Most of them will either change their S/L or just manually close it and then regret when it moves in their favor.

I think it is human nature. Imagine, after a major news announcement, NFP, the currency pair fell like crazy (say u long), the fear, panic will set it. Thus it is not easy to be a swing trader. I used to miss a swing turning point by 1 or 2 turn. After I refine my stuff, I can more or less get it pretty accurately.

Another E-monster (emotional) case. Currency pair goes according to your trade and miss your exit profit by 1 or 2 pips before it swings around and hit your stop. All these r part of the psychology that u have to deal with it.

 

[Lasogette]

Hey bro,

You mentioned something i love, the Pin Bar. I think you have mentioned everything except for time frame and up/downtrend channel.
Which time frame do you look into when trading?

Personally, i believe Daily time frame has more significance than 4 hour time frame. For example, if i see a pin bar on 4 hour chart but on the daily chart it shows no trading opportunity. I won't trade.

Another thing i also take note of is that, is the Pin bar for shorting should be found within a downtrend or just out of a uptrend to have higher probability.

Care to share your pinbar trading method. I also love trading the pinbar setup.

Actually thats the only setup i trade

 

[revered_man]

Hey bro,

You mentioned something i love, the Pin Bar. I think you have mentioned everything except for time frame and up/downtrend channel.
Which time frame do you look into when trading?

Personally, i believe Daily time frame has more significance than 4 hour time frame. For example, if i see a pin bar on 4 hour chart but on the daily chart it shows no trading opportunity. I won't trade.

Another thing i also take note of is that, is the Pin bar for shorting should be found within a downtrend or just out of a uptrend to have higher probability.

Thanks to all those who provided inputs.

I agree with you that the higher time frame has more significance than the LTF. This doesnt apply to only PB but other reversal bars.

To answer your question, i do a top down analysis from the daily to the 1 hour TF. I primarily look at the 1 hour chart and zoom down to the 5 or 15 min TF to get an entry and set my SL.

PS: the thing that bugs me abt PB on a HTF say the daily chart is, it is difficult to get a nice R:R. But of course when it works, no doubt one can get more than 100 pips easily.

 

[OnlyHuman]

Care to share your pinbar trading method. I also love trading the pinbar setup.

Actually thats the only setup i trade

Sure, basically i trade from 1 hour chart and sometimes 4 hour chart.

Lets have a scenario;

i) XAU/USD, Daily Chart; Price closed lower and engulfs previous candlestick.
XAU/USD on major downtrend on Daily Chart ; Lets go for Short.

ii) XAU/USD, Hourly Chart ; Price action is out of uptrend channel.
Confluence with Daily Chart.

So in this Scenario, i will look for any above PinBar or Engulfing Bar to go Short, this trading idea will invalidate if price goes higher than prior candlestick.

Well, Of course the signal will only be valid with the conditions you mentioned early in your post.

 

[hellfire88]

Hi guys, how many pips movement do you consider it as retracement and how many pips movement do you consider it as a reversal?

 

[OnlyHuman]

Hi guys, how many pips movement do you consider it as retracement and how many pips movement do you consider it as a reversal?

I would based on price action on daily charts. With respect to Major Support/Resistance.

 

[DrSheldonCooper]

Hi guys. I am very interested to learn how to trade in forex. Can anyone point me towards some resources in which a total newbie can start learning about forex?

Thanks!

 

[act333]

Babypips.com School is all you need. Free and best resource there is out there for those starting out

 

[DrSheldonCooper]

Babypips.com School is all you need. Free and best resource there is out there for those starting out

Many thanks for this! Guess I will be busy the next few days!

Btw is there any trading platform which you would recommend? Need to get my CDP up and also find a good brokerage firm.

Thanks!

 

[act333]

You can start off with Oanda first. The spreads are not the best but they are reliable and regulated by MAS.

By the way, awesome pin bars on AUDJPY H4 and AUDUSD H4 to go long with minimal risk. Targeting upside breakout.

 

[DrSheldonCooper]

You can start off with Oanda first. The spreads are not the best but they are reliable and regulated by MAS.

By the way, awesome pin bars on AUDJPY H4 and AUDUSD H4 to go long with minimal risk. Targeting upside breakout.

Will do. I always thought that poems was the more popular one.

Thanks!

 

[act333]

For forex trading, I think Oanda is the most popular.

 

[OnlyHuman]

You can start off with Oanda first. The spreads are not the best but they are reliable and regulated by MAS.

By the way, awesome pin bars on AUDJPY H4 and AUDUSD H4 to go long with minimal risk. Targeting upside breakout.

I hoped you didn't go long. Aussie pairs currently in a heavy downtrend.

 

[Lasogette]

Longed Cable at 1.5335
Tight Stop placed at 1.53
TP 1 : 1.5370
TP 2 : 1.54

 

[OnlyHuman]

Longed Cable at 1.5335
Tight Stop placed at 1.53
TP 1 : 1.5370
TP 2 : 1.54

I am actually trying to do the opposite right now

Will keep it short below 1.5390.

TP @ 1.52770

 

[Lasogette]

I am actually trying to do the opposite right now

Will keep it short below 1.5390.

TP @ 1.52770

Interesting. Care to share what's the entry point of your trade? Mine was the hourly pinbar at 11am.

 

[OnlyHuman]

Interesting. Care to share what's the entry point of your trade? Mine was the hourly pinbar at 11am.

I am still waiting for a pin bar or engulfing bar to form on hourly chart.

 

[Lasogette]

I am actually trying to do the opposite right now

Will keep it short below 1.5390.

TP @ 1.52770

Doesnt Look good for my trade. Previous hour bar was a bearish engulf. Time to cut loss.