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  1. #1
    Rookie Member

    Price Action Trend trading !!!

    Good day to all.

    Im new to this forum but have been officially trading/learning 2 years in october and it flew past. Started out with spot fx for the first year and discovered binary in the second year. Needless to say binary bit me harder and i pursued holy grails all leading in defeat.

    From the defeats/difficulties I have learnt that all that is needed is patience. Strategy has to be your own, don't bother following or copying someonelse's unless you truly understand what it is that makes it work. Hope thats not vague in description. But i truly believe that now, and after paying some so called gurus' for indicators its confirmed.

    Im a believer that price itself is the indicator and everything else is behind/lagging. And if its lagging its time sensitive which may not favour expiries. But i dont know everything so im open to criticism in anything I say.

    My strategy is quite simple. And I only trade 15M expiries.

    Lets assume this trade is DOWNTREND

    1. Spot clear trend on 1HR TF.
    2.Wait for pullback/reverse 2 candles preffered and NOT Dojis.
    3.After pullback let the next 1hour candle close below last candle low, at a minimum.
    4. Next 1 hour candle zoom in to 15m TF and watch price reverse against trend.
    5. Zoom in to 5M and 1M TF and watch price get exhausted to the upside and take the trade for the downside with a 15M expiry.

    On the actual 15m candle that I anticipate getting in on I watch the first 6 minutes max to get the best strike rate. If it doesn't get the best rate within those 6 minutes i wont trade.

    Im sharing my strategy because you can take it for what its worth. This mumbo jumbo makes sense to me, and im happy to explain it better.

    Key points.
    1. In my strategy the common factor is "WAIT", wait some more, be cool. Think like a sniper. If your not tired after a trade i think you got lucky. If you lose but feel tired you did your best.
    2.Damage control.
    I control myself by taking 2 trades a day if it permits, meaning the market has my setup, and my girl didn't nag on me.
    3. RISK TO REWARD
    Mucho importante!! I only compound, because straight trading binary is for suckers. Thats my opinion and I stand corrected. I use 1% max 2% of my equity when i begin my sequence of compounds.
    When you compound risk to reward can be as high as 1:240 with 10 in a row rite assuming 73% return.

    With this strategy i have gotten as much as 10 in a row rite.

    This is my little contribution, hope you guys like it, and im open to critics.

    I may have missed some thoughts but its early in the morning.

    Cheers

  2. #2
    Legendry Member Okane's Avatar
    Thanks for sharing.
    We are many here who like price action and that is actually what most of us teach here to the newbies.
    If you don't know price action you are not gonna make it with whatever indicator. At least not in the long run.
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  3. #3
    Rookie Member
    I do have a question Okane. What broker allows or has already an entry amount higher than $500? From what I have seen its between $10 to $500. Whats the highest you heard so far if the case?

  4. #4
    poe
    poe is offline
    Senior Member poe's Avatar
    Quote Originally Posted by Jochicos View Post
    I do have a question Okane. What broker allows or has already an entry amount higher than $500? From what I have seen its between $10 to $500. Whats the highest you heard so far if the case?
    nah, this is not true.. several brokers let u make 1k+ trades
    "He who makes a BEAST of himself, gets rid the pain of being a MAN" S.J

  5. #5
    Rookie Member
    But are they regulated?

  6. #6
    poe
    poe is offline
    Senior Member poe's Avatar
    Yes they are ! To mention 1.... Seen some people taking 2k trades on 24O
    "He who makes a BEAST of himself, gets rid the pain of being a MAN" S.J

  7. #7
    Specialist Member Million Dollar Baby's Avatar
    Hey Jochicos, thanks for sharing. It seems to be a good setup. One thing, that I do not understand (and probably because you got it with your experience and observation) is 'first 6 minutes max to get the best strike rate'. Usually when indicators (or candles) confirm entry, we enter in a trade. I also look for best strike rate but only care much if volatility is low.

    You have limited yourself to 2 trades per day but your conditions seem strict so what is your average trades per day and how much time do you spent looking for signals?

  8. #8
    Legendry Member Okane's Avatar
    Quote Originally Posted by poe View Post
    Yes they are ! To mention 1.... Seen some people taking 2k trades on 24O
    Try 200 000

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  9. #9
    poe
    poe is offline
    Senior Member poe's Avatar
    Quote Originally Posted by Okane View Post
    Try 200 000

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    lol is that even possible ?
    "He who makes a BEAST of himself, gets rid the pain of being a MAN" S.J

  10. #10
    Rookie Member
    I'll be more specific in my regime. I only take 2 trades a day, 1 being in the morning between 8am EST to 11:00am EST, and I do all this through my phone while traveling to work or when I arrive at work. Then I take a trade before I go to bed between 9pm EST and 11pm EST, again on my phone. Now on average I can spot 2 trades a day, but sometimes the broker wont offer a 15minute expiry for that pair. Suffice to say its 1.5 trades a day. "AND" I will "NOT" deviate from my plan, its tempting to take a 30M expiry trade but I wont, which for me was the biggest hurdle in controlling yourself.

    Rules will keep everything predictable allowing you to focus on price action itself. Humans are creatures of habit, so take advantage to develop good ones.

    Today I took no trades, because the weather was ugly and I had a work day off and chores to do. No point in screwing my flow for 1 day. It gets easier to control temptation as time passes. Writing my experience and exchanging ideas really helps solidify rules i have on how im suppose to trade.

    Getting back to specifics on strategy. So once I decide to get in on a 15m expiry. The broker will allow you to get in on that expiry up to the last 5 minutes. At 4 minutes 59 seconds left of expiry your not allowed to take that expiry. And forced to wait for next one. So I watch price on the 1M TF for the first 6 minutes, because usually from experience thats the turning point..If prices doesn't push up 4 to 6pips against trend on the first 6 minutes of the 15 minute candle im trying to trade I dont take it. Hope you understand.

    Last note is I use FXCM mobile demo account on my phone for price action analysis. Since i dont use indicators any price chart will do because there is no clutter. Use japanese candles with the default blue and red candes. I draw one line only to mark potential entry. Thats it. You should be able to spot trend without lines. I have another window open for the broker with the pair i want ready with expiry ready and price typed in.
    I trade with my phone only, although most criticize me about it, works great.

    Last word if you guys havent gone to sleep by now. I create no bias in my choices, just routine. By checking every pair no matter if its available to trade or not. Doing this makes you sharp in filtering treasure from garbage. If trend is not clear i skip, if trending but choppy i skip. ONLY clear trends with normal wicks/shadows. I find JPY cross pairs in the evening of EST move fluidly. So after lets say findimg 4 potential setups. I scrutinize each one amd pick what i think is best based on experience.

    Okane is a $200,000 entry for real? Which broker and do they deal with canadian residents?

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