Forex price action trading

Sometimes I feel like I am the one who dictates the market direction! Hope it lasts. Closed one position at 1.2425, for 140pips profit or $700. will leave the other one until my challenge is reached. I will reenter short at any sizeable pullback. I shouldn't close it, it is very weak it may go a lot lower just today, but the market is bitch, you never know better to play it on the safe side and not be too greedy. Moved my stop on the remaining position at 1.2602.

25 trades, Profit: 1071 losses: 213 pips P/L: 858 pips
18 winners, 7 losers.
Total challenge P/L: $2010.
 
I think the market in general will tank next week. I just read China cut rates, that's a bad news in reality, the market cheers to screw the impatient and the newbies. It is very likely to be very red next week.
 
momoNY said:
Starting today I will set to myself a big challenge: for normalization purposes, I will try to double a $3000 account using $50000 lots and a maximum number of lots of 2, it can be a fraction. Obviously, I wouldn't play the same way a substantial account, I would require at least $10,000 for every 100,000 lot. My short trade is on, I will exit around 1.245 and go long if it gets there, if it reaches 1.26 I will short an hold for a longer period; this is my plan for the week ahead. If current trade fails, I will wait for confirmation to go short again.
Have a great week everyone!
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Since your challenge pledge, you haven't had a loser and you almost double your $3000 in a week.
That is remarkable and if you can keep doing it in this rate you will pile up more than a million in less than 3 months. I see that you play it safe and always have stops in place and it seems your system gives you reliable signals. The euro is still in a pretty solid down trend especially on weekly chart. FX is a pretty volatile market, so one needs to have not only a good system but also solid risk management skill, and you apparently have both. Congratulations.
 
jl1575 said:
Since your challenge pledge, you haven't had a loser and you almost double your $3000 in a week.
That is remarkable and if you can keep doing it in this rate you will pile up more than a million in less than 3 months. I see that you play it safe and always have stops in place and it seems your system gives you reliable signals. The euro is still in a pretty solid down trend especially on weekly chart. FX is a pretty volatile market, so one needs to have not only a good system but also solid risk management skill, and you apparently have both. Congratulations.
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Thanks jl. I am surprised as well, I feel like I am doing something illegal or something! This is my first year of winnings, my account went down to $350 believe it or not, just last year. But from time to time when I am depressed I can lose it all!! So far I am keeping a discipline of a samurai, hope it will last. I traded the same way with ES 5 years ago, I went broke because I couldn't hold a position all the way, now I do it completely detached, whatever happens I accept it; it is called respect; you gotta respect the market!! What are you trading yourself?
 
I have been learning to understand the market interplay and the underlying forces that move the prices, and I made quite some progress this year to establish a system that can produce signals in a more quantifiable/mechanical mode, as I would like to treat trading in a more scientific way than an art (most people think it is an art), and aim for a consistent profitable system should provide reliable trading signals/opportunity/window and more precise entry and exit points within the tradable window/zone.

I work full time (with a somewhat flexible schedule) so I watch market whenever it is convenient and spend more time at night/weekend doing back tests on the systems/parameters. I tried stocks, FX (briefly) before but currently focus on ES with a very small account. At the moment, it is basically at break even level plus the cost of commissions. However, it is getting promising and into the right direction and I feel more confident that I could be profitable in a year or so. I had some moments that I double/triple my small account ($800) before, but giving it all back because of bad risk management and some flaws in the parameters of the old systems.

Trading is such a challenging yet fascinating business, anyone with an intellectual curiosity to find out how market and prices move, mental courage to meet complex challenge, a perseverance personality to survive adversity/failure and a systematic approach to tackle academic/real life problems, would possibly find great success eventually in this endeavor.
 
jl1575 said:
I have been learning to understand the market interplay and the underlying forces that move the prices, and I made quite some progress this year to establish a system that can produce signals in a more quantifiable/mechanical mode, as I would like to treat trading in a more scientific way than an art (most people think it is an art), and aim for a consistent profitable system should provide reliable trading signals/opportunity/window and more precise entry and exit points within the tradable window/zone.

I work full time (with a somewhat flexible schedule) so I watch market whenever it is convenient and spend more time at night/weekend doing back tests on the systems/parameters. I tried stocks, FX (briefly) before but currently focus on ES with a very small account. At the moment, it is basically at break even level plus the cost of commissions. However, it is getting promising and into the right direction and I feel more confident that I could be profitable in a year or so. I had some moments that I double/triple my small account ($800) before, but giving it all back because of bad risk management and some flaws in the parameters of the old systems.

Trading is such a challenging yet fascinating business, anyone with an intellectual curiosity to find out how market and prices move, mental courage to meet complex challenge, a perseverance personality to survive adversity/failure and a systematic approach to tackle academic/real life problems, would possibly find great success eventually in this endeavor.
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ES is a bitch, It was mainly what I traded before, but you need a substantial account to trade that. I would say at least $5000 for every contract, otherwise you'll go broke. I may reopen my account at IB if my account in forex gets to $10,000, that's my objective actually.
 
I glanced over your threads from some years back. It's like I was reading my own autobiography in chapter about trading.
To the point it's getting scary sometime how similar it was . LOL
Just instead of ES it was Russel, then CL.
 
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Question for you. Since you using Oanda, do you use upper/lower bounds in order window for your trades?

Maybe that somehow can solve some problems with unfilled orders since you give Oanda some room for your order to be filled or stop loss etc ?
I didn't go too deep in it but curious. Bounds protect against slippage but probably can be used in some other situations too.
 
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Vas62 said:
Question for you. Since you using Oanda, do you use upper/lower bounds in order window for your trades?

Maybe that somehow can solve some problems with unfilled orders since you give Oanda some room for your order to be filled or stop loss etc ?
I didn't go too deep in it but curious. Bounds protect against slippage but probably can be used in some other situations too.
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Hi Vas62,
Well, it looks like it is the path that every trader takes! Hope your are green a long time ago.
For oanda frankly, I did not configure it and don't know how to do it! They use upper/lower bound to trigger stops, but for limit orders they should trigger them when the lower/upper reaches it, but it looks like it does not.
What are you trading now?
 
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