Hi there, my name is Ivan, FX trader. After studying varies sources of information for the past few years, my understanding of the FX market has improved dramatically, with this blog simply intending to share with you all a journey within my mind. When I make it to full-time trading, I know the first person I should be grateful to is an Aussie PA trader named Jonathon; He has been inspirational and an enormours influence to gauge where the money flows to. His trades can be followed at http://forexpriceactiontrader.blogspot.com/ . What price is telling you is key, as it always whispers in low or high intensity what market intentions are. I do not endorse the use of any indicators, as they are lagging in nature; analysis should be based on pure price action. Besides, other factors like sentiment, fundamentals, risk control, rock-solid discipline, thousands of hours readings charts, also make up the equation to succesfully ride the FX waves. When entry triggers are detected, I act without hesitation, letting the market do its thing. Please note, information and opinions contained in this blog are for educational purposes only and do not constitute trading recommendations, thus will not take responisbility for any losses viewers may have. Trading FX carries a high level of risk, and may not be suitable for all investors. Before deciding to invest you should carefully consider your investment objectives, level of experience, and risk appetite. You should not invest money that you cannot afford to lose.
EURCAD UPDATE
Never got in the trade. The buffer saved me.
Hi Ivan,
ReplyDeleteI entered this trade on retracement @1.3498 around the low of previous week with SL at 1.3786. Taking heat at the moment. I like to BEOB trades on retracement when Trade is in line with Trend and hard break of the BEOB when it is a counter trend. lets see how this one pans out.
Cheers
novice198
How much were yu risking? Whaen i go for a retrace strategy on outside bars my max risk is 1%. However, given the bar highs price would cnfront once outside broken, i decided to get loaded with 2% risk only if the BEOB lo was clearly broken. I was aved by 1 pips. As Johno said, the PA formation was vaild, plus at a very nice confluence level from a weekly perspective... However, it is true those bar highs from early Jan were tough. Ivan
ReplyDeleteHi Ivan, I risk 1.5% on any trade and in a situation like this I would have half position at retracement and the balance 50% posn at break of BEOB. SL wil be different for both posns. The 1 st posn will have SL at the opposite end of the BEOB and the SL for the 2 nd position will be depend upon the setup.
ReplyDeleteRight now I am in positive and will add when the current weekly PB is broken convincingly.
Cheers,
novice 198