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.







Wednesday, 30 March 2011

USD/CHF LOSS, THE IMPORTANCE OF FTA


Hi guys, I have taken a loss as i didnt move to BE before my FTA (in black ) was hit. What I have also taken out of this trade is another valuable lesson I would like to share with you. I have now redrawn the FTA in red, cause after looking at the chart I dont think such a tiny BEOB if compared with the last one formed would have given me much edge nor confidence to rely on that FTA (in black ) being my FTA. No in retrospective I ee how the real FTA was the one in red, which makes sense and I totally ignored it. If I didnt, well I would have given a try to the setup but without any losses. Hope that was clear.
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3 comments:

  1. ambo30 March 2011 at 22:08

    Hi Ivan,
    This is very good point you make and I want learn how to manage trades better and how accurately plot these FTA's, to protect my money properly. We must get this area of trading down PAT (Priceactiontrader if we are to go to the next level, with confidence.
    AMBO

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  2. ivan30 March 2011 at 22:16

    Yes ambo me too. I actually think I am much more ahead than I used to be, thats for sure. But I still have some hesitation as to what FTA to take sometimes, and that worries me. That why by going through the exercise on FTA I am preparing for the weekend, we can all improve, there is no point on identifying great setups if we dont know how to manage the trade once in.

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  3. AUDFX30 March 2011 at 23:53

    It all looks bloody obvious in hindsight ... good points, thanks for sharing

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