Forex Trading With Simple Setup - page 13

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GBP/USD Movement on 1min and 5min chart , Continuaton

ramdas:
Hello everyone,

GBP/USD Movement on 1min and 5min chart.

This chart is on SBFX platform since it started when market started. all other Alpari and NF platform started late so Moving average is disturb on those platform.

You can see on chart which was best buy point. And how price rise again from buy point.

Check yourself Amazing price action.

Best Regards

Ramdas

Hello everyone.

Continuaton : GBP/USD Movement on 1min and 5min chart.

Currently GBP/USD is in strong UP movement,

Yesterday GBP/USD provided SMA50 touch as Buy point.

Now ,Today SMA150 on 5min chart provided second buy point & same point is sma600 on 1min chart. look at mark spot on both chart.

It is important to note that, i am not using any other indicator on chart, like RSI, STO, MACD... But only SMA setup provides me logical Buy spot as you can see on chart.

My intention to post chart is not to make you boar but to show you how simple setup works. all experiance trader alway's tell "keep the setup simple" and good setup is the one which show's you potential reversal point well ahead of price movement.

Best Regards

Ramdas

Files:
gbp_usd_tmp_02.gif  57 kb
 

Hi Ramdas,

thank you for poting all these screenshots.

I think they make the entry points very clear.

What I wonder about is the trade management.

How do you determine your lot size according to your account size?

Do you use SL? If yes, how do you determineyour SL points?

Where do you take profit?

Thank you again.

 

Unless price develop Good UP pattern

Hi Ramdas,

I have just taken a look at your thread. Thank you for sharing your time and experience. Really appreciate it and a very nice way of trading.

Have a question though referring to post 87.

In your chart you mention "Unless price develop Good UP pattern".

What is in your opinion a good price up pattern?

Although price first touched the 2400 sma, went down, bounced of the 50 sma and then made a higher high past the 2400 sma, so I would say price is going up (I look at the price action before the large drop down...).

Could you kindly show an example on a chart?

Thank you.

ramdas:
Hello everyone,

Attached chart show current example of EUR/USD, touching Resistance at SMA2400 Area. Pl refer Comment's on chart.

When price shoot above sma2400 Most new trader will get temptation to go long at this beautifull Green candle, if you look at chart you don't see any UP pattern formation near SMA2400 area..It is sell area for smart trader who are long at first UP pattern.

Pl feel free to post your Comment's

I am posting these charts, for traders who are interested to trade with real Money. and looking for Stratergy involves Price action and Price projection / Price Map.

Best Regards

Ramdas
 
Dan S:
Hi Ramdas,

thank you for poting all these screenshots.

I think they make the entry points very clear.

What I wonder about is the trade management.

How do you determine your lot size according to your account size?

Do you use SL? If yes, how do you determineyour SL points?

Where do you take profit?

Thank you again.

Hello Dan S,

I do not suggest any change in standard Money management rules. We have to follow Standard MM Rules.

MM rules say's don't take risk more than 5% of account size. so all trades need to be taken with this consideration. and lot size to be consider according to this.

We have to use SL for safty purpose. so if due to any sudden news if pos goes against us we should not suffer loss more than we can afford.

Here I said SL for safty purpose. but we should not wait for SL to get hit.

If pos goes just 10 to 15 pips opposite to our entry point that is consider to be Warning sign. and one has to exit pos with minimum loss and do not wait for SL to get hit.

the reason is... with this setup...we are considering perfect entry point and if price do not follow that buy point then holding that pos with hopes is bad part of trading and should be avoided.

Regarding profit taking, One can book partial profit on potential reversal point. if price is above all SMA then price will look for Daily Res/supp as potential reversal or profit booking point's. and other lot can be hold till reversal pattern formation.

If price is inside SMA then nearest SMA can be used to book partial or full profit. that depends which SMA is how much far away. normaly sma600 and sma2400 provides good support/resistance.

In simplicity if reason for exit... exist then exit. like important news ahead.

Best Regards

Ramdas

 
nohills:
Hi Ramdas,

I have just taken a look at your thread. Thank you for sharing your time and experience. Really appreciate it and a very nice way of trading.

Have a question though referring to post 87.

In your chart you mention "Unless price develop Good UP pattern".

What is in your opinion a good price up pattern?

Although price first touched the 2400 sma, went down, bounced of the 50 sma and then made a higher high past the 2400 sma, so I would say price is going up (I look at the price action before the large drop down...).

Could you kindly show an example on a chart?

Thank you.

Hello nohills,

If you see chart (post 87), price is near SMA2400 along with Daily R2 (Blue line) which are acting as resistance area.

you can also mark price volatility at sma2400 area. that shows selling interest. if price would have stay near sma2400 and develop UP pattern above sma2400 then it suggest further UP interest. But since price shown selling interest before price gone above sma2400

second time

..that is worry part. for examples you can refer earlier post where i shown how price has gone up with pattern formation.

Best Regards

Ramdas

 

GBP/USD fall pattern after consolidation

Hello everyone,

GBP/USD fall pattern after consolidation

I think this time i need to give much anylysis of fall pattern.

Only thing is price pass through sma600 with full speed and taken rest at sma2400.

Best Regards

Ramdas

Files:
gbp_usd_35.gif  24 kb
 

Sma, Ema

Hi Ramdas,

Thank you for your last answer.

You use the SMA's. Have you tried the EMA's?

And if so, what was your experience?

Regards,

Nohills

 
nohills:
Hi Ramdas,

Thank you for your last answer.

You use the SMA's. Have you tried the EMA's?

And if so, what was your experience?

Regards,

Nohills

Hi Nohills,

I prefer Moving average in it's simplest from. which is Simple Moving Average. I tried many thing but ultimatly found it's Simple Moving Average which work's best.

Best Regards

Ramdas

 

HI Ramdas,

Your posts are really helpful thanks a million for keeping us informed at every step, please keep posting

 

GBP/USD fall pattern's

Hello everyone,

Attached chart shows GBP/USD fall pattern's, Look at mark area, price form same fall pattern yesterday and today.

another point to note is . since today price is trading below all SMA price found support at Daily S1.

Most difficult part of trading is taking Shot at best possible spot.

Refer post 45 With title "What a beautifull green candle ? "

We feel easy to take short after it move 30 to 40 pips with SL of 30 to 40 pips.

But we fear to take best shot at best point where risk is less 10 to 15pips.

If you look at all chart i posted, there is no candle, only you will see bars.

Reason for this is "What a beautifull green candle ? "

Candle Destract us to take short at top of Green Candle, and Bottom of Red candle.

Best Regards

Ramdas

Files:
gbp_usd_36.gif  31 kb
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