Your's and mine levels will be a different as i use a 24hr session but all the levels are there on the chart .. I am sorry i dont knw different Terms of mp i can just read them and that works for me .. I will post as much pre market analysis i can .. hopefully it will help few crude traders out there .. Hope it helps ..
I'm curious, how do you rate yourself for today's trades based on following your trading plan? Like an "A" for excellent and "F" for fail.
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For today's plan i would rate myself C as i got tempted and took counter trend while trend was still down .. I got the down move which was the only thing i should have been looking for as trend was down and i was expecting market to test the lower range around 83.55/25ish level .... Once i got that move It was a done deal as i got my daily target .. But still need to improve with not taking counter trend trades and sticking to what i plan before .. !!!
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Been sick for a while so can't post much .. but decided to post this for a frnd who asked my in the chat room how to Trade forex with price action .. The basic idea is same follow the trend Let your higher timeframe confirm the trend and once that gets confirmed take the positions on ur lower timeframes based on it .. For day trading forex i use 30min and 5min charts and 1min to confirm the Current trend based on price action .. In the pic you can see on 30min we broke bellow the moving average and we tested it on the next bar before falling down .. on 5min during same time we were below the moving average So trend was already down on 5min and it just got confirmed on the 30min .. Now one the one min we got the pullback to the moving average and then we started making Lower highs .. and higher lows Suggesting selling presure We enterd the trade around 1.5394 area and stops abv the swing high on the one min at around 1.5408 it took few mins before this trade started breaking down But as u can see on one min price action was bearish and 5min and 30min also confirming that so there was no real signs of buyer coming in ... it broke the previous low on the 5min and tanked some more .. Profit targets can be set to a fix amnt or u can book it in parts whatever u like .. But thats the basic idea to trade with the trend in forex with price action .. look for trend on ur higher timeframe then take the trades on the lower timeframe based on price action and the trend .... Hope this helps .. happy trading cya all in the room
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