youngtrader07's Trading Plan
EMA or the Naked Way
Which timeframe do you use most often?
1 hr an up, but mostly the daily and 4hr.
Which analysis methods or trading systems will you use to determine the direction bias and entry/exit levels?
Price Action(candlestick formations, support and resistance, confluence, etc.)
What is your potential entry setup?
any valid price action setup based on my perspective of this way of trading. which includes:
-pin bars
-inside bars
-fakey setups
-2 bar reversals
Describe how you will determine your stop loss points.
just above/ below where the price action setup is formed unless i decide otherwise
Describe your profit taking strategy.
with the risk/reward method. all price action trade entries will be at least with a 2:1 risk reward.
What conditions will signal your entry trigger?
for the most part if i see a valid entry at a support, resistance,ema line.
What conditions will cause you to exit early (i.e. time stop, surprise news, shifts in sentiment or fundamentals, etc)?
none.
On Saturday December 24th, 2011 at 10:56PM by RazorX - Like - 0 People
Hi nice to meet another price action trader! Did youlearn your PA off anyone in particular or learned it yourself?
On Monday December 26th, 2011 at 07:28AM by youngtrader07 - Like - 0 People
yea, i learned it from the website learntotradethemarket.com by Nial Fuller.
On Wednesday December 28th, 2011 at 09:06AM by RazorX - Like - 0 People
Ahh - I thought so - same guy that I am learning off. I recognised the fakey setup and 2:1 R/R which sets Nial apart from other PA teachers.
On Thursday December 29th, 2011 at 01:32PM by youngtrader07 - Like - 0 People
yea, hes good.
On Saturday February 4th, 2012 at 07:18PM by don555 - Like - 0 People
I have been studying Nials course of and on for a couple of months now.
Can you tell me what is meant by 2bar reversals
On Sunday February 5th, 2012 at 10:10AM by youngtrader07 - Like - 0 People
o ok. ill show a couple of examples. he doesnt go into full detail about this setup anymore, but really, in a long setup, there would be a bearish candle, followed by a bullish candle thats around the same size
and in a short setup it would be the opposite, which is a bullish candle, followed by a consecutive bearish candle of the same length.
On Sunday February 5th, 2012 at 11:04AM by don555 - Like - 0 People
What TF could this strategy be used on and would you only take it with the trend, and would you make sure the second candle closed above the EMAs in a buy and below the EMAs in a sell, and in a buy if it closed above a support level and in a sell closed below a resistance level.
If we had those 3 things in our favour it increases our chances of being successful. Do you agree.
On Sunday February 5th, 2012 at 12:48PM by don555 - Like - 0 People
YT07 If I was making an entry on a 1hr or 4hr tf what emas should I have on those charts
On Sunday February 5th, 2012 at 03:13PM by youngtrader07 - Like - 0 People
yea, it can, but from wat ive observed, its pretty difficult to use because people have different opinions on wat a 2 bar reversal is. i would recommend taking it with the trend. and yes, i would make sure of those things. i agree, and i will look at this type of trade setup more in depth later on. im still working on mastering the pin bar strategy. for the 1hr, id most likely have the 150 and 365 EMA, and 4 the 4hr, id possibly use the 8 and 21 EMA .
On Sunday February 5th, 2012 at 03:31PM by don555 - Like - 0 People
Why do you think Nial does not recommend any emas for the 4hr. Am I right in thinking this as I am not at all clear.
On Sunday February 5th, 2012 at 09:34PM by youngtrader07 - Like - 0 People
guess he wants people to analyze the timeframe by using more support/resistance lines on the 4hri forgot y he had said that. id have to look for the answer again on his website.
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