Recent content by Castlemain

Dear all, I expect that this is something that many of you have had to wrestle with in your journeys as traders. I have found the process of making decisions exceedingly tricky, mainly because of my tendency to take an entirely different perspective of a chart from one minute to the next. In...

Sorry, rejection candle, break out trap, inside day breakout.

If two signals appear at the same time, which trade do you take? This must be a dilemma that price action traders face all the time. I have solved this problem by changing my rules to exposure as follows: Maximum risk of 1% on any trade Maximum risk of 2% on any currency Maximum risk of 3%...

Had a change of heart about this trade over the weekend. I don't like the price - too far away from support, not good enough risk to reward. Now that I'm trading real money, I only want to take high probability positions with good R/R.

Also, JPY and AUD are converging on my currency strength meter. Extra confirmation.

Now long AUDJPY. V wide stop, more than I would want, but if it gets hit, I'll know that the setup has definitely failed. Realistically shooting for just over 1 to 1 R/R. Strong bullish rejection candle the previous day, and today's close is higher than the previous day's high.

Oanda chart showing entry and exit...

AUDNZD - my first successful swing trade! Had a small loss on the previous rejection candle that didn't work out.

I decided to use split money management. The price brushed my first target, so I thought what the hell and let it play out. Big mistake... At least I didn't lose.

GBPAUD - Big release day today, so I picked a non-US pair with a pin bar on the 4 hour chart...

Thanks TFG, much appreciated.

Trade 1: Order placed when bullish pin bar appeared on the chart Not filled during the Asian session - price seemed to take off Price reversed during London open, no pull-back long Closed trade with 1% loss rather than letting the price drop further to stop @ 2% (may yet reverse and turn into a...

Dear all, I'm posting all my trades here. Any comments / criticisms welcome, and many thanks in advance. Nick the newbie.

Just bought a copy of Forex Tester 2. I'm completely hooked! My biggest problem with backtesting PA strategies is with the retracement entry. This is hugely poweful in terms of magnifying profits, but I have missed so many incredibly lucrative trades. My broker (OANDA) doesn't offer OCO trading...

He who can answer these has the Holy Grail! What I do know is that the banks control this market, and the big boys (hedge funds) have to play to their tune. Their orders are in the billions, so they can only execute their trades through the banks (rather than the retail broker minnows). These...